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CIT Bank Platinum Savings: Earn up to Expired

4.75% APY*
+31 Deal Score
43,548 Views
CIT Bank, our partner, offers the following benefits with their Platinum Savings account.

Thanks to staff member EfficientGame645 for finding this deal.
  • Must have a minimum daily balance of $5000 to earn 4.75% APY
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
  • *See site for details
Slickdeals may be compensated by CIT Bank

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Written by
Edited May 9, 2023 at 08:32 AM by
CIT Bank our partner, offers the following benefits with their \Platinum Savings[/URL] account.
  • Must have a minimum daily balance of $5000 to earn 4.75% APY
  • No account opening or maintenance fees
  • Daily compounding interest to maximize your earning potential
  • FDIC insured
  • *See site for details
Slickdeals may be compensated by CIT Bank
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4.75% APY*
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The more I read into the fine print, it seems like the first $5000 has 0.25% interest and anything >$5000 has 4.75% APR. This is pretty sly and would mean you'd need over $75,000 balance to earn more interest than their Savings Connect product at a flat rate of 4.50%
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I've never had an issue with CIT, and they are FDIC insured. That being said, when clicking through the link you may be providing SD with some of your personal info (see below). I suggest going directly to their website through a search engine.

"Welcome Slick Deals visitors! Reach your savings goals faster with a Platinum Savings Account."
·
It always annoys me that all these online banks constantly add accounts with new names and only these new accounts offer the highest rates. I currently have the Savings Connect one and it is at 4.4%. Yes I understand that this has a $5K requirement but that's nothing really. Now I need to open a new account and then transfer over yet again. This is the 4th time I've done this with CIT bank.
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freshsqueezed
04-05-2023 at 03:32 PM.

Our community has rated this post as helpful. If you agree, why not thank freshsqueezed

04-05-2023 at 03:32 PM.
I've never had an issue with CIT, and they are FDIC insured. That being said, when clicking through the link you may be providing SD with some of your personal info (see below). I suggest going directly to their website through a search engine.

"Welcome Slick Deals visitors! Reach your savings goals faster with a Platinum Savings Account."
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Last edited by freshsqueezed April 5, 2023 at 04:18 PM.
Joined Dec 2012
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stemple
04-05-2023 at 07:25 PM.
04-05-2023 at 07:25 PM.
Am I missing something here? Looks like a good rate. Would it be worth it to transfer from SoFi Checking (3.75%) to Cit Bank?
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Joined Nov 2005
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Dr. J
04-05-2023 at 07:38 PM.
04-05-2023 at 07:38 PM.
Seems like a decent deal. You might be able to find slightly better.

As with CD's, just check all the T&C. For example, some CD's are "no penalty" (early withdrawal) but take your interest. Others are callable. Some are market instruments whose value fluctuates (and early withdrawal means you eat the difference if their value has gone down). Generally you probably want to stay away from CD's if you need the $$ to be liquid, or at the very least ladder them.

I've got a ton in CD's, laddered, simply because I'd rather earn 4.8% than pay down a mortgage at 2.9% or an auto loan at 2%. Heck, I'm due to get a new roof for $29k and they offer 1.9%. Why would I ever pay cash for that when I can net about 3%?
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Joined Jun 2014
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dignanmi
04-05-2023 at 08:10 PM.
04-05-2023 at 08:10 PM.
Quote from freshsqueezed :
I've never had an issue with CIT, and they are FDIC insured. That being said, when clicking through the link you may be providing SD with some of your personal info (see below). I suggest going directly to their website through a search engine.

"Welcome Slick Deals visitors! Reach your savings goals faster with a Platinum Savings Account."
I don't know if that had anything to do with it but I got rejected from having an account after seeing that message.


"Unfortunately, we are unable to open an account for you at this time
Thank you for your recent application for a CIT Bank account.

We regret to inform you that after a thorough review of your application, we have elected to not open a bank account for you at this time. Thank you for considering CIT Bank."
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Joined Feb 2012
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tosaynet
04-06-2023 at 05:51 PM.
04-06-2023 at 05:51 PM.
Is this a hard pull?
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CoronaKid
04-07-2023 at 09:37 AM.
04-07-2023 at 09:37 AM.
It always annoys me that all these online banks constantly add accounts with new names and only these new accounts offer the highest rates. I currently have the Savings Connect one and it is at 4.4%. Yes I understand that this has a $5K requirement but that's nothing really. Now I need to open a new account and then transfer over yet again. This is the 4th time I've done this with CIT bank.
1
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Joined Apr 2020
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SlickCrowd6832
04-08-2023 at 09:13 AM.
04-08-2023 at 09:13 AM.
I used to be like WOW but with Merill Edge I am able to buy 30/60/90/120/ 6months/9months/1year/3 year/5year and 8year agency bonds that are FDIC insured. And the 30day gives you a higher rate.
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CoronaKid
04-08-2023 at 01:27 PM.
04-08-2023 at 01:27 PM.
Quote from tosaynet :
Is this a hard pull?

I highly doubt it. You are just opening a savings account and funding it with your own money.
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pineroad
04-09-2023 at 01:12 AM.
04-09-2023 at 01:12 AM.
One good thing about CIT is that the ACH transfer limit is quite high.

CIT Bank limits outgoing transfers to other financial institutions to $250,000 per day and incoming transfers to $500,000 per day.

Also, they don't charge you for making domestic outgoing wire transfer for accounts with current balance > $25K.
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HIDDENkaslee04-10-2023 at 06:06 AM.
Joined Jan 2018
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Fellblade16
04-10-2023 at 06:19 AM.
04-10-2023 at 06:19 AM.
Quote from coronakid :
It always annoys me that all these online banks constantly add accounts with new names and only these new accounts offer the highest rates. I currently have the Savings Connect one and it is at 4.4%. Yes I understand that this has a $5K requirement but that's nothing really. Now I need to open a new account and then transfer over yet again. This is the 4th time I've done this with CIT bank.
Totally with you, I don't understand the logic of dropping your rate back down to nothing after the promo period only for me to close the account down. Seems like you could continue to offer it instead of just for new customers. Maybe they are hoping some ppl will just not bother moving money around?
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Joined Oct 2009
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CoronaKid
04-10-2023 at 02:16 PM.
04-10-2023 at 02:16 PM.
Quote from Fellblade16 :
Totally with you, I don't understand the logic of dropping your rate back down to nothing after the promo period only for me to close the account down. Seems like you could continue to offer it instead of just for new customers. Maybe they are hoping some ppl will just not bother moving money around?
Yeah, there must be a lot of people that don't pay attention. By the way, I noticed that the rate on my account is listed as 4.65%. Although that's still very good it's not 4.75%.
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kqian111
04-10-2023 at 04:45 PM.

Our community has rated this post as helpful. If you agree, why not thank kqian111

04-10-2023 at 04:45 PM.
The more I read into the fine print, it seems like the first $5000 has 0.25% interest and anything >$5000 has 4.75% APR. This is pretty sly and would mean you'd need over $75,000 balance to earn more interest than their Savings Connect product at a flat rate of 4.50%

Quote :
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of March 31, 2023: 0.25% APY on balances of $0.01 to $4,999.99; 4.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
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