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CIT Bank 11 Month No-Penalty CD: Earn Expired

4.90% APY*
-24 Deal Score
295,925 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
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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
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Score -24
295,925 Views
4.90% APY*
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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 Oct 2023
New User
> bubble2 4 Posts
10 Reputation
CleverHerring7397
10-15-2023 at 09:26 AM.
10-15-2023 at 09:26 AM.
Not the best out there (talking ONLY rates here): several banks have new issues at half a percent higher.
Examples: 9 months at 5.4+ from PNC, Zions, Bank of China, Independent, JP Morgan, Beal, Goldman, Meadows.
12 months at 5.4%+ from Minnwest, Goldman, US Bank, JP Morgan, Beal
Reply
Joined Dec 2010
L3: Novice
> bubble2 268 Posts
42 Reputation
b67
10-15-2023 at 04:56 PM.
10-15-2023 at 04:56 PM.
Quote from duckeggs :
is CIT good?

Used them for years no issues
Reply
Joined Dec 2007
L8: Grand Teacher
> bubble2 3,523 Posts
592 Reputation
iahawks550
10-15-2023 at 05:02 PM.
10-15-2023 at 05:02 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.

Sophisticated investors. Lol. It's hardly sophisticated.
Reply
Joined Aug 2016
L9: Master
> bubble2 5,506 Posts
312 Reputation
duckeggs
10-15-2023 at 11:14 PM.
10-15-2023 at 11:14 PM.
Quote from b67 :
Used them for years no issues
thx. been using them a few months now and no issues Smilie
Reply
Joined Nov 2011
L1: Learner
> bubble2 243 Posts
22 Reputation
NathanFt
10-16-2023 at 09:36 AM.
10-16-2023 at 09:36 AM.
Quote from duckeggs :
is CIT good?

It's FDIC insured, so 250k below deposit should be very safe
Reply
Joined Jun 2017
L2: Beginner
> bubble2 880 Posts
193 Reputation
ColossalPenguin
10-16-2023 at 10:29 AM.
10-16-2023 at 10:29 AM.
Take my comments with a grain of salt as I've only been a CIT customer for most of 2023.

I only use them for a high yield platinum savings account, and I've had zero issues. I don't expect many problems either as I intend to mostly just sit and let my interest collect, and I set up some automatic payments - all has been just fine and as expected.

Not a whole lot to go wrong if you aren't frequently engaging or anything. No loans to deal with. They seemingly suck more in those regards, but that has no impact on me and in my situation.
Reply
Joined Aug 2016
L9: Master
> bubble2 5,506 Posts
312 Reputation
duckeggs
10-16-2023 at 11:04 AM.
10-16-2023 at 11:04 AM.
the only thing about CIT now is that they seemed to have slowed down the increases of the APY while other banks still go up
Reply

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Joined Sep 2013
L6: Expert
> bubble2 1,906 Posts
494 Reputation
slickyd5270
10-19-2023 at 06:00 AM.
10-19-2023 at 06:00 AM.
Quote from CleverHerring7397 :
Not the best out there (talking ONLY rates here): several banks have new issues at half a percent higher.
Examples: 9 months at 5.4+ from PNC, Zions, Bank of China, Independent, JP Morgan, Beal, Goldman, Meadows.
12 months at 5.4%+ from Minnwest, Goldman, US Bank, JP Morgan, Beal
I don't think those are "no penalty".
Reply
Joined May 2015
L2: Beginner
> bubble2 86 Posts
197 Reputation
iSlickD
10-20-2023 at 08:30 PM.
10-20-2023 at 08:30 PM.
Why not just buy T-bills, have even better return and no state tax.
Reply
Joined May 2015
L2: Beginner
> bubble2 86 Posts
197 Reputation
iSlickD
10-20-2023 at 08:35 PM.
10-20-2023 at 08:35 PM.
Quote from nonrev :
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.
Go to "bonds" in your brokerage account (Fidelity, Schwab, etc.). There look at US Government bonds. They currently all trade extremely high, thanks to uncle Powell at the FED. They have different maturity dates. So it's very similiar to an 11 Month CD account. Most such bonds yield more than 5% per year currently. (If you have too much money you can buy 10-yr or 30-yr bonds and get a near life-time return of 5%). Added bonus is that no state tax is charged on such T-bills.

These are considered the safest and most "risk free" investments. Of course governments can go bankrupt and then it sucks, like in Argentina. But then the CD accounts won't help either.

Edit: you can of course buy US government bonds directly from the US treasury, they have a .gov site for this. The upside of using a brokerage account is that one can also just sell them and not wait until maturity, if needed. So it's also added liquidity (but their price might drop, while the return at maturity is always promised).
Reply
Last edited by iSlickD October 20, 2023 at 08:38 PM.
Joined Oct 2014
L2: Beginner
> bubble2 63 Posts
20 Reputation
ata1959
10-21-2023 at 09:51 AM.
10-21-2023 at 09:51 AM.
I think the Capital one 10 month 5.3% is better.
Reply
Joined Apr 2020
L4: Apprentice
> bubble2 313 Posts
47 Reputation
rambojew
10-23-2023 at 03:18 PM.
10-23-2023 at 03:18 PM.
Question for SD mods/staff- why do you keep having this appear at the top our front page?
Reply
Joined Nov 2010
L3: Novice
> bubble2 142 Posts
46 Reputation
Axlrose2001
10-24-2023 at 06:17 AM.
10-24-2023 at 06:17 AM.
Quote from iSlickD :
Go to "bonds" in your brokerage account (Fidelity, Schwab, etc.). There look at US Government bonds. They currently all trade extremely high, thanks to uncle Powell at the FED. They have different maturity dates. So it's very similiar to an 11 Month CD account. Most such bonds yield more than 5% per year currently. (If you have too much money you can buy 10-yr or 30-yr bonds and get a near life-time return of 5%). Added bonus is that no state tax is charged on such T-bills.

These are considered the safest and most "risk free" investments. Of course governments can go bankrupt and then it sucks, like in Argentina. But then the CD accounts won't help either.

Edit: you can of course buy US government bonds directly from the US treasury, they have a .gov site for this. The upside of using a brokerage account is that one can also just sell them and not wait until maturity, if needed. So it's also added liquidity (but their price might drop, while the return at maturity is always promised).

Whats the ticker symbol of T bill on fidelity? Simply put how do you buy them on fidelity and is there a limit on how much money you can invest in at a T bill?
Reply
Joined Sep 2005
L9: Master
> bubble2 4,709 Posts
203 Reputation
ugabuga
10-25-2023 at 07:04 AM.
10-25-2023 at 07:04 AM.
Quote from Axlrose2001 :
Whats the ticker symbol of T bill on fidelity? Simply put how do you buy them on fidelity and is there a limit on how much money you can invest in at a T bill?

I buy SGOV for example but there are others
1
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Joined Dec 2011
L4: Apprentice
> bubble2 357 Posts
22 Reputation
Spartan805
10-26-2023 at 07:18 AM.
10-26-2023 at 07:18 AM.
AMEX has savings at @ 4.30%
Reply
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