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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.80% APY*
+37 Deal Score
49,091 Views
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.

Thanks to staff member LD7 for finding this deal.
  • $1,000 minimum to open
  • No penalty to access funds if needed before maturity
  • No opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • Member FDIC
  • *See site for details
Slickdeals may be compensated by CIT Bank
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Original Post

Written by
Edited May 9, 2023 at 08:28 AM by
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.
  • $1,000 minimum to open
  • No penalty to access funds if needed before maturity
  • No opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • Member FDIC
  • *See site for details
Slickdeals may be compensated by CIT Bank
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Created 03-31-2023 at 01:30 PM by LD7 | Staff
in Finance CIT Bank
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Score +37
49,091 Views
4.80% APY*

142 Comments

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Featured Comments

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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Joined May 2010
L6: Expert
> bubble2 1,630 Posts
134 Reputation
ctz
04-04-2023 at 08:23 AM.
04-04-2023 at 08:23 AM.
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??
4
Reply
Joined Mar 2006
L3: Novice
> bubble2 170 Posts
90 Reputation
TheWave
04-04-2023 at 08:34 AM.
04-04-2023 at 08:34 AM.
Quote from Passions :
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.
Reply
Joined Oct 2010
L6: Expert
> bubble2 1,113 Posts
35 Reputation
p_goodsales
04-04-2023 at 09:12 AM.
04-04-2023 at 09:12 AM.
Quote from coli :
Just buy treasuries and don't risk it.

Hello Sir, can you guide me to a website or a link to buy these or which can provide information? Thank you.
Reply
Joined May 2006
Chief Bottle Washer
> bubble2 3,008 Posts
1,076 Reputation
abstractj
04-04-2023 at 09:23 AM.
04-04-2023 at 09:23 AM.
Quote from manfredkwg :
UFB offering 5.02% on savings.

https://www.ufbdirect.com/
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.
Reply
Joined Aug 2014
L8: Grand Teacher
> bubble2 3,189 Posts
310 Reputation
shark974
04-04-2023 at 09:24 AM.
04-04-2023 at 09:24 AM.
Quote from porkmeat :
I think the rate for the CDs are locked once you have them open. Savings account are the ones they change.
A sd dealcrapper being intentionally dishonest and misleading??? No way!
2
Reply
Joined May 2006
Chief Bottle Washer
> bubble2 3,008 Posts
1,076 Reputation
abstractj
04-04-2023 at 09:28 AM.
04-04-2023 at 09:28 AM.
Quote from p_goodsales :
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.
1
Reply
Joined Mar 2006
L3: Novice
> bubble2 170 Posts
90 Reputation
TheWave
04-04-2023 at 09:29 AM.
04-04-2023 at 09:29 AM.
Quote from p_goodsales :
Hello Sir, can you guide me to a website or a link to buy these or which can provide information? Thank you.
https://treasurydirect.gov/
Reply

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Show Comment
HIDDENDogAndPony04-04-2023 at 10:19 AM.
Joined Mar 2007
L3: Novice
> bubble2 116 Posts
57 Reputation
firechill
04-04-2023 at 10:22 AM.
04-04-2023 at 10:22 AM.
I had an account with CIT. They never updated my rate. Interest rates increased, but they kept me at a low rate. If you sign up, keep up with it.
Reply
Joined Aug 2020
L2: Beginner
> bubble2 31 Posts
10 Reputation
MamryD
04-04-2023 at 10:36 AM.

Our community has rated this post as helpful. If you agree, why not thank MamryD

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...
1
Reply
Joined Nov 2014
New User
> bubble2 16 Posts
10 Reputation
CAL_08
04-04-2023 at 10:49 AM.

Our community has rated this post as helpful. If you agree, why not thank CAL_08

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.
1
Reply
Joined Nov 2015
L4: Apprentice
> bubble2 456 Posts
156 Reputation
trombot
04-04-2023 at 10:55 AM.
04-04-2023 at 10:55 AM.
Quote from ctz :
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??
Uhh maybe split it up with multiple banks?
Reply
Joined Jul 2019
Lil Jimmy,Bng 9er Gng
> bubble2 3,694 Posts
94c107ea-869c-45a5-becd-c6b552
04-04-2023 at 10:56 AM.
04-04-2023 at 10:56 AM.
Quote from DogAndPony :
Wow we got ourselves a cd defender here. Look out!

nope, try harder.
Reply
Joined Nov 2013
I love
> bubble2 5 Posts
10 Reputation
AndyA4562
04-04-2023 at 11:08 AM.
04-04-2023 at 11:08 AM.
Quote from MamryD :
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.
Reply

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Joined Aug 2010
L3: Novice
> bubble2 166 Posts
172 Reputation
ChiAn
04-04-2023 at 11:19 AM.
04-04-2023 at 11:19 AM.
Quote from lev280 :
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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