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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,422 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
257,422 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 Feb 2008
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lev280
06-02-2023 at 02:25 PM.
06-02-2023 at 02:25 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
Nobody knows where the rates are headed in the next 12 months. Some think they are headed to 7%, others think, we are at the max and a few believe the Fed has overshot the mark.

Savings account rates can go up or down any time. The bank is in the driver seat in setting the rates.

CD rates stay fixed for the duration of the term. So in the current scenario, if the rates go up during the term of the CD, then the Savings account may turn out to be a better deal.
If the rates go down, then a CD with a higher fixed rate will make you feel like a winner.

Also, most CDs lock your money for a fixed duration unless it's a 'no-penalty' CD. Those CDs provide a 'floor' for the interest rate and if the rate goes up, you can get your money out anytime and sign up for the newer CD with a higher rate.
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Joined Aug 2010
L3: Novice
> bubble2 258 Posts
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mjzglr
06-02-2023 at 03:38 PM.
06-02-2023 at 03:38 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
It's not. It's a terrible deal. Put your money in the savings account if you want something super easy.

Otherwise buy a fund or buy notes at Treasury Direct for some tax advantaged higher yield.
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Joined Mar 2017
L2: Beginner
> bubble2 35 Posts
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VfxPolicy
06-02-2023 at 04:49 PM.
06-02-2023 at 04:49 PM.
why tie your money up in a CD when there's multiple cash accounts offering 4.5%
Reply
Joined Apr 2017
L3: Novice
> bubble2 223 Posts
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sportsfansam97
06-02-2023 at 08:49 PM.
06-02-2023 at 08:49 PM.
This thread is extremely concerning… some people should really take a class about money.
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Joined Sep 2014
L5: Journeyman
> bubble2 1,102 Posts
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geek37
06-02-2023 at 09:22 PM.
06-02-2023 at 09:22 PM.
i am a novice for this. if i invest savings, can i choose either compound interest or simple interest rates? or both? thanks for enlighten me.
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Joined Sep 2017
L2: Beginner
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Bm335coupe
06-03-2023 at 12:13 AM.
06-03-2023 at 12:13 AM.
Quote from scarletwahoo :
How many days does an electronic transfer typically take with Cit Bank? I'm on day three now with nothing posted.

Mines took 3 business days
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Joined Sep 2021
L6: Expert
> bubble2 1,370 Posts
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Wyvern1
06-03-2023 at 12:42 AM.
06-03-2023 at 12:42 AM.
theres brokered cds going for better rates
Reply

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Joined Oct 2010
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almightys
06-03-2023 at 07:20 AM.
06-03-2023 at 07:20 AM.
Confused why this is a deal. There are other banks offering over 5% right now on 12 mo CDs. If you were really in the 12 mo CD market, wouldn't you just go for the highest rate?
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Joined Jan 2010
L4: Apprentice
> bubble2 376 Posts
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Herry29
06-03-2023 at 09:02 AM.
06-03-2023 at 09:02 AM.
Quote from BluegrassPicker :
4% CD @ Capital one for 1 year

4.75% CD @ Discover for 1 yr and 18 months.
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Joined Feb 2009
L10: Grand Master
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just123me
06-03-2023 at 09:03 AM.
06-03-2023 at 09:03 AM.
Why not just put your money in a high interest savings acct.? There are some that pay close to 5% interest.

Here is a premium savings at this same bank that pays 4.85 APY. This might be a better option for some. Minimum deposit is 5000.

https://www.cit.com/cit-bank/plat...$clickkey$


I'm getting good interest in Dollarsavingsdirect.com. It's paying 4% APY. No fees. Minimum 1,000 deposit. I've been with them for many years and have been very happy.

https://www.dollarsavingsdirect.c...2EE2789B97
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Last edited by just123me June 3, 2023 at 09:05 AM.
Joined Nov 2013
L3: Novice
> bubble2 191 Posts
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cost.basis
06-03-2023 at 10:18 AM.
06-03-2023 at 10:18 AM.
Quote from just123me :
Why not just put your money in a high interest savings acct.? There are some that pay close to 5% interest.

Here is a premium savings at this same bank that pays 4.85 APY. This might be a better option for some. Minimum deposit is 5000.

https://www.cit.com/cit-bank/platinum-savings?utm_campaign=wp_qs_rt_nb_platinumsavings_prospecting_c... [cit.com]


I'm getting good interest in Dollarsavingsdirect.com. It's paying 4% APY. No fees. Minimum 1,000 deposit. I've been with them for many years and have been very happy.

https://www.dollarsavingsdirect.com/securebanking/login.do?_flowExecutionKey=_c36AE3DF4-7CFE-44C1-FC... [dollarsavingsdirect.com]
4.85 HYS seems like a good deal.
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Joined Oct 2017
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findjoe
06-03-2023 at 12:24 PM.
06-03-2023 at 12:24 PM.
Check out First Horizons offerings right now. Just did 5.38% apy high yield savings compounds monthly… and I think they have a promotional 11 month CD at 5.5 apy.

High yield savings typically don't lock up your money and some will lock the rate. You can sometimes negotiate the rate lock with a bank as well.

Good luck fighting inflation everyone!
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Joined May 2012
L7: Teacher
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Jcwillia1
06-04-2023 at 08:09 AM.
06-04-2023 at 08:09 AM.
mmmmmmmmmm

popular direct is offering this as their base savings rate without having to lock up your money for 12 months
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Joined Aug 2017
L3: Novice
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jimmyco2008
06-04-2023 at 08:58 AM.
06-04-2023 at 08:58 AM.
Or…or… hear me out… 4.00% with AmEx HYSA, or 4.50% with Vanguard cash plus HYSA
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Joined Mar 2005
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tjwoody
06-04-2023 at 11:05 AM.
06-04-2023 at 11:05 AM.
Happy with fidelity spaxx right now.
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