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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,417 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
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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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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 Jan 2007
♪♫ Pickin' Bluegrass ♫♪
> bubble2 22,258 Posts
3,873 Reputation
Pro
BluegrassPicker
06-09-2023 at 07:19 PM.
06-09-2023 at 07:19 PM.
Quote from travis17 :
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.
I don't know where you live, but in my region, out of the eight non-profit credit unions none have CD's over 3%.
1
Reply
Joined Nov 2015
L2: Beginner
> bubble2 681 Posts
38 Reputation
thi3nd1a
06-09-2023 at 09:49 PM.
06-09-2023 at 09:49 PM.
Wealthfront saving is 4.55% and up to 5.05% with referral link (for 3
Months) . Not locked in. Very easy to transfer in/out
Reply
Joined Aug 2009
L2: Beginner
> bubble2 26 Posts
14 Reputation
marktred
06-10-2023 at 07:50 AM.
06-10-2023 at 07:50 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]
This is the way if you live in a state with income tax.
Reply
Joined Nov 2016
New User
> bubble2 15 Posts
10 Reputation
DaChangeMaker
06-10-2023 at 09:54 PM.
06-10-2023 at 09:54 PM.
You can get this same rate on Robinhood with 5$ a month Gold plan
Reply
Joined Jul 2008
L5: Journeyman
> bubble2 642 Posts
100 Reputation
alanky
06-11-2023 at 08:12 PM.
06-11-2023 at 08:12 PM.
I'm just thinking of buying money market funds 'vusxx' from Vanguard. Really dont know about investing and I'm tired of trying to decide what to do.Half a percentage here and there doesnt bother me.
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HIDDENpsychojinx06-11-2023 at 08:30 PM.
Joined Jul 2019
L9: Master
> bubble2 4,016 Posts
170 Reputation
Gb1908
06-12-2023 at 03:54 AM.
06-12-2023 at 03:54 AM.
Some online banks have 4.6 -4.8 % as high yield savings right now, no need to lock money in a CD. Interest rates not coming down until we hit recession.
1
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Joined Nov 2010
"Buy Low-Live High"
> bubble2 3,348 Posts
596 Reputation
bchill
06-12-2023 at 05:28 AM.
06-12-2023 at 05:28 AM.
This is not a good rate. Thumbs down.
Reply
Joined Jan 2018
L3: Novice
> bubble2 209 Posts
22 Reputation
Fellblade16
06-12-2023 at 05:47 AM.
06-12-2023 at 05:47 AM.
Quote from BluegrassPicker :
Please post a link to the 5.38 savings. I was unable to find it. Thanks.
I think the 5.38% is correct, there is a postcard that comes in the mail about it. However, nothing is shown online. They want you to go to your branch and talk about it. There was quite a bit of fine print as well on the card and I didn't want to bother with it. From what I recall the rate is only good for a few months and then it drops back down to completely uncompetitive interest rates after that.
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Joined Jan 2007
L7: Teacher
> bubble2 2,316 Posts
1,230 Reputation
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psychojinx
06-12-2023 at 08:18 AM.
06-12-2023 at 08:18 AM.
Quote from Gb1908 :
Some online banks have 4.6 -4.8 % as high yield savings right now, no need to lock money in a CD. Interest rates not coming down until we hit recession.
but you're not locking your money into a CD if you put it in the no penalty CD like I said. you can get it out anytime you want with no penalty. but the rate is locked in, which isn't the case for high yield savings accounts. interest rates can go down at any time in a high yield savings account, and often do, regardless of the interest rate environment. plus, you have to put in a relatively large amount in a high yield savings account to start it compared to only $1000 for most CD's. then you have to keep your high interest savings account above a certain level all of the time or you will incur fees and or lose all the interest or interest rate as a consequence.
1
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Last edited by psychojinx June 12, 2023 at 08:22 AM.
Joined Feb 2015
L3: Novice
> bubble2 139 Posts
22 Reputation
fairladyz34
06-12-2023 at 09:11 AM.
06-12-2023 at 09:11 AM.
Quote from psychojinx :
"Really don't know about investing and I'm tired of trying to decide what to do".

Here, let me help you. First off forget about anything from Vanguard. They are now the #1 most hardcore "Woke" mutual fund company in America.
(Blackrock is #2, and so forth...). What that means is that your money will be invested in things like Bud Light, Target, Disney, Google, Meta, Starbucks, Nike, etc. That means you are risking your money in light of today's newest trend of woke company boycotts. Look no further to the steep losses investors have recently taken in Bud and Target stocks to know what you may stand to lose. So forget Vanguard completely. Actually, just forget about stocks and mutual funds and money markets and t-bills completely and put all your money into CIT Banks no-penalty 11-month CD at 4.9% which is the current rate. Simple, safe, and effective move.
Is it safe to assume this is sarcasm?
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Joined Nov 2014
New User
> bubble2 8 Posts
10 Reputation
Cgs1
06-12-2023 at 12:43 PM.
06-12-2023 at 12:43 PM.
Huntington Bank savings account giving 5% guaranteed for 6 months.
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Joined Aug 2007
L7: Teacher
> bubble2 2,470 Posts
797 Reputation
anni77777
06-13-2023 at 11:03 PM.
06-13-2023 at 11:03 PM.
Quote from xxx000xxx :
risk here is the bank/financial institution itself... if something goes wrong you'll lose money lent to them and insured up to $100K only...

an alternative is to buy bills/notes directly w/ treasury. few bps lower but eliminates risk of lending to financial institution since govt can just print money for you.

Just print the money huh?


I'll take "what is inflation" for $400 please Alex.
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Joined May 2006
L9: Master
> bubble2 4,925 Posts
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chazjr
06-14-2023 at 08:33 AM.
06-14-2023 at 08:33 AM.
Today's Best High-interest CDs and Best Savings Accounts (Rates up to 5.65%)
https://www.msn.com/en-us/money/personalfinance/today-s-best-high-interest-cds-and-best-savings-acco... [msn.com]
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Joined Jul 2013
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> bubble2 22 Posts
10 Reputation
NeilR1449
06-15-2023 at 11:58 PM.
06-15-2023 at 11:58 PM.
Citizens Bank, 10 month CD for 5.5%. Must be new money, trip to the actual bank, and offer good until June 30, 2023.
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