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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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Score +51
92,564 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.
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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 Feb 2009
L2: Beginner
> bubble2 35 Posts
14 Reputation
yojimbo
06-12-2023 at 11:44 AM.
06-12-2023 at 11:44 AM.
Quote from 3rdbass :
Redneck bank? LOL! Hard pass.
Redneck Bank in legit! You can also use their parent bank AllAmericaBank [allamerica.bank]which is the same thing without the gimmick.
Reply
Joined Jul 2008
THE TRAVELER
> bubble2 1,703 Posts
354 Reputation
damnthatsadeal
06-12-2023 at 12:17 PM.
06-12-2023 at 12:17 PM.
Redneck bank has my vote of approval. They're straight forward with their process. no bs. Aside from their great rates when the market allows, I really sign up just for their ridiculous birthday cards.
Reply
Joined Aug 2014
L2: Beginner
> bubble2 77 Posts
10 Reputation
royusmaximus
06-12-2023 at 02:34 PM.
06-12-2023 at 02:34 PM.
how guaranteed are these rates? will i find myself with something like 1% in a few months?
Reply
Joined Oct 2010
Live Free or Move
> bubble2 29,826 Posts
7,238 Reputation
Medic311
06-12-2023 at 10:39 PM.
06-12-2023 at 10:39 PM.
Quote from royusmaximus :
how guaranteed are these rates? will i find myself with something like 1% in a few months?
if HYS rates drop to 1% in a few months
it means the fed is aggressively rate cutting
which means we are in an economic free fall
Reply
Joined May 2020
L3: Novice
> bubble2 240 Posts
58 Reputation
camar0rs
06-13-2023 at 06:27 AM.
06-13-2023 at 06:27 AM.
signed up no issue Smilie
Reply
Joined Dec 2008
L3: Novice
> bubble2 151 Posts
170 Reputation
Eleebob7
06-13-2023 at 03:51 PM.
06-13-2023 at 03:51 PM.
Quote from mitchrapp1 :
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.
I had the exact opposite situation.

Took 3 days to confirm external account
Took 2 days for transfer to "post"
Took another 3 days for transfer to "clear" and have funds available.
Reply
Joined Feb 2009
L4: Apprentice
> bubble2 431 Posts
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rphmann
06-13-2023 at 04:02 PM.
06-13-2023 at 04:02 PM.
Quote from Eleebob7 :
I had the exact opposite situation.

Took 3 days to confirm external account
Took 2 days for transfer to "post"
Took another 3 days for transfer to "clear" and have funds available.

Yup a 5 business day hold after desposit. It shows up in a couple of days BUT you can transfer it back out until at least 7 days give or take.
Reply

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Joined Jul 2007
L5: Journeyman
> bubble2 560 Posts
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DJConan
06-14-2023 at 08:20 AM.
06-14-2023 at 08:20 AM.
Quote from lady_minx :
When Fidelity was telling me the about what it shows as the interest rate they said that's already taking into account the fees. I'll have to double check with them on that again though.
I wanted to be sure myself. I started a chat with them today and they confirmed the 7-day yield on SPAXX was after expenses.
Reply
Joined Sep 2010
L6: Expert
> bubble2 1,340 Posts
216 Reputation
lady_minx
06-14-2023 at 09:33 AM.
06-14-2023 at 09:33 AM.
Quote from DJConan :
I wanted to be sure myself. I started a chat with them today and they confirmed the 7-day yield on SPAXX was after expenses.
Thanks for checking! Good news!
Reply
Joined Jul 2009
L5: Journeyman
> bubble2 847 Posts
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C47V3770
06-14-2023 at 06:46 PM.
06-14-2023 at 06:46 PM.
Currently with Discover and they are so slow updating their APY. It's currently at 3.90%.
Worth moving to CIT at this point?
Reply
Joined Dec 2009
L5: Journeyman
> bubble2 603 Posts
185 Reputation
qblunt
06-15-2023 at 10:52 AM.
06-15-2023 at 10:52 AM.
People weren't kidding when they said this bank sucks and they are slow. I made 2 deposits to CIT bank from my Amex Savings account. One for $100 on 6/8 and another for $115K on 6/12. Still shows my available balance as $0.00 and current at $115,100. Why isn't my $100 available by now?? Basically, I can't pull anything out. It should not take this long. This is ridiculous. When I made transfers from my local credit union bank to AMEX savings it was in there an available within 2-3 days. I feel like pulling the money out and going somewhere else, if it ever shows up.
Reply
Last edited by qblunt June 15, 2023 at 10:59 AM.
Joined Dec 2009
L5: Journeyman
> bubble2 603 Posts
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qblunt
06-15-2023 at 10:58 AM.
06-15-2023 at 10:58 AM.
Quote from damnthatsadeal :
Redneck bank has my vote of approval. They're straight forward with their process. no bs. Aside from their great rates when the market allows, I really sign up just for their ridiculous birthday cards.
I may try them out and get rid of this POS CIT bank.
Reply
Joined Feb 2009
L4: Apprentice
> bubble2 431 Posts
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rphmann
06-15-2023 at 05:14 PM.
06-15-2023 at 05:14 PM.
Quote from qblunt :
People weren't kidding when they said this bank sucks and they are slow. I made 2 deposits to CIT bank from my Amex Savings account. One for $100 on 6/8 and another for $115K on 6/12. Still shows my available balance as $0.00 and current at $115,100. Why isn't my $100 available by now?? Basically, I can't pull anything out. It should not take this long. This is ridiculous. When I made transfers from my local credit union bank to AMEX savings it was in there an available within 2-3 days. I feel like pulling the money out and going somewhere else, if it ever shows up.

Yup a 5 bussiness day hold on deposits. So don't use them if you can't wait to send your money back out after a deposit. They get to lock in yours funds!!!!
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Joined Nov 2010
L4: Apprentice
> bubble2 492 Posts
123 Reputation
grayguru
06-16-2023 at 03:48 AM.
06-16-2023 at 03:48 AM.
Not a big deal. Longer holds on new accounts is understandable---fraud potential, etc.
And it's a savings account, to park money in and earn interest. Not a checking account where you continually flood money in and then take it out.

Don't get upset over trivial stuff.
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Joined Feb 2019
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maindimon
06-16-2023 at 04:43 AM.
06-16-2023 at 04:43 AM.
Quote from qblunt :
People weren't kidding when they said this bank sucks and they are slow. I made 2 deposits to CIT bank from my Amex Savings account. One for $100 on 6/8 and another for $115K on 6/12. Still shows my available balance as $0.00 and current at $115,100. Why isn't my $100 available by now?? Basically, I can't pull anything out. It should not take this long. This is ridiculous. When I made transfers from my local credit union bank to AMEX savings it was in there an available within 2-3 days. I feel like pulling the money out and going somewhere else, if it ever shows up.
It's pretty typical. It took basically a week for my initial deposit to fully clear and show as available. I had a Barclays account with a 4.0 APY and moved my savings to CIT, their hold times are about the same.
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