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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
295,942 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

Original Post

Written by
Edited May 9, 2023 at 10:03 AM by
CIT Bank, our partner, offers the following benefits with their No-Penalty CD.
  • $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
in Finance CIT Bank
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Deal
Score
-24
295,942 Views
4.90% APY*

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 Jun 2005
L6: Expert
> bubble2 1,306 Posts
262 Reputation
teon
09-04-2023 at 09:18 PM.
09-04-2023 at 09:18 PM.
Quote from Selman :
Vanguard not only pays more interest, but the expense ration is a fraction of what Fidelity charges. I have a Fidelity account and a Vanguard. While the economy seems doomed to stagflation, Vanguard wins for me. Fidelity will end up paying about 4.5% and Vanguard will be about 5.1%. That's a $600 difference per year on $100,000.
Did you open Vanguard money market fund?
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!
Reply
Joined Apr 2019
L3: Novice
> bubble2 118 Posts
18 Reputation
Jim1903
09-04-2023 at 09:38 PM.
09-04-2023 at 09:38 PM.
Bask offers 4.88% for regular savings account, you can take money out anytime. Why would anyone lock their money away for just 0.02% extra, nah
Reply
Joined Sep 2009
L3: Novice
> bubble2 267 Posts
42 Reputation
Vaslo
09-05-2023 at 05:36 PM.
09-05-2023 at 05:36 PM.
Quote from MsGal :
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.

Same - fast service and never any issues
Reply
Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
650 Reputation
dazedxxx
09-06-2023 at 03:49 AM.
09-06-2023 at 03:49 AM.
Quote from Selman :
Vanguard not only pays more interest, but the expense ration is a fraction of what Fidelity charges. I have a Fidelity account and a Vanguard. While the economy seems doomed to stagflation, Vanguard wins for me. Fidelity will end up paying about 4.5% and Vanguard will be about 5.1%. That's a $600 difference per year on $100,000.

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.
Reply
Last edited by dazedxxx September 6, 2023 at 03:52 AM.
Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,216 Posts
1,723 Reputation
Selman
09-06-2023 at 03:54 AM.
09-06-2023 at 03:54 AM.
Quote from dazedxxx :
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.
Reply
Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
650 Reputation
dazedxxx
09-06-2023 at 04:02 AM.
09-06-2023 at 04:02 AM.
Quote from Selman :
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??
1
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Joined Jul 2010
YӨЦЯ FishyΣƧƬ ПIGΉƬMΛЯΣ
> bubble2 4,216 Posts
1,723 Reputation
Selman
09-06-2023 at 04:04 AM.
09-06-2023 at 04:04 AM.
Quote from dazedxxx :
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.
Reply

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Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
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dazedxxx
09-06-2023 at 04:08 AM.
09-06-2023 at 04:08 AM.
Quote from Selman :
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.

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).
1
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Last edited by dazedxxx September 6, 2023 at 04:18 AM.
Joined Dec 2018
L3: Novice
> bubble2 284 Posts
29 Reputation
RakhepriY
09-06-2023 at 04:21 AM.
09-06-2023 at 04:21 AM.
I just signed up for betterment savings account. 5.5% until December 31, 2023. 10 dollars minimum to get the boosted 5.5% rate
Reply
Joined Nov 2015
L5: Journeyman
> bubble2 567 Posts
65 Reputation
jabarnman69
09-06-2023 at 12:43 PM.
09-06-2023 at 12:43 PM.
Redneck bank has better deal
Reply
Joined Mar 2010
L3: Novice
> bubble2 113 Posts
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dontgetscammed
09-06-2023 at 02:37 PM.
09-06-2023 at 02:37 PM.
Quote from Jim1903 :
Bask offers 4.88% for regular savings account, you can take money out anytime. Why would anyone lock their money away for just 0.02% extra, nah

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.
1
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Joined Jun 2011
L4: Apprentice
> bubble2 358 Posts
40 Reputation
ethemartian
09-06-2023 at 05:32 PM.
09-06-2023 at 05:32 PM.
Question for those in the know. Savings account go down in payout rates if the economy goes down and the fed lowers the rates right? In that case is it better to lock in a long term CD now at these rates?
Reply
Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
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dazedxxx
09-06-2023 at 07:07 PM.
09-06-2023 at 07:07 PM.
Quote from ethemartian :
Question for those in the know. Savings account go down in payout rates if the economy goes down and the fed lowers the rates right? In that case is it better to lock in a long term CD now at these rates?

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.
1
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Last edited by dazedxxx September 6, 2023 at 07:13 PM.
Joined Jun 2011
L4: Apprentice
> bubble2 358 Posts
40 Reputation
ethemartian
09-06-2023 at 07:17 PM.
09-06-2023 at 07:17 PM.
Quote from dazedxxx :
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.

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
Reply

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Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
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dazedxxx
09-06-2023 at 07:21 PM.
09-06-2023 at 07:21 PM.
Quote from ethemartian :
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

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.
1
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