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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,459 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 12:37 PM 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
257,459 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 Oct 2011
L2: Beginner
> bubble2 95 Posts
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username0504
05-23-2023 at 09:15 AM.
05-23-2023 at 09:15 AM.
I have savings accounts for my kids at our local bank. Each kid has a decent chunk of change.

It seems to me that the Tbills through fidelity are the best route, as they'll avoid federal/income taxes, right?

My only question. Is there a way to 'separate' their purchases? KidA has 5 tbills, KidB has 4. I don't; want to mix their earnings. Or do I just do some math at the end of things?
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Joined Sep 2019
L1: Learner
> bubble2 9 Posts
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SNSD2007
05-23-2023 at 09:33 AM.
05-23-2023 at 09:33 AM.
Quote from pcloadletter :
I have savings accounts for my kids at our local bank. Each kid has a decent chunk of change.

It seems to me that the Tbills through fidelity are the best route, as they'll avoid federal/income taxes, right?

My only question. Is there a way to 'separate' their purchases? KidA has 5 tbills, KidB has 4. I don't; want to mix their earnings. Or do I just do some math at the end of things?

T-Bills are taxable for Federal, tax free on the State level.

Best option for splitting up and tracking is opening a separate Fidelity account for each kid. If you want to retain full control, can set up as UGMA so you retain control until child is of age. Each kid will be the owner, but you will manage. Accounts will be in their SSN, so they will receive 1099s specific to their accounts.
Reply
Joined Oct 2011
L2: Beginner
> bubble2 95 Posts
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username0504
05-23-2023 at 09:42 AM.
05-23-2023 at 09:42 AM.
Quote from SNSD2007 :
T-Bills are taxable for Federal, tax free on the State level.

Best option for splitting up and tracking is opening a separate Fidelity account for each kid. If you want to retain full control, can set up as UGMA so you retain control until child is of age. Each kid will be the owner, but you will manage. Accounts will be in their SSN, so they will receive 1099s specific to their accounts.
Thank you for that clarity
Reply
Joined Oct 2008
L10: Grand Master
> bubble2 8,839 Posts
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DontTaxBeer
05-23-2023 at 07:03 PM.
05-23-2023 at 07:03 PM.
not the best rate. there are many offering 5%.
Reply
Joined Mar 2017
L3: Novice
> bubble2 122 Posts
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zablon
05-24-2023 at 01:47 PM.
05-24-2023 at 01:47 PM.
Go to savebetter.com and look at their offers. Lots of 5+% options, in both HYS accounts, CD's and nonlocked CD's.
Reply
Joined Jan 2015
L1: Learner
> bubble2 24 Posts
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zalkingwombie
05-24-2023 at 11:09 PM.
05-24-2023 at 11:09 PM.
Locked up 5.25% 3 month on the Fidelity marketplace yesterday. Similar rates up to a year.
Reply
Joined Jul 2011
L8: Grand Teacher
> bubble2 3,082 Posts
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soultar1
05-25-2023 at 05:55 AM.
05-25-2023 at 05:55 AM.
This is a suckers bet. I am over 4% in a high yield savings that is liquid as I need it to be.
1
1
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Joined Nov 2007
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> bubble2 181 Posts
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causey
05-25-2023 at 07:09 AM.
05-25-2023 at 07:09 AM.
Quote from CoralRose466 :
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.
Why next year? Inflation is (slowly) going down, and the latest 0.25% rate increase may be the last.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,035 Posts
ascotnot
05-25-2023 at 07:26 AM.
05-25-2023 at 07:26 AM.
13 week T-bills are inching up each week and are currently at 5.4%. I'm just emptying out my bank account with a bi-weekly purchase and just keep rotating them so long as it's the best overall option for me for ease of management, low risk and ROI.

Quote from SlickCrowd6832 :
This is pure advertisement. I am getting better rates with FDIC insured Agency Bonds.
Go on...
Reply
Joined Apr 2014
L3: Novice
> bubble2 151 Posts
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ToneyS
05-25-2023 at 08:20 AM.
05-25-2023 at 08:20 AM.
Cadence Bank is offering 4.99% on new money.
Reply
Joined Oct 2015
L2: Beginner
> bubble2 49 Posts
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bellosrt
05-25-2023 at 07:51 PM.
05-25-2023 at 07:51 PM.
Quote from xxx000xxx :
risk here is the bank/financial institution itself..f something goes wrong you'll lose money lent to them and insured up to $100k only..n alternative is to buy bills/notes directly w/ treasuryew bps lower but eliminates risk of lending to financial institution since govt can just print money for you.

250000
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Joined Oct 2011
L3: Novice
> bubble2 148 Posts
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blackmarlin8
05-25-2023 at 08:14 PM.
05-25-2023 at 08:14 PM.
27 month salliemae broker CD though savebetter is 5.15%.
I opened one last week.
It takes one minute to open account, very minimal info is needed and 2-3 days to transfer funds.
Reply
Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
05-25-2023 at 08:51 PM.
05-25-2023 at 08:51 PM.
Quote from ascotnot :
13 week T-bills are inching up each week and are currently at 5.4%. I'm just emptying out my bank account with a bi-weekly purchase and just keep rotating them so long as it's the best overall option for me for ease of management, low risk and ROI.



Go on...
Through any brooker.... agency bonds are available.
NON CALLABLE CDs: TODAY'S RATES
5.30% 3 months Non-callable CDs
5.30% 6 months Non-callable CDs
5.25% 9 months Non-callable CDs
5.25% 1 year Non-callable CDs
5.25% 3 years Non-callable CDs
4.60% 5 years Non-callable CDs
4.45% 5plus years Non-callable CDs
These rates were copied and pasted from Merrill Edge Website. And all agency bonds are FDIC insured.

What I like about Agency bonds is that you buy them from inception and you can always sell them when you want based on the market price and if you keep it to term you get what you signed up for. In addition, there is nothing to sign up for. It is the same way I buy stocks... I just got to my brooker account (Merrill Edge) and transfer money from my bank account... INSTANT and then buy the agency bond... INSTANT. No waiting, no credit check, no hit on your social and no opening another bank account. Everything is in one place.
Reply
Last edited by SlickCrowd6832 May 25, 2023 at 09:00 PM.
Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
05-25-2023 at 09:04 PM.
05-25-2023 at 09:04 PM.
Quote from blackmarlin8 :
27 month salliemae broker CD though savebetter is 5.15%.
I opened one last week.
It takes one minute to open account, very minimal info is needed and 2-3 days to transfer funds.
So sorry that you got fleeced... but just buy a little. Agency bonds are higher then what you are getting. Savebetter offers competitive rates but not the best rates. There are dozens of companies offering FDIC insured bonds at a higher rate... just a little higher.
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Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
05-25-2023 at 09:05 PM.
05-25-2023 at 09:05 PM.
Quote from ToneyS :
Cadence Bank is offering 4.99% on new money.
Not a great rate and the fact that you need to sign up for this... no thank you.
Reply
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