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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 Feb 2008
L5: Journeyman
> bubble2 697 Posts
72 Reputation
lev280
04-04-2023 at 12:51 PM.
04-04-2023 at 12:51 PM.
Quote from ChiAn :
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...
When I did it. I started from a logged out page.
I selected the product (this CD).
I clicked on the button "Lets get going"On the next screen I clicked "Open Another Account" under Existing CIT Bank customer
Log in to your account to begin an application.
From there on, it should be pretty easy to self-navigate.
Reply
Joined May 2007
L5: Journeyman
> bubble2 541 Posts
235 Reputation
drivenZ
04-04-2023 at 01:08 PM.
04-04-2023 at 01:08 PM.
Quote from abstractj :
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.
Rates are dictated by the market though. There is reinvestment risk as well. If you buy a 3 month hoping you can reinvest to capture a little extra yield, that may not happen.

I would rather lock long term at this point in the hike cycle. We're almost at the top. Wish I bought the 2 year at 5% a few weeks ago but now the 2 year is at 4% because the expectation is the fed is nearly done hiking and I agree.
Reply
Joined Nov 2008
L5: Pokeman
> bubble2 8,947 Posts
676 Reputation
Lanmanna
04-04-2023 at 02:36 PM.
04-04-2023 at 02:36 PM.
Quote from illbirz :
Daylight robbery...marcus gives 4.5 and its a SAVINGS account. I agree with the few above me.
That's not accurate at all. You could've saved yourself some embarrassment by double checking. Lol
Reply
Joined Jul 2011
L2: Beginner
> bubble2 33 Posts
14 Reputation
ucfknights90
04-04-2023 at 02:47 PM.
04-04-2023 at 02:47 PM.
Quote from drsa78 :
Cfg is giving 5.02% on their money market account.

Yes, this is why this CD is not a good deal unless we expect the interest rates to drop
Reply
Joined Jul 2011
L2: Beginner
> bubble2 33 Posts
14 Reputation
ucfknights90
04-04-2023 at 02:49 PM.
04-04-2023 at 02:49 PM.
Quote from YuY8720 :
Banks r in liquidity trouble. Don't put in more than $250k

If you open a joint account, then it's FDIC insured up to $500k for savings accounts
Reply
Joined Dec 2011
L5: Journeyman
> bubble2 644 Posts
144 Reputation
Nishiko
04-04-2023 at 03:03 PM.
04-04-2023 at 03:03 PM.
Quote from abstractj :
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.

No thanks, not taking advice from someone that post videos like this:
https://youtu.be/ij_XdO62BAk
2
Reply
Joined Oct 2003
I'll Take Ten
> bubble2 1,892 Posts
270 Reputation
x10
04-04-2023 at 03:52 PM.

Our community has rated this post as helpful. If you agree, why not thank x10

04-04-2023 at 03:52 PM.
I had a 5 year jumbo CD with CIT Bank and they changed my terms mid way through without my authorization. I asked them to break the CD without penalty which they refused. I filed a complaint with the bank, but they did nothing. I followed with the Better Business Bureau and NY Attorney General. I will never bank with them again.
1
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Joined Mar 2010
L5: Journeyman
> bubble2 803 Posts
coli
04-04-2023 at 03:59 PM.
04-04-2023 at 03:59 PM.
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://www.treasurydirect.gov/ or your brokerage account
Reply
Joined Jul 2014
New User
> bubble2 3 Posts
trollixx
04-04-2023 at 05:33 PM.
04-04-2023 at 05:33 PM.
Wealthfront is also offering 4.80% on their checking account with a referral.
Reply
Joined Aug 2011
L3: Novice
> bubble2 145 Posts
95 Reputation
davydude7
04-04-2023 at 06:21 PM.
04-04-2023 at 06:21 PM.
Quote from trollixx :
Wealthfront is also offering 4.80% on their checking account with a referral.
Wealthfront is currently 4.3%, you receive 0.5% rate boost for 3 months when you receive a referral or send a successful referral when account is open, but I believe the rate boost is limited to 6 months per year. I currently have my cash savings with Wealthfront, moved from Marcus. Easy to move money in and out of Wealthfront account.
Reply
Joined Jul 2018
L3: Novice
> bubble2 206 Posts
186 Reputation
purewhiteasian
04-04-2023 at 06:33 PM.
04-04-2023 at 06:33 PM.
From the Ally No-Penalty CD thread

General summary of the comments in every HYSA or CD:
Someone mentions I-Bonds and how they have a higher interest rate - check
Someone mentions T-Bills and how they have a higher interest rate - check
Someone mentions a higher interest rate for a HYSA in a different bank - check
Someone mentions a higher interest rate for a CD with a different term - check
Someone mentions a money market fund with a variable yield - check
Someone mentions a No-CD - since this deal is about a No-CD, check

I was a little worried that no one would mention I-Bonds this time, but TheWave came through!
2
1
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Joined Dec 2005
L4: Apprentice
> bubble2 419 Posts
181 Reputation
billion
04-04-2023 at 06:36 PM.
04-04-2023 at 06:36 PM.
Quote from Trellis00000 :
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.
nod +1 to this. Same exact experience. Been happy with them overall. I too have had to open a new account to get the new higher rate, but it was super easy and hassle free. Customer support has been super helpful the one or two times I've called. Their mobile app sucks, but I only use this as an account to park some money for the higher yield. Would never recommend using this for day to day banking just because of the app. But for a place to leave money and watch it grow, no complaints at all!
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Joined Jun 2019
L5: Journeyman
> bubble2 804 Posts
30 Reputation
BillG7
04-04-2023 at 06:40 PM.
04-04-2023 at 06:40 PM.
I did the ally 11 month deal for 4.75%. This 4.8% may be a good option to stash a little bit more extra money. For those who are referring to the 5% deal, are you talking about the 5.02% savings account? That one will go down within 11 months for sure. The others at 5% are penalty cd's to my knowledge. I mean after reading around for a while, I may just go with the 5% savings account. If your going to throw something small into it who cares?
Reply
Last edited by BillG7 April 4, 2023 at 06:49 PM.
Joined Jun 2009
L6: Expert
> bubble2 1,640 Posts
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Pro
bachaksd
04-04-2023 at 06:56 PM.
04-04-2023 at 06:56 PM.
4.8% CD (then tax on earning) or 4.37% mortgage principal payment?
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Joined Nov 2014
New User
> bubble2 16 Posts
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CAL_08
04-04-2023 at 07:10 PM.
04-04-2023 at 07:10 PM.
Quote from AndyA4562 :
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.

Good to know. I got a notice today that CIT just raised their savings rate to 4.5% so I'll probably just keep it in that account for now since I plan on needing the money in a few months. Hopefully the rate holds for a bit.
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