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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
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
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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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This is exactly the type of question i dont know to ask. I was considering the CIT one in the OP, will have to look into it.
Any other gotchas I should be looking for?
Any other gotchas I should be looking for?
None that i can think of, and im no financial adviser.... I Just always see if callable, and what fees for early withdrawl, and if its FDIC Insured. Usually brick and morter banks in my area dont offer callable cds, but they do charge penalties for terminating early.
Any other gotchas I should be looking for?
Also find out if it autoamticaly rolls into the same cd (whatever the rate then may be) if you should miss the window for withdrawing once it matures, and what happens then?
... and dont forget to put your benificiaries on it, if you need to.
... and dont forget to put your benificiaries on it, if you need to.
https://www.raisin.com/
e.g. - 1 bond = $1000, ask is at 98.296 on a bond yield that's 5.469. If you purchase 1 bond = $1,000 you'll receive $982.96 worth, at 5.469 over 3-months that's $1036.71 (+3.67%)
High-Yield Savings account where your money is liquid is >4.25%
https://www.americanexp
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e.g. - 1 bond = $1000, ask is at 98.296 on a bond yield that's 5.469. If you purchase 1 bond = $1,000 you'll receive $982.96 worth, at 5.469 over 3-months that's $1036.71 (+3.67%)
High-Yield Savings account where your money is liquid is >4.25%
https://www.americanexp
On fidelity second market there is a bid price (what the bond is actually sold with a given percentage to original buyer), and a ask price (what you will get, and it will be lower than the bid). The percentages are given, and usually you get between a tenth to a quarter of 1 percent less than its actual value. So if the bid on the t-bill with the rate listed as 5.5%, and ask is 5.25% your only losing 0.25%.
Not sure about your math, or if I misunderstood how it was explained to me.
This is a video that covers it from DiamondNestEgg
https://youtube.com/watch?v=kxxP8..
You can buy new offered T-bills and avoid the secondary market all together (but you wont know the rate until after you put up the money). Also you can sell your t-bills as well thru fidelity (I haven't had to yet), so there is some liquidity there, and no state tax if you live in a state that taxes, unlike the savings you linked.
That app really sucks though. Zelle limits are weird as opposed to my BofA and Wellsfargo. On the other hand, they have better APY on savings accounts. Wells Fargo has a 5.00APY on 7 month cd and 5.25% on 11 month if you have a prime account with them
Not sure about your math, or if I misunderstood how it was explained to me.
This is a video that covers it from DiamondNestEgg
https://youtube.com/watch?v=kxxP8...ure=shared [youtube.com]
You can buy new offered T-bills and avoid the secondary market all together (but you wont know the rate until after you put up the money). Also you can sell your t-bills as well thru fidelity (I haven't had to yet), so there is some liquidity there, and no state tax if you live in a state that taxes, unlike the savings you linked.
I was assuming in my example that I paid $1000 for a T-bill and only got $982.96. The truth is the bond is worth $1000 and the difference ($17.04) is what Fidelity keeps and earns interest on. However I still only pay $982.96 and earn interest on that vs. the full value of the T-bill, so it is a very small % difference.
e.g.
$1000 T-bill @ 5.469% should return $1054.69 at the end of term. (+$54.69)
$982.96 T-bill @ 5.469% should return $1,036.71 at the end of term. (+$53.75)
So the $0.94 interest (on $17.04) is what Fidelity gets.
Fidelity ALLOWS you to earn 4.97% in their SPAXX Acct while you decide IF you want to invest in the stock market.
IOW, you could let it sit their FOR YEARS while you decide what, if ANY stocks, you might want to invest in.
Vanguard and Schwab offer NO such option.
SPAXX - Fidelity Money Market
https://fundresearch.fi
BEST FINANCE WEBSITE TO EXPLAIN IT ALL.
https://www.youtube.com/c/DiamondNestEgg
Fidelity ALLOWS you to earn 4.97% in their SPAXX Acct while you decide IF you want to invest in the stock market.
IOW, you could let it sit their FOR YEARS while you decide what, if ANY stocks, you might want to invest in.
Vanguard and Schwab offer NO such option.
SPAXX - Fidelity Money Market
https://fundresearch.fi
BEST FINANCE WEBSITE TO EXPLAIN IT ALL.
https://www.youtube.com/c/DiamondNestEgg
This is completely false information. Vanguard has money market funds, and they are better at it than Fidelity. Of course you could let it sit for years. As I've already said, I have accounts both places. How did you get this so wrong?
VMFXX pays 5.27% with an expense ratio of 0.11%. SPAXX is at 4.97% with a 0.42% expense ratio.
How did you end up so confidently wrong that you thought you should be offering advice on this?
VMFXX pays 5.27% with an expense ratio of 0.11%. SPAXX is at 4.97% with a 0.42% expense ratio.
How did you end up so confidently wrong that you thought you should be offering advice on this?
Schwab does NOT offer this option. If Vanguard does, my apologies. Furthermore, Vanguard's investment offerings are miniscule compared to Fidelity.
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