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CIT Bank Platinum Savings: Earn Up to Expired

4.95% APY*
+51 Deal Score
65,737 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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65,737 Views
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 Aug 2007
L4: Apprentice
> bubble2 334 Posts
54 Reputation
michray
07-15-2023 at 10:38 AM.
07-15-2023 at 10:38 AM.
Quote from porshuh :
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)
It is a little confusing that it doesn't say 4.95 anywhere so we know if we are getting the right rate.
Reply
Joined Nov 2015
L2: Beginner
> bubble2 25 Posts
14 Reputation
gus.shoosher
07-16-2023 at 03:09 PM.
07-16-2023 at 03:09 PM.
All, i understand we are good savers, but even these accounts don't handle inflation well at all.

You are better off diversifying your savings in these low risk stocks: KO for coke, PG for Procter and Gamble. These stocks are so low risk it makes no sense to throw in a savings account. Even in a recession, your monthly returns will be better than a savings account --- and if they arent they always recover.

Just a thought.
1
Reply
Joined Jul 2009
L6: Expert
> bubble2 1,039 Posts
123 Reputation
thakoolkid
07-16-2023 at 03:22 PM.
07-16-2023 at 03:22 PM.
First time using an online savings. Let's say I wanted to send mid high 5 figs into their savings account via Chase. Is it pretty simple? Apologize for the dumb question.
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
939 Reputation
mtnagel
07-16-2023 at 03:53 PM.
07-16-2023 at 03:53 PM.
Quote from thakoolkid :
First time using an online savings. Let's say I wanted to send mid high 5 figs into their savings account via Chase. Is it pretty simple? Apologize for the dumb question.
Yeah, shouldn't be a problem.
Reply
Joined Jul 2009
L6: Expert
> bubble2 1,039 Posts
123 Reputation
thakoolkid
07-16-2023 at 04:13 PM.
07-16-2023 at 04:13 PM.
Quote from mtnagel :
Yeah, shouldn't be a problem.

Most appreciated
Reply
Joined Dec 2008
L5: Journeyman
> bubble2 594 Posts
45 Reputation
machop
07-16-2023 at 07:50 PM.
07-16-2023 at 07:50 PM.
Does CIT have mobile app?
Reply
Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
939 Reputation
mtnagel
07-16-2023 at 07:55 PM.
07-16-2023 at 07:55 PM.
Quote from machop :
Does CIT have mobile app?
On Android they do. But it's pretty crappy.
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Joined Oct 2022
L2: Beginner
> bubble2 65 Posts
18 Reputation
CoralRose466
07-16-2023 at 08:01 PM.
07-16-2023 at 08:01 PM.
Been with CIT when their APY was under 4.5% and never had issues. Currently I have parked about half a mil (lol...I wish) and doing great.
Reply
Joined Oct 2010
L2: Beginner
> bubble2 89 Posts
44 Reputation
iquincy0cha
07-17-2023 at 12:03 AM.
07-17-2023 at 12:03 AM.
Quote from UhsarpA :
Getting denied by CIT Bank to open a savings account with a 813 FICO score is the lowest point of my life 😭

I know this is a joke, but if that's the lowest point in your life, I recommend taking up drugs or blackout drinking.
Reply
Joined Aug 2011
L69: Curvature
> bubble2 1,086 Posts
156 Reputation
tjax123
07-17-2023 at 12:38 AM.
07-17-2023 at 12:38 AM.
I got Wealthfront at 4.55%. 5.05% if you have referral
Reply
Joined Aug 2011
L69: Curvature
> bubble2 1,086 Posts
156 Reputation
tjax123
07-17-2023 at 12:40 AM.
07-17-2023 at 12:40 AM.
Quote from TruongKy :
how to determine if they're not like the failed SVB?
as long as FDIC insured, you're good up to 250k. Thats for most SDers I suppose
Reply
Joined May 2007
The Whole F'n Show
> bubble2 5,329 Posts
440 Reputation
RVD26
07-17-2023 at 07:47 AM.
07-17-2023 at 07:47 AM.
Have had this account for a few months now and chose it over Ally, AMEX savings, and other banks strictly for the higher APY.

I have noticed transfers into the account take longer than the other banks and their website layout leaves a lot to be desired. I have to authenticate my PC every time I log in even when I choose for it to remember my PC, which is annoying.
Reply
Joined Nov 2006
L7: Teacher
> bubble2 2,184 Posts
572 Reputation
pdinc
07-17-2023 at 01:16 PM.
07-17-2023 at 01:16 PM.
Any reason to do this vs their no penalty CD at the same rate?
Reply
Joined Nov 2014
L3: Novice
> bubble2 278 Posts
22 Reputation
suntzu187
07-17-2023 at 03:06 PM.
07-17-2023 at 03:06 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?
They occasionally will bump the interest on your current account. That has happened to me once on the new account, which I set up because the old account was still languishing at the 1.x it had dropped to last year, just 6 months ago. They opened a new account for me when I called to complain, leaving the old one open, and they're now both accessible to me in their console with the same login. They claim they're different types of accounts, but they're both officially classified by FDIC rules as savings accounts.
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Joined Nov 2013
Freshly Squeezed
> bubble2 1,030 Posts
136 Reputation
ScrottoBaggins
07-17-2023 at 03:46 PM.
07-17-2023 at 03:46 PM.
Quote from lenser :
Not really. I just think that name for a bank is hilarious.

I like bits. When it comes to my money, I dont do bits...
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