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CIT Bank Platinum Savings: Earn up to Expired
4.75% APY*
CIT Bank, our partner, offers the following benefits with their Platinum Savings account.
Thanks to staff member EfficientGame645 for finding this deal.
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
Original Post
Written by
Edited May 9, 2023
at 08:32 AM
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
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CIT Bank
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"Welcome Slick Deals visitors! Reach your savings goals faster with a Platinum Savings Account."
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Now I'm intrigued by SaveBetter.com, a portal that lets you easily switch between a variety of credit unions competing for top rate. That way there's at least some accountability to keep their rate high, rather than enticing you with a high rate and lowering it, thinking you're unlikely to leave. Their current top offer is 4.85%, beating this CIT offer.
https://www.mymoneyblog
Yeah, I JUST opened a savings connect also -_-. Also FYI , they're merging with First Citizen bank in June/July.
1) Banks rapidly tried to shore up liquidity las month after the bank runs and fears and so they brought in deposits by offering higher yields.
2) Loan rates are dropping which in turn eats at the deposit rate as that is the banks basis for lending.
This way with the CD rate locked in you don't have to worry about your interest rate being chipped away at with the changing environment of loan rates. You may sign up for 4%+ now but it could be less than 2% in a year from now. I learned this lesson the hard way when i signed up for an AMEX savings some time back and the interest rate basically went to zero after being baited in with 2.5%.
All that being said CIT also has a no penalty CD: https://www.cit.com/cit-bank/bank...penalty-cd @ 4.8% $1000 min deposit
1) Banks rapidly tried to shore up liquidity las month after the bank runs and fears and so they brought in deposits by offering higher yields.
2) Loan rates are dropping which in turn eats at the deposit rate as that is the banks basis for lending.
This way with the CD rate locked in you don't have to worry about your interest rate being chipped away at with the changing environment of loan rates. You may sign up for 4%+ now but it could be less than 2% in a year from now. I learned this lesson the hard way when i signed up for an AMEX savings some time back and the interest rate basically went to zero after being baited in with 2.5%.
All that being said CIT also has a no penalty CD: https://www.cit.com/cit-bank/bank...penalty-cd [cit.com] @ 4.8% $1000 min deposit
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CIT 11 month no penalty is still better if you weren't planning on opening another cd right after and are comparing an annualized looking return.
Now I'm intrigued by SaveBetter.com, a portal that lets you easily switch between a variety of credit unions competing for top rate. That way there's at least some accountability to keep their rate high, rather than enticing you with a high rate and lowering it, thinking you're unlikely to leave. Their current top offer is 4.85%, beating this CIT offer.
https://www.mymoneyblog.com/salli...eview.html [mymoneyblog.com]
I finally just signed up for a Fidelity account which I had not realized can be used the same way as a checking account. Not quite the interest rate of the best savings accounts, but they have free checks and literally no fees whatsoever (even outgoing wire transfers are free). Their customer service is also second to none.
Any others have experience with SaveBetter? Might park some cash there if there are no significant issues.
I finally just signed up for a Fidelity account which I had not realized can be used the same way as a checking account. Not quite the interest rate of the best savings accounts, but they have free checks and literally no fees whatsoever (even outgoing wire transfers are free). Their customer service is also second to none.
Any others have experience with SaveBetter? Might park some cash there if there are no significant issues.
canoeguy1 says
March 22, 2023 at 7:57 pm
Your money at Savebetter will be mixed with everyone else's money into an "Omnibus" account. You won't have an account number at the Product Bank. If Savebetter ceases to function, you have no record of your money or account. Good luck getting your money back. On another note, their top product bank (Western Alliance) has lost half it's value in the last week. Savebetter was risky before the SVB collapse. Now…I wouldn't touch this with a 10 foot pole. Certainly not to get an extra half percent on a CD.
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Hugo says
April 6, 2023 at 5:53 am
Seems risky especially during these times of bank failures. I would give this financial scheme some time to make sure it weathers the storm.
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There isn't a single savings account that works the way you just described. That'd be completely non-competitive and no one would open an account.
It clearly says .25 OR 4.75. They couldn't represent it like this if it were tiered.
Put it another way, when you shop at Macy's and they say Save 20% on $100, Save 30% on 100+ do you assume they discount the first 100 by 20% then the rest 30%?
I was just complaining to someone about this. Ha
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