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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
264,939 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 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
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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 May 2018
L2: Beginner
> bubble2 33 Posts
10 Reputation
Redx5
06-27-2023 at 12:54 AM.
06-27-2023 at 12:54 AM.
Wealthfront pays more just for having a checking/savings account
Reply
Joined Nov 2011
AJ1Archaeologist
> bubble2 539 Posts
163 Reputation
darrinv8
06-29-2023 at 09:12 AM.
06-29-2023 at 09:12 AM.
I'll stick with my 4.30% savings from SoFi Big Grin
Reply
Joined Apr 2006
L5: Journeyman
> bubble2 843 Posts
84 Reputation
Corporate Thug
06-29-2023 at 12:28 PM.
06-29-2023 at 12:28 PM.
Why are people investing in CDs when short term treasuries are well about 5%?
Reply
Joined Nov 2015
L2: Beginner
> bubble2 49 Posts
18 Reputation
pvk15
06-29-2023 at 06:32 PM.
06-29-2023 at 06:32 PM.
I see treasury bills are giving 5.3% for one year. why would someone go for this CD. Please share your opinion
Reply
Joined Feb 2018
L2: Beginner
> bubble2 53 Posts
27 Reputation
ss4adam
06-30-2023 at 06:50 PM.
06-30-2023 at 06:50 PM.
How is this post upvoted so much? I just bought 6,9, and 12-month CDs from Fidelity today for 5.3, 5.3, and 5.25 respectively. Losing an entire .6 percent if you use CIT over fidelity...

Also, i think CIT savings account offers 4.6% yield to begin win, so this CD just seems really bad.
1
Reply
Last edited by ss4adam June 30, 2023 at 06:53 PM.
Joined Sep 2008
L4: Apprentice
> bubble2 350 Posts
94 Reputation
thealchemist78
06-30-2023 at 11:17 PM.
06-30-2023 at 11:17 PM.
Quote from ss4adam View quoted comment :
How is this post upvoted so much? I just bought 6,9, and 12-month CDs from Fidelity today for 5.3, 5.3, and 5.25 respectively. Losing an entire .6 percent if you use CIT over fidelity...

Also, i think CIT savings account offers 4.6% yield to begin win, so this CD just seems really bad.

Are you serious right now?
2
Reply
Joined Sep 2017
New User
> bubble2 2 Posts
10 Reputation
sundeep.chalasani
07-02-2023 at 07:42 AM.
07-02-2023 at 07:42 AM.
Not a good deal
Reply

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Joined Jul 2019
L5: Journeyman
> bubble2 622 Posts
246 Reputation
Hubbs1
07-02-2023 at 10:21 AM.
07-02-2023 at 10:21 AM.
Quote from CoralRose466 View quoted comment :
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.

The banks I've look at are paying a higher rate for short term, like a 9 month cd has a higher rate than a 15 month which suggests the opposite. It's a very complicated landscape with the economy very week but the job market strong with the huge increase in working age people on disability the last 2 years.
Reply
Joined Nov 2013
L3: Novice
> bubble2 198 Posts
18 Reputation
cost.basis
07-02-2023 at 03:50 PM.
07-02-2023 at 03:50 PM.
Buy a 4 week T Bill and keep some money in HYS.
Reply
Joined Jul 2019
L4: Apprentice
> bubble2 388 Posts
146 Reputation
Grainy99
07-02-2023 at 04:03 PM.
07-02-2023 at 04:03 PM.
Quote from Gergor View quoted comment :
CIT doesn't seem to allow the account titled to a trust. In fact, it looks like very few online banks allow that. I am missing out on good rates because of this.

You don't need to title it in a trust when opening. It can be transferred into trust afterwards. 3 page document with simple basic information. One extra step.
Reply
Joined Oct 2010
L5: Journeyman
> bubble2 582 Posts
489 Reputation
Aerodaves
07-02-2023 at 06:30 PM.
07-02-2023 at 06:30 PM.
Quote from thealchemist78 View quoted comment :
Are you serious right now?

I'm sure he is serious. Savings accts and CD are both paying more than this, since this post is 8 months old. I just bought a 12mo CD a couple months ago paying 5.2%. 5.2>4.65. Why would you even ask this?
Reply
Last edited by Aerodaves July 2, 2023 at 06:33 PM.
Joined Nov 2020
L3: Novice
> bubble2 199 Posts
34 Reputation
scottydl
07-03-2023 at 06:28 AM.
07-03-2023 at 06:28 AM.
Also look into the CiT Platinum Savings with a 4.95% APY (as of last week… it fluctuates a little) for any balances over $5000. I have money parked there for a car purchase once I find the right vehicle/price, and it's nice to know I can get to the cash at any time with no penalty. Free & low cost wire transfer (depending on balance and wire amount) to other banks too, user initiated through the CiT app… which is how I plan on paying for the car once the deal is made.
Reply
Joined May 2021
L3: Novice
> bubble2 302 Posts
56 Reputation
CoolFog370
07-03-2023 at 10:08 AM.
07-03-2023 at 10:08 AM.
Just get SoFi. They have 4.3% on savings, no minimum.
Reply
Joined Aug 2009
L5: Journeyman
> bubble2 780 Posts
150 Reputation
ssc280
07-04-2023 at 05:20 AM.
07-04-2023 at 05:20 AM.
My local bank has 5.5% CD, ten months
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Joined Dec 2007
L8: Grand Teacher
> bubble2 3,686 Posts
608 Reputation
iahawks550
07-04-2023 at 05:38 AM.
07-04-2023 at 05:38 AM.
Quote from Corporate Thug View quoted comment :
Why are people investing in CDs when short term treasuries are well about 5%?
Because most people don't understand treasuries and they have no idea how to purchase.
Reply
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