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CIT Bank Platinum Savings: Earn up to Expired

4.75% APY*
+31 Deal Score
43,561 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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Original Post

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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Joined Oct 2009
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CoronaKid
04-11-2023 at 09:52 AM.
04-11-2023 at 09:52 AM.
Quote from kevinqian :
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%
Ah, that explains the 4.65% I am getting. Oh well, still better that 99% of MMA out there right now. Thanks for the heads up. Very sly indeed.
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kqian111
04-11-2023 at 10:24 AM.
04-11-2023 at 10:24 AM.
Quote from coronakid :
Ah, that explains the 4.65% I am getting. Oh well, still better that 99% of MMA out there right now. Thanks for the heads up. Very sly indeed.

I think the interest is really dependent on how much you put with them. If you only put 5000, then your interest will be 0.25 and go up linearly from there
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Joined Dec 2005
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paulsaz
04-11-2023 at 10:58 AM.
04-11-2023 at 10:58 AM.
Quote from coronakid :
Ah, that explains the 4.65% I am getting. Oh well, still better that 99% of MMA out there right now. Thanks for the heads up. Very sly indeed.
4.65% compounded daily is a yearly return of 4.75%.
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Joined Aug 2009
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dave2157
04-12-2023 at 02:42 AM.
04-12-2023 at 02:42 AM.
Quote from pineroad :
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.
Where did you see these transfer limits? I'm having trouble finding it on their website.
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Joined Jun 2005
moar touchpadz!
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dragontales
04-12-2023 at 08:14 AM.
04-12-2023 at 08:14 AM.
Applied and got rejected for no reason lol. Now I'm feeling inadequate. Screw CIT I'm moving on.
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Joined Nov 2010
L8: Grand Teacher
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aznboicn
04-12-2023 at 08:56 AM.
04-12-2023 at 08:56 AM.
Applied last week, got declined.
Called them and went through the service they get the reports from.
Clean and had nothing on it. Applied again, declined again.
No reasoning for declined, but it is what it is
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Joined Jan 2007
Meaningless ranking
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CMT520
04-12-2023 at 11:03 AM.
04-12-2023 at 11:03 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.
It seems like CIT is especially bad about this. When I found out about the Savings Connect, I finally moved most of my money to a different bank (Marcus GS - who actually sends me emails about rate changes) since I didn't want to have to open a checking account. Now I'm moving most of my money back again.
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pineroad
04-12-2023 at 10:36 PM.
04-12-2023 at 10:36 PM.
Quote from dave2157 :
Where did you see these transfer limits? I'm having trouble finding it on their website.
I have had CIT accounts for several years and never had an issue transferring 100K+ per transaction. The limit of 250K per day was outdated now. I just asked them via secure message and the associate replied to me that the daily limit is now 2 millions (either pull or push transaction).
Reply
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PocketsThick
04-12-2023 at 10:52 PM.
04-12-2023 at 10:52 PM.
Quote from kevinqian :
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%
The process is super simple. You can make a new account while logged into your current account. It will ask you during the new account if you'd like to fund it with your old fund's balance. But having said that if you had a Savings Connect account, CIT automatically upped your percentage without you doing anything. The rate used to be 4.05% then they raised it to 4.50%. They sent emails to all customers stating they were upgrading everyone's Savings Connect account. Also you're reading the fine print wrong. The platinum account requires $5,000 at all times to net the 4.75% APY. Simply have more than that and your entire balance gets the 4.75% rate. No funny business. If you don't have $5,000 then don't open a Platinum savings account. Open a Savings Connect account.

Quote from coronakid :
Ah, that explains the 4.65% I am getting. Oh well, still better that 99% of MMA out there right now. Thanks for the heads up. Very sly indeed.
That's not why you are getting 4.65%. He's wrong. APY and APR are two different things. APR is tied to the APY percentage. So if two banks give their APY value, both will have the same APR. Some banks won't tell you what the APR is. They just give you the APY percentage. Use an APY calculator. Enter an APY amount and it will calculate the APR value. Here's an APY calculator to play around with so you can see: https://www.axosbank.com/Tools/Ca...Calculator
Quote from evinqian :
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%
That's incorrect. You simply need to fund the account over $5,000 and then you will get 4.75% APY on your entire balance. Fund it under $5,000 and you won't get the 4.75%. That's the entire point of this "platinum savings account" to get people who have over $5,000 to put their money into it.
Reply
Last edited by PocketsThick April 12, 2023 at 11:29 PM.
Joined Oct 2009
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CoronaKid
04-13-2023 at 07:54 AM.
04-13-2023 at 07:54 AM.
Quote from paulsaz :
4.65% compounded daily is a yearly return of 4.75%.
Thanks, yeah I thought that was the case.
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Joined Oct 2009
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CoronaKid
04-13-2023 at 07:56 AM.
04-13-2023 at 07:56 AM.
Quote from PocketsThick :
The process is super simple. You can make a new account while logged into your current account. It will ask you during the new account if you'd like to fund it with your old fund's balance. But having said that if you had a Savings Connect account, CIT automatically upped your percentage without you doing anything. The rate used to be 4.05% then they raised it to 4.50%. They sent emails to all customers stating they were upgrading everyone's Savings Connect account. Also you're reading the fine print wrong. The platinum account requires $5,000 at all times to net the 4.75% APY. Simply have more than that and your entire balance gets the 4.75% rate. No funny business. If you don't have $5,000 then don't open a Platinum savings account. Open a Savings Connect account.


That's not why you are getting 4.65%. He's wrong. APY and APR are two different things. APR is tied to the APY percentage. So if two banks give their APY value, both will have the same APR. Some banks won't tell you what the APR is. They just give you the APY percentage. Use an APY calculator. Enter an APY amount and it will calculate the APR value. Here's an APY calculator to play around with so you can see: https://www.axosbank.com/Tools/Ca...Calculator [axosbank.com]

That's incorrect. You simply need to fund the account over $5,000 and then you will get 4.75% APY on your entire balance. Fund it under $5,000 and you won't get the 4.75%. That's the entire point of this "platinum savings account" to get people who have over $5,000 to put their money into it.
Thanks for confirming. I had a feeling that was incorrect when I read the terms again but I just assumed he knew what he was talking about.
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Joined Sep 2007
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ECartman
04-14-2023 at 08:56 AM.
04-14-2023 at 08:56 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.
Vio Bank is at 4.77%, no minimum, in their Cornerstone Money Market. And they constantly adjust up the rate ... no need to open a new account all the time. They have been near the top of rates since these rates started shooting up a year and a half ago.
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iansp
04-14-2023 at 09:12 AM.
04-14-2023 at 09:12 AM.
Quote from SlickCrowd6832 :
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.

Can you let us know how to do it ? What symbols should I look for ?
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NeelP
04-14-2023 at 09:26 AM.
04-14-2023 at 09:26 AM.
I just moved out of CIT to Marcus, not only because of the rate, but because I kept running into issues with accessing my account online or their app. Every time, I would get continuous error messages and couldn't get to my account.
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HIDDENkqian11104-14-2023 at 09:50 AM.
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