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CIT Bank Platinum Savings: Earn Up to Expired

4.85% APY*
+51 Deal Score
93,156 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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Edited June 16, 2023 at 09:39 AM by
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Created 05-09-2023 at 09:02 AM by EfficientGame645
in Personal Finance (6) CIT Bank
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Deal
Score +51
93,156 Views
4.85% APY*

273 Comments

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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 Dec 2010
L3: Novice
> bubble2 257 Posts
101 Reputation
olegk
05-09-2023 at 02:37 PM.
05-09-2023 at 02:37 PM.
If you're cool with CDs, BreadFinancial has 5.2% APY 1-year CDs.

https://savings.breadfinancial.co...ign=2022Q2
2
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Joined Nov 2016
L4: Apprentice
> bubble2 327 Posts
152 Reputation
pineroad
05-09-2023 at 03:12 PM.
05-09-2023 at 03:12 PM.
Quote from Eragorn :
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?
You shouldn't have to do anything if they are the same "Platinum Savings" account.

Check the details page of the account. It shows the APY rate.
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Joined Aug 2014
L5: Journeyman
> bubble2 657 Posts
54 Reputation
FreakinDealWithIt
05-09-2023 at 03:56 PM.
05-09-2023 at 03:56 PM.
Primis Bank is 5.15% right now. Seems a much better deal for a HYSA.
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HIDDENpartyman6605-09-2023 at 04:40 PM.
Joined Aug 2014
L5: Journeyman
> bubble2 657 Posts
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FreakinDealWithIt
05-09-2023 at 04:44 PM.
05-09-2023 at 04:44 PM.
Quote from partyman66 :
Tons of bad reviews on them though from what I saw after doing some digging. CITBank is at least a part of CITIBank, so they are more likely to be reputable.
Meh, have had them several months and haven't had any issues. They've been around for a couple decades. It's an online savings account, there's not much to expect from it. Throw money in it and forget about it.
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Joined Apr 2008
L3: Novice
> bubble2 205 Posts
153 Reputation
akabeware
05-09-2023 at 04:47 PM.
05-09-2023 at 04:47 PM.
Quote from Saphronz :
If I currently have a Platinum Saving do I get the update 4.85APR rate?
I called customer service earlier, and they said I don't have to do anything - my APY will fluctuate depending on the current Platinum savings rate.
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Joined Aug 2015
L4: Apprentice
> bubble2 463 Posts
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dealstern
05-09-2023 at 04:50 PM.
05-09-2023 at 04:50 PM.
Quote from n00n3 :
If we have a debt fiasco, there will be other things you'll be worrying about besides just finances.

Cannot agree more with you
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Joined Jan 2014
L6: Expert
> bubble2 1,576 Posts
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partyman66
05-09-2023 at 04:50 PM.
05-09-2023 at 04:50 PM.
Quote from FreakinDealWithIt :
Meh, have had them several months and haven't had any issues. They've been around for a couple decades. It's an online savings account, there's not much to expect from it. Throw money in it and forget about it.
Daily and monthly withdrawal limits can be a real problem as well as slow ACH times. The whole point of a savings account is to have it be liquid... otherwise just do CDs. If it takes a year or more to withdraw all your money and they take a week or more for each individual withdrawal to actually process and show up on the other end, that's just time that the bank is sitting on your money making free interest and you not being able to use your money.

There is a massive degree of variability with this one area. I've found Marcus to be amongst the best as far as response times and instantly giving you interest on deposits, but their rates aren't anywhere near as high as some of these other ones.

I've heard good things about ALLY, although i haven't personally tried it. I'm on the fence about CFG, and I won't use UFB.
Reply
Joined Nov 2012
L5: Journeyman
> bubble2 1,574 Posts
542 Reputation
rking0122
05-09-2023 at 04:57 PM.
05-09-2023 at 04:57 PM.
Quote from partyman66 :
Daily and monthly withdrawal limits can be a real problem as well as slow ACH times. The whole point of a savings account is to have it be liquid... otherwise just do CDs. If it takes a year or more to withdraw all your money and they take a week or more for each individual withdrawal to actually process and show up on the other end, that's just time that the bank is sitting on your money making free interest and you not being able to use your money.

There is a massive degree of variability with this one area. I've found Marcus to be amongst the best as far as response times and instantly giving you interest on deposits, but their rates aren't anywhere near as high as some of these other ones.

I've heard good things about ALLY, although i haven't personally tried it. I'm on the fence about CFG, and I won't use UFB.
I have used Ally for years. They are very very easy to deal with. Rate isn't as high...but they're great to work with.
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Joined Apr 2013
L2: Beginner
> bubble2 57 Posts
10 Reputation
LosL2556
05-09-2023 at 05:43 PM.
05-09-2023 at 05:43 PM.
Quote from partyman66 :
Tons of bad reviews on them though from what I saw after doing some digging. CITBank is at least a part of CITIBank, so they are more likely to be reputable.
I don't think CIT has anything to do with Citibank.
1
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Joined Aug 2009
L3: Novice
> bubble2 128 Posts
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peste19
05-09-2023 at 05:49 PM.
05-09-2023 at 05:49 PM.
Quote from partyman66 :
Tons of bad reviews on them though from what I saw after doing some digging. CITBank is at least a part of CITIBank, so they are more likely to be reputable.

They are part of first citizens bank and not Citibank, they probably choose a name that was similar to give that idea to people
Reply
Joined Nov 2010
L5: Journeyman
> bubble2 635 Posts
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passinos
05-09-2023 at 06:01 PM.
05-09-2023 at 06:01 PM.
Great comments all.
I am looking to lock in rates now for a couple of years. few months doesnt do much good for me.
Got a Morgan Stanley 4 year CD,
5% year 1 and 2
5.25% year 3
5.5% year 4
$100k min

AVG= 5.1875% over 4 years
2
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Joined Jun 2004
L5: Journeyman
> bubble2 643 Posts
116 Reputation
OniEdge
05-09-2023 at 06:02 PM.
05-09-2023 at 06:02 PM.
Quote from rking0122 :
I have used Ally for years. They are very very easy to deal with. Rate isn't as high...but they're great to work with.
I'm very sure they put that extra "work" into their app. Quite slick and very user-friendly. Lots of information and very easy to use.

CIT? Not so much. App is very basic and doesn't tell you much information at all. Definitely wish the app was a lot better.

Guess it's really just a matter of "do you want a better mobile app or a better rate"?
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
05-09-2023 at 06:21 PM.
05-09-2023 at 06:21 PM.
Yet another example why you shouldn't be locking your money into CDs right now.
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Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
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CoronaKid
05-09-2023 at 06:24 PM.
05-09-2023 at 06:24 PM.
Quote from OniEdge :
I'm very sure they put that extra "work" into their app. Quite slick and very user-friendly. Lots of information and very easy to use.

CIT? Not so much. App is very basic and doesn't tell you much information at all. Definitely wish the app was a lot better.

Guess it's really just a matter of "do you want a better mobile app or a better rate"?

Better rate should win every time.
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