Please note: This is a sponsored post.
Interest rates continue to climb upwards. For people who want to earn some interest on their savings, but still want to have access to liquid funds, a no-penalty CD is a great option.
If you fund a CIT Bank 11 month no-penalty CD with at least $1,000 you’ll now get 2.05% APY. If you need the funds you simply close the CD without penalty, beginning seven days after funds have been received. Your withdrawal will consist of the total balance plus interest earned. You just can’t make a withdrawal during the first six days following the receipt of funds.
Another benefit of a no-penalty CD is that if rates go up you can always close the CD and then open one at a higher rate. With regular CDs, the penalty usually makes that strategy financially impractical.
There is no hard credit inquiry performed for opening a CIT account.
A no-penalty CD is pretty rare. It’s also offered by Ally Bank, but their rates are currently significantly lower than CIT’s rates.