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%.
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If you have more than 250k, forget about these small banks. You cant even sleep well putting money in them, then what's the point of earning interest??
I did a ton of research and looks like buying vanguard vmfxx is a win-win situation. Current 4.77%. Moving all my money to vanguard now.
Just be aware that money market funds are not FDIC insured. During the 2008 credit crisis, the Federal Government did step in and bail them out but it doesn't mean they'll do the same in the future. The Federal government will never default on T-Bills, otherwise the system would be toast.
Up to 5.02%. The Annual Percentage Yield (APY) is accurate as of 4/4/2023. The interest rate and corresponding APY for savings is variable and is set at our discretion.
Hello Sir, can you guide me to a website or a link to buy these or which can provide information? Thank you.
Check out YouTube: https://youtu.be/PLI6ai7u0F4
This guy shows you how to buy t bills from various brokerages. The link above is an example for TD Ameritrade. He has a couple different ones.
Also, buy 3 months or less t bills rather than long term. You have flexibility when the government raises the rates again.
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04-04-2023 at 10:36 AM.
I found I had to call to get my money out of a CitBank no-penalty CD. If they could fix that I'd be all over it, but the time I spent figuring that out wasn't worth the interest rate...
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04-04-2023 at 10:49 AM.
Quote
from randomuser29
:
Marcus vs ally vs cit which one is more reliable bank with great service? Don't mind .5% rate difference
I can't speak for Marcus but I have accounts with Ally and CIT and the user experience with Ally is better in my opinion but CIT tends to have more favorable rates. Ally is very good with email communication on their rates and products and you can also open a brokerage account and instantly transfer money between that and your savings or checking account. Their app and website are both excellent in my opinion. CIT's app and website is clunky and dated, my savings account won't even display the rate on the app. I'd recommend Ally for an active banking experience and CIT if you're just planning on parking money for extended periods of time.
If you have more than 250k, forget about these small banks. You cant even sleep well putting money in them, then what's the point of earning interest??
I found I had to call to get my money out of a CitBank no-penalty CD. If they could fix that I'd be all over it, but the time I spent figuring that out wasn't worth the interest rate...
Same experience here with CIT No Penalty CD. You have to call them to cancel which make it's annoying. Ally is a simple click of a button and I much prefer that.
Agree that they will offer new products with higher rates and either reduce the rate or keep the rate low on existing products. however, I have NEVER had any trouble moving my money out of CIT or moving it within CIT to the newer higher rate product. For example, I just moved my funds from their Savings Connect to this CD to take advantage of the small 0.3% difference in APY. You just have to be nimble with them in a changing interest rate environment.
How are you moving the money within CIT? I have an old account (just checked the % is so low compared to when I signed up). When I click the make new account button it logs me out and wants me to fill in all the info again like I'm a new customer...
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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.
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Hello Sir, can you guide me to a website or a link to buy these or which can provide information? Thank you.
https://www.ufbdirect.c
This guy shows you how to buy t bills from various brokerages. The link above is an example for TD Ameritrade. He has a couple different ones.
Also, buy 3 months or less t bills rather than long term. You have flexibility when the government raises the rates again.
Sign up for a Slickdeals account to remove this ad.
Our community has rated this post as helpful. If you agree, why not thank MamryD
Our community has rated this post as helpful. If you agree, why not thank CAL_08
I can't speak for Marcus but I have accounts with Ally and CIT and the user experience with Ally is better in my opinion but CIT tends to have more favorable rates. Ally is very good with email communication on their rates and products and you can also open a brokerage account and instantly transfer money between that and your savings or checking account. Their app and website are both excellent in my opinion. CIT's app and website is clunky and dated, my savings account won't even display the rate on the app. I'd recommend Ally for an active banking experience and CIT if you're just planning on parking money for extended periods of time.
nope, try harder.
Same experience here with CIT No Penalty CD. You have to call them to cancel which make it's annoying. Ally is a simple click of a button and I much prefer that.
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