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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 Aug 2008
Now BOLD!
> bubble2 3,064 Posts
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minifigg
06-16-2023 at 10:39 AM.
06-16-2023 at 10:39 AM.
FWIW, we went with CIT a few months ago and have been very happy. Good deal.
Reply
Joined Nov 2009
L8: Grand Teacher
> bubble2 3,292 Posts
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GoodVibrations
06-16-2023 at 01:15 PM.
06-16-2023 at 01:15 PM.
Quote from minifigg :
FWIW, we went with CIT a few months ago and have been very happy. Good deal.
I'm using them for the Savings Connect account and I really appreciate the straightforward and minimal interface on their website.
Reply
Joined Dec 2009
L4: Apprentice
> bubble2 403 Posts
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Boobooo
06-16-2023 at 01:20 PM.
06-16-2023 at 01:20 PM.
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?
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HIDDENTruongKy06-16-2023 at 01:23 PM.
Joined May 2023
L3: Novice
> bubble2 103 Posts
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pixie2023
06-16-2023 at 01:23 PM.
06-16-2023 at 01:23 PM.
YMMV: I found them difficult to deal with.
I currently do not have a banking relationship with CIT.
7
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Joined Apr 2023
New User
> bubble2 7 Posts
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SharpSink689
06-16-2023 at 01:31 PM.
06-16-2023 at 01:31 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?
I've only been with them for a month and a half, and they did automatically increase it from 4.75 to 4.85 for me. Haven't seen the 4.85 to 4.95 bump yet, but I'm guessing it will take a few days.
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Joined May 2019
L2: Beginner
> bubble2 41 Posts
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BullittEV
06-16-2023 at 02:00 PM.
06-16-2023 at 02:00 PM.
What are their restrictions for withdrawing?

I know some set a max per day/month in the fine print.
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Joined May 2006
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> bubble2 852 Posts
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toolmaker69
06-16-2023 at 02:05 PM.
06-16-2023 at 02:05 PM.
How is it that CIT is so much more than Marcus right now?
Reply
Joined Jul 2007
Explorer
> bubble2 1,183 Posts
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greymoose
06-16-2023 at 02:18 PM.

Our community has rated this post as helpful. If you agree, why not thank greymoose

06-16-2023 at 02:18 PM.
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.
2
1
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Joined Jun 2005
L6: Expert
> bubble2 1,860 Posts
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mtnagel
06-16-2023 at 02:27 PM.
06-16-2023 at 02:27 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 are the type of bank that will create new accounts with a new name to get the higher rates and existing accounts will be stuck with the old rate. They don't do it with every rate increase, but occasionally. It's trivial to create a new account and transfer your money over to the new account, but you do have to check for that and don't assume you will automatically get the new rate. Annoying but worth it since they are one of the higher rates around usually so I stick with them.
1
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Joined Jun 2005
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mtnagel
06-16-2023 at 02:28 PM.

Our community has rated this post as helpful. If you agree, why not thank mtnagel

06-16-2023 at 02:28 PM.
Quote from BullittEV :
What are their restrictions for withdrawing?

I know some set a max per day/month in the fine print.
No limit that I've seen and I've moved big amounts around.
1
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Joined Oct 2008
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> bubble2 2,471 Posts
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NoSleep007
06-16-2023 at 05:40 PM.
06-16-2023 at 05:40 PM.
Quote from GoodVibrations :
I'm using them for the Savings Connect account and I really appreciate the straightforward and minimal interface on their website.
I'm betting the savings connect will see an increase as well maybe to 4.70% apy.
1
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Joined Feb 2007
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> bubble2 61 Posts
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Punishark
06-16-2023 at 06:42 PM.
06-16-2023 at 06:42 PM.
I opened a Platinum Savings AND a six-month CD on June 2. While I know it posts interest earned monthly, when do they start showing how much interest I've earned so far this month? Mine is still showing nothing.

Also, FWIW, the posted rate on my Platinum Savings still shows 4.736% APR (4.85% APY).
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