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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
295,964 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
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
-24
295,964 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 Sep 2006
L7: Teacher
> bubble2 2,252 Posts
156 Reputation
robertw477
10-10-2023 at 11:16 AM.
10-10-2023 at 11:16 AM.
Quote from crazycreations :
If this bank doesnt get enoigh depositors, will they extract everything, freeze your account and go bankrupt leaving you to deal with FDIC?

You are wrong and clearly have little to no knowledge here. In the rare times the FDIC takes over a bank that usually happens on a Friday when business closes. The takeover happens during the weekend and all funds are fully liquid Sat or Monday. So clearly you have no idea what you are talking about. You are not dealing with the FDIC, that is also wrong. Almost every single bank is taken over by another bank. .FDIC takeovers are very rare. Do you have any other ideas about banking or finance?
1
1
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Joined Nov 2013
L3: Novice
> bubble2 245 Posts
36 Reputation
PowerBuyer
10-11-2023 at 09:36 AM.
10-11-2023 at 09:36 AM.
Quote from ascotnot :
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.

Link to treasure site please
1
Reply
Joined Dec 2011
L5: Journeyman
> bubble2 603 Posts
60 Reputation
alvarow
10-11-2023 at 12:12 PM.
10-11-2023 at 12:12 PM.
Quote from PowerBuyer :
Link to treasure site please

Don't trust strangers on the internet but I googled it for you: https://www.treasurydirect.gov/

If you need liquidity, then Wealthfront pays 4.9%, FDIC insured and gives you a Debit card. I like their service.
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Joined May 2012
L2: Beginner
> bubble2 35 Posts
10 Reputation
NeoFobia
10-12-2023 at 09:32 AM.
10-12-2023 at 09:32 AM.
So if I drop 20k on here… how much am I expecting at the end of the 11 months at this rate?
Reply
Joined Dec 2007
L8: Grand Teacher
> bubble2 3,523 Posts
592 Reputation
iahawks550
10-12-2023 at 09:40 AM.
10-12-2023 at 09:40 AM.
Quote from NeoFobia :
So if I drop 20k on here… how much am I expecting at the end of the 11 months at this rate?
on what?
Reply
Joined Jan 2008
L6: Expert
> bubble2 1,254 Posts
735 Reputation
manku
10-12-2023 at 11:27 AM.
10-12-2023 at 11:27 AM.
Why would one do this instead of just parking the money in a Vanguard or Fidelity treasury money market, which yields more, could be exempt from state tax and is fully liquid?

If you think rates are headed down, then buy some longer term instruments that will stills give you a better yield.
1
Reply
Joined Aug 2006
L7: Teacher
> bubble2 2,257 Posts
239 Reputation
highlanderfil
10-12-2023 at 12:42 PM.
10-12-2023 at 12:42 PM.
Quote from NeoFobia :
So if I drop 20k on here… how much am I expecting at the end of the 11 months at this rate?
Let me help you out.​
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Joined Jul 2006
Call me Mr. Deals
> bubble2 5,046 Posts
1,724 Reputation
Pro
shahhere
10-12-2023 at 12:53 PM.
10-12-2023 at 12:53 PM.
Quote from NeoFobia :
So if I drop 20k on here… how much am I expecting at the end of the 11 months at this rate?
Quote from highlanderfil :
Let me help you out.​

I hope this is just laziness and not a real question on what/how to calculate or for that matter even get a ballpark understanding on what your money will earn.....


APY = Annual Percentage Yield. If you put in $20,000 you wont earn the said 4/5/6% etc rate for the full year unless you invest for the full 12 months. People here and on the Treasury threads who come in and think they'll get the said rte for 6 months is TOO DAMM HIGH!


There are online calculators as Highlander noted man that will give you what you need.


Shahhere
Reply
Joined Dec 2021
L2: Beginner
> bubble2 75 Posts
10 Reputation
Platycerium
10-13-2023 at 08:08 AM.
10-13-2023 at 08:08 AM.
This is paid advertisement right? Aren't all major outlets offering over 5% for short term CDs?
Reply
Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
650 Reputation
dazedxxx
10-13-2023 at 10:09 PM.
10-13-2023 at 10:09 PM.
Quote from Platycerium :
This is paid advertisement right? Aren't all major outlets offering over 5% for short term CDs?

You're not wrong.
Reply
Joined Feb 2016
...confuzed
> bubble2 3,290 Posts
650 Reputation
dazedxxx
10-13-2023 at 10:14 PM.
10-13-2023 at 10:14 PM.
Quote from NeoFobia :
So if I drop 20k on here… how much am I expecting at the end of the 11 months at this rate?

Off the top of my head...just under $900
Reply
Joined Jan 2011
L9000
> bubble2 992 Posts
103 Reputation
Powza
10-13-2023 at 10:44 PM.
10-13-2023 at 10:44 PM.
I can't believe this thread is still alive.
So many better alternatives exist for sophisticated investors - Treasury Bills, TIPS, etc.

In current environment bank savings accounts and even CDs are (mostly) a bad deal.
1
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Joined Apr 2012
L99: Elite
> bubble2 669 Posts
112 Reputation
BlitzAction
10-14-2023 at 06:04 PM.
10-14-2023 at 06:04 PM.
Quote from Powza :
I can't believe this thread is still alive.
So many better alternatives exist for sophisticated investors - Treasury Bills, TIPS, etc.

In current environment bank savings accounts and even CDs are (mostly) a bad deal.

Why is that when some CDs are paying out 6.25% for 11m?
Reply
Joined Jan 2011
L9000
> bubble2 992 Posts
103 Reputation
Powza
10-15-2023 at 12:46 AM.
10-15-2023 at 12:46 AM.
Quote from BlitzAction :
Why is that when some CDs are paying out 6.25% for 11m?
Taxes.
Reply

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Joined Feb 2011
L4: Apprentice
> bubble2 319 Posts
31 Reputation
nonrev
10-15-2023 at 08:44 AM.
10-15-2023 at 08:44 AM.
Quote from Powza :
I can't believe this thread is still alive.
So many better alternatives exist for sophisticated investors - Treasury Bills, TIPS, etc.

In current environment bank savings accounts and even CDs are (mostly) a bad deal.
I dont think that that the bulk of the community here are sophisticated investors with high net worth. I know i am not just the average joe. If you can elaborate on better alternatives more specifically that would be helpful for us non sophisticated folk it would be much appreciated.
Reply
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