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.
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.
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.
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.
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.
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.
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.
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.
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%
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.
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.
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.
I'd rather stick with Wealth front, less hassle.
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.
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.
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.
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.
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.
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.
Sign up for a Slickdeals account to remove this ad.
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%
Sign up for a Slickdeals account to remove this ad.