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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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Score +51
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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 May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
vrcsu
05-11-2023 at 10:10 AM.
05-11-2023 at 10:10 AM.
They rejected me and my wife during application opening process! We both have 800+ credit score! I never got rejected by any bank in the past!

Reply
Joined May 2014
L4: Apprentice
> bubble2 461 Posts
112 Reputation
vrcsu
05-11-2023 at 10:11 AM.
05-11-2023 at 10:11 AM.
Quote from LuisL2784 :
Ive been trying to open an account with them multiple times not sure why it says this


Unfortunately, we are unable to open an account for you at this time
Thank you for your recent application for a CIT Bank account. We regret to inform you that after a thorough review of your application, we have elected to not open a bank account for you at this time. Thank you for considering CIT Bank.
My wife and I got the same message too!

Reply
Joined May 2017
New User
> bubble2 38 Posts
34 Reputation
python5
05-11-2023 at 11:57 AM.
05-11-2023 at 11:57 AM.
Quote from partyman66 :
So when you buy them, you can only buy for future auctions and it's a sort of gamble, because you don't know what the rates will be until the auction happens? Is that correct?

I was just looking at them on TreasuryDirect and it's confusing. I saw a chart of all the recent auction results.
Correct you buy them for future auctions. Its a gamble what rate you get but you can make an educated guess. However, there is a primary and secondary market. Primary is from the auctions and secondary are past t-bills that are sold to investors for either a premium or discount.
Reply
Last edited by python5 May 11, 2023 at 12:42 PM.
Joined Jul 2009
L4: Apprentice
> bubble2 448 Posts
38 Reputation
LiBingBing
05-11-2023 at 12:08 PM.
05-11-2023 at 12:08 PM.
Quote from NoSleep007 :
Can you have both of them open so you can switch back and forth?
yes. transferr funds back & forth at any time instantly
Reply
Joined Apr 2014
L3: Novice
> bubble2 116 Posts
20KM
05-11-2023 at 12:22 PM.
05-11-2023 at 12:22 PM.
Quote from Saphronz :
If I currently have a Platinum Saving do I get the update 4.85APR rate?
Yes. if it goes up, you get the new rate for that month. if it goes down, you get that rate. its not a CD.
Reply
Joined Apr 2014
L3: Novice
> bubble2 116 Posts
20KM
05-11-2023 at 12:26 PM.
05-11-2023 at 12:26 PM.
Quote from LosL2556 :
I don't think CIT has anything to do with Citibank.
CIT bank is part of First Citizens, not CITI bank.
Reply
Joined Jul 2022
L2: Beginner
> bubble2 30 Posts
10 Reputation
Ndgt10
05-11-2023 at 04:12 PM.
05-11-2023 at 04:12 PM.
I have a platinum savings account and my interest rate shows 4.736%. What gives?
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Joined Apr 2009
L4: Apprentice
> bubble2 385 Posts
28 Reputation
boohoo
05-11-2023 at 04:13 PM.
05-11-2023 at 04:13 PM.
is this as easy as marcus when linking accounts?
Reply
Joined Nov 2022
L2: Beginner
> bubble2 25 Posts
14 Reputation
Djbobo404
05-11-2023 at 06:53 PM.
05-11-2023 at 06:53 PM.
Quote from LosL2556 :
I don't think CIT has anything to do with Citibank.

Correct
Reply
Joined Jul 2014
L3: Novice
> bubble2 197 Posts
22 Reputation
DannyDanDan
05-11-2023 at 07:02 PM.
05-11-2023 at 07:02 PM.
Upgrade offering the same rate I think. How does CIT compare? And does anyone know if they let you add beneficiaries/ joint owner?
Reply
Joined Nov 2010
L3: Novice
> bubble2 104 Posts
34 Reputation
adub5
05-11-2023 at 07:38 PM.
05-11-2023 at 07:38 PM.
Quote from Ndgt10 :
I have a platinum savings account and my interest rate shows 4.736%. What gives?
The interest rate and APY are not the same thing.

APY = (1 + interest rate/N)N - 1
Reply
Joined Oct 2006
L8: Grand Teacher
> bubble2 3,460 Posts
535 Reputation
waterfront
05-11-2023 at 07:43 PM.
05-11-2023 at 07:43 PM.
this is the bank that acquired Silicon valley bank ! good luck with your CD, to recover money keep FDIC number handy..
3
Reply
Joined Nov 2016
L2: Beginner
> bubble2 30 Posts
14 Reputation
cameraguy916
05-11-2023 at 08:57 PM.
05-11-2023 at 08:57 PM.
I am getting 5.15% with Marcus by Goldman Sachs - you just need someone to refer you. I referred my wife and my parents, and now they are all getting 5.15% as well.
Reply
Joined Jul 2013
L2: Beginner
> bubble2 44 Posts
14 Reputation
Phycodes
05-11-2023 at 09:48 PM.
05-11-2023 at 09:48 PM.
Do they enforce the 6 transactions per month limit? Customer service rep said this savings account never had a limit but pre-covid Regulation D was in place so I don't trust what they said.

Currently with AmEx and use it as a hub to pay cards so I get interest until pay date without having to transfer to a checking
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Joined Aug 2005
Cyberpunk
> bubble2 6,839 Posts
1,311 Reputation
amax
05-12-2023 at 02:06 AM.
05-12-2023 at 02:06 AM.
Quote from cameraguy916 :
I am getting 5.15% with Marcus by Goldman Sachs - you just need someone to refer you. I referred my wife and my parents, and now they are all getting 5.15% as well.
no you're not - just a brief bonus period
Reply
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