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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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168 Comments

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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 Jul 2010
L6: Expert
> bubble2 1,214 Posts
78 Reputation
lenser
06-21-2023 at 05:47 AM.
06-21-2023 at 05:47 AM.
Quote from robrob777 :
Vanguard is 5.03% on idle cash
I'm enrolled in Cash Plus which is 4.5%.

How do I enroll for 5.03%
Reply
Joined Jul 2010
L6: Expert
> bubble2 1,214 Posts
78 Reputation
lenser
06-21-2023 at 06:03 AM.
06-21-2023 at 06:03 AM.
Quote from mtnagel :
If you're asking about CIT, I haven't had any issues.

Worst bank name ever.
I actually love that name
Reply
Joined Aug 2020
L3: Novice
> bubble2 284 Posts
62 Reputation
CrimsonShoe959
06-21-2023 at 06:10 AM.
06-21-2023 at 06:10 AM.
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).
Only if you close the account do you see the interest earned between reporting dates (The final business day of each month). The daily interest is hidden.
Reply
Joined Aug 2020
L3: Novice
> bubble2 284 Posts
62 Reputation
CrimsonShoe959
06-21-2023 at 06:19 AM.
06-21-2023 at 06:19 AM.
Quote from sknsl :
Care to share which broker? TIA
Webull pays 5% on cash atm.

https://www.sipc.org/list-of-members/

Apex Clearing is webull
Reply
Last edited by CrimsonShoe959 June 21, 2023 at 06:24 AM.
Joined Jan 2007
L10: Grand Master
> bubble2 28,287 Posts
2,718 Reputation
cgigate
06-21-2023 at 07:27 AM.
06-21-2023 at 07:27 AM.
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.

How could be possible someone stole your credential to transfer all your money? Even setup a external account take many days to finish.
Yes, CIT is using 2FA, I don't think any bank not using 2FA nowadays.
But there is still other risk than 2FA/MFA
Reply
Joined Dec 2013
L3: Novice
> bubble2 127 Posts
10 Reputation
Riya02
06-21-2023 at 09:00 AM.
06-21-2023 at 09:00 AM.
What is mean by saving and money market ?in platinum saving cd. DOES it involve in stock market?any help TIA
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
939 Reputation
mtnagel
06-21-2023 at 11:29 AM.
06-21-2023 at 11:29 AM.
Quote from lenser :
I actually love that name
Do you identify as a redneck by chance? Wink
Reply

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Joined Jul 2010
L6: Expert
> bubble2 1,214 Posts
78 Reputation
lenser
06-21-2023 at 11:45 AM.
06-21-2023 at 11:45 AM.
Quote from mtnagel :
Do you identify as a redneck by chance? Wink
Not really. I just think that name for a bank is hilarious.
Reply
Joined Jan 2007
L10: Grand Master
> bubble2 28,287 Posts
2,718 Reputation
cgigate
06-21-2023 at 03:15 PM.
06-21-2023 at 03:15 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.

That is CIT way to screw up customer... chasing the rate or screwing up
Reply
Joined Jul 2018
L3: Novice
> bubble2 217 Posts
185 Reputation
Pro
milkmee6
06-21-2023 at 07:40 PM.
06-21-2023 at 07:40 PM.
I opened this same account when it was 4.85 and they automatically moved me up to 4.95.
Reply
Joined Mar 2009
L6: Expert
> bubble2 1,343 Posts
453 Reputation
Pro
kgorilla
06-21-2023 at 10:22 PM.
06-21-2023 at 10:22 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.

This, the bank itself isn't bad but this is just annoying as a customer and I just leave my money at bask for 4.85% apy.
Reply
Joined Dec 2006
L4: Apprentice
> bubble2 486 Posts
122 Reputation
Zurg
06-22-2023 at 04:07 AM.
06-22-2023 at 04:07 AM.
Quote from FAR4life :
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.

Yep, I am in the same boat as you.
Never had any issues with opening any financial accounts prior.
Reply
Joined Jan 2007
L10: Grand Master
> bubble2 28,287 Posts
2,718 Reputation
cgigate
06-22-2023 at 09:40 AM.
06-22-2023 at 09:40 AM.
Quote from robrob777 :
Vanguard is 5.03% on idle cash
Quote from isobro :
I think he is talking about vmfxx. Not sure though
yes, it is most like a mutual fund than sweep account, some effort to do it manually than auto sweep account

Quote from lenser :
I'm enrolled in Cash Plus which is 4.5%.

How do I enroll for 5.03%

There is no such thing. I believe the guy provides false information. It is a money market mutual fund to purchase. It is not sweep account

Quote from Bunduckie :
Some brokerage accounts pays 5% APY on uninvested cash, that's higher than a lot of banks
there is none, you need some effort to get some kinds of preferred deposit or money market fund, some effort to achieve it, it is not a sweep account
Reply
Last edited by cgigate June 22, 2023 at 09:52 AM.
Joined Nov 2007
L2: Beginner
> bubble2 69 Posts
26 Reputation
OverRuled
06-22-2023 at 05:15 PM.
06-22-2023 at 05:15 PM.
From their website: "0.25% APY on balances of $0.01 to $4,999.99; 4.95% APY on balances of $5,000.00 or more."

What does this mean if I open an account with $5100? Will:
1. The whole $5100 amount earn 4.95%? or...
2. $4999.99 earns 0.25% whereas only $100.01 earns at 4.95%?

I think the answer is 1. but can't really confirm this.
Reply

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Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
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mtnagel
06-22-2023 at 05:23 PM.
06-22-2023 at 05:23 PM.
Quote from OverRuled :
From their website: "0.25% APY on balances of $0.01 to $4,999.99; 4.95% APY on balances of $5,000.00 or more."

What does this mean if I open an account with $5100? Will:
1. The whole $5100 amount earn 4.95%? or...
2. $4999.99 earns 0.25% whereas only $100.01 earns at 4.95%?

I think the answer is 1. but can't really confirm this.
I'm 99% sure it's #1.
Reply
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