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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
265,315 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 11:37 AM 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 Nov 2021
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> bubble2 1 Posts
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LivelyShape938
06-17-2023 at 03:59 AM.
06-17-2023 at 03:59 AM.
This seems like a terrible deal, my brokerage is offering 1 year CDs for 5.35% right now. Hell money market funds offer more than this right now and you don't have to lock up your money.
Reply
Joined Jul 2019
L9: Master
> bubble2 4,134 Posts
174 Reputation
Gb1908
06-18-2023 at 09:47 AM.
06-18-2023 at 09:47 AM.
Quote from LivelyShape938 View quoted comment :
This seems like a terrible deal, my brokerage is offering 1 year CDs for 5.35% right now. Hell money market funds offer more than this right now and you don't have to lock up your money.

I got 5.25, also one has to feel comfortable with the bank not failing in the cd term, even if insured by fdic so top interest rate may not be the best goal if the bank is at risk of failing
Reply
Joined Nov 2012
L2: Beginner
> bubble2 491 Posts
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agentsteve
06-18-2023 at 10:39 AM.
06-18-2023 at 10:39 AM.
Just go on etrade and look at their brokered CDs. You can find rates over 5.1% almost every day.
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Joined Nov 2011
L2: Beginner
> bubble2 65 Posts
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Solenik54
06-18-2023 at 12:00 PM.
06-18-2023 at 12:00 PM.
Hold up.... CIT went under in 2008 with the crash of subprime lenders and I havent seen the name CIT since... Are we sure this is legit?
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Joined Dec 2019
L2: Beginner
> bubble2 38 Posts
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Lakeshow8976
06-18-2023 at 02:55 PM.
06-18-2023 at 02:55 PM.
MILLI by FNBO offering 5% on their regular savings account, funds not locked in
Reply
Joined Jun 2006
L3: Novice
> bubble2 287 Posts
49 Reputation
CPR
06-18-2023 at 03:13 PM.
06-18-2023 at 03:13 PM.
CIT has a platinum checking account with 4.95% on your balance above 5k. Monies are not locked in for any period of time as with a CD

https://www.cit.com/cit-bank/platinum-savings
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Joined Jul 2008
L2: Beginner
> bubble2 50 Posts
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Chisel07
06-20-2023 at 09:15 AM.
06-20-2023 at 09:15 AM.
Terrible deal. You can get 4.85% savings rate with North American Savings Bank in STL and your money won't be locked in. Their rate has been steadily increasing over the past 6 months.
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Joined Jul 2008
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> bubble2 50 Posts
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Chisel07
06-20-2023 at 09:16 AM.
06-20-2023 at 09:16 AM.
Quote from CPR View quoted comment :
CIT has a platinum checking account with 4.95% on your balance above 5k. Monies are not locked in for any period of time as with a CD

https://www.cit.com/cit-bank/platinum-savings
savings not checking. Their checking only has .25% with 25K deposit.
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Joined Mar 2010
L1: Learner
> bubble2 6 Posts
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liveplaylove
06-20-2023 at 02:42 PM.
06-20-2023 at 02:42 PM.
Better yet: 4.13% paid monthly no lockup on Wise Checking with optin. I believe it's via partnership w JP Morgan. Way better if you don't want to lock your money up. https://wise.com/invite/u/ericl527
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Joined Feb 2017
L5: Journeyman
> bubble2 896 Posts
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JaredSD
06-20-2023 at 03:46 PM.
06-20-2023 at 03:46 PM.
These are good if you want to play it safe. I can make way more in the stock market in a month working with $20k than these products over 13-months.
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Joined Jan 2007
♪♫ Pickin' Bluegrass ♫♪
> bubble2 22,443 Posts
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BluegrassPicker
06-20-2023 at 04:58 PM.
06-20-2023 at 04:58 PM.
Quote from JaredSD View quoted comment :
These are good if you want to play it safe. I can make way more in the stock market in a month working with $20k than these products over 13-months.
Perhaps you'd like to share how it's done?
Reply
Joined Aug 2017
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> bubble2 92 Posts
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Barabati
06-21-2023 at 07:50 AM.
06-21-2023 at 07:50 AM.
ally bank offers 5% on 18 mo CD, and 4.25% on No Penalty 11 mo CD
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Joined Aug 2017
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> bubble2 92 Posts
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Barabati
06-21-2023 at 07:52 AM.
06-21-2023 at 07:52 AM.
Quote from liveplaylove View quoted comment :
Better yet: 4.13% paid monthly no lockup on Wise Checking with optin. I believe it's via partnership w JP Morgan. Way better if you don't want to lock your money up. https://wise.com/invite/u/ericl527
4.25% on No Penalty 11 mo CD at Ally bank. you can withdraw any time without penalty
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Joined Aug 2020
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> bubble2 58 Posts
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SupraDupraDeal
06-21-2023 at 11:19 AM.
06-21-2023 at 11:19 AM.
Some of these savings accounts have even higher interest with regular savings account. Some do not require that much minimum

https://accounts.bestrates.com/sa...gLjjvD_BwE
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> bubble2 6,882 Posts
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sleepybubba
06-21-2023 at 11:29 AM.
06-21-2023 at 11:29 AM.
Not sure why is this considered a deal at all? Citizens Access gives 5% APY on 1 year CD and 4.50% APY on Savings. I don't believe locking your money for 13 months gaining .15% makes any sense.

https://www.secure.citizensaccess...izens/home

Citizens Access is backed by Citizens bank which is a mid-size bank in New England, not some unknown tiny bank. Citizens Access is their online spin off which is working quite well for me.
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