Last Edited by Punishark
September 3, 2024
at
10:45 AM
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance.
APYs — Annual Percentage Yields are accurate as of September 3, 2024:
0.25% APY on balances of $0.01 to $4,999.99;
5.00% APY on balances of $5,000.00 or more.
Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
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I've been banking with them for nearly 5 years. No major problems. My only issue is that their phone app is severely limited & kind of sucks. Other than that, if you send money, it arrives quickly & interest rates automatically raise without having to contact them. They seem to stay pretty competitive when it comes to the highest interest rate. I really like them & trust them with my money.
UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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You have more issues than just missing out on $10k!
Have been banking with them for many years. No issues, fast transfers, can manage everything online including closing accounts. Only negative is that their phone support sucks since they encourage online banking only, and they keep adding new account types with higher rates, and you have to open an account and transfer money to new account (which is pretty painless and done within minutes online)
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Kind of a pain to open an account. I'd recommend SoFi, slightly lower Apr but super slick portal. Find a friend to refer you for a referral bonus.
opening a new account moderate, no pain, but the down side is updating the rate need days, the app is a joke, even website looks so basic and junk, otherwise looks great bank, they need to upgrade their online software since they focused on online service
What's their ACH transfer limits? I was looking into HYSAs few weeks ago and all the top banks I saw in the list had extremely poor transfer limits like $5000/month or something.
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07-28-2023 at 04:18 AM.
Quote
from bagarwa
:
What's their ACH transfer limits? I was looking into HYSAs few weeks ago and all the top banks I saw in the list had extremely poor transfer limits like $5000/month or something.
It's like 250K all the way upto 1 million a month, so you don't have to worry about that.
I never understood why some banks can do a large ach transfer limit while others can't.
My question is why does CITBank requires $5000 for this savings account? While other banks that have 5% don't.
This amounts to Interest Rate: 4.927%
(that's non APY)...
And yes - it updated automatically - I just checked...
For basic savings for $$$ stored for paying bills and such though Bill Pay, so far so good for a bank with basic features. Their web site is beyond basic, but it does what it needs to do...
This amounts to Interest Rate: 4.927%
(that's non APY)...
And yes - it updated automatically - I just checked...
For basic savings for $$$ stored for paying bills and such though Bill Pay, so far so good for a bank with basic features. Their web site is beyond basic, but it does what it needs to do...
How is their bill pay? I want to move my direct deposits and bill pay out of my Credit Union that's offering almost no interest to savings account with higher interest. Does the bill pay send checks or they have electrician transfer setup also (i.e deliver/payment within a day.)
If you want a no frills savings account Ivybank has decent rate and they have been slowly increasing it with Fed increases. Bit higher rate than Wealthfront 4.8%
How is their bill pay? I want to move my direct deposits and bill pay out of my Credit Union that's offering almost no interest to savings account with higher interest. Does the bill pay send checks or they have electrician transfer setup also (i.e deliver/payment within a day.)
It's very simple compared to other banks I've done bill pay with in the past, but it works.... It does seem to take a little longer from payment to confirmation, but only by a day... But I never really paid that much attention in the past so I could be a little off...
I just make sure I schedule all payments 1 week ahead of due date and have no concerns (yet)... but still monitoring things as I'm just 3 months as a new customer...
It's nice having the funds I allocated to bill pay to be making a decent interest rate...
Obviously transferring funds from CIT savings to CIT checking is immediate for that monthly transfer for bill pay stuff. (thus keep as much of your funds in savings until needed)
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07-28-2023 at 06:40 AM.
Quote
from TheKingofDeals
:
If you want a no frills savings account Ivybank has decent rate and they have been slowly increasing it with Fed increases. Bit higher rate than Wealthfront 4.8%
Has anybody banked with them before? I was just looking at them over the weekend but don't know anyone that uses them.
Think of them as a specialized savings account as opposed to a full-service bank. You will still need your primary brick and mortar bank even if you open an account with them. Than you will need to create an ACH transfer link between your primary bank and them. For checking account, I suggest keeping your primary bank. For savings, I suggest using CIT's various savings products. These include:
Regular term CDs
No-penalty CDs
Ramp-up CD
Various savings and money market accounts
All of these products have differences besides the interest rates. You will need to select which one meets your savings goals and needs.
For ACH transfers you will need to understand the requirements and limitations. CIT is fairly flexible, however, your primary bank may have restrictions.
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07-28-2023 at 07:26 AM.
Quote
from WiseAppliance910
:
Not that slick.
There are other banks offering 5.20+ apy
The reason he makes this statement without listing the banks is because he knows we'll tear those banks to shreds. A lot of those banks pull you in and then gradually reduce rates or make it very hard to move money around. Cit bank offers a consistently high rate and it's very easy to set up. Anybody that says it's hard to set up must've struggled in kindergarten.
Kind of a pain to open an account. I'd recommend SoFi, slightly lower Apr but super slick portal. Find a friend to refer you for a referral bonus.
You sound like a rep for SoFi. I'd say CIT bank is even easier to open up than SoFi. It's also at 4.40% which is significantly lower. I guess it's to pay for all those commercials.
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UPDATE: As of 06 NOV 23, the app on Android has been updated and reflects a top tier online banking experience. Very happy with the improvements that have been made.
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Our community has rated this post as helpful. If you agree, why not thank NoSleep007
I never understood why some banks can do a large ach transfer limit while others can't.
My question is why does CITBank requires $5000 for this savings account? While other banks that have 5% don't.
(that's non APY)...
And yes - it updated automatically - I just checked...
For basic savings for $$$ stored for paying bills and such though Bill Pay, so far so good for a bank with basic features. Their web site is beyond basic, but it does what it needs to do...
(that's non APY)...
And yes - it updated automatically - I just checked...
For basic savings for $$$ stored for paying bills and such though Bill Pay, so far so good for a bank with basic features. Their web site is beyond basic, but it does what it needs to do...
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APY: 5.316%
Interest rate: 5.180%
https://www.ivybank.com/savings
High-Yield Savings
Our High-Yield Savings Account1, 2 offers you our best rate to bring you the highest return on your savings.
Nationally competitive rate
$2,500 minimum opening balance
$2,500 minimum balance to earn disclosed APY
FDIC Insured3
I just make sure I schedule all payments 1 week ahead of due date and have no concerns (yet)... but still monitoring things as I'm just 3 months as a new customer...
It's nice having the funds I allocated to bill pay to be making a decent interest rate...
Obviously transferring funds from CIT savings to CIT checking is immediate for that monthly transfer for bill pay stuff. (thus keep as much of your funds in savings until needed)
Our community has rated this post as helpful. If you agree, why not thank ChronoTriggered
APY: 5.316%
Interest rate: 5.180%
https://www.ivybank.com/savings
High-Yield Savings
Our High-Yield Savings Account1, 2 offers you our best rate to bring you the highest return on your savings.
Nationally competitive rate
$2,500 minimum opening balance
$2,500 minimum balance to earn disclosed APY
FDIC Insured3
Says 4.8% now
- Regular term CDs
- No-penalty CDs
- Ramp-up CD
- Various savings and money market accounts
All of these products have differences besides the interest rates. You will need to select which one meets your savings goals and needs.For ACH transfers you will need to understand the requirements and limitations. CIT is fairly flexible, however, your primary bank may have restrictions.
Our community has rated this post as helpful. If you agree, why not thank CoronaKid
There are other banks offering 5.20+ apy
The reason he makes this statement without listing the banks is because he knows we'll tear those banks to shreds. A lot of those banks pull you in and then gradually reduce rates or make it very hard to move money around. Cit bank offers a consistently high rate and it's very easy to set up. Anybody that says it's hard to set up must've struggled in kindergarten.
You sound like a rep for SoFi. I'd say CIT bank is even easier to open up than SoFi. It's also at 4.40% which is significantly lower. I guess it's to pay for all those commercials.
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