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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
  • Deal Image
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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*

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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 Jan 2007
L10: Grand Master
> bubble2 28,289 Posts
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cgigate
05-17-2023 at 11:02 AM.
05-17-2023 at 11:02 AM.
Quote from robertw477 :
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.
OK, you have wisdom to spend more money than you made...that is the term in textbook called bankruptcy!
2
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Joined Nov 2010
L4: Apprentice
> bubble2 492 Posts
123 Reputation
grayguru
05-17-2023 at 11:09 AM.
05-17-2023 at 11:09 AM.
Quote from dinogerms :
Newtek bank is at 5% flat

https://www.newtekbank.com/person...d-savings/
That's great. But when you try to open an account, they tell you they have a waiting list and take your name & email.
Reply
Joined Nov 2016
New User
> bubble2 17 Posts
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eohappy
05-18-2023 at 05:08 AM.
05-18-2023 at 05:08 AM.
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.
the best is Virtual Bank in this regard really. Have them for years, never more than 1-2 business days ACH regardless of the amount
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Joined Jul 2007
L4: Apprentice
> bubble2 346 Posts
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preppyr6
05-18-2023 at 06:43 AM.
05-18-2023 at 06:43 AM.
Quote from cgigate :
OK, you have wisdom to spend more money than you made...that is the term in textbook called bankruptcy!

My dude, that is literally not the definition of "bankruptcy"
1
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Joined Mar 2011
L2: Beginner
> bubble2 78 Posts
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tarunvarun
05-18-2023 at 10:43 AM.
05-18-2023 at 10:43 AM.
Upgrade has 4.81% APY with $1000 minimum balance, $250k FDIC insured. There is even referral bonus. I'm not sure why down votes though. 🤷🏻 ♂️

https://slickdeals.net/share/iphone_app/t/16658213
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Joined Jun 2010
L5: Journeyman
> bubble2 549 Posts
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ramblers
05-18-2023 at 12:52 PM.
05-18-2023 at 12:52 PM.
Quote from shaolinwookie :
im with ufb direct now, wish this was the rate before or i wouldve rather be with cit
Ditto. Pretty sad that UFB compounds interest monthly. Even my First Foundation account is daily.
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Joined Jun 2010
L5: Journeyman
> bubble2 549 Posts
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ramblers
05-18-2023 at 01:12 PM.
05-18-2023 at 01:12 PM.
Quote from surfandpop :
Marcus gives 5.15%
Is there any way to get around that Marcus referral requirement? It's not getting very good reviews.
https://www.depositaccounts.com/b...sachs.html
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Joined Nov 2014
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> bubble2 70 Posts
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manojvaz
05-18-2023 at 01:34 PM.
05-18-2023 at 01:34 PM.
CIT Bank products are only open to US Citizens and Permanent Residents
Reply
Joined Sep 2011
L5: Journeyman
> bubble2 1,293 Posts
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JoeJoeBlow90
05-18-2023 at 01:44 PM.
05-18-2023 at 01:44 PM.
Quote from Xerxi :
All fdic insured bank has a 250k protection from the federal government.

While you're correct, there are cases now where they're bailing out deposits over 250k as well. How long before the FDIC money dries up?

It could be the case that the government decides to just print all the money to cover everyone, but the risk is still there.
Reply
Joined Feb 2015
L2: Beginner
> bubble2 95 Posts
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cheaptwo
05-18-2023 at 03:47 PM.
05-18-2023 at 03:47 PM.
Many money market mutual funds pays more than 5%. Such as VMFXX
Reply
Joined Dec 2011
L6: Expert
> bubble2 1,054 Posts
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shaolinwookie
05-18-2023 at 03:54 PM.
05-18-2023 at 03:54 PM.
Quote from ramblers :
Ditto. Pretty sad that UFB compounds interest monthly. Even my First Foundation account is daily.
does CIT compound daily? because that alone might be worth switching. i was waiting for all my monies to clear for ufb before transferring to fidelity to buy some tbills
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Joined Nov 2008
President
> bubble2 317 Posts
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c627627
05-18-2023 at 04:01 PM.
05-18-2023 at 04:01 PM.
Just to be clear, Money Market Mutual Funds are not FDIC insured.


What is the best actual link to see the latest and recent changing rates on 4 week / 8 week / 3 month Treasury Bills?


I opted for a 3 month Treasury Bill at 5.25% today purchased through a brokerage with a new account bonus (if you keep funds with them for 90 days kind of an offer.) So when you add the new account bonus, it will be [substantially] higher than 5.25% in 90 days.

People say get a 4 week T-Bill - then another 4 week next month - then another 4 week after that - but my thinking was to lock in today's high rate for three months because my thinking is that the rates may actually go down in 4 weeks after [it will be when, not if] a default is avoided soon. Based on the thought that considering the consequences, a US default is unrealistic.
Reply
Last edited by c627627 May 18, 2023 at 04:23 PM.
Joined Jan 2016
L3: Novice
> bubble2 100 Posts
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shipd
05-18-2023 at 07:57 PM.
05-18-2023 at 07:57 PM.
Just saw local bank (Bank OZK) have 13 months CD for 5.20% APY.
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Joined Nov 2020
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> bubble2 2 Posts
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LivelySuit8131
05-19-2023 at 12:07 AM.
05-19-2023 at 12:07 AM.
Quote from shaolinwookie :
does CIT compound daily? because that alone might be worth switching. i was waiting for all my monies to clear for ufb before transferring to fidelity to buy some tbills

Daily compounding
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Joined Aug 2016
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> bubble2 5,525 Posts
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duckeggs
05-19-2023 at 02:20 AM.
05-19-2023 at 02:20 AM.
Quote from CoolCheetah820 :
Not with CIT. ACH speeds (outgoing) are overnight. CIT is top notch (same experience as chase). Others like capital one 360 & synchrony do not compare.

Same. I saw a ton of people say transfers are slow from cit to another bank so I decided to test it out myself and the transfer was literally in my other bank overnight lmao. People are either dumb or clowns 🤣🤣🤣
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