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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

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
92,564 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 Sep 2018
L3: Novice
> bubble2 245 Posts
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surfandpop
05-13-2023 at 08:25 AM.
05-13-2023 at 08:25 AM.
Marcus gives 5.15%
Reply
Joined Oct 2010
L5: Journeyman
> bubble2 831 Posts
835 Reputation
thefirm
05-13-2023 at 08:26 AM.
05-13-2023 at 08:26 AM.
Quote from billyloon :
CFG Bank has 4.9% right now with no minimum balance. They have been the highest that I have seen for quite a while.
thanks. never heard of them but will give them a try.
Reply
Joined Feb 2021
L6: Expert
> bubble2 1,758 Posts
300 Reputation
nyc10036
05-13-2023 at 08:53 AM.
05-13-2023 at 08:53 AM.
Quote from thefirm :
We have been with them for years and they have paid us to put accounts there. Currently we are getting 3.85% interest in the bank account for unused funds. i don't know what Fidelity gets?
I got a bonus with them too. I transferred by money from HYSA and bought T-Bills.

But knowing what I know know, I am not staying with them.

Reply
Joined Feb 2021
L6: Expert
> bubble2 1,758 Posts
300 Reputation
nyc10036
05-13-2023 at 08:54 AM.
05-13-2023 at 08:54 AM.
Quote from surfandpop :
Marcus gives 5.15%
5.15%?

It's 4.15% for me.​
Reply
Joined Oct 2010
L6: Expert
> bubble2 1,693 Posts
672 Reputation
jackc6900
05-13-2023 at 02:42 PM.
05-13-2023 at 02:42 PM.
Just bought a 3 month T-bill with an intrinsic rate of 5.3%. Plus being in CA and having no state and local tax is huge.
Reply
Joined Jan 2008
L5: Journeyman
> bubble2 726 Posts
115 Reputation
Diz
05-13-2023 at 02:52 PM.
05-13-2023 at 02:52 PM.
Quote from billyloon :
CFG Bank has 4.9% right now with no minimum balance. They have been the highest that I have seen for quite a while.
They actually bumped again to 4.95% APR = 5.07% APY this week.
https://www.cfg.bank/personal-ban...osit-rates

I have nothing but good things to say about my relationship with them thus far (money market savings + 2 12-month non-callable CDs).
Reply
Joined May 2015
L7: Teacher
> bubble2 2,386 Posts
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justye
05-13-2023 at 05:26 PM.
05-13-2023 at 05:26 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%
What do you do when the 4 weeks are up?
Reply

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Joined May 2017
New User
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python5
05-13-2023 at 05:49 PM.
05-13-2023 at 05:49 PM.
Quote from justye :
What do you do when the 4 weeks are up?
I buy them on a Wednesday on TD and Schwab through auction so i can ladder the 4 weeks.
Reply
Last edited by python5 May 13, 2023 at 06:00 PM.
Joined May 2015
L7: Teacher
> bubble2 2,386 Posts
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justye
05-13-2023 at 06:07 PM.
05-13-2023 at 06:07 PM.
Quote from python5 :
I buy them on a Wednesday on TD and Schwab through auction so i can ladder the 4 weeks.
What is the advantage of doing that over locking in a specific rate with a CD for x number of months (like 9-12 months)?
Reply
Joined May 2017
New User
> bubble2 38 Posts
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python5
05-13-2023 at 06:12 PM.
05-13-2023 at 06:12 PM.
Quote from justye :
What is the advantage of doing that over locking in a specific rate with a CD for x number of months (like 9-12 months)?
There are a few advantages to buying 4-week T-bills at auction over buying a CD for 9 or more months:

Liquidity: T-bills are very liquid investments, which means that they can be easily bought and sold on the open market. This is because they are backed by the US government, which is considered to be one of the safest borrowers in the world. In contrast, CDs typically have a fixed term, and if you need to access your money before the CD matures, you may have to pay a penalty.

Flexibility: T-bills are typically issued in small denominations, which means that you can invest as much or as little as you want. In contrast, CDs often have minimum investment amounts, which may be higher than what you want to invest.

Yield: T-bills typically offer a higher yield than CDs.

Taxation: T-bills are exempt from state and local income taxes, which can make them more attractive to investors in high-tax states. CDs, on the other hand, are subject to state and local income taxes.
Reply
Last edited by python5 May 13, 2023 at 06:28 PM.
Joined Nov 2008
L5: Pokeman
> bubble2 8,946 Posts
676 Reputation
Lanmanna
05-13-2023 at 11:00 PM.
05-13-2023 at 11:00 PM.
Quote from dragon17 :
High short term rates because of looming debt ceiling fiasco. Buyer beware.
Beware of what exactly?
Reply
Joined Nov 2008
L5: Pokeman
> bubble2 8,946 Posts
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Lanmanna
05-13-2023 at 11:01 PM.
05-13-2023 at 11:01 PM.
Quote from Wavy-Nife :
Average price at best
Average price? You mean interest rate? Lmao
Reply
Joined Nov 2008
L5: Pokeman
> bubble2 8,946 Posts
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Lanmanna
05-13-2023 at 11:03 PM.
05-13-2023 at 11:03 PM.
Quote from SplendidStar8372 :
Enough with these CD posts. Treasury Bills are a better investment. None of these CD rates are a "slick deal"
This is a savings account
Reply
Joined Apr 2021
L4: Apprentice
> bubble2 383 Posts
185 Reputation
t99
05-14-2023 at 12:14 AM.
05-14-2023 at 12:14 AM.
Quote from python5 :
There are a few advantages to buying 4-week T-bills at auction over buying a CD for 9 or more months:

Liquidity: T-bills are very liquid investments, which means that they can be easily bought and sold on the open market. This is because they are backed by the US government, which is considered to be one of the safest borrowers in the world. In contrast, CDs typically have a fixed term, and if you need to access your money before the CD matures, you may have to pay a penalty.

Flexibility: T-bills are typically issued in small denominations, which means that you can invest as much or as little as you want. In contrast, CDs often have minimum investment amounts, which may be higher than what you want to invest.

Yield: T-bills typically offer a higher yield than CDs.

Taxation: T-bills are exempt from state and local income taxes, which can make them more attractive to investors in high-tax states. CDs, on the other hand, are subject to state and local income taxes.
What happens to treasury bills if they don't raise the debt limit?
Reply

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Joined Jul 2019
L8: Grand Teacher
> bubble2 3,936 Posts
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Gb1908
05-14-2023 at 12:34 AM.
05-14-2023 at 12:34 AM.
Hope my bank bumps the hys rate soon or may have to switch banks
Reply
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