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CIT Bank Platinum Savings: Earn Up to Expired

4.95% APY*
+51 Deal Score
65,733 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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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 Jan 2007
L10: Grand Master
> bubble2 28,287 Posts
2,718 Reputation
cgigate
07-25-2023 at 01:48 PM.
07-25-2023 at 01:48 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?
I guess it is for verification purpose
Reply
Joined May 2012
L5: Journeyman
> bubble2 751 Posts
107 Reputation
morph2_7
07-25-2023 at 04:48 PM.
07-25-2023 at 04:48 PM.
Quote from cgigate :
I guess it is for verification purpose
Ok but I got no problem opening an account with a locked credit. I don't think they check at all or the lock still allows them to pull a different query (not for borrowing money).
Reply
Joined Feb 2009
L4: Apprentice
> bubble2 481 Posts
72 Reputation
rphmann
07-25-2023 at 05:39 PM.
07-25-2023 at 05:39 PM.
Quote from morph2_7 :
Ok but I got no problem opening an account with a locked credit. I don't think they check at all or the lock still allows them to pull a different query (not for borrowing money).

Bank accounts use Chex Systems for credit checks. This should be frozen along with the big 3 credit systems.

https://www.chexsystems.com/
Reply
Joined May 2012
L5: Journeyman
> bubble2 751 Posts
107 Reputation
morph2_7
07-26-2023 at 08:29 AM.
07-26-2023 at 08:29 AM.
Quote from rphmann :
Bank accounts use Chex Systems for credit checks. This should be frozen along with the big 3 credit systems.

https://www.chexsystems.com/
Thanks. Is it free to request a freeze?
Reply
Joined Apr 2005
L5: Journeyman
> bubble2 748 Posts
283 Reputation
ikkoku
07-26-2023 at 10:14 AM.
07-26-2023 at 10:14 AM.
Quote from morph2_7 :
Thanks. Is it free to request a freeze?

yes it is
Reply
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