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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 Nov 2016
L4: Apprentice
> bubble2 327 Posts
152 Reputation
pineroad
04-09-2023 at 12:59 AM.
04-09-2023 at 12:59 AM.
Quote from CleverFuel7841 :
UFB vs CIT? Which one would you choose?
CIT has much higher ACH limit. It also offers free domestic outgoing wire transfer for accounts with balance > $25,000.

CIT Bank limits outgoing transfers to other financial institutions to $250,000 per day and incoming transfers to $500,000 per day.
Reply
Joined Oct 2004
L6: Expert
> bubble2 1,725 Posts
177 Reputation
Passions
04-09-2023 at 01:23 AM.
04-09-2023 at 01:23 AM.
Quote from pineroad :
CIT has much higher ACH limit. It also offers free domestic outgoing wire transfer for accounts with balance > $25,000.

CIT Bank limits outgoing transfers to other financial institutions to $250,000 per day and incoming transfers to $500,000 per day.
That's pretty good. Disappointed that Marcus limits $125,000 ACH out per day.
Reply
Joined Aug 2021
Sith Lord
> bubble2 195 Posts
62 Reputation
SithLord2021
04-09-2023 at 01:50 PM.
04-09-2023 at 01:50 PM.
Quote from Eragorn :
Right now their "Platinum Savings" is at 4.75% if over $5k. Other than loosing out on 0.05% interest - is there anything else you're losing out on between a savings account and a no-penalty cd?
With the savings account, they might lower your interest rate next month. With the CD you are guaranteed 4.8%.
Reply
Joined Sep 2011
There Is Always Hope
> bubble2 14,558 Posts
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Pro
Deal Hunter
Eragorn | Staff
04-09-2023 at 01:52 PM.
04-09-2023 at 01:52 PM.
Quote from SithLord2021 :
With the savings account, they might lower your interest rate next month. With the CD you are guaranteed 4.8%.
Thanks - I didn't realize that. I already began the money transfer from my bofa so it will take about ~10 days but once that finishes should I then just transfer it to the CD?
Reply
Joined Nov 2020
New User
> bubble2 10 Posts
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spillama
04-10-2023 at 07:42 AM.
04-10-2023 at 07:42 AM.
Fidelity is also offering 4.90% for 6,9 and 12 months. Anyone had issues with them or any conditions apply?
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Joined May 2018
L2: Beginner
> bubble2 48 Posts
10 Reputation
mainkaun123
04-10-2023 at 11:50 AM.
04-10-2023 at 11:50 AM.
Quote from rembold :
Same. Mine was reduced down to 0.5% from 4% after about a year. They were offering new accounts around 3.5% at the time. They also didn't give you a way to transfer the money out without paying a $20 fee.

This was CIT bank ? @rembold ?
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Joined May 2018
L2: Beginner
> bubble2 48 Posts
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mainkaun123
04-10-2023 at 11:51 AM.
04-10-2023 at 11:51 AM.
Quote from William63 :
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.

What benefit does wealthfront has over this ?
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Joined Dec 2018
L3: Novice
> bubble2 125 Posts
22 Reputation
BeigeLake5822
04-11-2023 at 09:56 PM.
04-11-2023 at 09:56 PM.
System is down for maintenance. Couldn't activate my new account.
Reply
Joined Nov 2020
L5: Journeyman
> bubble2 769 Posts
214 Reputation
Pro
BeigeIdea523
04-12-2023 at 12:04 PM.
04-12-2023 at 12:04 PM.
Quote from aarn9d :
Is it worth switching from discover savings 3.6%
Besides the difference in interest over the 11 months, which depends on how much you're moving (10k difference is $110, 20k difference is $220, 50k difference is $550, and so on)...you're also guaranteeing the interest rate while keeping your option open of closing the CD without penalty. The savings account could stay at 3.6 or even go down at any time.

Full disclosure, I did the Ally one before the rate went down. CIT has a questionable reputation as mentioned by others, but it might not be too bad. UFB Direct I've already mentioned one should read the Rolling Stone article about Axos Bank, owner of UFB, before joining them.

So yes, while I like Discover for their honest operations, these no penalty CDs are basically savings accounts with much higher interest rates, and you can mitigate the small advantage savings has by opening multiple CDs of varying amounts.
Reply
Last edited by BeigeIdea523 April 12, 2023 at 12:15 PM.
Joined Jul 2009
L5: Journeyman
> bubble2 847 Posts
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C47V3770
04-12-2023 at 09:38 PM.
04-12-2023 at 09:38 PM.
Do CDs require a credit check? If so, is it a hard or soft pull? Thx
Reply
Joined May 2008
Super Moderator
> bubble2 2,435 Posts
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Global Mod
pur | Staff
04-12-2023 at 09:48 PM.
04-12-2023 at 09:48 PM.
Quote from C47V3770 :
Do CDs require a credit check? If so, is it a hard or soft pull? Thx
If you're a new customer they will do a credit check to verify identity, should be a soft pull, though I think in rare cases it may be hard.
Reply
Joined Jul 2009
L5: Journeyman
> bubble2 847 Posts
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C47V3770
04-13-2023 at 05:06 AM.
04-13-2023 at 05:06 AM.
Quote from pur :
If you're a new customer they will do a credit check to verify identity, should be a soft pull, though I think in rare cases it may be hard.

Ok good to know, thanks
Reply
Joined Nov 2018
L3: Novice
> bubble2 232 Posts
53 Reputation
wallykid
04-13-2023 at 06:00 AM.
04-13-2023 at 06:00 AM.
Quote from DogAndPony :
Not as liquid but still very liquid. Same with brokerage cds

How does selling tbills at the treasury website works if I decide to sell before the term is up?
Reply
Joined Sep 2010
L4: Apprentice
> bubble2 403 Posts
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unami218
04-15-2023 at 08:11 AM.
04-15-2023 at 08:11 AM.
Quote from C47V3770 :
Ok good to know, thanks
Just confirming - I've opened multiple bank accounts over the last year for checking account bonuses, and NONE of them have affected my credit.

Granted, this is a CD and not a checking account, but it's still not a line of credit - you're giving them money - so it won't affect your score.
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Joined Jul 2009
L5: Journeyman
> bubble2 847 Posts
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C47V3770
04-17-2023 at 03:23 PM.
04-17-2023 at 03:23 PM.
So I opened a CD account without unfreezing my credit reports and had no issues.

Does anyone know if a 2nd CD can be managed under the same online account?
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