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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
264,926 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
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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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4.65% APY*
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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 Jul 2015
L2: Beginner
> bubble2 45 Posts
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Venturion
11-28-2022 at 07:56 PM.
Reply
Joined Aug 2010
L9: Master
> bubble2 4,559 Posts
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OMG_BeCkY
12-30-2022 at 07:47 PM.
12-30-2022 at 07:47 PM.
What do you guys think of just parking money in a Sallie Mae 14-month no-penalty CD via SaveBetter currently @ 4.40% and then just withdrawing early and opening a new no-penalty CD every time rates go up? Any downsides to this other than the slight hassle?
Reply
Joined May 2011
L5: Journeyman
> bubble2 697 Posts
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chimpoplayer
01-02-2023 at 08:12 AM.
01-02-2023 at 08:12 AM.
Quote from papatoony View quoted comment :
What do you guys think of just parking money in a Sallie Mae 14-month no-penalty CD via SaveBetter currently @ 4.40% and then just withdrawing early and opening a new no-penalty CD every time rates go up? Any downsides to this other than the slight hassle?

I like that idea. I am thinking of the same strategy. Out of curiosity, I checked out the save better and was wondering if it's a safe platform for investment?
Reply
Joined Aug 2010
L9: Master
> bubble2 4,559 Posts
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OMG_BeCkY
01-02-2023 at 09:35 AM.
01-02-2023 at 09:35 AM.
Quote from chimpoplayer View quoted comment :
I like that idea. I am thinking of the same strategy. Out of curiosity, I checked out the save better and was wondering if it's a safe platform for investment?
I'll have a better idea of that tomorrow when I attempt to take my money out early with them! I currently have a 14-mo NPCD with them for 3.3% and I'm looking to up that by another 1.1%. Tomorrow's the big day!
Reply
Joined May 2011
L5: Journeyman
> bubble2 697 Posts
124 Reputation
chimpoplayer
01-02-2023 at 10:04 AM.
01-02-2023 at 10:04 AM.
Quote from papatoony View quoted comment :
I'll have a better idea of that tomorrow when I attempt to take my money out early with them! I currently have a 14-mo NPCD with them for 3.3% and I'm looking to up that by another 1.1%. Tomorrow's the big day!

Good luck, please keep us posted
Reply
Joined May 2011
L5: Journeyman
> bubble2 697 Posts
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chimpoplayer
01-03-2023 at 12:14 PM.
01-03-2023 at 12:14 PM.
Quote from papatoony View quoted comment :
I'll have a better idea of that tomorrow when I attempt to take my money out early with them! I currently have a 14-mo NPCD with them for 3.3% and I'm looking to up that by another 1.1%. Tomorrow's the big day!

How did it go? Was the process seamless?
Reply
Joined Aug 2010
L9: Master
> bubble2 4,559 Posts
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OMG_BeCkY
01-03-2023 at 12:50 PM.
01-03-2023 at 12:50 PM.
Quote from chimpoplayer View quoted comment :
How did it go? Was the process seamless?
When I called it was just a recording telling me if I want to cash out my CDs I have to email them my info and they'll reply when the process is finished. So I emailed them everything and will hopefully hear from them tomorrow that everything's been liquidated (they weren't open today apparently). But so far it seems pretty straightforward.
Reply

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Joined Aug 2010
L9: Master
> bubble2 4,559 Posts
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OMG_BeCkY
01-08-2023 at 04:15 AM.
01-08-2023 at 04:15 AM.
Quote from chimpoplayer View quoted comment :
How did it go? Was the process seamless?
So I got my money deposited...it was a very easy process! And even easier opening the new CD at the higher rate since my accounts are now linked together. Now I just hope I don't run into any problems doing this over and over again, as planned. I asked their CS what would happen if I wanted to close out and re-open a new no-penalty CD each and every time rates go up and they insisted it would be no problem (I asked two different agents just to make sure I'd get the same answer both times). Worst case scenario I guess my money would just be tied up for 14 months.
Reply
Joined Nov 2008
L6: Expert
> bubble2 1,085 Posts
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hydrocynus
01-14-2023 at 06:42 AM.
01-14-2023 at 06:42 AM.
Quote from khronos View quoted comment :
andrews federal credit union

5%, 7 months
Is this still going on?
Reply
Joined Oct 2008
L3: Novice
> bubble2 249 Posts
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ek9cusco
01-20-2023 at 10:51 AM.
01-20-2023 at 10:51 AM.
so do they have online access for you to easily manage your CDs like assigning to to be moved to your CIT bank account or something like once matured? or everything need to be done via email or mail for that request?
Reply
Last edited by ek9cusco January 20, 2023 at 04:09 PM.
Joined May 2004
L4: Apprentice
> bubble2 428 Posts
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buyitused
03-27-2023 at 02:39 PM.
03-27-2023 at 02:39 PM.
There are plenty of online savings accounts near 5% interest. Not a lot of benefit to tying up your money for a year at a similar rate.
Reply
Joined Aug 2007
L9: Master
> bubble2 4,574 Posts
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pug_ster
03-27-2023 at 02:50 PM.
03-27-2023 at 02:50 PM.
I opened a CIT account a few years back when they have decent rates, but now I closed it as for savings rates was less than 1% when I closed it last month. Right now I am using Capital one for checkings and have savings and CD there.
Reply
Joined Jun 2008
L3: Novice
> bubble2 155 Posts
24 Reputation
jesusXchrist
03-27-2023 at 03:35 PM.
03-27-2023 at 03:35 PM.
I know ya'll hate Robinhood but they pay 4.4% on free cash and insured up to $1.5m...
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Joined Nov 2004
L5: Journeyman
> bubble2 995 Posts
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lizard5102
03-27-2023 at 04:24 PM.
03-27-2023 at 04:24 PM.
While this is a good deal, I went with Ally.com's no-penalty 11 month CD at 4.75% APY. More returns, and easier to break without penalty if I need to do so in the future.
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Joined Dec 2022
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DelightfulCrayon424
03-27-2023 at 04:36 PM.
03-27-2023 at 04:36 PM.
you can get 4.4% on robin hood and take the money out whenever you want. Also, rates aren't done going up.
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