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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*

-24 Deal Score

296,430 Views 468 Comments

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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Written by Edited May 9, 2023 at 10:03 AM by

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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.

npolite

Joined Mar 2004

L8: Grand Teacher

3,012 Posts

652 Reputation

npolite

07-24-2023 at 04:22 AM.

Quote from yooperwoman

5.25% APY, but variable.

https://www.betterment.com/affili...tner-offer

This is only good until the end of the year and then drops to 4.5%

Last edited by pur | Staff July 30, 2023 at 11:10 AM.

sharpshot

Joined Nov 2009

L2: Beginner

77 Posts

100 Reputation

sharpshot

07-27-2023 at 06:30 AM.

Same duration treasuries are yielding ~5.5% just as an FYI.

elefante72

Joined Feb 2014

L7: Teacher

2,228 Posts

550 Reputation

elefante72

07-27-2023 at 10:06 AM.

Quote from DrSandbags

No Federal bonds or bills earn interest that is exempt from Federal income tax. They are, though, usually exempt from state and local tax.

I yearn for the days where my EE bonds were federal tax exempt but that was many years ago... 1989. However they are also federal exempt (I, EE) for gifted higher edu expenses so if you can stomach the poor returns and grandparents are old skool you can save a few bucks.

elefante72

Joined Feb 2014

L7: Teacher

2,228 Posts

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elefante72

07-27-2023 at 10:07 AM.

Quote from sharpshot

Same duration treasuries are yielding ~5.5% just as an FYI.

They will likely pop up next week w/ the new issues so if you can hold out.... I have zeroes expiring 8/6 just in time for the new tranche to yield more.

elefante72

Joined Feb 2014

L7: Teacher

2,228 Posts

550 Reputation

elefante72

07-27-2023 at 10:13 AM.

Quote from rookie33333

If you're looking for a place to park a lot of cash, this would be just fine. I'm guessing that Slickdeals isn't the site for people with large sums of money however 😉

Most wealthy people get that way from living below their means for decades and taking a deal when it is advantageous to them. We are not talking lucky few on tik-tok who most will end up like lottery winners--broke. Certainly you can buy junk on SD, that is individual.

Also right now it is very advantageous to park cash because you can make over 5% on it and if you are deft you can use that for additional BP/SPAN for options, futures and go aggressive in the futures market without incurring margin interest which is how all brokerages make their money now.

elefante72

Joined Feb 2014

L7: Teacher

2,228 Posts

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elefante72

07-27-2023 at 10:23 AM.

Quote from NeatTank3537

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.

There is benefit to CD of course, but for many t-bonds are a better facility right now--especially if you live in a state that taxes income (NY where I live certainly does) and T-bills/bonds are backed by the Feds so if one of these marginal banks go out of biz you dont have to wait in line to get your money back. W/ T-bills you can take them out (esp zeroes) with a minor penalty whereas many CDs will hit you hard and are callable (if the arbitrage on rates is too good, they can call back the CD and cash it out).

So it may be useful to put some time into educating on t-bills/bonds just for understanding how bonds work you can make a lot of money on bonds (corp/treas/etc) outside of the coupon rate once you get good at it. Now the high IR may only last another year or two but when governments overspend sooner or later they need to inflate their way out of trouble like 2023. It doesn't seem like the US is interested in conservative spending so this may go on for many years.

BillG7

Joined Jun 2019

L5: Journeyman

804 Posts

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BillG7

07-29-2023 at 10:44 PM.

I am tempted to make another account, since I know I can't add anything to my existing account. However, 4.90% is not much more than the current bank savings account rates of 4.3 or 4.4%. I'm not sure if its really worth the hassle.

bchill

Joined Nov 2010

"Buy Low-Live High"

3,313 Posts

596 Reputation

bchill

07-30-2023 at 10:24 AM.

This is easy to beat lots of CDs and high yield savings accounts out there kicking this to curb.

ugabuga

Joined Sep 2005

L9: Master

4,709 Posts

203 Reputation

ugabuga

07-30-2023 at 05:50 PM.

Question guys off topic has anyone do Robin Hood's 4.9 brokerage $5 a month to gain interest on money sitting in Robinhood account that aren't actually invested? What do you guys think?

indelible

Joined Apr 2020

L6: Expert

1,353 Posts

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indelible

07-30-2023 at 06:22 PM.

Quote from BillG7

Open a brokerage account and buy some tbills or tbill etf

indelible

Joined Apr 2020

L6: Expert

1,353 Posts

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indelible

07-30-2023 at 06:23 PM.

Quote from ugabuga

Question guys off topic has anyone do Robin Hood's 4.9 brokerage $5 a month to gain interest on money sitting in Robinhood account that aren't actually invested? What do you guys think?

Who pays for savings accounts

miken5678

Joined Oct 2003

Another Day Another Deal

581 Posts

79 Reputation

miken5678

07-31-2023 at 11:57 AM.

Curious, with brokered cds at or above 5%, through fidelity, many with monthly dividend payout into cash. Why not go this route?

shahhere

Joined Jul 2006

Call me Mr. Deals

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Pro

shahhere

08-01-2023 at 10:47 AM.

Quote from elefante72

They will likely pop up next week w/ the new issues so if you can hold out.... I have zeroes expiring 8/6 just in time for the new tranche to yield more.

Quote from sharpshot

Same duration treasuries are yielding ~5.5% just as an FYI.

I am seeing Federal Home Loan Bond CUSIP: 3130AWS50
at 6.08% and its continuously callable but starting 2/18/2025 so essentially a 6.08% until then and then until you are called. It also is not locally taxed so that's helps anyone in that boat over a CD. If you plan on having money put aside thats not a bad option.

Shahhere