Author Topic: CIT Bank lowers Savings Builder to 2.40% without notice  (Read 2540 times)

Offline Wizard

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CIT Bank lowers Savings Builder to 2.40% without notice
« on: June 24, 2019, 02:33:45 AM »
Hi everyone!
Couldn't find any thread about all the CIT posts Dan made on DDMS. I noticed on my last statement that the rate went down to 2.4 from 2.45. I am so surprised that they didn't have to let us know. Anyone with me on this?
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Offline ADG

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #1 on: June 24, 2019, 09:51:59 AM »
The rates intandem with the 10 treasury. The rates could likewise go up without having to inform you.

Offline shaulyaakov

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #2 on: June 27, 2019, 11:11:03 AM »
They are only going to go down from here. Fed is going to cut 25bps by September.

Your best bet is to get a CD if you can afford to put the money away for a few months.

Offline ExGingi

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #3 on: June 27, 2019, 11:47:37 AM »
The rates intandem with the 10 treasury. The rates could likewise go up without having to inform you.

I know nothing about the CIT rates, but as I said elsewhere on DDF, it baffles my mind to try and figure out why US rates aren't lower than they currently are.

See for example:
https://www.bloomberg.com/opinion/articles/2019-06-27/a-1-17-return-for-austria-s-98-year-bond-issue-sign-me-up?srnd=premium
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline googwallet

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #4 on: June 28, 2019, 01:15:46 PM »
I noticed the same. I'm not sure why you are surprised. It's not a CD so there is no guarantee on the rate.

Offline shaulyaakov

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #5 on: June 28, 2019, 02:53:50 PM »
I know nothing about the CIT rates, but as I said elsewhere on DDF, it baffles my mind to try and figure out why US rates aren't lower than they currently are.

See for example:
https://www.bloomberg.com/opinion/articles/2019-06-27/a-1-17-return-for-austria-s-98-year-bond-issue-sign-me-up?srnd=premium

Online banks are trying to boost their books, which is driving up demand for deposits for other banks. The "real" rates on a savings would probably be in the 1.50% range.

Offline enwhycee

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #6 on: June 29, 2019, 09:34:24 AM »
I’m thinking of pulling out my CIT funds, and putting in Wealthfront Bank which is 2.57%.

Thoughts?

Offline Wizard

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #7 on: June 29, 2019, 11:43:39 PM »
I’m thinking of pulling out my CIT funds, and putting in Wealthfront Bank which is 2.57%.

Thoughts?
Just checked it out. Looks nice! Lemme know if you do
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Offline Dan

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #8 on: June 29, 2019, 11:46:30 PM »
I’m thinking of pulling out my CIT funds, and putting in Wealthfront Bank which is 2.57%.

Thoughts?
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Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Wizard

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Re: CIT Bank lowers Savings Builder to 2.40% without notice
« Reply #9 on: June 30, 2019, 12:02:10 AM »
No ACH, no phone support.
Hmm so how do we deposit? Only by mailing a check? Says unlimited transfers - what does that mean?
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