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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 Nov 2007
L3: Novice
> bubble2 299 Posts
24 Reputation
VitaminWater
07-08-2023 at 03:46 PM.
07-08-2023 at 03:46 PM.
I believe cit accounts are interest rate locked for a month at at time. When I called about 4.95 last month they made me open a new account. Easy enough process but they would not give me the new higher rate.

I have sent my money to raisin who has 5.15 and it increases. I like cit better overall, once all accounts are added transfers are pretty quick. I believe you can send domestic wires for free as will
Reply
Joined Jul 2008
L6: Expert
> bubble2 1,929 Posts
347 Reputation
Cherub
07-08-2023 at 03:50 PM.
07-08-2023 at 03:50 PM.
According to CIT's terms interest is compounded daily but paid monthly. I do not see anything about interest forfeiture, though. Will CIT pay partial interest if an account is closed? Or, if so, can this be avoided by keeping a nominal sum through the interest payment date?
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Joined Nov 2007
L3: Novice
> bubble2 299 Posts
24 Reputation
VitaminWater
07-08-2023 at 06:51 PM.
07-08-2023 at 06:51 PM.
Quote from Cherub :
According to CIT's terms interest is compounded daily but paid monthly. I do not see anything about interest forfeiture, though. Will CIT pay partial interest if an account is closed? Or, if so, can this be avoided by keeping a nominal sum through the interest payment date?

I have transferred money out mid month and they will pay the days account was funded. Never closed the accounts so I can't speak on that.
Reply
Joined Dec 2013
L6: Expert
> bubble2 1,439 Posts
121 Reputation
dg0129
07-08-2023 at 10:00 PM.
07-08-2023 at 10:00 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?
As long as you have the right account. I had an old account and had to make a new one to get the 4.7 a few months back, but since then they automatically moved it up to 4.95.
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Joined Oct 2020
L2: Beginner
> bubble2 47 Posts
14 Reputation
LoudDolphin
07-10-2023 at 01:41 PM.
07-10-2023 at 01:41 PM.
The bank will run a consumer report for my application. By any chance, do you know if it is a soft or hard inquiry? I am wondering if this application affect my credit score. Thanks!
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Joined Feb 2007
L3: Novice
> bubble2 299 Posts
38 Reputation
rentown
07-10-2023 at 07:50 PM.
07-10-2023 at 07:50 PM.
what is the difference between a high yield money market and a high yield savings?
Reply
Joined Apr 2007
L4: Apprentice
> bubble2 434 Posts
86 Reputation
porshuh
07-11-2023 at 10:05 AM.
07-11-2023 at 10:05 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.

My 4.95% APY (and everyone else's for that matter) breaks down to a 4.83% interest rate shown. This is because the 4.95% "rate" is the effective rate when 4.83% is compounded over the 12 month time period (with no withdrawals)
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Joined Oct 2016
L2: Beginner
> bubble2 58 Posts
14 Reputation
SuperSmilez
07-11-2023 at 05:49 PM.
07-11-2023 at 05:49 PM.
The CIT app is the worst. I have to reauthenticate constantly. It was so annoying I closed my account.
2
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Joined Aug 2011
L4: Apprentice
> bubble2 385 Posts
156 Reputation
tehslax
07-12-2023 at 01:00 AM.
07-12-2023 at 01:00 AM.
Curious why people would go for this when you can open a treasuries only money market with vanguard or fidelity and get a reasonably higher rate for people that pay state taxes?
1
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Joined Nov 2014
TheNAC
> bubble2 543 Posts
47 Reputation
Nawert
07-12-2023 at 09:21 AM.
07-12-2023 at 09:21 AM.
Quote from tehslax :
Curious why people would go for this when you can open a treasuries only money market with vanguard or fidelity and get a reasonably higher rate for people that pay state taxes?

I dont even know what those are
Reply
Joined Aug 2011
L4: Apprentice
> bubble2 385 Posts
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tehslax
07-12-2023 at 09:35 AM.
07-12-2023 at 09:35 AM.
Quote from Nawert :
I dont even know what those are
Here is the link [fidelity.com]to fidelity's 99.5% treasuries money market fund.

Fidelity is a BIG brokerage. You open an account and buy this fund.
It's a slightly lower rate than this savings account but it's not taxable at the state level while the saving account is unless you live in a no state tax state.
You only pay federal tax on this fund.

It does however take 1 day for the funds to settle after you sell your shares unlike the savings account which can be withdrawn the same day.
1
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Joined Jun 2008
L6: Expert
> bubble2 1,342 Posts
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tC2009
07-12-2023 at 11:25 AM.
07-12-2023 at 11:25 AM.
I opened one of these a accounts. My experience so far:

1. Initial Mobile Check Deposits have taken 7 business days and still not cleared. $8 and 5k (I haven't seen a check take this long to clear in over 20 years). Not happy.

Check cleared my old bank on 7/7. Three business days later still not posted in CIT acct.

2. ACH transfer (once setup between banks) cleared the same day
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Last edited by tC2009 July 12, 2023 at 11:32 AM.
Joined Jan 2006
Pro
> bubble2 244 Posts
46 Reputation
HDP_
07-12-2023 at 04:20 PM.
07-12-2023 at 04:20 PM.
Quote from Nawert :
I dont even know what those are

5.05% interest rate
https://investor.vanguard.com/inv...file/vusxx

4.80% interest rate
https://fundresearch.fidelity.com.../31617H300

You sign up for one of them (prefer Vanguard). Then buy that fund. Easy.
1
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Joined Feb 2007
L3: Novice
> bubble2 299 Posts
38 Reputation
rentown
07-13-2023 at 06:06 AM.
07-13-2023 at 06:06 AM.
Quote from tehslax :
Curious why people would go for this when you can open a treasuries only money market with vanguard or fidelity and get a reasonably higher rate for people that pay state taxes?

well is slightly better it's showing only 5.05% what is the major benefit?
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Joined Aug 2011
L4: Apprentice
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tehslax
07-13-2023 at 06:07 AM.
07-13-2023 at 06:07 AM.
Quote from rentown :
well is slightly better it's showing only 5.05% what is the major benefit?

No state tax on gains.
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