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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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Score +51
65,836 Views
4.95% APY*
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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 2013
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oldbridge
06-19-2023 at 10:45 AM.
06-19-2023 at 10:45 AM.
Quote from Cheezycheeto :
Is that what you experience? The footnote reads as follows which sounds like that is not the case:

"Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of June 16, 2023: 0.25% APY on balances of $0.01 to $4,999.99; 4.95% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100."
What I read out of this is you earn 0.25% on your first $5000.
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Joined Nov 2015
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nickpaji123
06-19-2023 at 10:54 AM.
06-19-2023 at 10:54 AM.
Quote from oldbridge :
What I read out of this is you earn 0.25% on your first $5000.

Yea if your balance is 4999 but if your balance is higher than 5k then you automatically goes into Tier 2. Interest that you earn is on entire balance. You are not understanding the fine print right. They basically want everyone to put more than 5k to take an advantage of 4.95% else they will only get 0.25% !
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Joined Jun 2010
L6: Expert
> bubble2 1,287 Posts
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dartshi1
06-19-2023 at 11:11 AM.
06-19-2023 at 11:11 AM.
CIT is bad. I never got free Amazon prime last time !! Neve put a dime in there.
4
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Joined Nov 2017
L3: Novice
> bubble2 193 Posts
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Dakaa
06-19-2023 at 11:23 AM.
06-19-2023 at 11:23 AM.
With the requirement of $5k daily balance, I would do CD laddering for 5.35% APY on Charles Schwab instead.
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
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mtnagel
06-19-2023 at 11:39 AM.
06-19-2023 at 11:39 AM.
Quote from dartshi1 :
CIT is bad. I never got free Amazon prime last time !! Neve put a dime in there.
I got mine. You sure you met all the T&C?
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Joined Jul 2017
L1: Learner
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kneehowma
06-19-2023 at 12:15 PM.
06-19-2023 at 12:15 PM.
Quote from oldbridge :
What I read out of this is you earn 0.25% on your first $5000.
Disclaimer: English is my second language, but my understanding is the same as oldbridge: first $5000 earns 0.25%, and 4.95% thereafter. If anyone has this account or willing to contact CIT, then we can confirm the interpretation of the T&C fine print.
3
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Last edited by kneehowma June 19, 2023 at 12:19 PM.
Joined Jun 2005
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mtnagel
06-19-2023 at 12:33 PM.
06-19-2023 at 12:33 PM.
Quote from Cheezycheeto :
Is that what you experience? The footnote reads as follows which sounds like that is not the case:

"Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance
Yeah, based on this, I don't think the other poster was correct. It says, "on the entire balance."
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Joined Jan 2009
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bigballs
06-19-2023 at 10:03 PM.
06-19-2023 at 10:03 PM.
Quote from greymoose :
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.
With more likely either no more hikes left, the rates won't go up. It's all a gamble for both sides. Don't blame them. They're in the future prognosticating business. Borrow from us at lower rate and lend at a higher rate while taking minimum amount of risk.
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Joined Sep 2022
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euuser31278922
06-20-2023 at 05:18 AM.
06-20-2023 at 05:18 AM.
It is for U.S. residents (I am not permanent, but I have a J2 VISA).
I guess I will have to look for another bank which allows no permanent residents hehe.
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Last edited by FancyDime2494 June 20, 2023 at 05:23 AM.
Joined May 2004
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Bunduckie
06-20-2023 at 07:00 AM.
06-20-2023 at 07:00 AM.
Some brokerage accounts pays 5% APY on uninvested cash, that's higher than a lot of banks
1
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Joined Sep 2008
Eating dirt and rocks
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EastCoastMTBer
06-20-2023 at 09:43 AM.
06-20-2023 at 09:43 AM.
I opened this savings account with CIT in May after reading the NerdWallet reviews. FDIC insured. The initial deposit via ACH takes a week or so to show as a balance (due to ACH clearance), but the account immediately started receiving interest at the end of that month.

Using their website, I had to transfer some money out the following week and the ACH to do that only took a day or two to show up in my checking account at a different bank.

Excellent interest compared to the main large banks who ridiculously and proudly advertise their savings interest rates of less than 1%.
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sknsl
06-20-2023 at 09:44 AM.
06-20-2023 at 09:44 AM.
Quote from Bunduckie :
Some brokerage accounts pays 5% APY on uninvested cash, that's higher than a lot of banks
Care to share which broker? TIA
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Joined Sep 2003
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ALS
06-20-2023 at 10:02 AM.
06-20-2023 at 10:02 AM.
Aren't there some high yields with with sign up bonuses also now? Good rate but no bonus here?
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Joined May 2013
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DewB
06-20-2023 at 10:18 AM.
06-20-2023 at 10:18 AM.
Quote from Bunduckie :
Some brokerage accounts pays 5% APY on uninvested cash, that's higher than a lot of banks
Thats not Alot higher than here, its effectively the same. And Brokerage balances are not typically insured. Id go with an insured 4.95% over uninsured 5.00%.
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Joined Jan 2016
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jool18
06-20-2023 at 10:25 AM.
06-20-2023 at 10:25 AM.
Has anyone had trouble opening an account? I have good credit and I just keep getting denied
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