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CIT Bank Platinum Savings: Earn Up to Expired

4.85% APY*
+51 Deal Score
92,564 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
in Personal Finance (6) CIT Bank
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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 Nov 2010
L2: Beginner
> bubble2 40 Posts
14 Reputation
josephc618
05-10-2023 at 09:17 AM.
05-10-2023 at 09:17 AM.
Quote from Saphronz :
If I currently have a Platinum Saving do I get the update 4.85APR rate?

Yes, it's a savings not a CD
Reply
Joined Aug 2010
L4: Apprentice
> bubble2 302 Posts
pizzatown
05-10-2023 at 09:25 AM.
05-10-2023 at 09:25 AM.
What's the withdrawal limit?
Reply
Joined Jul 2017
L2: Beginner
> bubble2 75 Posts
22 Reputation
MichaelS3865
05-10-2023 at 09:33 AM.
05-10-2023 at 09:33 AM.
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?

I think they update the rate as time goes. Mine has gone up... means it can also go down
Reply
Joined Jul 2017
L2: Beginner
> bubble2 75 Posts
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MichaelS3865
05-10-2023 at 09:35 AM.
05-10-2023 at 09:35 AM.
Quote from MichaelS3865 :
I think they update the rate as time goes. Mine has gone up... means it can also go down

Overall, seems like a solid account. Good customer service . Time will tell. I just put an amount of cash I can "invest" with in there to see how they do.
Reply
Joined Jul 2009
L4: Apprentice
> bubble2 448 Posts
38 Reputation
LiBingBing
05-10-2023 at 10:05 AM.
05-10-2023 at 10:05 AM.
Just opened a CIT Platinum Savings. Transferred funds from my CIT Savings Connect account.
Reply
Joined Sep 2015
New User
> bubble2 7 Posts
10 Reputation
mountzxf
05-10-2023 at 10:36 AM.
05-10-2023 at 10:36 AM.
Quote from pizzatown :
What's the withdrawal limit?
The Savings Builder account has a limit of six (6) pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar per statement cycle.
Reply
Joined May 2016
L2: Beginner
> bubble2 78 Posts
40 Reputation
BlueB9
05-10-2023 at 11:32 AM.
05-10-2023 at 11:32 AM.
Quote from ascotnot :
I have yet to see a better deal than the 13 week T-Bill for rates and access. You get the highest available rates, your money under any circumstance is available (and in fact dumped right back into your bank account) in no more than three months, and most if not all available services can be executed on the website, so you won't wipe out your entire ROI with aggravation and wait times involving customer service or managing 1099s from banks all over the country.
you mean 3 days? not 3 months?
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Joined Apr 2008
L7: Teacher
> bubble2 2,475 Posts
500 Reputation
cheapodeal
05-10-2023 at 11:34 AM.
05-10-2023 at 11:34 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
How to check if bank deposit is below $100B or not.
Reply
Joined Sep 2014
Most Based Slickdealer
> bubble2 6,492 Posts
715 Reputation
Pro
MostBased
05-10-2023 at 11:40 AM.
05-10-2023 at 11:40 AM.
Quote from n00n3 :
If we have a debt fiasco, there will be other things you'll be worrying about besides just finances.

Perhaps civil unrest?
1
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Joined Sep 2014
Most Based Slickdealer
> bubble2 6,492 Posts
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MostBased
05-10-2023 at 11:42 AM.
05-10-2023 at 11:42 AM.
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.

Anyone have experience with American Express high yield savings?
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,034 Posts
ascotnot
05-10-2023 at 11:55 AM.
05-10-2023 at 11:55 AM.
Quote from BlueB9 :
you mean 3 days? not 3 months?
I should have been clearer. The 13 week T-Bills mature in three months, so it's not like you have to face any kind of penalty like you would on many of the CDs that banks offer, nor is there any ordeal in getting your money. When you start buying through Treasury Direct, you simply connect your bank account. They pull from that account for any security that you buy, and that's where the proceeds go for anything that matures that you cannot or choose to not re-invest. It's all automatic.
Reply
Joined Oct 2015
L2: Beginner
> bubble2 42 Posts
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a5un
05-10-2023 at 12:18 PM.
05-10-2023 at 12:18 PM.
Don't be worried with the debt ceiling talk. Get your 1 - 3 months T-bill while they're hot. US Gov will cut services first before defaulting on their loans. At worst, your payments will be delayed. Besides, if the gov really defaulted on T-bills, you'll be participating in a historic event Smilie
Reply
Last edited by a5un May 10, 2023 at 12:21 PM.
Joined Nov 2012
L5: Journeyman
> bubble2 1,573 Posts
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rking0122
05-10-2023 at 01:31 PM.
05-10-2023 at 01:31 PM.
Quote from SlickSmiles :
Anyone have experience with American Express high yield savings?
I have one of those for my son. They're also super easy to work with.

I do prefer Ally though for the simple reason that I also have a checking account there. If I needed to access my savings ASAP, I have checks and a debit card and all I would need to do is do an instant transfer between savings to checking. There would be no waiting on an ACH to hit another account...

I've never needed to do that. But its the reason I like Ally over some of the other high-yield options out there that do not have the option to have a checking account.
Reply
Joined Dec 2004
L4: Apprentice
> bubble2 335 Posts
220 Reputation
spacemidget
05-10-2023 at 02:13 PM.
05-10-2023 at 02:13 PM.
Quote from pizzatown :
What's the withdrawal limit?
My account is $250,000 per day and no limit on transactions per month based on page 55 of this document:

https://www.cit.com/resources/CIT...counts.pdf
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Joined Feb 2021
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nyc10036
05-10-2023 at 02:40 PM.
05-10-2023 at 02:40 PM.
Quote from Happinessofpursuit :
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?
No capital gain.

You buy at, as an example, $4957.25; and then get get $5000 when the T-Bill matures. The difference is the interest.
1
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