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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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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 Sep 2007
L4: Apprentice
> bubble2 334 Posts
450 Reputation
DiS1BOY
07-13-2023 at 07:55 AM.
07-13-2023 at 07:55 AM.
I just opened a Platinum Saving yesterday. How long does it take for the initial ACH transfer to deposit into the CIT HYS? I got an email stating it will take 5 days. Is this normal?
2
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Last edited by DiS1BOY July 13, 2023 at 08:05 AM.
Joined Dec 2013
L2: Beginner
> bubble2 43 Posts
14 Reputation
Sm0kin_Ace
07-13-2023 at 12:11 PM.
07-13-2023 at 12:11 PM.
Tried to open but CIT immediately denied with, "Unfortunately, we are unable to open an account for you at this time"
1
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Last edited by Sm0kin_Ace July 13, 2023 at 01:04 PM.
Joined Dec 2012
L5: Journeyman
> bubble2 756 Posts
74 Reputation
nshah
07-13-2023 at 01:03 PM.
07-13-2023 at 01:03 PM.
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?

FDIC insured I guess
Reply
Joined Jun 2008
L6: Expert
> bubble2 1,342 Posts
150 Reputation
tC2009
07-13-2023 at 01:10 PM.
07-13-2023 at 01:10 PM.
Quote from DiS1BOY :
I just opened a Platinum Saving yesterday. How long does it take for the initial ACH transfer to deposit into the CIT HYS? I got an email stating it will take 5 days. Is this normal?

My initial deposit was a CIT Mobile Check Deposit on 6/30. Got a letter from CIT today "Funds Availability Exception Notice" stating that due to being a new acct wouldn't post until 7/12. (8 business days).

My first ACH about a week later posted same day. The second ACH for a larger amount is still pending at 2 days
Reply
Joined Jun 2008
L6: Expert
> bubble2 1,342 Posts
150 Reputation
tC2009
07-13-2023 at 01:14 PM.
07-13-2023 at 01:14 PM.
Quote from SuperSmilez :
The CIT app is the worst. I have to reauthenticate constantly. It was so annoying I closed my account.

The website makes me reauthenticate everytime also even though I checked the box it is a trusted computer
Reply
Joined Mar 2022
L2: Beginner
> bubble2 34 Posts
22 Reputation
HonestStraw7868
07-13-2023 at 01:28 PM.
07-13-2023 at 01:28 PM.
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?

Unless I am not reading it write those funds did not seem like they have done that well over the past quarter. Plus add in any fees and expense ratios.
Reply
Joined Aug 2011
L4: Apprentice
> bubble2 385 Posts
156 Reputation
tehslax
07-13-2023 at 01:38 PM.
07-13-2023 at 01:38 PM.
Quote from HonestStraw7868 :
Unless I am not reading it write those funds did not seem like they have done that well over the past quarter. Plus add in any fees and expense ratios.
They have done as well as a high yield savings account. They follow the federal interest rate hikes.

The yield is after fees.
Again, there's no state tax so you actually make more than a savings account.
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Joined Oct 2009
L3: Novice
> bubble2 162 Posts
62 Reputation
jluva
07-14-2023 at 03:41 AM.
07-14-2023 at 03:41 AM.
Opened 7/4. Bank transfer credited account 7/6. Funds showing available 7/14. I was a little surprised with how long it was taking but the initial email quoted an estimated fund availability of 7/17 (said interest would start accruing 7/7).
The app leaves a lot to be desired but I'll deal with it for these rates.
Reply
Joined Sep 2003
L4: Apprentice
> bubble2 498 Posts
54 Reputation
ordmaster
07-14-2023 at 05:23 AM.
07-14-2023 at 05:23 AM.
Quote from jluva :
Opened 7/4. Bank transfer credited account 7/6. Funds showing available 7/14. I was a little surprised with how long it was taking but the initial email quoted an estimated fund availability of 7/17 (said interest would start accruing 7/7).
The app leaves a lot to be desired but I'll deal with it for these rates.
I opened mine at the end of June and became available around 6 business days later. I got nervous at first because I use ACH from other checking/saving account all the time but never takes this long. I talked to CIT rep and "Suggested" that I PUSH funds from my other bank account to CIT instead of PULL funds from my other accounts to CIT. I tried this and the funds became available with usual ACH time I'm familiar with.

Reply
Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
939 Reputation
mtnagel
07-14-2023 at 09:50 AM.
07-14-2023 at 09:50 AM.
Quote from tC2009 :
The website makes me reauthenticate everytime also even though I checked the box it is a trusted computer
Same. Very frustrating but I don't check it much so not a huge deal. I actually move all my money back to Dollar Savings Direct as they are at 5% now. Not a big difference but I already had an account there so figured why not move it.
Reply
Joined Mar 2005
L6: Expert
> bubble2 1,543 Posts
777 Reputation
JCO
07-14-2023 at 10:14 AM.
07-14-2023 at 10:14 AM.
Quote from tC2009 :
The website makes me reauthenticate everytime also even though I checked the box it is a trusted computer

Makes me do the same. Their app and mobile site are also useless for Zelle transactions
1
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Joined Apr 2004
L5: Journeyman
> bubble2 728 Posts
27 Reputation
zeroxray
07-14-2023 at 07:42 PM.
07-14-2023 at 07:42 PM.
Is this the best deal for a hysa now? Interested in opening an account for my 1 year one as well
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
07-15-2023 at 07:23 AM.
07-15-2023 at 07:23 AM.
Quote from SuperSmilez :
The CIT app is the worst. I have to reauthenticate constantly. It was so annoying I closed my account.

Biometric is very easy for me and with the amount of money I have in there I love the extra security. To each their own. I also don't understand why you need to log in that often.
1
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Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
07-15-2023 at 07:52 AM.
07-15-2023 at 07:52 AM.
I'll never understand all these minor complaints. For me the highest rate is always king. No site or app is ever perfect. I've never had one issue depositing or transferring my money from CIT. Yes it takes a while to be "available" but I find this pretty standard on a lot of HYSAs. If you want a place to stash your cash this is a great place to do it. It you want to move money around quickly then go elsewhere. Simple as that.
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Joined Mar 2019
L3: Novice
> bubble2 263 Posts
14 Reputation
majestic2020
07-15-2023 at 08:48 AM.
07-15-2023 at 08:48 AM.
Getting denied by CIT Bank to open a savings account with a 813 FICO score is the lowest point of my life 😭
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