Slickdeals is community-supported.  We may get paid by brands for deals, including promoted items.
Sorry, this deal has expired. Get notified of deals like this in the future. Add Deal Alert for this Item
Frontpage

CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
265,185 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
  • Deal Image
Deal Image
See Deal

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
Slickdeals may be compensated by CIT Bank
Add Comment
Reply
in Finance CIT Bank
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.

Check Out Similar Finance Deals

View All
Popular
$13.94 | The Intelligent Investor Third Edition: The Timeless Guide to Value Investing and Financial Wisdom for a Volatile Market at Amazon
10 3
Popular
$1.99 | Invested: How I Learned to Master My Mind, My Fears, and My Money to Achieve Financial Freedom and Live a More Authentic Life (eBook) by Danielle Town, Phil Town
9 0
$1.99 | Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves (eBook) by Andrew Ross Sorkin
2 0
Popular
starz $12 per year streaming service
89 44
Frontpage
Costco Wholesale
Uber e-gift cards Costco (in stock) $200
$80
(Limit 2)
482 166
BMO bank: Earn up to $660 in cash bonuses and rewards
3 0
Deal
Score +32
265,185 Views
4.65% APY*
See Deal

533 Comments

View Forum Thread

Your comment cannot be blank.

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:
·

Sign up for a Slickdeals account to remove this ad.

Joined Sep 2018
L5: Journeyman
> bubble2 698 Posts
46 Reputation
Protege
11-20-2022 at 03:45 PM.
11-20-2022 at 03:45 PM.
By the inflation % calculated by the Government you are losing 3% of your $ if you put your $ in this CD.
1
Reply
Joined Jun 2019
New User
> bubble2 14 Posts
10 Reputation
HandsomeT
11-20-2022 at 04:31 PM.
11-20-2022 at 04:31 PM.
Quote from MyrMcCheese View quoted comment :
I believe they are referencing the pre-2008 information. Currently, CD's are covered up to 250,000 per institution per depositor per category.

That being said, if you're investing up to $10,000, the US Treasury iBond is an improvement on this rate, even with the early withdraw penalty of 3 months interest...as long as the next 6 month rate is higher than 4 % or so.
And Treasury bond interest is exempt from state taxes which is material if you live in a high tax state like I do, California.
Reply
Joined Mar 2007
Quiet, but thrifty
> bubble2 353 Posts
237 Reputation
exseattlite
11-20-2022 at 10:14 PM.
11-20-2022 at 10:14 PM.
Maybe just my bad luck, but I had money in a CIT account I wanted to put into a CD. Initial wait ~1 hr. (let me hang up and get a callback after the 1st 5 min. But I had to be transferred to someone else - over an hour on hold and I gave up. I sent them a secure message about what I wanted. No reply after a day. I sent another. Still no reply after another day. On the third day, I just transferred my money out of CIT, which did not require their assistance. So you might want to be careful unless you KNOW you will never need assistance from a live person.
Reply
Joined Jun 2021
L6: Expert
> bubble2 1,732 Posts
65 Reputation
Hawaiiana
11-20-2022 at 10:27 PM.
11-20-2022 at 10:27 PM.
Quote from HandsomeT View quoted comment :
And Treasury bond interest is exempt from state taxes which is material if you live in a high tax state like I do, California.

Can someone give me the "steps" or guide me to the right way to get my money into Treasury stock bonds?!?
Reply
Joined Dec 2012
L4: Apprentice
> bubble2 337 Posts
54 Reputation
Alpha-Leader
11-20-2022 at 10:28 PM.
11-20-2022 at 10:28 PM.
Quote from Protege View quoted comment :
By the inflation % calculated by the Government you are losing 3% of your $ if you put your $ in this CD.
But if the money would otherwise sit in a normal savings account I would be losing even more, right?
Reply
Joined Jul 2011
L5: Journeyman
> bubble2 558 Posts
506 Reputation
stormer0115
11-20-2022 at 11:33 PM.
11-20-2022 at 11:33 PM.
Quote from ek9cusco View quoted comment :
Thank you. I wonder if E*trade has it.
You can buy treasury issues on E*Trade too but it doesn't offer auto rollover, whereas Fidelity and Schwab have this feature.
Reply
Last edited by stormer0115 November 22, 2022 at 10:31 AM.
Joined Oct 2009
L5: Journeyman
> bubble2 503 Posts
394 Reputation
PaxtonRd
11-21-2022 at 07:39 AM.
11-21-2022 at 07:39 AM.
ONE YEAR CD 4.70% Applause
FYI - Depending upon your term there are better rates at Edward Jones (EJ) as of 11/18/2022
I have been step laddering my CDs with EJ since August 2022. Each CD is insured up to $250k with FDIC-Insured Certificates of Deposit - EJ deposits money in the banks that are offering the best rates. You do not have to have a brokerage account with EJ to open a CD.
  • 3-month 3.85%
  • 6-month 4.40%
  • 9-month 4.600%
  • 1-year 4.70%
  • 18-month 4.80%
  • 2-year 4.85%
https://www.edwardjones.com/us-en...rent-rates

EJ also does U.S. Treasury Bills, Notes and Bonds
U.S. Treasury Bills, Notes and Bonds: Displays the rate for US Treasury Bills, Notes and Bonds for terms from 3 months through 30 years
  • 3-Month 3.73%
  • 6-Month 4.34%
  • 1-Year 4.48%
  • 2-Year 4.34%
These are exempt from state income tax and backed as to the timely payment of principal and interest.

All rates expressed as yield to maturity as of 11/18/2022 unless otherwise indicated. Yield and market value will fluctuate if sold prior to maturity, and the amount received from the sale of these securities may be less than the amount originally invested.
1
Reply
Last edited by PaxtonRd November 21, 2022 at 07:45 AM.

Sign up for a Slickdeals account to remove this ad.

Joined Apr 2019
Special Agent
> bubble2 117 Posts
18 Reputation
stiladam
11-21-2022 at 08:13 AM.
11-21-2022 at 08:13 AM.
Personally, I'd never use a full service commissioned broker like EJ, but hey that's me :-)
Reply
Joined Sep 2021
L5: Journeyman
> bubble2 687 Posts
200 Reputation
MaKlounkee
11-21-2022 at 09:23 AM.
11-21-2022 at 09:23 AM.
This rate doesn't seem good. I've attached a screenshot of Fidelity's current rates for brokered CDs.
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 514 Posts
131 Reputation
GadgetAddicted
11-21-2022 at 10:14 AM.
11-21-2022 at 10:14 AM.
FYI, TABBank just raised its High Yield Savings rate to 3.64%. Yes, you can make more locking in with CDs or buying treasuries, but with rates continuing to rise with a terminal Funds rate going over 5%, I'd prefer to remain in cash.
Reply
Joined Jan 2015
L2: Beginner
> bubble2 34 Posts
22 Reputation
arob109
11-21-2022 at 12:11 PM.
11-21-2022 at 12:11 PM.
Quote from Debit2Cash View quoted comment :
I bonds are 10k per year cap on electronic and 5k paper which in my understanding have to be purchased with an irs refund
Short term T-bills are good right now too if you need liquidity sooner and if you expect interest rates to keep going up.

Laddering 13-week and 26-week T-bills which are >4% right now. Will switch to locking in longer term once interests rates reach terminal / fed pivots.

Also, you can do more than $10K/person with in I-bonds with entity accounts (e.g., business, living trust) - still capped at $10k/account though. So total I can buy I bonds $10k myself, $10k wife, $10k/kid + $10k for our living trust.
Reply
Joined Sep 2018
L5: Journeyman
> bubble2 698 Posts
46 Reputation
Protege
11-21-2022 at 12:11 PM.
11-21-2022 at 12:11 PM.
Quote from Hawaiiana View quoted comment :
Can someone give me the "steps" or guide me to the right way to get my money into Treasury stock bonds?!?
go to treasury direct and open an account, link your bank acct and buy whatever your heart desires.
Reply
Joined May 2011
L9: Master
> bubble2 4,805 Posts
1,924 Reputation
cocomuffin
11-21-2022 at 11:08 PM.
11-21-2022 at 11:08 PM.
Quote from Alpha-Leader View quoted comment :
But if the money would otherwise sit in a normal savings account I would be losing even more, right?
That's exactly what I was thinking. I gathered up all the low interest like 0.03% savings/checking accounts money from big banks and put the funds in to a 10 month CD with a reasonably good rate. Meanwhile, I can still look for better rates in money market/savings accounts. The higher ones I found were 3.5%-4%. Since we do not know the rates will keep going up, I do not mind having a CD (or CDs) earning around 5%.
Reply
Joined Sep 2006
L7: Teacher
> bubble2 2,476 Posts
164 Reputation
robertw477
11-22-2022 at 05:32 AM.
11-22-2022 at 05:32 AM.
Quote from SilentJudge View quoted comment :
Not saying thats a bad rate, but you're not comparing apples to apples. 22 months is pretty different from 13 months.
Save Better has a 14 month for 4.05% which is a no penalty CD. That means you can close it out at any time. We should see some increases in the next few FED meetings. Treasury Bills One yr T bills are 4.75%. If you were locking now for a yr you should at least get close to that 4.75%.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Apr 2018
L2: Beginner
> bubble2 98 Posts
26 Reputation
PowerfulCaption5013
11-22-2022 at 02:07 PM.
11-22-2022 at 02:07 PM.
Quote from famewolf View quoted comment :
Strictly FYI. Credit Union's are insured for similar limits (250k) via the NCUA (National Credit Union Association) as opposed to the FDIC.

To recap for best rates:

1) Buy 10K in iBonds (I'm told you can do 10K electronically and an addiitonal 10K in paper bonds)
2) Money above that 10K into the 22 month cd paying 5%. I have a 4% 4 year cd maturing in 2 days so timing on this info was great.
3) Buy 10k more in January of iBonds.
Only $10K per year per person. You can put $10K in your name and $10K in your wife
Reply
Page 13 of 36
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.