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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
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Edited May 9, 2023
at 10:03 AM
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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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I believe if I already have Fidelity Investment/IRA accounts, I can buy Vanguard money market funds, for instant VMFXX to get better compound yield but much lower expense ratio than from Fidelity (SPAXX).
Thanks!
Same - fast service and never any issues
Although money market funds are doing great currently, and usually never earn less than 0%....it should be said that they are not FDIC Insured, unlike money market accounts, CD's, or T-bills.
That shouldn't be said without adding that they are SIPC insured for $500,000.
Isn't SIPC insurance for if the brokerage fails, and not for the individual funds, which after all are an investment like stocks??
Are you legitimately asking whether insurance is to cover losses on an investment? No. That's not what FDIC insurance does either. They cover the collapse of the financial institutions.
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Right, so if the fund was to lose money, you wouldnt not be reimbursed for your loses. Unlike the other investments I mentioned (cds, t-bills, and money market accounts).
Because it's not locked and your 4.88% is variable. This is locked at 4.9% for the cd time frame. It's a no penalty cd. Key word is no penalty. Cash out anytime after 7 days. If rates go up cash out and transfer to something else. If rates drop you are locked into a competitive rate.
It's good to have some long term, and be diversified with some short term as well. T-bills are paying about the same interest rate as CDs right now, but without state tax if your in a state that taxes you.
Banks in my area are giving about 5-5.5% (for 6 months) in new money market accounts thru mail offers. The money is liquid, but some have minimum deposits requirements like 25k, and can be state taxed.
Banks in my area are giving about 5-5.5% (for 6 months) in new money market accounts thru mail offers. The money is liquid, but some have minimum deposits requirements like 25k, and can be state taxed.
But with this no penalty CD, wouldn't it be as liquid as money market account with the 11 month rate lock? Cant those savings type of accounts change to 1% APY tomorrow if they want to? (Yeah I understand its not likely)
Just trying to put myself in the best economic position to ride out a possible recession so i want something safe for 1 or 2 years and be ready to invest at bottom
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Just trying to put myself in the best economic position to ride out a possible recession so i want something safe for 1 or 2 years and be ready to invest at bottom
Is the CD you mention callable? Meaning that they can cut it short... say if the rates drop where it's unfavorable to keep it going.