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CIT Bank Platinum Savings: Earn Up to Expired

4.85% APY*
+51 Deal Score
92,236 Views
CIT Bank our partner, offers the following benefits with their Platinum Savings account.

Thanks Staff Member EfficientGame645 for sharing this deal
  • Must have a minimum daily balance of $5000 to earn 4.85% 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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Original Post

Written by
Edited June 16, 2023 at 09:39 AM by
CIT Bank our partner, offers the following benefits with their Platinum Savings account.
  • Must have a minimum daily balance of $5000 to earn 4.85% 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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Created 05-09-2023 at 09:02 AM by EfficientGame645 | Staff
in Personal Finance (6) CIT Bank
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Score +51
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4.85% APY*

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Featured Comments

I don't think CIT has anything to do with Citibank.
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All fdic insured bank has a 250k protection from the federal government.
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You can do this with treasurydirect.gov or a brokerage site like schwab, fidelity, or vanguard etc. They are federally taxed but not state. The latest 4 week t-bill was almost 6%
·

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Joined Sep 2005
L6: Expert
> bubble2 1,045 Posts
152 Reputation
Strength
05-09-2023 at 10:17 AM.
05-09-2023 at 10:17 AM.
Quote from Threemonthtresuries :
5.28% tax free 3 month treasuries
Is there an easy website you recommend to do this?
-dad with new baby with no time, thanks!
3
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Joined May 2017
New User
> bubble2 38 Posts
34 Reputation
python5
05-09-2023 at 10:43 AM.
05-09-2023 at 10:43 AM.
Quote from Strength :
Is there an easy website you recommend to do this?
-dad with new baby with no time, thanks!
You can do this with treasurydirect.gov or a brokerage site like schwab, fidelity, or vanguard etc. They are federally taxed but not state. The latest 4 week t-bill was almost 6%
1
Reply
Joined Jun 2014
L2: Beginner
> bubble2 89 Posts
26 Reputation
dragon17
05-09-2023 at 10:48 AM.
05-09-2023 at 10:48 AM.
Quote from python5 :
You can do this with treasurydirect.gov or a brokerage site like schwab, fidelity, or vanguard etc. They are federally taxed but not state. The latest 4 week t-bill was almost 6%

High short term rates because of looming debt ceiling fiasco. Buyer beware.
1
8
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Joined Oct 2019
L3: Novice
> bubble2 174 Posts
22 Reputation
Saphronz
05-09-2023 at 10:53 AM.
05-09-2023 at 10:53 AM.
If I currently have a Platinum Saving do I get the update 4.85APR rate?
1
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Joined Aug 2006
L2: Beginner
> bubble2 45 Posts
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seatopen
05-09-2023 at 10:54 AM.
05-09-2023 at 10:54 AM.
[QUOTE=dragon17;163390331]High short term rates because of looming debt ceiling fiasco. Buyer beware.

What happens if the government don't raise the debt ceiling? Will buying t-bills lost the interest or would you lose your capital? If capital is lost, is it temporary or lost forever?
2
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Joined Aug 2015
TwinDad
> bubble2 108 Posts
25 Reputation
Happinessofpursuit
05-09-2023 at 11:02 AM.
05-09-2023 at 11:02 AM.
Quote from python5 :
You can do this with treasurydirect.gov or a brokerage site like schwab, fidelity, or vanguard etc. They are federally taxed but not state. The latest 4 week t-bill was almost 6%
i was just researching this. if one was to buy t-bill through fidelity, e.g. buying a zero coupon bond at a discount, would i incur capital gain (fed & state taxable)? or is this still state and local tax free?
2
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Joined May 2017
New User
> bubble2 38 Posts
34 Reputation
python5
05-09-2023 at 11:08 AM.
05-09-2023 at 11:08 AM.
[quote="seatopen;163390460"]
Quote from dragon17 :
High short term rates because of looming debt ceiling fiasco. Buyer beware.

What happens if the government don't raise the debt ceiling? Will buying t-bills lost the interest or would you lose your capital? If capital is lost, is it temporary or lost forever?
Previous outcomes dont mean this will be this outcome. During last debt ceiling there was specific legislation t-bills would be repaid.
1
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HIDDENCl4wHammer05-09-2023 at 11:09 AM.
Joined Dec 2007
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> bubble2 44 Posts
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Xerxi
05-09-2023 at 11:37 AM.

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

05-09-2023 at 11:37 AM.
Quote from Cl4wHammer :
Id be careful with ANY bank below $100 Billion in deposits. Anything below that doesnt require stress Tests mandated by the Fed. Do with that info what you wish

All fdic insured bank has a 250k protection from the federal government.
1
1
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Joined Dec 2011
L6: Expert
> bubble2 1,014 Posts
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shaolinwookie
05-09-2023 at 12:47 PM.
05-09-2023 at 12:47 PM.
im with ufb direct now, wish this was the rate before or i wouldve rather be with cit
Reply
Joined Feb 2018
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> bubble2 1,031 Posts
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n00n3
05-09-2023 at 01:34 PM.
05-09-2023 at 01:34 PM.
Quote from dragon17 :
High short term rates because of looming debt ceiling fiasco. Buyer beware.

If we have a debt fiasco, there will be other things you'll be worrying about besides just finances.
3
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Joined Aug 2005
Cyberpunk
> bubble2 6,771 Posts
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amax
05-09-2023 at 01:40 PM.
05-09-2023 at 01:40 PM.
Quote from Threemonthtresuries :
5.28% tax free 3 month treasuries
Dumb oversimplification. Still subject to the significantly more impactful Federal taxes.
2
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Joined Sep 2011
There Is Always Hope
> bubble2 13,712 Posts
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Eragorn | Staff
05-09-2023 at 02:06 PM.
05-09-2023 at 02:06 PM.
I currently have some money in a CIT Platinum Savings account with an "Interest Rate:
4.641%" that was via the last deal... do I need to set up a new account and then transfer the money from that account to this one for the extra 0.20% savings then?
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