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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
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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.
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All fdic insured bank has a 250k protection from the federal government.
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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 Aug 2005
L9: Master
> bubble2 4,301 Posts
495 Reputation
Mydiscover
06-05-2023 at 07:23 AM.
06-05-2023 at 07:23 AM.
Quote from myk.mayk :
1st $5000 is 0.25%. you only earn 4.85% at any amount over that. consider that when you put in money into this. if you're only putting in $5000, might as well just put it in the no-penalty cd @ 4.9%. the only drawback on that is your money is locked with them for the 1st 10 business days.
LMAOLMAO fake news and full of BS!
Reply
Joined Dec 2011
L6: Expert
> bubble2 1,054 Posts
53 Reputation
shaolinwookie
06-05-2023 at 08:14 AM.
06-05-2023 at 08:14 AM.
Quote from hydrocynus :
Are you sure? it won't combine? after a month, you would get 100.40 and this amount will be used for the next month?

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.
im just going by what the guys says, it does says APY which is not the same as base percentage
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Joined Apr 2010
L3: Novice
> bubble2 152 Posts
33 Reputation
KWQQ
06-05-2023 at 09:12 AM.
06-05-2023 at 09:12 AM.
Quote from lady_minx :
I've thought about getting a CIT account. I just find it annoying that they seem to open new products with higher interest rates, rather than increasing rates on current accounts.

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
can you buy SPAXX or FZDXX with Fidelity Bloom Save/Spend account?
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Joined Nov 2003
L3: Novice
> bubble2 110 Posts
45 Reputation
jbnite
06-05-2023 at 02:59 PM.
06-05-2023 at 02:59 PM.
The Goldman Sachs Marcus savings account is 5.15% currently with a referral (lasts 3 months), then you can refer others to keep the rate. This CIT account isnt bad but the higher rate is nice.
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Joined Sep 2010
L6: Expert
> bubble2 1,340 Posts
216 Reputation
lady_minx
06-06-2023 at 08:42 AM.
06-06-2023 at 08:42 AM.
Quote from KWQQ :
can you buy SPAXX or FZDXX with Fidelity Bloom Save/Spend account?
I was able to get SPAXX in my Fidelity Spend & Save account. I didn't have 100k in there to try FZDXX. I called them to confirm that it would still work with my ATM card if the funds were in SPAXX. You just can't set SPAXX as the "Core" as you can in the Brokerage account. You have to "buy" it from your Core funds after you put them in.
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Joined Jun 2012
L8: Grand Teacher
> bubble2 3,382 Posts
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Pro
jl2672a
06-07-2023 at 11:30 AM.
06-07-2023 at 11:30 AM.
Not a deal. I just bought 6 month tbills with a 5.28% yield yesterday. And I can sell the tbills and cash out early if necessary. Locked in for CD's and these "CD's" are the same as the "CD's" Columbia House used to sell - will continuously redeposit and lock you into years of CD's unless you opt out before they mature.

Pretty sad cause inflation still beats these returns which means you're losing money each year. Better to blow it all on a jet ski and a Ferrari now.
1
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Joined Apr 2017
New User
> bubble2 12 Posts
10 Reputation
jrussell2241
06-07-2023 at 04:46 PM.
06-07-2023 at 04:46 PM.
Quote from Saphronz :
If I currently have a Platinum Saving do I get the update 4.85APR rate?

As long as you have 5k or more
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Joined Dec 2014
L2: Beginner
> bubble2 28 Posts
10 Reputation
mitchrapp1
06-08-2023 at 05:19 AM.
06-08-2023 at 05:19 AM.
Quote from scarletwahoo :
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.

I also did a test. It took 1-2 days to clear my other bank, but after that, the funds appeared in cit within a day in both available and balance categories.
Reply
Joined May 2022
New User
> bubble2 3 Posts
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OrangeIdea3438
06-08-2023 at 05:22 AM.
06-08-2023 at 05:22 AM.
You can buy a T-bill between 5-5.35% depending on duration and it's state tax free. Dump this garbage. The less people put into CDs now, the higher the banks have to go.
Reply
Joined Mar 2005
L5: Journeyman
> bubble2 709 Posts
256 Reputation
scarletwahoo
06-08-2023 at 06:09 AM.
06-08-2023 at 06:09 AM.
Quote from mitchrapp1 :
I also did a test. It took 1-2 days to clear my other bank, but after that, the funds appeared in cit within a day in both available and balance categories.

Interesting. Maybe some people have bad luck or they have physical people clear the transfer. The bank that I used for the transfer from usually only takes a day or two to clear for all other things. It took 10 days for me with cit.
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Joined Nov 2010
L4: Apprentice
> bubble2 492 Posts
123 Reputation
grayguru
06-08-2023 at 11:40 AM.
06-08-2023 at 11:40 AM.
Quote from OrangeIdea3438 :
You can buy a T-bill between 5-5.35% depending on duration and it's state tax free. Dump this garbage.
Actually not quite. You can buy a T-bill at "whatever it gets", and if things turn out good you get 5.xx%. You do not know going in what the rate will be.

Although, granted, it has been turning out good lately.


Etrade is showing 5.4% for new issue 6-12 month CDs, so not much different from 26-52 wk T-bills at 5.4%-5.2%.

Turns out the market is quite efficient.
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Joined Feb 2009
L4: Apprentice
> bubble2 431 Posts
60 Reputation
rphmann
06-08-2023 at 03:41 PM.
06-08-2023 at 03:41 PM.
Quote from mitchrapp1 :
I also did a test. It took 1-2 days to clear my other bank, but after that, the funds appeared in cit within a day in both available and balance categories.
I did the same, for me it was at least 5 business days. At the bottom for time with my other accounts. Something to think about it you need to transfer money on a quick turn around. They like to hold yer money!
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Joined Dec 2014
L2: Beginner
> bubble2 28 Posts
10 Reputation
mitchrapp1
06-10-2023 at 03:27 AM.
06-10-2023 at 03:27 AM.
I just did a test transfer out of CIT. It took a day to add and verify the external account, then a day for the transfer. So only 1 day for the actual transfer. That's faster than BOA which I used to transfer funds into CIT. I did see a warning that they could hold it for up to 5 days, but in my case they did not.
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Joined Feb 2019
L2: Beginner
> bubble2 71 Posts
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maindimon
06-11-2023 at 04:03 PM.
06-11-2023 at 04:03 PM.
If you have $100K or less and want a 5.05% APY, Redneck Bank is not a bad option: https://redneck.bank/accounts/mega-money-market I really wish they would pay that interest on amounts over a hundred grand though.
FDIC insured and all.
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Joined Feb 2009
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> bubble2 1,548 Posts
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3rdbass
06-11-2023 at 08:08 PM.
06-11-2023 at 08:08 PM.
Quote from maindimon :
If you have $100K or less and want a 5.05% APY, Redneck Bank is not a bad option: https://redneck.bank/accounts/mega-money-market I really wish they would pay that interest on amounts over a hundred grand though.
FDIC insured and all.
Redneck bank? LOL! Hard pass.
1
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