CIT is a division of First Citizens Bank and Trust Co.
Didn't First Citizens just acquire the assets of SVB?
4.80% is good for a no-penalty CD.
For a normal CD, Marcus is offering a 10-month 5.05%.
CIT also has a savings account for 4.75% if you put in more than $5k. Keep in mind that CIT is notorious for creating new savings products with higher rates and reducing the rates of old ones without telling you.
Ally needs to match this. They just lowered theirs to 4.35% from 4.75%.
Sign up for a Slickdeals account to remove this ad.
Their savings account is at 4.5%. is 11 months of lockout worth 30bps?
This is a no-penalty CD, i.e. you should be able to withdraw funds without any penalty. You are essentially locking your funds for the first 6 days.
Quote
:
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
So if I cash out after 4 months, will I still get 4 months worth of compounded interest accrued?
That's correct.
Quote
:
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
The only caveat is you have to withdrawal the entire balance at once.
So if I cash out after 4 months, will I still get 4 months worth of compounded interest accrued?
This is what's stated on their webpage for this CD:
Quote
:
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
4.80% is good for a no-penalty CD.
For a normal CD, Marcus is offering a 10-month 5.05%.
CIT also has a savings account for 4.75% if you put in more than $5k. Keep in mind that CIT is notorious for creating new savings products with higher rates and reducing the rates of old ones without telling you.
This is very true. I had a first hand personal experience.
This is very true. I had a first hand personal experience.
Same. Mine was reduced down to 0.5% from 4% after about a year. They were offering new accounts around 3.5% at the time. They also didn't give you a way to transfer the money out without paying a $20 fee.
Any current CIT Bank members have feedback about the bank and their support?
I've had a few CIT savings account over the past several years. I say "a few" because, as others have said, they lowered the rate of my account in the past and either my wife or I would just open a new account with the highest rate and transfer the money to the newer higher rate account.
Recently though, CIT has notified us on 2 occasions that they raised our rate to that of the new account rates. Mine is currently a "Savings Connect" account that was recently raised to 4.5%.
I have no complaints. Online account is easy to setup and use, and transfers have been the same as any other online accounts I've used.
Add a Deal Alert for No-Penalty CD|"Certificate of Deposit" and get notified of deals like this in the future.
Deal Alert CreatedVisit your Deal Alerts page to view your new alert.
Activate Your Account
Your account needs to be activated to add Deal Alerts.
Click the link in the activation email you received when you signed up, and we'll add
this Deal Alert to your account.
Email SentWe resent your account activation email to
Turn on Deal Alert Email Notifications
Your Deal Alert email notification setting is turned off.
Turn it back on to add this Deal Alert.
142 Comments
Your comment cannot be blank.
Featured Comments
Didn't First Citizens just acquire the assets of SVB?
For a normal CD, Marcus is offering a 10-month 5.05%.
CIT also has a savings account for 4.75% if you put in more than $5k. Keep in mind that CIT is notorious for creating new savings products with higher rates and reducing the rates of old ones without telling you.
Sign up for a Slickdeals account to remove this ad.
You're not locked out if it is a "no penalty" CD.
Not as liquid but still very liquid. Same with brokerage cds
Sign up for a Slickdeals account to remove this ad.
Not really, but still would prefer a highly rated bank if I'm going to open an account.
For a normal CD, Marcus is offering a 10-month 5.05%.
CIT also has a savings account for 4.75% if you put in more than $5k. Keep in mind that CIT is notorious for creating new savings products with higher rates and reducing the rates of old ones without telling you.
This is very true. I had a first hand personal experience.
Same. Mine was reduced down to 0.5% from 4% after about a year. They were offering new accounts around 3.5% at the time. They also didn't give you a way to transfer the money out without paying a $20 fee.
I've had a few CIT savings account over the past several years. I say "a few" because, as others have said, they lowered the rate of my account in the past and either my wife or I would just open a new account with the highest rate and transfer the money to the newer higher rate account.
Recently though, CIT has notified us on 2 occasions that they raised our rate to that of the new account rates. Mine is currently a "Savings Connect" account that was recently raised to 4.5%.
I have no complaints. Online account is easy to setup and use, and transfers have been the same as any other online accounts I've used.
Sign up for a Slickdeals account to remove this ad.