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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,425 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
See Deal

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
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 Sep 2018
L3: Novice
> bubble2 129 Posts
35 Reputation
Belaybles
05-29-2023 at 10:51 AM.
05-29-2023 at 10:51 AM.
Capital One is offering a year at 4.75%. I wouldn't go with that either, since the money market cash rate seems to be there or higher (see, e.g., VMFXX--5.04% 7-day yield, SWVXX--4.91%). It seems the general sentiment is these rates will go higher over the next year. Money Market funds are not FDIC or SIPC insured for value, but they do not lose money.
Reply
Joined Jul 2009
L6: Expert
> bubble2 1,545 Posts
293 Reputation
Rawimpact
05-30-2023 at 09:23 AM.
05-30-2023 at 09:23 AM.
Quote from bryan305 :
What?
Are you confused?
Reply
Joined Aug 2014
L3: Novice
> bubble2 247 Posts
51 Reputation
raks82
05-30-2023 at 10:10 AM.
05-30-2023 at 10:10 AM.
Quote from zalkingwombie :
Locked up 5.25% 3 month on the Fidelity marketplace yesterday. Similar rates up to a year.
how to purchase this, can you pls provide more details?
Reply
Joined Jan 2015
L1: Learner
> bubble2 24 Posts
14 Reputation
zalkingwombie
05-30-2023 at 10:19 AM.
05-30-2023 at 10:19 AM.
Quote from raks82 :
how to purchase this, can you pls provide more details?

Need to have an account with Fidelity then go to products - fixed income - cd & ladders and the marketplace is there. 3 month is at 5.30% as of now.
Reply
Joined Jul 2009
L1: Genius
> bubble2 573 Posts
114 Reputation
D3als0nWh33ls
05-30-2023 at 01:25 PM.
05-30-2023 at 01:25 PM.
Quote from srana :
Not a great rate, T bills are higher and state tax exempt as well.

Anything federal exempt? My state rate is much lower than federal
1
Reply
Joined Apr 2011
L2: Beginner
> bubble2 83 Posts
62 Reputation
Pro
hedgedcapital
05-30-2023 at 01:43 PM.
05-30-2023 at 01:43 PM.
5.26% 52 week T-bill rate and no state tax. If your state rate is 2% the equivalent yield is 5.37%.

Daily Treasury Bill Rates [treasury.gov]
Reply
Joined Aug 2008
Dr. Who
> bubble2 1,676 Posts
915 Reputation
cheapnchong
05-30-2023 at 01:50 PM.
05-30-2023 at 01:50 PM.
Quote from CTRFK8 :
One can easily make 5 % in a month if you know how to time the stock market
if you know how to time the market and still just making 5% you should pack your bag and go home.
Reply

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Joined Feb 2009
L4: Apprentice
> bubble2 481 Posts
72 Reputation
rphmann
05-30-2023 at 04:27 PM.
05-30-2023 at 04:27 PM.
Quote from allusuc :
It took like 7 days. It was terrible.
Yup 5 business days!!!!Mad
Reply
Joined Jun 2016
L3: Novice
> bubble2 190 Posts
22 Reputation
all4tun
05-30-2023 at 06:15 PM.
05-30-2023 at 06:15 PM.
Quote from 80is :
high risk . . . wtf are you talking about . . . govt is going to stand behind a back, last thing they want to for people to lose trust in the system.

take a look at 2008, today banks are in much better shape.

Still believe in your comment? Lmao, nobody trust the gov and banks anymore...you jynxed yourself
Reply
Joined Sep 2019
L2: Beginner
> bubble2 38 Posts
26 Reputation
emily6368
05-31-2023 at 06:00 AM.
05-31-2023 at 06:00 AM.
Quote from ludoviclalo :
I opened a CIT bank 13-month CD on 11/12 as a new customer. Probably a mistake now based on the earlier comments here. Regardless, I verified my linked bank account via CIT microdeposits on 11/15/2022. However, when I try to transfer money to CIT from the linked account, I receive a message that I have not set up a linked account. This does not make sense since the linked account was verified and it states this on CIT's site. I have called CIT four times and experienced their poor customer service firsthand, since my hold times exceeded 15 minutes for 3 calls and 1 minute for 1 call--but after 1 minute I waited another 10 minutes before hanging up since the call seemed to have been disconnected.

The fact that I had to make a telephone call is enough reason for me to just get rid of CIT. Will CIT close my CD if I do not fund it, since although CIT verified my non-account account, CIT is also refusing to let me transfer money. I am not about to waste more time on telephone calls to CIT. Thanks.
I opened 6-Month CD for 5% APY,couple days ago, but I cannot transfer money into CIT bank. I will give up to transfer money and close this CD. Thank you for sharing your experience.
Reply
Joined May 2011
L3: Novice
> bubble2 163 Posts
128 Reputation
srana
05-31-2023 at 08:29 AM.
05-31-2023 at 08:29 AM.
Quote from D3als0nWh33ls :
Anything federal exempt? My state rate is much lower than federal
I wish!
Reply
Joined Jul 2006
Call me Mr. Deals
> bubble2 5,196 Posts
1,728 Reputation
shahhere
05-31-2023 at 08:35 AM.
05-31-2023 at 08:35 AM.
I was able to put money in Citizens (in PA) where they are running 10 month CD for 5.5% ($25,000 min).


Shahhere
Reply
Joined Nov 2010
L4: Apprentice
> bubble2 498 Posts
144 Reputation
XRedcometX
06-01-2023 at 02:07 PM.
06-01-2023 at 02:07 PM.
I saw on their website that CIT is offering 4.85% for their savings account, how is this a deal? Honestly curious, would love some advice/guidance on this considering it's not fdic insured and it requires a 13 month commitment
Reply
Joined Jan 2007
♪♫ Pickin' Bluegrass ♫♪
> bubble2 22,258 Posts
3,873 Reputation
Pro
BluegrassPicker
06-01-2023 at 07:26 PM.
06-01-2023 at 07:26 PM.
Quote from XRedcometX :
I saw on their website that CIT is offering 4.85% for their savings account, how is this a deal? Honestly curious, would love some advice/guidance on this considering it's not fdic insured and it requires a 13 month commitment
4.81 at UFB Direct. FDIC and no commitment or fees.
Reply

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Joined Sep 2010
L5: Journeyman
> bubble2 500 Posts
48 Reputation
aboss3
06-02-2023 at 09:23 AM.
06-02-2023 at 09:23 AM.
Their savings rate is the same as CD rate, or higher (4.85%).
Reply
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