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CIT Bank Platinum Savings: Earn Up to Expired
4.85% APY*
CIT Bank our partner, offers the following benefits with their Platinum Savings account.
Thanks Staff Member EfficientGame645 for sharing this deal
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
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
Created 05-09-2023
at 09:02 AM
by EfficientGame645
in
Personal Finance
(6)
CIT Bank
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LOL. You will go on a soup line to get food. The feds will run off with your money. You will have to go to Washington to demand it in person.
New account, all posts for CIT
Would you know why I get denied for trying to open this savings account with them?
Tried twice in 2 months. Called their customer service.
They told me CIT looks at some inquiry with another service. I called that service, got a report and there is nothing negative at all.
I have great credit score. Only thing on my credit report is that I opened 3 credit cards in 3 months. Outside of that, I have no debt, no missed payments, no new credit card in 5 years before these last 3 months.
New account, all posts for CIT
Would you know why I get denied for trying to open this savings account with them?
Tried twice in 2 months. Called their customer service.
They told me CIT looks at some inquiry with another service. I called that service, got a report and there is nothing negative at all.
I have great credit score. Only thing on my credit report is that I opened 3 credit cards in 3 months. Outside of that, I have no debt, no missed payments, no new credit card in 5 years before these last 3 months.
Dumb question but do you have a credit freeze or block on record. This will kick out your application with no reason given.
Question: How easy it is to withdraw all money at the end to my primary bank - BOA (they have branches near me so that's why I prefer them), I foreseen in the next 6-12 month, all saving account rate will go back to 0% once the FED cut rate.
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
Morgan Stanley Bk N A Primary
Callable 05/24@100 - Multi-Step Coupon
Yld Mat: 05/19/2027@ 100 5.176%
That's how I got the CC's.
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That's how I got the CC's.
I ask because I have a credit freeze and have been able to get some lines of credit but banks deny me when trying to open them online.
Question: How easy it is to withdraw all money at the end to my primary bank - BOA (they have branches near me so that's why I prefer them), I foreseen in the next 6-12 month, all saving account rate will go back to 0% once the FED cut rate.
I don't think the fed will be cutting rates in the next 12 months, I think if they don't raise them further, they will hold as long as possible. Doing quantitative easing now would undo any progress they've made on combating inflation. They're trying to shrink the money supply and hurt the housing market which saw way too much equity growth due to the pandemic
The way I see it, since CIT is FDIC insured to 250k, there is minimal risk in banking with them, but the payout is worth it. If you're holding more than 250k cash, that's where you're at risk, and you can always spread your assets out across multiple banks if you do happen to have more than that.
For Ally,
1) Generally good and fast,
2) The money market accounts offer slightly better rate (4.00%) than savings account (3.75%) for now.
3) Ally does not seem to have limit on how many external accounts that can be linked so it is flexible.
4) Ally refunds the excessive transaction fees if more than 6 withdrawals per billing cycle, due to covid-19.
5) Ally offers no-penalty 11-month CD at the rate of 4.25%.(was 4.75% a while ago)
6) Ally serves very well for my general savings account, bridging to all other bank accounts.
For CIT,
1) Interest rate is better (4.85%) than Ally, but the hold-time of deposits is quite long (about a week).
2) CIT does not seem to have limit on how many external accounts that can be linked too, but the long hold-time makes it less relevant.
3) CIT also offers no-penalty 11-month CD at 4.90%.
4) Due to the slow fund availability, CIT is for my reserved savings account.
5) CIT got acquired by First Citizen Bank which recently acquired SVB per FDIC. So First Citizen should be a safe bank endorsed by FDIC's standard.
* For ACH dollar limits, I usually pull money by initiating ACH from the destination bank but not so for CIT.
For TreasuryDirect,
1) The web UI is quite primitive but works well.
2) T-bills is state tax free so it works well for high-tax states like CA.
3) TreasuryDirect allows pre-scheduling and auto-rolling via Zero-Percent C of I, so it is easy to build a T-bill ladder without repeated in & out transactions via savings accounts.
4) I have established 17-week ladder.
5) The debt ceiling does post a risk but it should get resolved before the true damage really drops. Oh well, hopefully.
The other CIT account is 4.60% on any balance.
Thankfully, UFB direct is still paying 5.02% on my existing account. I guess new accounts only get 4.81%.
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.
Do you have any other gems of wisdom. Nothing is bankrupted. Not the treasuires or the bank. You will have to wait for the next debt ceiling debate when that comes up. These are things you cant understand.
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For Ally,
1) Generally good and fast,
2) The money market accounts offer slightly better rate (4.00%) than savings account (3.75%) for now.
3) Ally does not seem to have limit on how many external accounts that can be linked so it is flexible.
4) Ally refunds the excessive transaction fees if more than 6 withdrawals per billing cycle, due to covid-19.
5) Ally offers no-penalty 11-month CD at the rate of 4.25%.(was 4.75% a while ago)
6) Ally serves very well for my general savings account, bridging to all other bank accounts.
For CIT,
1) Interest rate is better (4.85%) than Ally, but the hold-time of deposits is quite long (about a week).
2) CIT does not seem to have limit on how many external accounts that can be linked too, but the long hold-time makes it less relevant.
3) CIT also offers no-penalty 11-month CD at 4.90%.
4) Due to the slow fund availability, CIT is for my reserved savings account.
5) CIT got acquired by First Citizen Bank which recently acquired SVB per FDIC. So First Citizen should be a safe bank endorsed by FDIC's standard.
* For ACH dollar limits, I usually pull money by initiating ACH from the destination bank but not so for CIT.
For TreasuryDirect,
1) The web UI is quite primitive but works well.
2) T-bills is state tax free so it works well for high-tax states like CA.
3) TreasuryDirect allows pre-scheduling and auto-rolling via Zero-Percent C of I, so it is easy to build a T-bill ladder without repeated in & out transactions via savings accounts.
4) I have established 17-week ladder.
5) The debt ceiling does post a risk but it should get resolved before the true damage really drops. Oh well, hopefully.