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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
  • Deal Image
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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
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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 Jun 2019
New User
> bubble2 14 Posts
10 Reputation
HandsomeT
11-22-2022 at 05:32 PM.
11-22-2022 at 05:32 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?!?
I go through my stock broker (Etrade, now part of Morgan Stanley) to buy treasury bonds with no commission as well as FDIC insured bank CD's at rates considerably higher than this CIT Bank 13-Month CD at no commissions as well.
Reply
Joined Nov 2007
L3: Novice
> bubble2 125 Posts
26 Reputation
pyapon
11-23-2022 at 03:23 AM.
11-23-2022 at 03:23 AM.
Quote from Protege View quoted comment :
go to treasury direct and open an account, link your bank acct and buy whatever your heart desires.
Treasury Direct is a pain in the butt logging in.

Once you get lock out accidently, you cannot get any help ... either by email or by phone.
Reply
Joined Dec 2009
L1: Learner
> bubble2 18 Posts
14 Reputation
gddgdd
11-23-2022 at 07:25 AM.
11-23-2022 at 07:25 AM.
Does it needs soft credit check? I applied for Skaylacu and got declined due to freeze on my Equifax account (which I put it deliberately to avoid scams)
Reply
Joined Aug 2015
New User
> bubble2 19 Posts
10 Reputation
dealhunter13
11-23-2022 at 07:49 AM.
11-23-2022 at 07:49 AM.
You can get a 4.75% 13M CD right now as of 11/23 through just about any brokerage Financial Advisor in the USA, this is not a slick deal…
Even Treasuries are yielding 4.6% for 13M 🤷🏻 ♂️
Reply
Joined Apr 2015
L5: Journeyman
> bubble2 717 Posts
63 Reputation
bargin-sniper
11-23-2022 at 09:20 AM.
11-23-2022 at 09:20 AM.
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.

No way....there is nowhere on EARTH you had an FDIC insured 4 year cd maturing now that recieved 4 percent the whole time....are they doing floating rate CDs now
???
Difficult to get it now AFTER this huge rate hikes?
1
Reply
Joined Dec 2007
L10: Grand Master
> bubble2 6,282 Posts
1,786 Reputation
famewolf
11-23-2022 at 09:49 AM.
11-23-2022 at 09:49 AM.
Quote from bargin-sniper View quoted comment :
No way....there is nowhere on EARTH you had an FDIC insured 4 year cd maturing now that recieved 4 percent the whole time....are they doing floating rate CDs now
???
Difficult to get it now AFTER this huge rate hikes?

Garden Savings FCU. 48 month fixed. Replaced with 5% 60 month cd from Pelican State before rate drop on 11/21. Do you not read http://depositaccounts/blog?
Reply
Joined Apr 2015
L5: Journeyman
> bubble2 717 Posts
63 Reputation
bargin-sniper
11-23-2022 at 10:01 AM.
11-23-2022 at 10:01 AM.
Quote from famewolf View quoted comment :
Garden Savings FCU. 48 month fixed. Replaced with 5% 60 month cd from Pelican State before rate drop on 11/21. Do you not read http://depositaccounts/blog?

Link does not work
Reply

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Joined Oct 2013
L4: Apprentice
> bubble2 354 Posts
58 Reputation
Ultra1337
11-23-2022 at 10:57 AM.
11-23-2022 at 10:57 AM.
Treasuries are higher and no early withdrawal penalty
Reply
Joined Oct 2013
L4: Apprentice
> bubble2 354 Posts
58 Reputation
Ultra1337
11-23-2022 at 10:58 AM.
11-23-2022 at 10:58 AM.
Quote from HandsomeT View quoted comment :
I go through my stock broker (Etrade, now part of Morgan Stanley) to buy treasury bonds with no commission as well as FDIC insured bank CD's at rates considerably higher than this CIT Bank 13-Month CD at no commissions as well.

This is the right move
Reply
Joined Sep 2015
New User
> bubble2 5 Posts
10 Reputation
vapormike
11-23-2022 at 02:34 PM.
11-23-2022 at 02:34 PM.
This a good rate for CDs but if you have a brokerage, just buy t bills. As an example, 6 month treasury bills are currently at 4.55%

https://ycharts.com/indicators/6_..._bill_rate
Reply
Joined Nov 2006
L4: Apprentice
> bubble2 477 Posts
80 Reputation
stc1709
11-23-2022 at 02:40 PM.
11-23-2022 at 02:40 PM.
Also don't forget tbills and tnotes are exempt from state tax unlike cds
Reply
Joined Dec 2008
L5: Journeyman
> bubble2 619 Posts
224 Reputation
MidnightX
11-23-2022 at 08:59 PM.
11-23-2022 at 08:59 PM.
Quote from exseattlite View quoted comment :
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. So you might want to be careful unless you KNOW you will never need assistance from a live person.
Quote from unclechett View quoted comment :
i use cit for a high interest savings account and generally like them. one thing kinda pissed me off - rates were low for a while (~1%) then recently went up (currently 3.2%). instead of automatically giving you the better rate in your "savings builder" account, they created a nearly identical product called "savings connect" that go the new rate, requiring people to take action to get the better rate in an obvious money grab. they definitely didn't pull that shit when rates went down...
The second and third reviews for CIT Bank in the following link confirms that others have also had these issues. You can search other financial institutions on depositaccounts.com to get an idea of what problems you may encounter, or what steps you may need to take (such as being proactive to get interest rate increases), before choosing where you want to place your money.

https://www.depositaccounts.com/b...-bank.html.
Your Wait Time Will Be 190 Minutes
Posted by: GlassSteagall | Jul 29, 2022
Currently have very good savings rates but phone customer support is abysmal. Wait time message has ranged from 2 hours to a record setting 3 hours wait. So if you need to get something accomplished quickly or can't sit by a phone pending a call back 3 hours later, forget it. In case it needs to be stated -- when any company's CS recording states "due to unexpected high call volumes you may experience longer than usual call wait times", it really means: this company has chosen not to pay CS reps enough to attract a reasonable number of employees. So customers will have to put up with unreasonable hold times.
Savings Acct. Advertising Is Misleading
Posted by: username0000 | Oct 13, 2022
Savings accounts constantly change at CIT. If Fed rates go down, savings rates go down. When Fed rates increase you have to open a new account in order to get the advertised rates. Another way of saying this is you will have to open a new savings account to get the advertised rate. If you don't watch your account closely you will miss out on a lot of interest.
Reply
Joined Feb 2017
L8: Grand Teacher
> bubble2 3,055 Posts
947 Reputation
Redmont
11-24-2022 at 05:25 AM.
11-24-2022 at 05:25 AM.
Or get about 6.89 % on the US I series bond . On that you lose 3 months interest if you cash in before 5 years but if you cash it in after 16 months you would be way ahead of this deal
Reply
Joined Feb 2006
L4: Apprentice
> bubble2 377 Posts
194 Reputation
amd555
11-24-2022 at 06:54 AM.
11-24-2022 at 06:54 AM.
Quote from Gergor View quoted comment :
CIT doesn't seem to allow the account titled to a trust. In fact, it looks like very few online banks allow that. I am missing out on good rates because of this.

Ally and Barclays does..personal capital allows trust as beneficiary
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Joined Sep 2016
L2: Beginner
> bubble2 69 Posts
22 Reputation
M8845
11-24-2022 at 09:58 AM.
11-24-2022 at 09:58 AM.
There are savings accounts paying more than this. Betterment being one
Reply
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