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CIT Bank Platinum Savings: Earn Up to Expired

4.95% APY*
+51 Deal Score
65,775 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 Apr 2017
New User
> bubble2 8 Posts
14 Reputation
YounghoonG
06-20-2023 at 10:44 AM.
06-20-2023 at 10:44 AM.
Does CIT support 2 factor authentication? I am terrified about a though of someone stealing my credential and transfer all my money out of my savings. I am using Marcus right now and they support 2 factor.
Reply
Joined Dec 2007
L2: Beginner
> bubble2 46 Posts
26 Reputation
ibpitcher2
06-20-2023 at 11:12 AM.
06-20-2023 at 11:12 AM.
Just do VMFXX with any bank's brokerage account. Same or next day liquid, 5%+ APY ,and adjusts with the market. Think rates will go down? Invest in a 5.5%+ CD or if in high tax state do a treasury bill and lock it up
Reply
Joined Apr 2014
L3: Novice
> bubble2 127 Posts
20KM
06-20-2023 at 12:18 PM.
06-20-2023 at 12:18 PM.
Quote from Boobooo :
For existing account holders will they increase the amount automatically or is it one of those banks that you have to keep a CLOSE eye on them?
It's just a savings account. It'll keep up or down with the market interest rate and give you interest based on whatever you have in the account at that time.
Reply
Joined Dec 2005
L5: Journeyman
> bubble2 574 Posts
123 Reputation
paulsaz
06-20-2023 at 12:37 PM.
06-20-2023 at 12:37 PM.
Quote from YounghoonG :
Does CIT support 2 factor authentication? I am terrified about a though of someone stealing my credential and transfer all my money out of my savings. I am using Marcus right now and they support 2 factor.
Yes to 2FA
Reply
Joined Apr 2019
L2: Beginner
> bubble2 42 Posts
10 Reputation
CoolNest203
06-20-2023 at 12:42 PM.
06-20-2023 at 12:42 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).

Saving interest earned should be there by the end of each month.
Reply
Joined Feb 2007
L2: Beginner
> bubble2 61 Posts
30 Reputation
Punishark
06-20-2023 at 12:54 PM.
06-20-2023 at 12:54 PM.
Quote from CoolNest203 :
Saving interest earned should be there by the end of each month.
That I understand. But unlike my Capital One account (which shows accumulated interest [but not credited] each day), I don't see anything so far with CIT Bank. Guess we'll see come July 1.
Reply
Joined Sep 2009
Medicated & Motivated
> bubble2 1,611 Posts
1,237 Reputation
vintagecharms
06-20-2023 at 02:42 PM.
06-20-2023 at 02:42 PM.
Called and verified I could transfer and keep funds in a new Platinum acct. Took 3 minutes and closed last account. I can play the game as long as I gte a few extra dollars. It is all eaten up in taxes and higih prices. My Capital one account is still lagging behind so I put it on hold. No one owes you anything. You have free will.

Edited to ADD: You havec to keep a close eye on everything.
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Joined Sep 2010
L3: Novice
> bubble2 124 Posts
111 Reputation
neosaver
06-20-2023 at 04:44 PM.
06-20-2023 at 04:44 PM.
if you don't want to mess with a $5000 minimum balance, CFG Bank has a $1000 minimum balance and a 5.12% APY

https://www.cfg.bank/personal-ban...sit-rates/
Reply
Joined Dec 2004
L5: Journeyman
> bubble2 555 Posts
517 Reputation
sbl
06-20-2023 at 06:32 PM.
06-20-2023 at 06:32 PM.
Quote from jool18 :
Has anyone had trouble opening an account? I have good credit and I just keep getting denied
Same for me...

Never been denied any financial accounts except by CIT Bank. I found their website to be a bit wonky too while trying to sign up so maybe all the reloads/refreshes is tripping some fraud protections. Who knows...
Reply
Joined Jun 2007
ღ ♥ (=^.^=) ♥ ღ
> bubble2 6,016 Posts
7,542 Reputation
Pro
Stars09
06-20-2023 at 07:44 PM.
06-20-2023 at 07:44 PM.
Quote from sknsl :
Care to share which broker? TIA
https://slickdeals.net/f/16687214-5-apy-webull-cash-management-to-earn-interest

Quote from neosaver :
if you don't want to mess with a $5000 minimum balance, CFG Bank has a $1000 minimum balance and a 5.12% APY

https://www.cfg.bank/personal-ban...sit-rates/
Posted a thread about CFG the other today and some ppl think it's not a real bank lol https://slickdeals.net/f/16717184-capital-funding-group-cfg-bank-5-12-apy-money-market-account
Reply
Joined Jan 2016
L3: Novice
> bubble2 182 Posts
18 Reputation
jool18
06-20-2023 at 08:23 PM.
06-20-2023 at 08:23 PM.
Quote from sbl :
Same for me...

Never been denied any financial accounts except by CIT Bank. I found their website to be a bit wonky too while trying to sign up so maybe all the reloads/refreshes is tripping some fraud protections. Who knows...

And CS Reps have zero visibility into what's causing this…..told me to send mail correspondence to corporate office to dispute it….who has time for that smh
Reply
Joined Dec 2009
L1: Learner
> bubble2 24 Posts
10 Reputation
FAR4life
06-20-2023 at 08:30 PM.
06-20-2023 at 08:30 PM.
Anyone else getting the following message? FWIW, my credit score is North of 830 the last I checked...

Unfortunately, we are unable to open an account for you at this time
Thank you for your recent application for a CIT Bank account. We regret to inform you that after a thorough review of your application, we have elected to not open a bank account for you at this time. Thank you for considering CIT Bank.
Reply
Joined Dec 2004
L4: Apprentice
> bubble2 396 Posts
37 Reputation
Codeblue
06-20-2023 at 09:41 PM.
06-20-2023 at 09:41 PM.
Quote from neosaver :
if you don't want to mess with a $5000 minimum balance, CFG Bank has a $1000 minimum balance and a 5.12% APY

https://www.cfg.bank/personal-ban...sit-rates/
This seems like a pretty important limitation for some:

"The deposit agreement may impose limits on the number of certain types of withdrawals and transfers you can make each month from your Money Market account. You may make no more than a total of six (6) automatic or preauthorized transfers, telephone transfers, Online Banking transfers, or payments from your account each month, including payments by checks, drafts, and debit cards to third parties."
Reply
Joined Apr 2016
L2: Beginner
> bubble2 25 Posts
10 Reputation
signothetimez
06-21-2023 at 01:46 AM.
06-21-2023 at 01:46 AM.
As somebody who added an Apple account 2 months back, is it worth the hassle to switch my account from them to this?
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Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
939 Reputation
mtnagel
06-21-2023 at 04:34 AM.
06-21-2023 at 04:34 AM.
Quote from signothetimez :
As somebody who added an Apple account 2 months back, is it worth the hassle to switch my account from them to this?
Do the math and decide if it's worth it. Looks like Apple is at 4.15% so for me, I would 100% move my money.
Reply
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