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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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Deal
Score +31
43,561 Views
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."
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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 Dec 2007
L6: Expert
> bubble2 1,017 Posts
507 Reputation
crablover2
04-20-2023 at 10:04 AM.
04-20-2023 at 10:04 AM.
Quote from dongd333 :
Marcus beats CIT in every aspects! Stay away from CIT
I have both Marcus & CIT, and I keep most of my money away from Marcus and in CIT. I have also had issues with money access at Marcus, and once they didn't give me the correct interest rate, and they COULD NOT fix it after assuring me each and every time for a 4mo period that they would fix it. Once they had to call my bank and 3-way call while having me do that stupid tele verification system to verify a bank account that had been verified with them for years (they refused to do a standard transfer). OMG.

I have had issues with CIT bank also, but they are the absolute FASTEST at ACH transfer - reliably 1 day for me, and their limits are super high. And whatever issues I have, after I call in they fix it within a day, even if the 'back office' has to do the fix. I do find it annoying that they create new savings accts with higher interest rates that I have to create new accts for, but I deal with it.
Reply
Last edited by crablover2 April 20, 2023 at 10:07 AM.
Joined Dec 2007
L6: Expert
> bubble2 1,017 Posts
507 Reputation
crablover2
04-20-2023 at 10:15 AM.
04-20-2023 at 10:15 AM.
Quote from Integra92 :
Marcus 10-month CD is 5.05% APY right now.
Synchrony Bank has a 14mo CD for 5.15%. If you open a Synchrony CD, DO NOT fund it immediately. They have a 10 day(I think, can't remember exact) rate guarantee, but only if you haven't funded it yet. I got burned by this. Synchrony has bad early withdrawal penalties. But I also found out that if you close ur newly funded CD with 6 days, that you will only lose the interest accrued for ur 6 days. A kind knowledgeable CSR agent told me this and saved me the 3rd time I was getting burned by rates going up right after I funded.
Reply
Joined Mar 2009
L5: Journeyman
> bubble2 536 Posts
108 Reputation
dormat029
04-20-2023 at 10:19 AM.
04-20-2023 at 10:19 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%

It states "on balances" less than 5k. Balance in banking is the amount in an account. If it said "on amounts" less than 5k then your reading would be accurate. Also, I have this account and can confirm it's 4.75 apY (not apR as you wrote) on the entire balance if you have 5k or more. Apr and Apy are two different things.
Reply
Joined Nov 2015
L2: Beginner
> bubble2 666 Posts
38 Reputation
thi3nd1a
04-20-2023 at 10:23 AM.
04-20-2023 at 10:23 AM.
Quote from crablover2 :
I have both Marcus & CIT, and I keep most of my money away from Marcus and in CIT. I have also had issues with money access at Marcus, and once they didn't give me the correct interest rate, and they COULD NOT fix it after assuring me each and every time for a 4mo period that they would fix it. Once they had to call my bank and 3-way call while having me do that stupid tele verification system to verify a bank account that had been verified with them for years (they refused to do a standard transfer). OMG.

I have had issues with CIT bank also, but they are the absolute FASTEST at ACH transfer - reliably 1 day for me, and their limits are super high. And whatever issues I have, after I call in they fix it within a day, even if the 'back office' has to do the fix. I do find it annoying that they create new savings accts with higher interest rates that I have to create new accts for, but I deal with it.
is there a limit with ACH transfer with CIT? i have Marcus (3.9%), Wealthfront (4.8% with promotion) and these are good for transferring assets.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
04-20-2023 at 10:24 AM.
04-20-2023 at 10:24 AM.
Quote from Integra92 :
Marcus 10-month CD is 5.05% APY right now.

The feds not reducing interest rates for AT LEAST a year. Best case scenario is holding steady but I think more increases are more likely. I'd say putting money in a savings account is the better move. I've been right so far.
Reply
Joined Dec 2013
L6: Expert
> bubble2 1,425 Posts
117 Reputation
dg0129
04-20-2023 at 11:19 AM.
04-20-2023 at 11:19 AM.
Quote from tosaynet :
Is this a hard pull?
Its not even a soft pull. They don't do a credit check to open a savings account. Its not a credit card.
Reply
Joined Jan 2007
L6: Expert
> bubble2 1,900 Posts
158 Reputation
ArmchairQB
04-20-2023 at 12:22 PM.
04-20-2023 at 12:22 PM.
Really have been happy with Sofi so far, but another .75 is a pretty big incentive to leave.
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Joined Jul 2003
Do the Dew
> bubble2 1,180 Posts
487 Reputation
dewski
04-20-2023 at 12:48 PM.
04-20-2023 at 12:48 PM.
Opened my CIT account....took all of 5 minutes. Will be moving funds from Citi and earning almost 1% more. Smilie
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
04-20-2023 at 01:40 PM.
04-20-2023 at 01:40 PM.
Quote from ArmchairQB :
Really have been happy with Sofi so far, but another .75 is a pretty big incentive to leave.
It's worth it. I've had zero issues with CIT bank.
Reply
Joined Oct 2014
L5: Journeyman
> bubble2 605 Posts
138 Reputation
caymera
04-20-2023 at 03:29 PM.
04-20-2023 at 03:29 PM.
Just buy T bills. No State and Local taxes
Reply
Joined Nov 2016
L4: Apprentice
> bubble2 327 Posts
152 Reputation
pineroad
04-20-2023 at 05:00 PM.
04-20-2023 at 05:00 PM.
Quote from thi3nd1a :
is there a limit with ACH transfer with CIT? i have Marcus (3.9%), Wealthfront (4.8% with promotion) and these are good for transferring assets.
2 Millions per transaction/day
Reply
Joined Jul 2008
L5: Journeyman
> bubble2 704 Posts
97 Reputation
pidass15
04-20-2023 at 06:53 PM.
04-20-2023 at 06:53 PM.
Quote from FireDragonMule :
How does this compare to UFB, which offers 4.81% APY or CFG bank which offers 5.15% APY.

I'm curious on this too, about to open a UFB. Guess there are complaints about customer service but I can't remember when I've ever called my bank, guess it's the old people
Reply
Joined May 2019
L2: Beginner
> bubble2 37 Posts
18 Reputation
samk31
04-20-2023 at 07:58 PM.
04-20-2023 at 07:58 PM.
What about savebetter. It has no penalty cd at 4.92.
Reply
Joined Sep 2003
Worlds Most Modest Man
> bubble2 19,131 Posts
3,117 Reputation
beowulf7
04-20-2023 at 08:06 PM.
04-20-2023 at 08:06 PM.
No bonus, no thanks.
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Joined Dec 2006
L6: Expert
> bubble2 1,806 Posts
402 Reputation
supa2001
04-20-2023 at 09:32 PM.
04-20-2023 at 09:32 PM.
They will change product names and change the existing accounts to a very low interest rate. Check constantly if you do decide to go with them.
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