Did this coupon
work for you?
work for you?
Sorry, this deal has expired.
Get notified of deals like this in the future.
Add Deal Alert for this Item
Frontpage
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
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
273 Comments
Your comment cannot be blank.
Featured Comments
Sign up for a Slickdeals account to remove this ad.
Yeah they're pretty easy to work with but when i had them they lowered my apr monthly without notice until it was almost nothing
You put $100 in. You get about $4.85 a year. Divide by 12. You get about $0.40 a month.
4.641%" that was via the last deal... do I need to set up a new account and then transfer the money from that account to this one for the extra 0.20% savings then?
Sign up for a Slickdeals account to remove this ad.
I've stuck with Fidelity SPAXX and FZDXX so far, instead. You can open a Fidelity Spend and Save account, then "Buy" the SPAXX money market which is currently making 4.75. Or open a Brokerage account and make that your default CORE position. FZDXX, the FIDELITY MMKT PREMIUM CLASS is making 4.91% right now, but in a Brokerage acct you need to put 100k into it to get in. If you use a retirement account (rollover IRA or Roth for instance) it only requires 10k to get into FZDXX
I've stuck with Fidelity SPAXX and FZDXX so far, instead. You can open a Fidelity Spend and Save account, then "Buy" the SPAXX money market which is currently making 4.75. Or open a Brokerage account and make that your default CORE position. FZDXX, the FIDELITY MMKT PREMIUM CLASS is making 4.91% right now, but in a Brokerage acct you need to put 100k into it to get in. If you use a retirement account (rollover IRA or Roth for instance) it only requires 10k to get into FZDXX
FZDXX has expense ration of .36% dies that mean the effective yield will be 4.91 - 0.36?
I believe it's already included the fee however I think that this has different tax consequences for example a bank issues a 1099-int while with this you are selling shares so you have to fill out additional forms which might add a cost from your CPA or have to buy a more expensive tax software but anyone correct me if I am wrong
I use Turbotax which imports the fidelity tax forms so I don't have to do any of the work, but yeah turbotax online isn't free at that level of tax preparation.
I also have a Wealthfront account, and added on their Wealthfront Cash account, which I think is being treated as a bank account. They're at 4.55% right now.
The same tax advantages are in play when you use FZDXX, FDRXX, or SPAXX as your core position in a retirement account. Otherwise, yes, there will be the typical tax implications.
I researched all of this thoroughly before making the jump just last month. I verified all expected returns on June 1st and 2nd as I transitioned in mid-May. Definitely a great move to make if you're wanting to be risk adverse like I am. Just bookmark the funds and keep an eye on the 7 day yields.
Sign up for a Slickdeals account to remove this ad.
Formula should be APY = (1+r/n)^n - 1, where r is the return rate and n the number of months of the placement.
So, in the case of 4.85%, the APY should be (1+0.0485/12)^12-1= 0.049592772
So, if you put $100 and assuming the rate will not change (which is not the case as it is often recalculated) then your gain is 100*1.049592772-100= 4.9592772 and not 4.85.