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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,536 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
257,536 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 Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
523 Reputation
SlickCrowd6832
05-25-2023 at 09:06 PM.
05-25-2023 at 09:06 PM.
Quote from soultar1 :
This is a suckers bet. I am over 4% in a high yield savings that is liquid as I need it to be.
What does that mean???!!!!

So your bank's saving account is giving you 4%? I need to lock my money in to get a high interest... I can lock it in for as little as 30 days but I still need to lock it in.
Reply
Joined Jan 2015
L3: Novice
> bubble2 154 Posts
32 Reputation
wmesallem
05-26-2023 at 08:21 AM.
05-26-2023 at 08:21 AM.
I've been using my brokerage to buy cds. Brokered FDIC insured cd at 5.3%
Reply
Joined May 2011
L3: Novice
> bubble2 163 Posts
128 Reputation
srana
05-26-2023 at 09:24 AM.
05-26-2023 at 09:24 AM.
Not a great rate, T bills are higher and state tax exempt as well.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,035 Posts
ascotnot
05-26-2023 at 10:57 AM.
05-26-2023 at 10:57 AM.
Quote from SlickCrowd6832 :
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.
Wow, thank you very much. I will look into this!
Reply
Joined Dec 2018
L3: Novice
> bubble2 121 Posts
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alx7
05-26-2023 at 02:44 PM.
05-26-2023 at 02:44 PM.
They are all making honey pot type of offering, you will lock your cash and they can do whatever they want, convert into digital currency etc... Cuz you locked... No thanks
Reply
Joined Mar 2005
L5: Journeyman
> bubble2 718 Posts
264 Reputation
scarletwahoo
05-26-2023 at 03:47 PM.
05-26-2023 at 03:47 PM.
How many days does an electronic transfer typically take with Cit Bank? I'm on day three now with nothing posted.
Reply
Joined May 2011
L3: Novice
> bubble2 219 Posts
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Pro
bryan305
05-26-2023 at 08:16 PM.
05-26-2023 at 08:16 PM.
Quote from Rawimpact :
People need to remember, these rates are in APY, not rate of return at maturity.

Ex. 100 dollars going into a 4% APY 4 week bill would not yield you $~4.00, but closer to ~35cents at maturity.

What?
Reply

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Joined Feb 2010
L4: Apprentice
> bubble2 444 Posts
33 Reputation
allusuc
05-26-2023 at 10:11 PM.
05-26-2023 at 10:11 PM.
Quote from scarletwahoo :
How many days does an electronic transfer typically take with Cit Bank? I'm on day three now with nothing posted.

It took like 7 days. It was terrible.
Reply
Joined May 2010
L6: Expert
> bubble2 1,665 Posts
134 Reputation
ctz
05-27-2023 at 07:27 AM.
05-27-2023 at 07:27 AM.
4.65% is nothing these days. They are probably using Apple cash (around 4.3%) as comparison.
Reply
Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
05-27-2023 at 07:48 AM.
05-27-2023 at 07:48 AM.
Quote from ascotnot :
Wow, thank you very much. I will look into this!
if u have merrill edge i can tell you were i find them.

They also have corporate bonds.... not fdic insured and many other types of fixed investments.
Reply
Joined Apr 2020
L10: Grand Master
> bubble2 8,565 Posts
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SlickCrowd6832
05-27-2023 at 07:49 AM.
05-27-2023 at 07:49 AM.
Quote from allusuc :
It took like 7 days. It was terrible.
wow... when i do it with merrill edge it is instant if funds come from blank of america.
Reply
Last edited by SlickCrowd6832 May 27, 2023 at 07:53 AM.
Joined Feb 2023
New User
> bubble2 5 Posts
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FaithfulFaucet8436
05-27-2023 at 02:34 PM.
05-27-2023 at 02:34 PM.
There is some Wintrust banks that offer 5.35% for 11month. But I belive this is dependent per branch.
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 768 Posts
119 Reputation
Diz
05-27-2023 at 03:45 PM.
05-27-2023 at 03:45 PM.
Quote from bryan305 :
What?
How much do you think the return is on a $100 4-week T-Bill purchase assuming 4.0% APY?
Reply
Joined Mar 2005
L5: Journeyman
> bubble2 718 Posts
264 Reputation
scarletwahoo
05-27-2023 at 06:41 PM.
05-27-2023 at 06:41 PM.
Quote from allusuc :
It took like 7 days. It was terrible.
That might be a deal breaker for me, I don't want to have to wait a week to access my funds if there is an emergency. I'll probably close my account if I can find another with similar rates.
Reply

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Joined Dec 2007
L8: Grand Teacher
> bubble2 3,621 Posts
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iahawks550
05-29-2023 at 07:23 AM.
05-29-2023 at 07:23 AM.
Quote from alx7 :
They are all making honey pot type of offering, you will lock your cash and they can do whatever they want, convert into digital currency etc... Cuz you locked... No thanks

That's kind of how it works. You get a no-risk return on your money while someone else takes the risk.
Reply
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