Slickdeals is community-supported.  We may get paid by brands for deals, including promoted items.
Sorry, this deal has expired. Get notified of deals like this in the future. Add Deal Alert for this Item
Frontpage

CIT Bank 11 Month No-Penalty CD: Earn Expired

4.80% APY*
+37 Deal Score
49,129 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

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
Created 03-31-2023 at 01:30 PM by LD7 | Staff
in Finance CIT Bank
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+37
49,129 Views
4.80% APY*

142 Comments

Your comment cannot be blank.

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%.

Sign up for a Slickdeals account to remove this ad.

Joined Dec 2011
L3: Novice
> bubble2 203 Posts
28 Reputation
William63
04-04-2023 at 07:34 PM.
04-04-2023 at 07:34 PM.
Quote from porkmeat :
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. I've stopped doing business with CIT exactly for this reason. During the pandemic the lowered the interest rate in line with my other accounts. Fast forward to 2023 they still haven't corrected, while others have. They have other savings accounts with competitive rates but rely on you not noticing for a period of time and then requesting to transfer to a better rated savings account.

I'd rather stick with Wealth front, less hassle.
1
Reply
Joined Feb 2008
L5: Journeyman
> bubble2 697 Posts
72 Reputation
lev280
04-04-2023 at 08:26 PM.
04-04-2023 at 08:26 PM.
Quote from drivenZ :
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.
I agree that we are near the top. IF the Fed raises the rates by another 25 basis points in the next meeting, that might be it. However, it would risk destabilizing the existing bondholders with long-date low-yield bonds, i.e. bond funds, banks, insurance companies and the lot.

For those with low risk tolerance, locking in 5% fixed income would be a good choice.
Inflation may stay elevated, but the Fed's ability to raise rates is now fairly constrained.
Reply
Joined Oct 2004
L6: Expert
> bubble2 1,725 Posts
177 Reputation
Passions
04-04-2023 at 10:33 PM.
04-04-2023 at 10:33 PM.
Quote from lev280 :
I agree that we are near the top. IF the Fed raises the rates by another 25 basis points in the next meeting, that might be it. However, it would risk destabilizing the existing bondholders with long-date low-yield bonds, i.e. bond funds, banks, insurance companies and the lot.

For those with low risk tolerance, locking in 5% fixed income would be a good choice.
Inflation may stay elevated, but the Fed's ability to raise rates is now fairly constrained.
We may be at the top, but I don't think we're anywhere close where rates would go down either. A few quarters of status quo is most likely.
Reply
Joined Aug 2010
L3: Novice
> bubble2 166 Posts
172 Reputation
ChiAn
04-04-2023 at 10:54 PM.
04-04-2023 at 10:54 PM.
Quote from lev280 :
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.
Thanks that was surprisingly easy! Not sure why the button when you're logged into an existing account doesn't take you there (unless I missed it).

The only issue I ran into was after submitting the form it said the systems were down lol...

We apologize for the inconvenience, our system is temporarily down
We've received your application and will process your application once our system is back up.
Reply
Joined Dec 2006
L2: Beginner
> bubble2 85 Posts
19 Reputation
ApplePanic
04-05-2023 at 06:15 AM.
04-05-2023 at 06:15 AM.
Quote from Passions :
So CIT can drop this rate for their no penalty CD? That's crazy bad
I don't think they can reduce a stated rate for a CD. But they can and do that for normal savings accounts. I have them and it drives me nuts to keep switching accounts. I persevere because they have pretty good rates.
Reply
Joined Jan 2017
L3: Novice
> bubble2 142 Posts
146 Reputation
Djambi
04-05-2023 at 07:10 AM.
04-05-2023 at 07:10 AM.
Yesterday I was able to move all funds from my previous 4.1 no penalty CD to the new 4.8 with just a few clicks online. I selected the option to fund the new CD with the old cd. I didn't have to call to close the old CD first.

While I was in there I did the same thing with new savings. I funded new 4.75 savings with funds from my old 1% savings builder. I was then able to request cancelation of the old savings online. Didn't habe to call on this one either.
Reply
Joined Jul 2019
Lil Jimmy,Bng 9er Gng
> bubble2 3,694 Posts
94c107ea-869c-45a5-becd-c6b552
04-05-2023 at 09:46 AM.
04-05-2023 at 09:46 AM.
So many unique perspectives, I'll share mine; have 200 parked at Citi 4.15% LOCKED until Jan, still living its best life. 😁
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Dec 2014
L6: Expert
> bubble2 1,291 Posts
1,177 Reputation
unknownanonymous
04-05-2023 at 10:46 AM.
04-05-2023 at 10:46 AM.
My spouse's application for a new account got denied. It just said at this moment we are not able to proceed with the application. At least they should have provided some reason. They just lost a customer.
Reply
Joined Jan 2007
L10: Grand Master
> bubble2 28,289 Posts
2,718 Reputation
cgigate
04-05-2023 at 10:47 AM.
04-05-2023 at 10:47 AM.
Quote from porkmeat :
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.

There is no 4.75% in CIT savings account. I just checked there is only 4.5% rate in CIT not 4.75%
Reply
Joined May 2010
L6: Expert
> bubble2 1,630 Posts
134 Reputation
ctz
04-05-2023 at 12:14 PM.
04-05-2023 at 12:14 PM.
Keep raising the interest!! Fight the inflation, grocery price and almost everything else is still too high!!
Reply
Joined Nov 2013
L5: Journeyman
> bubble2 748 Posts
74 Reputation
ThatMeaskinOD
04-05-2023 at 06:28 PM.
04-05-2023 at 06:28 PM.
Is it worth switching from discover savings 3.6%
Reply
Joined Jul 2009
L5: Journeyman
> bubble2 974 Posts
211 Reputation
bargaindeal
04-05-2023 at 09:23 PM.
04-05-2023 at 09:23 PM.
Quote from LeeD1508 :
Agreed on the reducing down interest regularly and w/o notice. But I regularly ACH transfer out of my CIT account without any fees.
How do you ACH out ? and without any fees?
Reply
Joined Oct 2004
L6: Expert
> bubble2 1,725 Posts
177 Reputation
Passions
04-05-2023 at 10:16 PM.
04-05-2023 at 10:16 PM.
Quote from ctz :
Keep raising the interest!! Fight the inflation, grocery price and almost everything else is still too high!!
Ummm if you haven't heard lately, banks are collapsing. Interest rates will probably only go up another .25% and stay flat for a few quarters.
Reply
Joined May 2010
L6: Expert
> bubble2 1,630 Posts
134 Reputation
ctz
04-05-2023 at 10:24 PM.
04-05-2023 at 10:24 PM.
On the contrary, banks actually profit more with higher interest. SVB collapsed only due to their own reason, bad investment and bad risk management. That doesn't mean higher interest necessarily leads to bank collapse. Actually, there were history when interest were even higher, and bank were doing okay. So don't panic. Put your money in different banks if you have more than 250k, then hope interest gets higher. It is actually good for us ordinary people.

Quote from Passions :
Ummm if you haven't heard lately, banks are collapsing. Interest rates will probably only go up another .25% and stay flat for a few quarters.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Jan 2015
L3: Novice
> bubble2 100 Posts
14 Reputation
KREWfit
04-05-2023 at 10:57 PM.
04-05-2023 at 10:57 PM.
UFB offers 5% as a high yield savings.. why would you opt for a CD of any length over that?
Reply
Page 7 of 10
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.