Can someone explain the logic behind CIT's current offer:
4.75 savings acct and 4.8 for no penalty CD
i know there isn't much of a diff, but why would anyone open the savings? the CD has no penalty so its a win-win, if rates go down u are safe until end of term (11 months) however, if rates go up u can keep all interest earned and move it over to a diff product or bank
with the savings however, if rates go down u can no longer get the higher rate
am i missing any details here? this seems like a no brainer (can't banks lower the savings rate at any point?? how can savings be better than no penalty CD??)