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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
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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 Sep 2018
L5: Journeyman
> bubble2 698 Posts
46 Reputation
Protege
11-24-2022 at 02:41 PM.
11-24-2022 at 02:41 PM.
Quote from stc1709 View quoted comment :
Also don't forget tbills and tnotes are exempt from state tax unlike cds
& munis are exempt from both fed taxes - 25%+ & state taxes
Reply
Joined Dec 2019
L3: Novice
> bubble2 122 Posts
18 Reputation
greensabath
11-24-2022 at 03:40 PM.
11-24-2022 at 03:40 PM.
I'd say this is a bad deal when high interest savings accounts are at 3% (Ally bank) and don't lock up your money.
Reply
Joined Nov 2009
L7: Teacher
> bubble2 2,045 Posts
8,042 Reputation
rolltide2009
11-24-2022 at 06:45 PM.
11-24-2022 at 06:45 PM.
Quote from mealy220 View quoted comment :
There are savings accounts paying more than this. Betterment being one
What is the rate? I'm seeing 3.2%.

PenFed has money market certificates for 4.25% (1-year) and 4.35% (18 months)
Reply
Joined Sep 2016
L2: Beginner
> bubble2 69 Posts
22 Reputation
M8845
11-24-2022 at 07:04 PM.
11-24-2022 at 07:04 PM.
Quote from rolltide2009 View quoted comment :
What is the rate? I'm seeing 3.2%.

PenFed has money market certificates for 4.25% (1-year) and 4.35% (18 months)

Nevermind I'm blind. Ubf has 3.83 on savings
Reply
Joined Dec 2013
New User
> bubble2 15 Posts
18 Reputation
RyanR5488
11-24-2022 at 09:38 PM.
11-24-2022 at 09:38 PM.
Just so you know, you can buy CDs and Treasuries from Vangard for no fee. I bought a 1 year from CIT on vangard. Much easier to have it consolidated. Also their money market fund is paying around 3.7%. So I am storing cash in vangard instead of checking now.
Reply
Joined Apr 2005
L5: Journeyman
> bubble2 823 Posts
131 Reputation
warhawk
11-24-2022 at 09:59 PM.
11-24-2022 at 09:59 PM.
beware of the early withdrawl penalty for 13 months if you need your money sooner than that.

However, if you tap into your deposit prior to maturity, you will pay an early withdrawal penalty. For terms up to one year, you'll forfeit three months' simple interest. For terms of more than one year and up to three years, you'll forfeit six months' simple interest.

https://www.forbes.com/advisor/ba...20interest.
Reply
Joined Mar 2014
L5: Journeyman
> bubble2 503 Posts
30 Reputation
annonymous999
11-25-2022 at 01:08 PM.
11-25-2022 at 01:08 PM.
Quote from xxx000xxx View quoted comment :
risk here is the bank/financial institution itself... if something goes wrong you'll lose money lent to them and insured up to $100K only...

an alternative is to buy bills/notes directly w/ treasury. few bps lower but eliminates risk of lending to financial institution since govt can just print money for you.

What cave have you been living in fdic has been 250k for a long time now. And you can do up to 1.25 million roughly if you structure pod right per fdic guidelines
Reply

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Joined Mar 2014
L5: Journeyman
> bubble2 503 Posts
30 Reputation
annonymous999
11-25-2022 at 01:16 PM.
11-25-2022 at 01:16 PM.
Edward Jones has a one year for 4.75%
Reply
Joined Sep 2008
L10: Grand Master
> bubble2 7,705 Posts
728 Reputation
DogAndPony
11-25-2022 at 01:16 PM.
11-25-2022 at 01:16 PM.
Quote from Protege View quoted comment :
& munis are exempt from both fed taxes - 25%+ & state taxes

What rates are muni bonds paying? Buy on fidelity?
Reply
Joined Jul 2011
L5: Journeyman
> bubble2 558 Posts
506 Reputation
stormer0115
11-25-2022 at 05:17 PM.
11-25-2022 at 05:17 PM.
Quote from annonymous999 View quoted comment :
Edward Jones has a one year for 4.75%
Edward Jones charges a fee and people should avoid it like the plague:

https://www.edwardjones.com/sites...eposit.pdf
Reply
Last edited by stormer0115 November 27, 2022 at 09:47 PM.
Joined Jan 2019
L7: Teacher
> bubble2 2,543 Posts
326 Reputation
blahbooboo2
11-26-2022 at 11:14 AM.
11-26-2022 at 11:14 AM.
CDs, so stupid. Simply buy T-Bills/T-Bonds where not only you get more interest, it's state and local tax free income. Plus, if you need the cash early just sell them on the open market.
Reply
Joined Aug 2016
New User
> bubble2 13 Posts
10 Reputation
DealGuy32
11-26-2022 at 01:43 PM.
11-26-2022 at 01:43 PM.
Or just buy a 6 month treasury bill for 4.55% (which is exempt from State and local income Taxes)
Reply
Joined Nov 2010
L3: Novice
> bubble2 112 Posts
28 Reputation
atlmsmith
11-26-2022 at 02:12 PM.
11-26-2022 at 02:12 PM.
Ok how is this a deal when 26-week T-bill went for 4.52%? anyone can open Treasury Direct account and buy as much of T-bills as they please. Especially meaningful if you are running into FDIC insurance limits.

https://treasurydirect.gov/auctio...a-results/
Reply
Joined Jan 2006
L6: Expert
> bubble2 1,181 Posts
139 Reputation
warsatan
11-26-2022 at 02:45 PM.
11-26-2022 at 02:45 PM.
Quote from atlmsmith View quoted comment :
Ok how is this a deal when 26-week T-bill went for 4.52%? anyone can open Treasury Direct account and buy as much of T-bills as they please. Especially meaningful if you are running into FDIC insurance limits.

https://treasurydirect.gov/auctio...a-results/

Man, I don't understand this auction stuff and how to buy them. Is there a tutorial how to do it for a 5 years old ?
Reply

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Joined Oct 2014
L5: Journeyman
> bubble2 852 Posts
94 Reputation
yeahok
11-26-2022 at 02:48 PM.
11-26-2022 at 02:48 PM.
Quote from warsatan View quoted comment :
Man, I don't understand this auction stuff and how to buy them. Is there a tutorial how to do it for a 5 years old ?
ditto
Reply
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