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CIT Bank 6-Month CD: Earn Expired
5.00% APY*
CIT Bank, our partner, offers the following benefits with their 6-Month CD.
Thanks to staff member EfficientGame645 for finding this deal.
Thanks to staff member EfficientGame645 for finding this deal.
- $1,000 minimum to open
- No opening or maintenance fees
- Daily compounding interest to maximize your earning potential
- Member FDIC
- *See site for details
Original Post
Written by
Edited April 18, 2023
at 01:35 AM
CIT Bank, our partner, offers the following benefits with their 6-Month CD.
Slickdeals may be compensated by CIT Bank
- $1,000 minimum to open
- 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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Another thing to consider is that you are taxed both federally and at the state level for interest. If you live in a high tax state and are in the middle class income brackets, you are probably better off buying treasuries or T-bills, which are not subject to income tax at the state level. So in California, assuming a > $66,296 income, you pay 9.3% in state tax and 22% in federal tax. If you buy a T-bill, you would earn 4.5% or so depending on the going rate and term, which is only taxed at the federal level. This is essentially equivalent to the 5% being taxed at the state and federal level. While not FDIC insured, if US treasuries fail, you probably can't rely on FDIC insurance. You can sell a treasury at any time, just at the market rate, which may go up or down.
There are number of things to consider other than rate, so do your homework. This is a very low risk way to earn 5% APY for the next 6 months, but there may be better options depending on the accounts you already have and your financial situation.
This is what's on the website for this product.
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"CIT Platinum Savings account", I just learned...
They kept creating new saving account than modify rate for existing account...
Open this too 4.5% Saving Connect
They kept creating new saving account than modify rate for existing account...
This, I moved over to bask because CIT notoriously does this. Create some new account flavor with a better rate and don't notify you proactively, of course as a customer I could care less what title of the month you call my online savings account, just give me the one with the best rate. Happier with bask bank no games.
Another thing to consider is that you are taxed both federally and at the state level for interest. If you live in a high tax state and are in the middle class income brackets, you are probably better off buying treasuries or T-bills, which are not subject to income tax at the state level. So in California, assuming a > $66,296 income, you pay 9.3% in state tax and 22% in federal tax. If you buy a T-bill, you would earn 4.5% or so depending on the going rate and term, which is only taxed at the federal level. This is essentially equivalent to the 5% being taxed at the state and federal level. While not FDIC insured, if US treasuries fail, you probably can't rely on FDIC insurance. You can sell a treasury at any time, just at the market rate, which may go up or down.
There are number of things to consider other than rate, so do your homework. This is a very low risk way to earn 5% APY for the next 6 months, but there may be better options depending on the accounts you already have and your financial situation.
Per CIT website: 'Minimum of $1,000 minimum to open the account. You can transfer funds with electronic transfer, mail in check, or wire'
If the system accepts mail in check, I think Joanna is right.
If a recession hits or if the fed starts to lower rates (within the next few years) then you're better off locking in a longer term even if its a little lower.
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& before someone says "you could get close to that in HYSA without having your money tied up"…I wanted the rate guaranteed for 27 months in case HYSA rates eventually fall during that window.
I also didn't want to go the i-bond route because I had way more than $10k to invest. You also have to forfeit 3 months of interest to cash out I-bonds. 3 months of no interest effectively lowers the I-bond rate down closer to 5%.
Expectations as to future rates are priced in to current rates. No one has a clue whether they will go up or down.
Capital one does the same thing. It's a sneaky way to take advantage of the consumer. I had to switch accounts once a year to keep up with it. That was after not realizing my interest dropped to basically nothing months before.
& before someone says "you could get close to that in HYSA without having your money tied up"…I wanted the rate guaranteed for 27 months in case HYSA rates eventually fall during that window.
I also didn't want to go the i-bond route because I had way more than $10k to invest. You also have to forfeit 3 months of interest to cash out I-bonds. 3 months of no interest effectively lowers the I-bond rate down closer to 5%.
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Bread Savings is another option.