CIT Bank Now Offering 2.05% APY On A No-Penalty CD!

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CIT Bank Now Offering 2.05% APY On A No-Penalty CD

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.

 

 

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11 Comments On "CIT Bank Now Offering 2.05% APY On A No-Penalty CD!"

All opinions expressed below are user generated and the opinions aren’t provided, reviewed or endorsed by any advertiser or DansDeals.

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bob

Is a heter iska needed?

Iska

From CIT???

noudnikk

There is no penalty on early closing. But what are the fees for withdrawal?

keller

dan, if I have a acc. already for 1.85 will it automatically change?

Dan

No, you would need to open a new account.

sam

can you tell us the most apy you got in the last 2 years ? im looking to put in 6. 5 million and spread it over a few bank accounts to be fdic insured not looking to invest just want a good savings account adn curious what you got

DAVID axelrod

6.5 mil shekels?

EZ

Sam, I happen to think Dan is remarkable and fantastic at all at what he does. One who is very fortunate to have 6. 5 million (as you exactly wrote it) should really responsibly speak with a lawyer and a professional and reputable financial firm if you are looking for such large-scale investments, not solely rely on websites or blogs. I am far from wealthy, but I am wise enough to know that one who is looking to invest millions typically will not look for a bunch of bank savings accounts, but will look to diversify with various allocations of risk/reward- it doesn’t appear to be a wholesome question on your part, excuse me and I apologize in advance. Also, as with Sam I am confused if we are talking about USD, or are you asking about NIS, Mexican Pesos,etc?

Remember 250K FDIC insurance limit

$6.5 million should be spread across 26 banks to get proper FDIC insurance. If all accounts in the same name. Less if you put some in a spouse’s name. Or business.

Principal guaranteed. Fair living.

Some people are happy earning $130K a year with principal guaranteed. That’s $6.5 million x 2%. I think it’s too conservative. But some people do live like this. No matter how much principal they have accumulated.

Principal guaranteed has a limit

Remember. Principal is only guaranteed by the FDIC up to 250K per depositor per bank.

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