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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
265,327 Views
CIT Bank offers 4.55% > now $4.65% APY* on 13-Month CD with a minimum $1,000 Deposit.

Thanks to staff member LD7 for finding this deal.

Features:
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
  • *See site for details

Original Post

Written by
Edited November 14, 2022 at 11:37 AM by
CIT Bank, our partner, offers the following benefits with their 13-Month Term CD.
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
  • See site for details
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Deal
Score
+32
265,327 Views
4.65% APY*

533 Comments

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Featured Comments

The interest to be earned for $20k for this CD is approx. $920. Then you will need to deduct federal and state taxes from $920. Tax amounts depend on your tax brackets. For simplicity, let's use 25% for federal and 9% for state. So your final earned interest will be:


$920 - ($920 x (25% + 9%)) = $607.2

You can use above example to plug in your real tax bracket percentages to get your own number. It's a bit difficult to show the calculation of interest on here but you can find interest calculator on web.
I think by February-March next year we may see peak in interest rates being offered by banks. I would not advise to lock money for long term yet.
I don't have a dog in the race here but out of curiosity I checked the website at the OP's link:

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Joined Apr 2012
Democrats are the bad guy
> bubble2 1,468 Posts
419 Reputation
nzalog
11-19-2022 at 11:10 PM.
11-19-2022 at 11:10 PM.
I opened a Discover savings account about 6 months ago because of the 0.6% rate. It's at 3.0% now. I don't think CDs are a good idea when interests rates keep increasing this fast.
Reply
Joined Nov 2007
L3: Novice
> bubble2 125 Posts
26 Reputation
pyapon
11-20-2022 at 05:28 AM.
11-20-2022 at 05:28 AM.
CIT weird transfer information.

If I make a transfer on CIT from my other bank to CIT, I get a statement saying that I have made a transfer to my name, but not to CIT.

The only bank that I ever deal with have this weird transfer information.
Reply
Joined Dec 2007
L5: Journeyman
> bubble2 695 Posts
376 Reputation
breakingnews
11-20-2022 at 06:15 AM.
11-20-2022 at 06:15 AM.
Quote from kapyt View quoted comment :
I don't know why people are hesitant to use treasury direct website. Agree, it looks somewhat antiquated, but I had no issues with either buying I-bonds or t-bills on it. No middleman was involved whatsoever!
Never mind ...got my answer on youtube.
Reply
Joined Mar 2010
L5: Journeyman
> bubble2 817 Posts
coli
11-20-2022 at 09:46 AM.
11-20-2022 at 09:46 AM.
Just buy Treasuries instead. Exempt from state income tax too.
Reply
Joined Oct 2008
L3: Novice
> bubble2 249 Posts
10 Reputation
ek9cusco
11-20-2022 at 10:52 AM.
11-20-2022 at 10:52 AM.
Quote from Rhetorician View quoted comment :
Exactly. Feb maturity tbills are the best place at the moment

How to buy t bills?
Reply
Joined Nov 2010
L4: Apprentice
> bubble2 301 Posts
84 Reputation
Rhetorician
11-20-2022 at 10:52 AM.
11-20-2022 at 10:52 AM.
Quote from ek9cusco View quoted comment :
How to buy t bills?

Easiest way is through brokerage like Schwab, TD..etc
Reply
Joined Oct 2008
L3: Novice
> bubble2 249 Posts
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ek9cusco
11-20-2022 at 10:54 AM.
11-20-2022 at 10:54 AM.
Quote from Rhetorician View quoted comment :
Easiest way is through brokerage like Schwab, TD..etc

Thank you. I wonder if E*trade has it.
Reply

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Joined Apr 2014
L4: Apprentice
> bubble2 333 Posts
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eyeofthetiger
11-20-2022 at 01:25 PM.
11-20-2022 at 01:25 PM.
Even at 4.15%, this loses value since inflation is way over that.
Reply
Joined Oct 2014
L2: Beginner
> bubble2 61 Posts
22 Reputation
StevenL9483
11-20-2022 at 02:02 PM.
11-20-2022 at 02:02 PM.
Quote from khronos View quoted comment :
andrews federal credit union

5%, 7 months

That's pretty impressive. I'm just with SoFi 3% on Savings with no min. Might have to check them out. 👍
Reply
Joined Dec 2011
L6: Expert
> bubble2 1,132 Posts
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shaolinwookie
11-20-2022 at 02:18 PM.
11-20-2022 at 02:18 PM.
so does daily compounding interest mean i get 4% of my deposit a day?
Reply
Joined Dec 2013
New User
> bubble2 48 Posts
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Neil1
11-20-2022 at 03:10 PM.
11-20-2022 at 03:10 PM.
Why not buy iBonds at 6.5% for 12 months from tresurydirect.com?
Reply
Joined Oct 2022
L2: Beginner
> bubble2 65 Posts
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CoralRose466
11-20-2022 at 03:20 PM.
11-20-2022 at 03:20 PM.
Quote from Neil1 View quoted comment :
Why not buy iBonds at 6.5% for 12 months from tresurydirect.com?
I am locked in with 9.62% or something like that until next time they revise the rate that is during April or May 2023.
And the another reason people are looking at bank is because treasury only allow $10k per SSN.
Reply
Joined Nov 2014
L7: Teacher
> bubble2 2,958 Posts
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akula1488
11-20-2022 at 03:29 PM.
11-20-2022 at 03:29 PM.
what's the max? $250k?
Reply
Joined Apr 2020
L1: Learner
> bubble2 19 Posts
21 Reputation
Slashh2013
11-20-2022 at 03:35 PM.
11-20-2022 at 03:35 PM.
There are savings accounts in the 4-4.5 range now. Not worth locking in on a CD at the moment.
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Joined Jul 2010
L6: Expert
> bubble2 1,704 Posts
232 Reputation
baller1308
11-20-2022 at 03:45 PM.
11-20-2022 at 03:45 PM.
Wouldn't a Vanguard CD be better since it's on a shorter term?
Reply
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