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CIT Bank Platinum Savings: Earn Up to Expired

4.95% APY*
+51 Deal Score
65,836 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 4.95% 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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Original Post

Written by
Edited June 16, 2023 at 01:06 PM by
CIT Bank our partner, offers the following benefits with their Platinum Savings account.
  • Must have a minimum daily balance of $5000 to earn 4.95% 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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4.95% APY*
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Featured Comments

In a rising interest rate environment (Feds still saying they can/will raise), the savings interest rate will tend to rise. So CD will be worse, locking in a lower interest rate (I have been caught in that) while a savings rate will follow the rise to be competitive for your money. I mainly now just buy Treasury bills for short terms. Those interest rates vary with each auction, but the 13week/17week ones have been over 5%. And they are backed by the credit of the USA.

If you think the feds are going to start drastically cutting interest rates shortly, then is the time to get longer term CDs to lockin the current high rates.

I have been a CIT customer for a while. They have one of the fastest ACH deliveries (1-2 days) & have really high transfer limits (6 digit) where most other banks have quite low limits. This is their biggest unadvertised feature, I can reliably get/move my money fast. And their savings rates, tho not the highest like CFG, is quite competitive. They are my main go-to online savings bank.
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FWIW, we went with CIT a few months ago and have been very happy. Good deal.
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I opened a CIT Savings builder years ago, but then the interest rate cratered. I called them and they opened a Savings Connect account and transferred my funds into it. Currently it's ~4.5%. Now I have to open a third kind of account with them to get this rate? I'm really tired of chasing rates.
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Joined Jun 2005
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> bubble2 1,860 Posts
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mtnagel
06-16-2023 at 07:00 PM.
06-16-2023 at 07:00 PM.
Quote from Punishark :
I opened a Platinum Savings AND a six-month CD on June 2. While I know it posts interest earned monthly, when do they start showing how much interest I've earned so far this month? Mine is still showing nothing.

Also, FWIW, the posted rate on my Platinum Savings still shows 4.736% APR (4.85% APY).
The interest will post around the 1st of the month. My last interest posted on May 31.
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HIDDENunknown0006-16-2023 at 08:54 PM.
Joined Aug 2011
L6: Expert
> bubble2 1,950 Posts
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robrob777
06-16-2023 at 09:57 PM.
06-16-2023 at 09:57 PM.
Vanguard is 5.03% on idle cash
1
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Joined Apr 2020
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rambojew
06-16-2023 at 10:21 PM.
06-16-2023 at 10:21 PM.
Quote from robrob777 :
Vanguard is 5.03% on idle cash

Is it safe to park cash there (FDIC covered)?
Reply
Joined Jan 2007
L10: Grand Master
> bubble2 28,287 Posts
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cgigate
06-16-2023 at 10:40 PM.
06-16-2023 at 10:40 PM.
Quote from robrob777 :
Vanguard is 5.03% on idle cash
No such things!
My vanguard account idled money at almost no interest.
It could be mutual fund or Money market, not sweep account
Reply
Joined Jul 2011
L6: Expert
> bubble2 1,626 Posts
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isobro
06-17-2023 at 12:00 AM.
06-17-2023 at 12:00 AM.
Quote from cgigate :
No such things!
My vanguard account idled money at almost no interest.
It could be mutual fund or Money market, not sweep account

I think he is talking about vmfxx. Not sure though
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
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mtnagel
06-17-2023 at 05:27 AM.
06-17-2023 at 05:27 AM.
Quote from unknown00 :
anyone share positive experience of other banks offering 4.9%+ APY? don't reply if it's below it
I've had a Dollar Savings Direct account for almost 15 years and haven't had a problem with them. They are at 5% now.
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Joined Nov 2010
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YingTK
06-17-2023 at 05:38 AM.
06-17-2023 at 05:38 AM.
Quote from isobro :
I think he is talking about vmfxx. Not sure though

I was about the ask about similar strategies with brokerage accounts. I've been having my funds sitting with Fidelity, and it's getting 4.5%+ this year. It feels more liquid for me and instantly investable. Anything we're missing vs leaving these in high yield savings?
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Joined Feb 2019
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maindimon
06-17-2023 at 06:17 AM.
06-17-2023 at 06:17 AM.
Quote from SharpSink689 :
I've only been with them for a month and a half, and they did automatically increase it from 4.75 to 4.85 for me. Haven't seen the 4.85 to 4.95 bump yet, but I'm guessing it will take a few days.
I just checked this morning and they did bump mine from 4.85 to 4.95 APY, which translates to 4.832% interest.
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Joined Apr 2013
L2: Beginner
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erock34
06-17-2023 at 07:50 AM.
06-17-2023 at 07:50 AM.
Quote from TruongKy :
how to determine if they're not like the failed SVB?

If I'm not mistaken, the parent of CIT bank is actually the company that bought the vast majority of SVB assets. First citizens bank.
Reply
Joined Dec 2009
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Boobooo
06-17-2023 at 08:53 AM.
06-17-2023 at 08:53 AM.
Quote from maindimon :
I just checked this morning and they did bump mine from 4.85 to 4.95 APY, which translates to 4.832% interest.
LOL - I came here to post the same thing...
Platinum Savings updated this morning to 4.832% interest from 4.736%...

thanks to all that replied with info...

Sounds like CIT should be good and stable to hold spare cash while the interest rates remain high. Well, up to $250,000 spare cash limit for FDIC coverage...
Now to earn another $245,000 to get to that level laugh out loud
1
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Joined Dec 2015
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AaronR5277
06-17-2023 at 10:58 AM.
06-17-2023 at 10:58 AM.
Quote from unknown00 :
anyone share positive experience of other banks offering 4.9%+ APY? don't reply if it's below it
Brilliant Bank is offering 5.25% APY on the Luminar Money Market account. It's backed by Equity Bank and FDIC insured. https://www.brilliant.bank/
1
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Joined Mar 2005
L9: Master
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thegman230
06-17-2023 at 01:29 PM.
06-17-2023 at 01:29 PM.
Quote from AaronR5277 :
Brilliant Bank is offering 5.25% APY on the Luminar Money Market account. It's backed by Equity Bank and FDIC insured. https://www.brilliant.bank/
I thought money market accounts are not fdic insured because they are investment accounts however this one says it is insured.

Also, anyone know if there are any limits to transfers in from another bank via ACH and how easy it is to get your money out?
1
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Last edited by thegman230 June 17, 2023 at 01:38 PM.
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Stars09
06-17-2023 at 03:15 PM.
06-17-2023 at 03:15 PM.
Quote from unknown00 :
anyone share positive experience of other banks offering 4.9%+ APY? don't reply if it's below it
There's a bunch higher than CIT even before the last bump https://www.doctorofcredit.com/hi...gs-to-get/

First Horizon has a 5.38% money money market account that requires a checking acct https://www.firsthorizon.com/superhero-b which isn't listed there probably because it requires a checking account and can't open online either atm

Out if the top of the list, I have a CFG money market acct which has been great so far, but last time I posted about CFG, cgigate insinuated they're illegally claiming they're fdic insured trying to instigate a bank run lol https://slickdeals.net/f/16717184-capital-funding-group-cfg-bank-5-12-apy-money-market-account?p=164058770#post164058770

terrified of savings and money market accts? Lol the best checking acct is Primis at 4.85%, they used to be higher, here's an old thread about them https://slickdeals.net/f/16414867-primis-bank-open-a-savings-account-get-5-03-apy-1-minimum-deposit
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Last edited by Stars09 June 18, 2023 at 12:54 PM.

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maindimon
06-17-2023 at 03:27 PM.
06-17-2023 at 03:27 PM.
Quote from unknown00 :
anyone share positive experience of other banks offering 4.9%+ APY? don't reply if it's below it
Redneck bank (owned by All America) offers 5.3% APY but only up to $100K.
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