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CIT Bank Platinum Savings: Earn Up to Expired

4.85% APY*
+51 Deal Score
92,795 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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Score +51
92,795 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 Nov 2008
President
> bubble2 317 Posts
62 Reputation
c627627
05-19-2023 at 03:47 PM.
05-19-2023 at 03:47 PM.
Quote from shaolinwookie :
some people do whats called a T-bill ladder, its the same as a CD ladder if youve heard of that
So the premise here is getting a brand new account with an enormous bonus if you keep your money in for 90 days.
For example, Chase has hundreds of dollars in bonuses for lower balances and even a thousand dollar bonus on large balances.

So the money is staying parked for 90 days no matter what. So under those conditions, the choice is to get a 4 week Treasury Bill - then another one in 4 weeks, or to lock in a 3 month rate with a 3 month Treasury Bill.

I opted to go with a 3 month lock of 5.25% yesterday.

When the politicians reach a deal soon (yes it's when, not if), will the rates go down or up? I think down, so I avoided the 4 week T-Bill thinking in 30 and 60 days, rates will be lower. Time will tell if 5.25% lock yesterday was smart.
I think T-Bill rates ticked up a bit today still, so it's a good time for a virtually risk free cash park.
Reply
Joined Dec 2017
L7: Teacher
> bubble2 2,686 Posts
515 Reputation
PoorFatKid
05-20-2023 at 07:09 AM.
05-20-2023 at 07:09 AM.
I applied for an account a few weeks ago. I received an email stating they needed some more information and they would call or email in 3-5 business days. Never heard from them. I called and they were nice, apologized and again said someone would reach out to me. Never heard from them, again.


EDIT- received an account approved email today.
Reply
Last edited by PoorFatKid May 22, 2023 at 04:40 PM.
Joined Dec 2017
L7: Teacher
> bubble2 2,686 Posts
515 Reputation
PoorFatKid
05-20-2023 at 07:11 AM.
05-20-2023 at 07:11 AM.
Quote from BobTN :
BankRate review of CIT Bank. https://www.bankrate.com/banking/.../cit-bank/ [bankrate.com]
dead link
Reply
Joined Dec 2016
L3: Novice
> bubble2 233 Posts
153 Reputation
muhd.naveed2
05-21-2023 at 11:27 AM.
05-21-2023 at 11:27 AM.
Quote from PoorFatKid :
I applied for an account a few weeks ago. I received an email stating they needed some more information and they would call or email in 3-5 business days. Never heard from them. I called and they were nice, apologized and again said someone would reach out to me. Never heard from them, again.
I just applied for an account today and got the same email.
1
Reply
Joined Dec 2004
L4: Apprentice
> bubble2 387 Posts
37 Reputation
Codeblue
05-21-2023 at 03:10 PM.
05-21-2023 at 03:10 PM.
Has anyone applied for an account and been accepted in the past couple weeks? I don't want to send them all my info for no reason. Seems shady af.
Reply
Joined Nov 2007
L5: Journeyman
> bubble2 827 Posts
206 Reputation
Xcellerator
05-21-2023 at 03:17 PM.
05-21-2023 at 03:17 PM.
Quote from Codeblue :
Has anyone applied for an account and been accepted in the past couple weeks? I don't want to send them all my info for no reason. Seems shady af.
Just signed up today and got approved right away.
Reply
Joined Jan 2018
L3: Novice
> bubble2 139 Posts
22 Reputation
BobTN
05-23-2023 at 12:15 PM.
05-23-2023 at 12:15 PM.
Quote from PoorFatKid :
dead link
Link works for me using Chrome. https://www.bankrate.com/banking/.../cit-bank/
Reply

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Joined Sep 2012
Convexity
> bubble2 315 Posts
BondTrader
05-24-2023 at 06:13 AM.
05-24-2023 at 06:13 AM.
Quote from cgigate :
T-bill sucks
You're a fool.
Reply
Joined Sep 2012
Convexity
> bubble2 315 Posts
BondTrader
05-24-2023 at 06:16 AM.
05-24-2023 at 06:16 AM.
Quote from robrob777 :
Vanguard settlement fund(liquid money) is over 5%
You're paying high fees on that, and secondary t-bills are more liquid than Vanguards Fund.
Reply
Joined Mar 2005
L5: Journeyman
> bubble2 709 Posts
256 Reputation
scarletwahoo
05-24-2023 at 05:26 PM.
05-24-2023 at 05:26 PM.
Quote from cgigate :
T-bill sucks
Why? They are risk-free, liquid, have high interest rates, and can be bought and sold easily with a broker.
Reply
Joined Mar 2010
L2: Beginner
> bubble2 52 Posts
14 Reputation
carquote
05-24-2023 at 07:11 PM.
05-24-2023 at 07:11 PM.
Quote from Codeblue :
Has anyone applied for an account and been accepted in the past couple weeks? I don't want to send them all my info for no reason. Seems shady af.

Applied today and was approved within minutes.
Reply
Joined Jan 2010
L1: Learner
> bubble2 18 Posts
10 Reputation
superdon
05-27-2023 at 11:47 AM.
05-27-2023 at 11:47 AM.
There are lots of complaints on BBB about account getting locked and hard time withdrawing funds. That is huge concern.
Reply
Joined Nov 2008
President
> bubble2 317 Posts
62 Reputation
c627627
05-27-2023 at 01:16 PM.
05-27-2023 at 01:16 PM.
Meanwhile, 4 week Treasury Bill was at 6.02% yesterday.
Reply
Joined Mar 2005
L5: Journeyman
> bubble2 709 Posts
256 Reputation
scarletwahoo
05-30-2023 at 07:27 PM.
05-30-2023 at 07:27 PM.
Quote from superdon :
There are lots of complaints on BBB about account getting locked and hard time withdrawing funds. That is huge concern.
This concerns me; their website says funds may take up to two days to be available. I made a modest initial deposit of $10K to test the bank. I initiated the deposit on May 24th. It is still not available today May 30th. Their email says the funds will be available June 7th. That's 9 business days to move money around. I'll probably look for a different bank with similar rates or just keep buying T-Bills in the mean time.
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Joined Jul 2006
Call me Mr. Deals
> bubble2 5,063 Posts
1,724 Reputation
Pro
shahhere
05-31-2023 at 10:58 AM.
05-31-2023 at 10:58 AM.
I put this up in another thread but Citizens is doing 10 month $25,000 min CD here in PA; today is the last day FYI.

Shahhere
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