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Slickdeals Forums Deal Talk CIT Bank Platinum Savings: Earn Up to 4.95% APY*

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CIT Bank Platinum Savings: Earn Up to Expired

4.95% APY*

+51 Deal Score

65,775 Views 169 Comments

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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Deal
Score +51

65,775 Views

169 Comments

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.

FWIW, we went with CIT a few months ago and have been very happy. Good deal.

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.

michray

Joined Aug 2007

L4: Apprentice

334 Posts

54 Reputation

michray

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.

gus.shoosher

Joined Nov 2015

L2: Beginner

25 Posts

14 Reputation

gus.shoosher

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.

thakoolkid

Joined Jul 2009

L6: Expert

1,039 Posts

123 Reputation

thakoolkid

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.

mtnagel

Joined Jun 2005

L6: Expert

1,860 Posts

939 Reputation

mtnagel

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.

thakoolkid

Joined Jul 2009

L6: Expert

1,039 Posts

123 Reputation

thakoolkid

07-16-2023 at 04:13 PM.

Quote from mtnagel

Yeah, shouldn't be a problem.

Most appreciated

machop

Joined Dec 2008

L5: Journeyman

594 Posts

45 Reputation

machop

07-16-2023 at 07:50 PM.

Does CIT have mobile app?

mtnagel

Joined Jun 2005

L6: Expert

1,860 Posts

939 Reputation

mtnagel

07-16-2023 at 07:55 PM.

Quote from machop

Does CIT have mobile app?

On Android they do. But it's pretty crappy.

CoralRose466

Joined Oct 2022

L2: Beginner

65 Posts

18 Reputation

CoralRose466

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.

iquincy0cha

Joined Oct 2010

L2: Beginner

89 Posts

44 Reputation

iquincy0cha

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.

tjax123

Joined Aug 2011

L69: Curvature

1,086 Posts

156 Reputation

tjax123

07-17-2023 at 12:38 AM.

I got Wealthfront at 4.55%. 5.05% if you have referral

tjax123

Joined Aug 2011

L69: Curvature

1,086 Posts

156 Reputation

tjax123

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

RVD26

Joined May 2007

The Whole F'n Show

5,329 Posts

440 Reputation

RVD26

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.

pdinc

Joined Nov 2006

L7: Teacher

2,184 Posts

572 Reputation

pdinc

07-17-2023 at 01:16 PM.

Any reason to do this vs their no penalty CD at the same rate?

suntzu187

Joined Nov 2014

L3: Novice

278 Posts

22 Reputation

suntzu187

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.