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CIT Bank 11 Month No-Penalty CD: Earn Expired
4.90% APY*
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.
Thanks to community member psychojinx for sharing this deal.
Thanks to community member psychojinx for sharing 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
Original Post
Written by
Edited May 9, 2023
at 10:03 AM
in
Finance
CIT Bank
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Awful , awful reviews
https://wallethub.com/profile/fir...-13003328i
I spoke to Fidelity about buying T-bills or bonds through them and my recollection is that there are two ways to do it, one involves fees and one doesn't. I figured for the same effort it would take to fully understand the difference, I could probably figure out the Treasury Direct site and I was correct about that.
The idea is to balance risk and get a better return than what my bank offer. UST Direct accomplish that with one stop shopping. You get a better rate and don't have to spend ungodly amounts of time chasing rates at unknown banks all over the country.
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In the meantime, I want my money to work harder than making 3.1% So, this week I have been looking for opportunities to put this money in another liquid-ish account to 1/ earn better interest and 2/ distribute money so I'm under $250K FDIC guarantee in each bank.
Is this the best opportunity in my case? Are you aware of any other account to park $250K in? I will prob need to open a few accounts to distribute the money I have in cash right now.
Check out Wealthfront, they're doing 4.55 APY with another 0.5 APY for 3 months with referral code, for a total of 5.05. FDIC insured, split among many banks. Probably the highest coverage you'll need. Can shoot you a referral if you want.
I use them strictly for the cash account APY, I haven't spent a penny in fees or in using their investment platform. Moved money back and forth from Chase with no issues.
Used them for years, they are very quick to up their APY with the federal reserve. I remember when their 2.8 APY was amazing years ago compared to Chase's 0.01
https://www.wealthfront
Super easy on app. Just click on "open new account". Follow the process. Except during the finding source page click on "existing CIT account". It will have a drop down of your accounts. Choose existing CIT account you want to fund from. It will then close that account - paying accrued interest, and open the new one
update: I got it mixed up with CIBC. I have CIT as well and it is okay banking them.
I have a Money Market Checking Account with CIT that I originally funded with $100, then about 2 months later, withdrew virtually all of the amount via an ACH transfer to an external linked bank (I left $0.06 in my CIT account). I have not been charged any fees or penalties ever for anything by CIT. My CIT Money Market Checking Account has just been sitting there for many months with only $0.06 in it and nothing as far as fees or penalties was ever charged.
I have a Money Market Checking Account with CIT that I originally funded with $100, then about 2 months later, withdrew virtually all of the amount via an ACH transfer to an external linked bank (I left $0.06 in my CIT account). I have not been charged any fees or penalties ever for anything by CIT. My CIT Money Market Checking Account has just been sitting there for many months with only $0.06 in it and nothing as far as fees or penalties was ever charged.
Actually it's my bad, I'm getting it mixed up with CIBC bank.
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It literally says this on the gov website:
"Federal tax due on interest earned"
https://www.viobank.com/
I had a CIT savings account a few years back, and the interest rate kept dropping. I felt bait-and-switched. I know that could happen anywhere, but I'd personally look for another bank first.
Our community has rated this post as helpful. If you agree, why not thank noobcake
CD - zero to low liquidity, fixed rate, protected against loss under 250k, banks usually take a big cut (5.57% at last auction), CIT yields 4.90% fixed
Money Market - high liquidity (takes 2 days to sell and settle), in theory could lose principal balance, but effectively impossible, rate changes with time, SWVXX yielding today: 4.90%
Treasury ETF - high liquidity (takes 2 days to sell and settle), absolutely can lose principal, and very likely to lose principal with interest rate going forward, but the amount of loss is going to be small* with weighted to maturity of 0.9 years or ~320 days, TFLO yielding today: 5.13%
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Since CIT seems to only posts the interest at the end of each month... what will happen to the 10 days of interest say if i take my money out today on 05/10 ?
Do we lose the 10 days? or will it get credited?
Should be prorated, but I'd like to know do we still earn interest during the transfer period which can take up to 10 days.