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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 Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
07-18-2023 at 02:49 PM.
07-18-2023 at 02:49 PM.
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'm guessing you have your credit frozen without realizing it. You might want to check with the credit bureaus.
1
Reply
Joined Mar 2019
L3: Novice
> bubble2 263 Posts
14 Reputation
majestic2020
07-18-2023 at 03:24 PM.
07-18-2023 at 03:24 PM.
Quote from coronakid :
I'm guessing you have your credit frozen without realizing it. You might want to check with the credit bureaus.

Good point but I had it unfrozen before applying for it. Could be an issue with verifying identity or change of address issue. I moved recently and their system might have accidentally flagged my application
Reply
Joined Dec 2004
L5: Journeyman
> bubble2 555 Posts
517 Reputation
sbl
07-18-2023 at 11:17 PM.
07-18-2023 at 11:17 PM.
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 😭
You're not alone...there are a few others in this thread (including myself) who had the same issue despite excellent credit history, no locks, etc.
Reply
Joined Nov 2013
L3: Novice
> bubble2 191 Posts
18 Reputation
cost.basis
07-19-2023 at 06:29 PM.
07-19-2023 at 06:29 PM.
It is incredibly difficult for me to setup transfers in CIT. However, I am able to transfer funds into CIT with a separate account. My concern is whether it will be difficult for me to transfer my money out. Just sharing to help others.
Reply
Joined Aug 2016
L9: Master
> bubble2 5,645 Posts
312 Reputation
duckeggs
07-19-2023 at 09:45 PM.
07-19-2023 at 09:45 PM.
Quote from gus.shoosher :
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.
imagine having 1 billion dollars in the CIT savings tho O_O
Reply
Joined Aug 2016
L9: Master
> bubble2 5,645 Posts
312 Reputation
duckeggs
07-19-2023 at 09:47 PM.
07-19-2023 at 09:47 PM.
Quote from pdinc :
Any reason to do this vs their no penalty CD at the same rate?
less hassle
Reply
Joined Aug 2021
L6: Expert
> bubble2 1,254 Posts
5,453 Reputation
Pro
Staff
DLS4U | Staff
07-20-2023 at 12:42 AM.
07-20-2023 at 12:42 AM.
Quote from machop :
Does CIT have mobile app?

Yes, they have an iPhone app too
Reply

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Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
07-20-2023 at 11:21 AM.
07-20-2023 at 11:21 AM.
Quote from cost.basis :
It is incredibly difficult for me to setup transfers in CIT. However, I am able to transfer funds into CIT with a separate account. My concern is whether it will be difficult for me to transfer my money out. Just sharing to help others.
Difficult? I find setting up transfers about as easy as it gets with CIT. I think even a 5 year old could do it and I'm not joking.
1
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Joined Dec 2008
L5: Journeyman
> bubble2 594 Posts
45 Reputation
machop
07-21-2023 at 07:49 AM.
07-21-2023 at 07:49 AM.
Quote from gus.shoosher :
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.

No no. People in this thread are looking for safe and return. There is no sure safe stock. You can divide your money into different categories and invest in stock with that allocation.
Reply
Joined Apr 2005
L5: Journeyman
> bubble2 748 Posts
283 Reputation
ikkoku
07-23-2023 at 12:11 AM.
07-23-2023 at 12:11 AM.
Due to personal data leaks, I've put in freezes at the all the credit agencies. Does opening a savings account (with any bank) require a pull? I want to open a CIT account but don't want to deal with the temp unfreezing and refreezing
Reply
Joined Jan 2007
L10: Grand Master
> bubble2 28,287 Posts
2,718 Reputation
cgigate
07-24-2023 at 02:52 PM.
07-24-2023 at 02:52 PM.
Quote from ikkoku :
Due to personal data leaks, I've put in freezes at the all the credit agencies. Does opening a savings account (with any bank) require a pull? I want to open a CIT account but don't want to deal with the temp unfreezing and refreezing

They may do soft pull your credit to verify your identity to open bank account
Reply
Joined Apr 2005
L5: Journeyman
> bubble2 748 Posts
283 Reputation
ikkoku
07-24-2023 at 03:06 PM.
07-24-2023 at 03:06 PM.
Quote from cgigate :
They may do soft pull your credit to verify your identity to open bank account
which means I'll get rejected. thanks for the info.
Reply
Joined Oct 2006
L3: Novice
> bubble2 291 Posts
38 Reputation
DarthMaltball
07-25-2023 at 11:15 AM.
07-25-2023 at 11:15 AM.
Quote from mtnagel :
If you're asking about CIT, I haven't had any issues.

Worst bank name ever.
Their website tho.....sweet baby Jesus
1
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Joined May 2012
L5: Journeyman
> bubble2 751 Posts
107 Reputation
morph2_7
07-25-2023 at 01:10 PM.
07-25-2023 at 01:10 PM.
Quote from cgigate :
They may do soft pull your credit to verify your identity to open bank account
I locked my credit on all 3 agencies (Experian, Equifax, TransUnion). Opened an account about a month ago. No problem. Why do banks need credit history when we're giving them money instead of borrowing?
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Joined Jan 2004
L10: Grand Master
> bubble2 17,799 Posts
1,354 Reputation
LivninSC
07-25-2023 at 01:16 PM.
07-25-2023 at 01:16 PM.
Quote from morph2_7 :
I locked my credit on all 3 agencies (Experian, Equifax, TransUnion). Opened an account about a month ago. No problem. Why do banks need credit history when we're giving them money instead of borrowing?
To make sure you are who you say you are, or at least to try and do that.

You can thank all the drug dealers, money launderers, and fraudsters in general for that...
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