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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
  • Deal Image
Deal Image
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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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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 Jan 2007
♪♫ Pickin' Bluegrass ♫♪
> bubble2 22,258 Posts
3,873 Reputation
Pro
BluegrassPicker
06-04-2023 at 01:39 PM.
06-04-2023 at 01:39 PM.
Quote from findjoe :
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!
Please post a link to the 5.38 savings. I was unable to find it. Thanks.
Reply
Joined Jan 2015
peeing outdoors
> bubble2 2,054 Posts
963 Reputation
khronos
06-04-2023 at 02:35 PM.
06-04-2023 at 02:35 PM.
Quote from almightys :
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?

Did you look at the date it was posted?
1
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 768 Posts
119 Reputation
Diz
06-04-2023 at 06:37 PM.
06-04-2023 at 06:37 PM.
Quote from sportsfansam97 :
This thread is extremely concerning… some people should really take a class about money.
It's comedy gold.
1
Reply
Joined Dec 2020
L2: Beginner
> bubble2 30 Posts
14 Reputation
LovelyTree3954
06-04-2023 at 08:25 PM.
06-04-2023 at 08:25 PM.
For folks suggesting to get a high yield CD from a brokerage, be aware that most of the high yielding ones are callable CDs meaning the bank can decide to give you back your money and your interest in the future before the CD matures; this usually means if interest rates start to fall.

Also, it's much harder to break a CD from a brokerage than a bank. You basically have to try and sell it on the brokerage marketplace and price it low enough (loss to you) to convince someone to buy it from you.

If you can put away the money for the duration and can find a good non callable CD, the 1-2 year yields from the brokerage usually beat most of the ones from banks - and you don't have to open a bunch of accounts and transfer money to them.
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HIDDENstevie61706-05-2023 at 06:08 AM.
Joined Oct 2006
L7: Teacher
> bubble2 2,509 Posts
1,387 Reputation
Guiltyr1
06-05-2023 at 06:20 AM.
06-05-2023 at 06:20 AM.
A brokered CD at Vanguard for 13 months is at 5.5%; albeit you need to open a brokerage account but if you already invest with them, this is a no brainer. I also believe Citizens is also offering a 5.5% CD if you are "Quest" or higher balances customer.
Reply
Joined Feb 2008
L5: Journeyman
> bubble2 728 Posts
72 Reputation
lev280
06-05-2023 at 09:37 AM.
06-05-2023 at 09:37 AM.
Quote from sportsfansam97 :
This thread is extremely concerning… some people should really take a class about money.
Just "extremely concerning"?
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Joined Mar 2015
New User
> bubble2 19 Posts
27 Reputation
selkies
06-06-2023 at 07:08 AM.
06-06-2023 at 07:08 AM.
Why sign up for this CD when CIT is already offering a no penalty 11 month CD at a higher rate? https://www.cit.com/cit-bank/bank...penalty-cd
Reply
Joined Jan 2006
L3: Novice
> bubble2 297 Posts
38 Reputation
c_hack
06-07-2023 at 07:11 PM.
06-07-2023 at 07:11 PM.
Bank CD rates from Fidelity are better than 5% from 3 months to 5 years. You're getting ripped off buying CDs from a bank.
1
Reply
Joined Sep 2011
L6: Expert
> bubble2 1,113 Posts
59 Reputation
jack250
06-08-2023 at 08:35 PM.
06-08-2023 at 08:35 PM.
CIT bank related to CITI bank?
Reply
Joined May 2008
Super Moderator
> bubble2 3,074 Posts
752 Reputation
Pro
Global Mod
pur | Staff
06-08-2023 at 08:50 PM.
06-08-2023 at 08:50 PM.
Quote from jack250 :
CIT bank related to CITI bank?
They are different banks
Reply
Joined Sep 2011
L9: Master
> bubble2 4,501 Posts
553 Reputation
willnpc
06-09-2023 at 06:00 AM.
06-09-2023 at 06:00 AM.
Quote from hedgedcapital :
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]
Thanks, going to look into this....but am I reading this chart correctly that currently the 52 week actually has the worst rate of all the other weeks (4,8,13,17,26)? thanks
Reply
Joined Dec 2004
L5: Journeyman
> bubble2 725 Posts
73 Reputation
rcglfr
06-09-2023 at 07:12 AM.
06-09-2023 at 07:12 AM.
Quote from LovelyTree3954 :
For folks suggesting to get a high yield CD from a brokerage, be aware that most of the high yielding ones are callable CDs meaning the bank can decide to give you back your money and your interest in the future before the CD matures; this usually means if interest rates start to fall.

Also, it's much harder to break a CD from a brokerage than a bank. You basically have to try and sell it on the brokerage marketplace and price it low enough (loss to you) to convince someone to buy it from you.

If you can put away the money for the duration and can find a good non callable CD, the 1-2 year yields from the brokerage usually beat most of the ones from banks - and you don't have to open a bunch of accounts and transfer money to them.
That is false! I am heavily invested in CDs from a brokerage and NONE are callable. Plus there are great rates on 3,6,9 month CDs. And if you are going to need the money in the foreseeable future, you should consider a high yield savings account, not a CD.
1
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Joined Jan 2023
L2: Beginner
> bubble2 47 Posts
10 Reputation
HappyWater740
06-09-2023 at 07:51 AM.
06-09-2023 at 07:51 AM.
hell cost of living is gonna be up another 5% by then
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Joined Oct 2009
L2: Beginner
> bubble2 42 Posts
17 Reputation
travis17
06-09-2023 at 01:22 PM.
06-09-2023 at 01:22 PM.
Another BANK CD rate on Slick Deals ? Get that CRAP outta here ?!?! You can throw a stone and find 5% CDs at all sorts of terms and rates locally wherever you are. Try a NON-PROFIT credit union near you, you know the financial institutions that don't fail and need constant bail outs by your tax payer dollars.
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