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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
  • Deal Image
Deal Image
See Deal

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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Score +32
257,422 Views
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 Feb 2018
L3: Novice
> bubble2 165 Posts
30 Reputation
BryanS5944
07-04-2023 at 08:08 AM.
07-04-2023 at 08:08 AM.
I've been in Marcus since last October getting 5.15% from a couple referrals I gave. That extra percent was running out in August, so I got into a 49 month 4.85% CD with a portion of the money and another 36 month CD @ 5.18% with anything over the FDIC limit. I made that move because several indicators point towards rates possibly being lower in a year's time and beyond, especially if we head into a recession.
Reply
Joined Nov 2010
L9: Master
> bubble2 5,652 Posts
367 Reputation
JK1982
07-04-2023 at 09:13 PM.
07-04-2023 at 09:13 PM.
I was wondering whats the difference between this and something like robinhood thats doing 4.65 apy?
Reply
Joined Sep 2014
L7: Teacher
> bubble2 2,221 Posts
627 Reputation
anthonyjh21
07-04-2023 at 10:42 PM.
07-04-2023 at 10:42 PM.
Quote from JK1982 :
I was wondering whats the difference between this and something like robinhood thats doing 4.65 apy?

Not sure what the CD penalty is for early withdrawal but that would be the biggest difference.

I assume both are FDIC insured, although I'm not 100% sure who Robinhood uses.

I use SoFi savings 4.30% and pay all bills with my SoFi checking. If you're a Plus member ($1k+/mo direct deposit) you'll get that rate, no overdraft fees and the 6 transactions per month is no longer an issue. I easily have 15+ withdrawals from my savings to my checking to cover expenses. Hidden but never talked about perk of SoFi that essentially turns this into a 4.30% APY checking account.
Reply
Joined Nov 2010
L9: Master
> bubble2 5,652 Posts
367 Reputation
JK1982
07-04-2023 at 10:49 PM.
07-04-2023 at 10:49 PM.
Quote from anthonyjh21 :
Not sure what the CD penalty is for early withdrawal but that would be the biggest difference.

I assume both are FDIC insured, although I'm not 100% sure who Robinhood uses.

I use SoFi savings 4.30% and pay all bills with my SoFi checking. If you're a Plus member ($1k+/mo direct deposit) you'll get that rate, no overdraft fees and the 6 transactions per month is no longer an issue. I easily have 15+ withdrawals from my savings to my checking to cover expenses. Hidden but never talked about perk of SoFi that essentially turns this into a 4.30% APY checking account.

I only use robinhood because i can withdrawal whenever i want without any penalties. Just didnt know if anything was different in terms of earnings percentage
Reply
Joined Aug 2005
L9: Master
> bubble2 4,419 Posts
499 Reputation
Mydiscover
07-05-2023 at 03:42 AM.
07-05-2023 at 03:42 AM.
Quote from BryanS5944 :
I've been in Marcus since last October getting 5.15% from a couple referrals I gave. That extra percent was running out in August, so I got into a 49 month 4.85% CD with a portion of the money and another 36 month CD @ 5.18% with anything over the FDIC limit. I made that move because several indicators point towards rates possibly being lower in a year's time and beyond, especially if we head into a recession.
Should of just bought some SPY or TSLA.
Reply
Joined Oct 2014
L5: Journeyman
> bubble2 514 Posts
61 Reputation
hsb24
07-05-2023 at 01:23 PM.
07-05-2023 at 01:23 PM.
This is why I love slickdeals - you can get a pallet of toilet paper, truckload of copy paper, barrel of petroleum jelly and financial advice all in one place!
Reply
Joined Nov 2011
Certified badass
> bubble2 355 Posts
103 Reputation
Richard24
07-06-2023 at 08:45 AM.
07-06-2023 at 08:45 AM.
treasuries paying over 5%? how is this a slick deal?
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Joined Dec 2013
L2: Beginner
> bubble2 59 Posts
14 Reputation
sover
07-06-2023 at 10:02 AM.
07-06-2023 at 10:02 AM.
Anyone here know about IUL? Tax code 7702
1
Reply
Joined Dec 2007
L8: Grand Teacher
> bubble2 3,621 Posts
600 Reputation
iahawks550
07-06-2023 at 10:31 AM.
07-06-2023 at 10:31 AM.
Quote from Richard24 :
treasuries paying over 5%? how is this a slick deal?

It was posted 8 months ago. It's not. There are also cds paying the same as treasuries now, for longer periods.
Reply
Joined Jul 2011
L2: Beginner
> bubble2 474 Posts
46 Reputation
larrybeo
07-06-2023 at 03:27 PM.
07-06-2023 at 03:27 PM.
PayPal, Barclays and Discover are some of the banks that have no minimum no fee savings accounts with interest over 4.15%. Not sure if giving someone all your money for a specified time is a good deal right now.
Reply
Joined Nov 2009
L3: Novice
> bubble2 247 Posts
65 Reputation
letssavemoneyjk
07-09-2023 at 08:22 AM.
07-09-2023 at 08:22 AM.
Better just buy T Bills, much higher rates than this!!
Reply
Joined Jul 2019
L9: Master
> bubble2 4,016 Posts
170 Reputation
Gb1908
07-10-2023 at 11:08 AM.
07-10-2023 at 11:08 AM.
Breadsavings (comenity) has 4.75 on high yield savings, 5.35 on cds
Reply
Joined Dec 2019
New User
> bubble2 1 Posts
10 Reputation
EfficientRock4179
07-17-2023 at 03:16 PM.
07-17-2023 at 03:16 PM.
Why not just buy TFLO, no locking and get monthly interest of 5.2 currently - expense ratio 0.15 from short term treasuries.
Which anyways these products are investing in.
Reply
Joined Aug 2005
L9: Master
> bubble2 4,419 Posts
499 Reputation
Mydiscover
07-17-2023 at 03:18 PM.
07-17-2023 at 03:18 PM.
Quote from EfficientRock4179 :
Why not just buy TFLO, no locking and get monthly interest of 5.2 currently - expense ratio 0.15 from short term treasuries.
Which anyways these products are investing in.
Sorry TSLA all the way. Been in TSLA since 2018 and never looked back.
Reply

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Joined Sep 2015
New User
> bubble2 6 Posts
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bryant31
07-17-2023 at 05:51 PM.
07-17-2023 at 05:51 PM.
Quote from musicguyom :
Better just buy T Bills, much higher rates than this!!

And no state tax
Reply
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