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CIT Bank Platinum Savings: Earn Up to Expired

4.95% APY*
+51 Deal Score
70,638 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 12:06 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
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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 Dec 2017
L2: Beginner
> bubble2 54 Posts
10 Reputation
varvarvarvar
06-23-2023 at 12:06 PM.
06-23-2023 at 12:06 PM.
Quote from mtnagel View quoted comment :
I'm 99% sure it's #1.
I talked to them a couple of weeks back. You get 4.95% on the entire amount when its >=5000
1
Reply
Joined Jun 2009
Meth Addict
> bubble2 954 Posts
398 Reputation
will403536
06-23-2023 at 12:30 PM.
06-23-2023 at 12:30 PM.
Applied for an account, connected to Wells Fargo for initial deposit/transfer, they said they need more info from me and someone will contact me in 3-5 biz days.
Reply
Joined Nov 2015
L3: Novice
> bubble2 183 Posts
246 Reputation
Blubluthehusky
06-24-2023 at 10:32 AM.
06-24-2023 at 10:32 AM.
This is for 4.95% for how long? Can CIT change the interest rate next month to like 3% or whenever they feel like it? So it's not 4.95% forever right?

Is that the downside of not doing the CD route? CD route would mean you're locked in for x months at the interest rate.
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,958 Posts
1,003 Reputation
mtnagel
06-24-2023 at 06:48 PM.
06-24-2023 at 06:48 PM.
Quote from Blubluthehusky View quoted comment :
This is for 4.95% for how long? Can CIT change the interest rate next month to like 3% or whenever they feel like it? So it's not 4.95% forever right?

Is that the downside of not doing the CD route? CD route would mean you're locked in for x months at the interest rate.
Yes they can change the rate at anytime and all they've doing is raising the rate, which is the upside of this over a CD.
Reply
Joined Dec 2007
L6: Expert
> bubble2 1,150 Posts
539 Reputation
crablover2
06-25-2023 at 10:57 AM.

Our community has rated this post as helpful. If you agree, why not thank crablover2

06-25-2023 at 10:57 AM.
Quote from Blubluthehusky View quoted comment :
This is for 4.95% for how long? Can CIT change the interest rate next month to like 3% or whenever they feel like it? So it's not 4.95% forever right?

Is that the downside of not doing the CD route? CD route would mean you're locked in for x months at the interest rate.
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.
4
Reply
Last edited by crablover2 June 25, 2023 at 11:06 AM.
Joined Dec 2014
L5: Journeyman
> bubble2 613 Posts
33 Reputation
ZeusAfterDark
06-25-2023 at 07:42 PM.
06-25-2023 at 07:42 PM.
does CIT allow credit card funding?
Reply
Joined Mar 2005
L9: Master
> bubble2 4,962 Posts
655 Reputation
thegman230
06-27-2023 at 01:26 PM.
06-27-2023 at 01:26 PM.
Quote from ZeusAfterDark View quoted comment :
does CIT allow credit card funding?
Why would they do that?
1
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Joined Jun 2005
L6: Expert
> bubble2 1,958 Posts
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mtnagel
06-27-2023 at 05:57 PM.
06-27-2023 at 05:57 PM.
Quote from thegman230 View quoted comment :
Why would they do that?
Because they want your money. Many banks do it. I opened an account and funded with $1k to help with credit card sign up bonus and got $250 from the bank.
Reply
Joined Mar 2005
L9: Master
> bubble2 4,962 Posts
655 Reputation
thegman230
07-01-2023 at 08:48 AM.
07-01-2023 at 08:48 AM.
Quote from mtnagel View quoted comment :
Because they want your money. Many banks do it. I opened an account and funded with $1k to help with credit card sign up bonus and got $250 from the bank.
Interesting. Do they charge a fee to do that?
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,958 Posts
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mtnagel
07-01-2023 at 08:57 AM.
07-01-2023 at 08:57 AM.
Quote from thegman230 View quoted comment :
Interesting. Do they charge a fee to do that?

Nope.
Reply
Joined May 2020
New User
> bubble2 14 Posts
10 Reputation
joyoung
07-07-2023 at 12:11 AM.
07-07-2023 at 12:11 AM.
Quote from TruongKy View quoted comment :
how to determine if they're not like the failed SVB?

They bought svb
1
Reply
Joined Mar 2020
L5: Journeyman
> bubble2 625 Posts
135 Reputation
EagerBorder7252
07-07-2023 at 01:46 PM.
07-07-2023 at 01:46 PM.
With rates continuing to rise, would it be not better to get a 1 month brokered CD and keep rolling it into new higher rate 1 month CD's every month?

Brokered CD's thru Schwab are 5.15% for the 1 month variant
Reply
Joined Sep 2004
L6: Expert
> bubble2 1,719 Posts
193 Reputation
xxswishxx
07-08-2023 at 02:04 PM.
07-08-2023 at 02:04 PM.
Quote from EagerBorder7252 View quoted comment :
With rates continuing to rise, would it be not better to get a 1 month brokered CD and keep rolling it into new higher rate 1 month CD's every month?

Brokered CD's thru Schwab are 5.15% for the 1 month variant

Same argument with the t bill ladders right now. If you're going to be more active in the investing you better off with the t bills as they do not invoke state taxes or so I'm lead to believe. I'm still in the CD boat and it's sinking slowly. :/
Reply
Joined Apr 2007
L5: Journeyman
> bubble2 749 Posts
1,738 Reputation
sknsl
07-08-2023 at 02:19 PM.
07-08-2023 at 02:19 PM.
How to check the current rate you have in the CIT app?
Reply

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Joined May 2020
New User
> bubble2 14 Posts
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joyoung
07-08-2023 at 02:45 PM.
07-08-2023 at 02:45 PM.
Quote from sknsl View quoted comment :
How to check the current rate you have in the CIT app?

You can not check the rate in the app. Have to login online
Reply
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