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CIT Bank 13-Month CD, Earn Expired

4.65% APY*
($1,000 Minimum Deposit)
+32 Deal Score
257,425 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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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 Sep 2006
L7: Teacher
> bubble2 2,411 Posts
156 Reputation
robertw477
08-18-2023 at 05:15 PM.
08-18-2023 at 05:15 PM.
Savebetter.com has better rates on no penalty CDS. After 30 days they can be sold with no penalty if rates go higher or you want to lock In another longer term. Look there and compare.
Reply
Joined Sep 2006
L7: Teacher
> bubble2 2,411 Posts
156 Reputation
robertw477
08-18-2023 at 05:16 PM.
08-18-2023 at 05:16 PM.
Quote from shahhere :
I would also highly consider Agency GSE New Issue bonds (picture attached) that are paying high rates. These are callable after 1 year so at worse you have a 1 year high interest Bond that is also State Tax exempt and at best is a Fixed income earner 6.1%-6.4% for many years to come; assuming you can put this money away.


6.14% 10 Year bond
6.33% 15 Year bond
6.40% 20 Year bond


All with 8/2024 callable dates and then monthly callable after that.


Shahhere

That is very interesting.
Reply
Joined Jul 2006
L5: Journeyman
> bubble2 925 Posts
1,583 Reputation
xseanx
08-18-2023 at 05:22 PM.
08-18-2023 at 05:22 PM.
Quote from sxw88 :
If you just put it in Fidelity, it's 4.9% right now.
For which account? I have brokerage account, does that have 4.9%? TIA
Reply
Joined Jan 2011
L4: Apprentice
> bubble2 310 Posts
34 Reputation
oxygencube
08-19-2023 at 07:14 PM.
08-19-2023 at 07:14 PM.
Quote from Rhetorician :
Exactly. Feb maturity tbills are the best place at the moment

Vanguard Money Market Treasury fund. 5.26% and no lock up, or do short term t bills.
Reply
Joined Feb 2014
New User
> bubble2 18 Posts
14 Reputation
Devanger
08-19-2023 at 11:38 PM.
08-19-2023 at 11:38 PM.
PNC Bank already offers this rate for savings account. No need to lock the money.
Reply
Joined Dec 2007
L5: Journeyman
> bubble2 846 Posts
258 Reputation
trpt4him
08-20-2023 at 08:20 AM.
08-20-2023 at 08:20 AM.
Discover Savings is 4.3%. Just saying
Reply
Joined Jan 2005
L5: Journeyman
> bubble2 680 Posts
195 Reputation
PeakSummit
08-20-2023 at 08:43 AM.
08-20-2023 at 08:43 AM.
Quote from xseanx :
For which account? I have brokerage account, does that have 4.9%? TIA
You might be eligible for bonus.
https://slickdeals.net/f/16868786-fidelity-bloom-deposit-50-and-get-100-bonus?v=1
Reply

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Joined Dec 2008
L4: Apprentice
> bubble2 397 Posts
316 Reputation
Pro
Baconshaft
08-20-2023 at 09:49 AM.
08-20-2023 at 09:49 AM.
Quote from stormer0115 :
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.

As it's held for over 12 months it's a long term capital gain which would be max 20% federal tax (if you're making over ~500k) and most people are not paying 9% state tax

Also, at this point you can make more in a money market account and rates are expected to increase further. This post is extremely outdated and should be removed but I think CIT bank may be paying for this advertisement
Reply
Last edited by Baconshaft August 20, 2023 at 09:56 AM.
Joined Nov 2012
L2: Beginner
> bubble2 27 Posts
10 Reputation
potsnpans
08-21-2023 at 06:42 AM.
08-21-2023 at 06:42 AM.
Not even that great. Betterment HYSA is offering 4.75% with no lock up or anything. New users also get 5.5%
Reply
Joined Jul 2006
Call me Mr. Deals
> bubble2 5,196 Posts
1,728 Reputation
shahhere
08-21-2023 at 07:03 AM.
08-21-2023 at 07:03 AM.
Quote from robertw477 :
That is very interesting.
Please note that as rates rise the value of the bond goes down so you will lose value. This is a good fixed rate income generator but not a liquid option until rates drop.

Shahhere
Reply
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