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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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"Interest from Treasury bills (T-bills) is subject to federal income taxes but not state or local taxes"
Oops, you are correct. I got that mixed up.
Fidelity has 3 month CDs paying over 5%
There still can be volatility in the t-bill pricing over the period, sometimes significant. the CD htm will not. Well the t-bill htm will not either, but a principle returnable cd with no penalty will not. It's a bit esoteric for sure. Personally, not needing the money any higher yield guaranteed to maturity is better.
If I buy one year T-bills for $995. It will pay $1000 guaranteed at maturity. That would equal 5% APY with zero volatility.
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Because any savings account interest is variable? CDs are locked in and w/ this one you can withdraw at any time w/o penalty.
If I buy one year T-bills for $995. It will pay $1000 guaranteed at maturity. That would equal 5% APY with zero volatility.
Problem is if you want to take the money out before maturity and rates have gone up you will be effectively be getting a lower interest rate.
If you take an early withdrawal penalty on a CD it would be a worse consequence, so that still doesn't seem to be a good reason to choose a 4.9% CD over a 5.4% T-bill.
Usernames are case sensitive! In what era are you CIT!!
Wife hates and yours will too
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I called 855-462-2652 and when the automated number prompts came on I skipped the options by pressing "0" I was then transferred and heard a message saying something like "Thank you for calling, due to our high interest rates call times may be longer than expected." But right after that message I heard one ring and someone answered (speaking perfect English so I'm assuming they are in the US.)
I told the woman on the phone I would like to close my CD and transfer the balance to my savings account. I didn't need to know any account numbers, she just asked me for my name, email address, and one security question from when I set up my account. As the account loaded she asked if I was transferring for the better interest rates.
She confirmed I would like the money from the CD transferred to my savings, stated the amount, when confirmed she said "The transfer has been completed and you should see it posted immediately."
I checked my online account and saw my savings account had a pending transaction for the amount that was in my CD plus interest and that was it.
When I hung up my iPhone said the whole call was 4:31.
I was expecting the call to be at least 10 minutes, but it was super smooth and easy.