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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
302,090 Views
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.

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
Slickdeals may be compensated by CIT Bank
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Edited May 9, 2023 at 10:03 AM by
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Score -24
302,090 Views
4.90% APY*
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467 Comments

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Featured Comments

CIT is a subsidy of First Citizen Bank.
Awful , awful reviews

https://wallethub.com/profile/fir...-13003328i
·
We've been with Ally for 10 years and never had a single complaint about them. Customer service is available 24/7 and everyone speaks intelligible English.
·
Just buy them directly from Treasury. The Treasury Direct website won't win any awards for user friendliness, but it's not difficult to set up an account, the search function is very good for finding answers and it's a full service website. And of course there are a zillion resources available on the Internet.

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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Joined Oct 2008
L7: Teacher
> bubble2 2,414 Posts
65 Reputation
NoSleep007
06-22-2023 at 08:35 PM.
06-22-2023 at 08:35 PM.
Quote from NagmaF :
If I invest 200K, howlong does it take to withdraw and tranfer back to bankofamerica?
I think CIT has a huge ach withdraw limit upto 250k so it should be in a few days bank to your BOA.

Some smaller banks have only upto 30k a month withdraw limit like Bread Savings and Valley Direct is even worse at 12k a month.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,035 Posts
ascotnot
06-23-2023 at 04:37 PM.
06-23-2023 at 04:37 PM.
I like how this is always FP. It's like a daily business report at a glance.
Reply
Joined Dec 2013
L3: Novice
> bubble2 209 Posts
10 Reputation
coalregion
06-23-2023 at 06:33 PM.
06-23-2023 at 06:33 PM.
I've had CIT for 3-4 years and have had zero issues.
Reply
Joined Aug 2015
New User
> bubble2 19 Posts
10 Reputation
dealhunter13
07-01-2023 at 09:05 AM.
07-01-2023 at 09:05 AM.
Not slick…
1yr CD rates at any brokerage firm are 5.25-5.35%
1yr T-Bills are around 5.3%
And a decent Money Market fund is 5.2%+
5
Reply
Joined Jun 2019
L5: Journeyman
> bubble2 804 Posts
30 Reputation
BillG7
07-02-2023 at 12:11 PM.
07-02-2023 at 12:11 PM.
What happens after 11 months when the CD is completed/matured? Does your interest rate then go to 0%?
Reply
Joined Nov 2015
L2: Beginner
> bubble2 69 Posts
10 Reputation
aozair
07-02-2023 at 12:18 PM.
07-02-2023 at 12:18 PM.
Quote from BillG7 :
What happens after 11 months when the CD is completed/matured? Does your interest rate then go to 0%?

Correct. Initial principle + earned interest is placed back in your account as cash.
Reply
Joined Jul 2019
L6: Expert
> bubble2 1,527 Posts
22 Reputation
ditto33
07-02-2023 at 11:37 PM.
07-02-2023 at 11:37 PM.
So how much interest it will earn on $1000, asking for a friend.
1
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Joined Feb 2012
L4: Apprentice
> bubble2 384 Posts
340 Reputation
icefresh
07-03-2023 at 04:39 PM.
07-03-2023 at 04:39 PM.
Quote from Binar :
CIT is a subsidy of First Citizen Bank.
Awful , awful reviews

https://wallethub.com/profile/fir...-13003328i

I have been with CIT for years. They have been absolutely great to work with. Their customer service was always top when I had to call them.
Reply
Joined Nov 2012
L3: Novice
> bubble2 169 Posts
28 Reputation
VivekF1
07-05-2023 at 05:11 PM.
07-05-2023 at 05:11 PM.
Have been banking with CIT for years, no issues to report. Except for their indistinguishable name (from Citi)
Reply
Joined Dec 2018
New User
> bubble2 2 Posts
10 Reputation
ushik
07-05-2023 at 05:16 PM.
07-05-2023 at 05:16 PM.
agree with posters here, they are vert easy to deal with, great customer service

the benefit of this vs the others accounts who give 5.3% , there is no penalty to withdraw early
Reply
Joined Dec 2017
L3: Novice
> bubble2 177 Posts
18 Reputation
billb2520
07-06-2023 at 02:18 PM.
07-06-2023 at 02:18 PM.
Quote from BillG7 :
What happens after 11 months when the CD is completed/matured? Does your interest rate then go to 0%?
I always got a letter in the mail stating I had x amount of days to do or the CD would roll over into a new CD at such and such prevailing rate. 10 days was pretty much standard at the time. Back when I had laddered CD the rates were trending down. When they got below 4% I started terminating them and investing with a stock broker. When I started with CD the rates were 11.xx percent. You probably get an email or text these days.
Reply
Joined Nov 2022
L2: Beginner
> bubble2 78 Posts
18 Reputation
NeatTank3537
07-06-2023 at 06:39 PM.
07-06-2023 at 06:39 PM.
Quote from rookie33333 :
SOFI has 4.2% and I love their app. Everything is just... easy. I switched from Wells Fargo. Night and day difference. So yeah, I'd just recommend them if you're looking for a high yield savings account. You'll need to setup direct deposit, but (again with the easy part) Sofi has a prefilled form that you click on and email to HR.
who cares if their app or even their customer service isn't great. If you are opening a CD account, it's basically parked there until the maturity date, what would even be a reason to contact them at all unless it's to withdraw your money? Just go with a FDIC insured bank that has the highest APY Percentage.
Reply
Joined Feb 2016
L3: Novice
> bubble2 209 Posts
22 Reputation
Mr_Swenson
07-06-2023 at 06:46 PM.
07-06-2023 at 06:46 PM.
Quote from NeatTank3537 :
who cares if their app or even their customer service isn't great. If you are opening a CD account, it's basically parked there until the maturity date, what would even be a reason to contact them at all unless it's to withdraw your money? Just go with a FDIC insured bank that has the highest APY Percentage.

Sofi IS an FDIC insured bank. AND CDs generally come with term limits that punish you should you need to withdraw the money. There's really no benefit to CDs at the moment.
Reply
Joined Jan 2015
peeing outdoors
> bubble2 2,004 Posts
959 Reputation
khronos
07-06-2023 at 06:51 PM.
07-06-2023 at 06:51 PM.
Quote from dealhunter13 :
And a decent Money Market fund is 5.2%+
show us your list
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Joined Nov 2022
L2: Beginner
> bubble2 78 Posts
18 Reputation
NeatTank3537
07-06-2023 at 06:56 PM.
07-06-2023 at 06:56 PM.
Quote from rookie33333 :
Sofi IS an FDIC insured bank. AND CDs generally come with term limits that punish you should you need to withdraw the money. There's really no benefit to CDs at the moment.
I didn't say it isn't. I am just saying for people complaining that CIT has a bad app or customer service, it doesn't even matter that much, once you put in your money, you likely won't even contact them until you need to withdraw it.

No benefit to CDs? WTF? I would say getting around 5% interest or more on your money without lifting a finger is an incredible benefit.
Reply
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