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CIT Bank Platinum Savings: Earn Up to Expired

4.85% APY*
+51 Deal Score
92,814 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

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
Created 05-09-2023 at 09:02 AM by EfficientGame645
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+51
92,814 Views
4.85% APY*

273 Comments

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Featured Comments

I don't think CIT has anything to do with Citibank.
All fdic insured bank has a 250k protection from the federal government.
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 Jun 2004
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> bubble2 643 Posts
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OniEdge
05-09-2023 at 06:32 PM.
05-09-2023 at 06:32 PM.
Convenience is king. Never underestimate it.

But yes, it should.
2
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Joined Dec 2011
L7: Teacher
> bubble2 2,061 Posts
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nevergoodenough
05-09-2023 at 07:12 PM.
05-09-2023 at 07:12 PM.
ufb offered 5.02 apt savings I have that
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Joined Aug 2014
L5: Journeyman
> bubble2 655 Posts
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FreakinDealWithIt
05-09-2023 at 07:14 PM.
05-09-2023 at 07:14 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.
Most shouldn't have to worry about frequent withdrawals. It's a savings, you shouldn't be frequently withdrawing from it.

Right now most CDs don't offer better rates than HYSA. That hasn't been the case in the past but right now, they're pretty much the same rates.

In my case, I have a dozen or so savings accounts. If I really needed money now and didn't have enough in checking, I'd go with one I knew had quick transfers (like SoFi which is usually less than 24 hours and even faster than my Marcus account has been). But for the larger chunk of savings, I'll keep it in the account with the highest interest rate, which is Primis Bank with 5.10% APY right now.
2
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Joined Aug 2009
L3: Novice
> bubble2 124 Posts
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peste19
05-09-2023 at 07:15 PM.
05-09-2023 at 07:15 PM.
Quote from passinos :
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

Do you have to buy this directly from Morgan Stanley?
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Joined Nov 2010
HA
> bubble2 874 Posts
256 Reputation
luniz97
05-09-2023 at 07:23 PM.
05-09-2023 at 07:23 PM.
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%
How do I do this in Schwab or vanguard?
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Joined Jan 2011
L6: Expert
> bubble2 1,224 Posts
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W33Z
05-09-2023 at 07:30 PM.
05-09-2023 at 07:30 PM.
There seems to be confusion about getting this rate if you already have an account. In regular consumer banking, only Certificate of Deposit (CD) lock in an interest rate. Rates are updated (not necessarily changed) weekly and if you have an interest earning account that's not a CD, you will earn the rate at which it is that week. So you do not have to take any action if you find that the Platinum Savings rate is now higher. If they happen to start a new savings account with a different name and a different rate, then you will most likely have to open a new account to get that rate.

tldr: if you have a Platinum Savings account with them already you don't need to do anything to get the new interest rate.
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Last edited by W33Z May 10, 2023 at 04:27 PM.
Joined May 2017
New User
> bubble2 38 Posts
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python5
05-09-2023 at 07:34 PM.
05-09-2023 at 07:34 PM.
Quote from luniz97 :
How do I do this in Schwab or vanguard?
For Schwab

Log in to your Schwab account on the Schwab website.
Click on the "Trade" tab in the top navigation menu.
From the dropdown menu, select "Bonds".
In the new page, click on "Treasury Auctions".
You will be presented with a list of upcoming Treasury auctions. Find the T-bill that you want to buy and click on its symbol or name.
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Joined May 2004
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> bubble2 1,708 Posts
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rkster09
05-09-2023 at 07:51 PM.
05-09-2023 at 07:51 PM.
Quote from passinos :
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
Any link is appreciated.
Reply
Joined Aug 2010
L3: Novice
> bubble2 168 Posts
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trojax
05-09-2023 at 08:19 PM.
05-09-2023 at 08:19 PM.
Same rate with VIO Bank, no minimum.
Reply
Joined Aug 2015
L1: Learner
> bubble2 23 Posts
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dinogerms
05-09-2023 at 08:46 PM.
05-09-2023 at 08:46 PM.
[QUOTE=FreakinDealWithIt;163396019]Primis Bank is 5.15% right now. Seems a much better deal for a HYSA.[/QU

Did they give you 5.15% ? I was just notified last week they went up to 5.10% Wonder if their customer selecting?
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Joined Aug 2015
L1: Learner
> bubble2 23 Posts
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dinogerms
05-09-2023 at 08:47 PM.
05-09-2023 at 08:47 PM.
Reply

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Joined Jan 2007
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> bubble2 934 Posts
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TruongKy
05-09-2023 at 08:50 PM.
05-09-2023 at 08:50 PM.
Quote from Threemonthtresuries :
5.28% tax free 3 month treasuries


what to do after 3 months to keep it going?
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Joined Dec 2009
L4: Apprentice
> bubble2 315 Posts
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anks_2010
05-09-2023 at 09:06 PM.
05-09-2023 at 09:06 PM.
Quote from Threemonthtresuries :
5.28% tax free 3 month treasuries

Can you give me a quick help how do I calculate return on this quote. Let's say I invest 1k
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Joined Jun 2008
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> bubble2 960 Posts
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khoj
05-09-2023 at 09:12 PM.
05-09-2023 at 09:12 PM.
Quote from Strength :
Is there an easy website you recommend to do this?
-dad with new baby with no time, thanks!

Try this: https://youtu.be/rFuiC-UNeMc
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