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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
423,710 Views
Update: This deal is still available.

CIT Bank our partner, offers the following benefits with their Platinum Savings account.
  • Must have a minimum daily balance of $5000 to earn 5.05% -> now 5.00% 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 September 17, 2024 at 01:36 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 4.85% 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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Created 07-27-2023 at 09:27 AM by EfficientGame645
in Financial Tools & Services (6) CIT Bank
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Community Wiki

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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Featured Comments

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!
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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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Joined Feb 2005
L4: Apprentice
> bubble2 444 Posts
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muddyduck
07-28-2023 at 07:40 AM.
07-28-2023 at 07:40 AM.
Any bank giving free toasters?
4
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Joined Dec 2005
Advanced Elite SDer
> bubble2 3,371 Posts
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TheKingofDeals
07-28-2023 at 07:41 AM.
07-28-2023 at 07:41 AM.
Quote from Boobooo :
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)
Thanks for the feedback so your saying you have to have their CIT checking also in order to access Bill pay ?
Reply
Joined Feb 2008
L5: Journeyman
> bubble2 697 Posts
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lev280
07-28-2023 at 07:42 AM.

Our community has rated this post as helpful. If you agree, why not thank lev280

07-28-2023 at 07:42 AM.
Quote from coronakid :
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.
The primary valid criticism of the CIT bank is that they create a new savings product with a new name and assign the most competitive rate to it. For example, they currently have Savings Builder, Savings Connect, & Money Market products in addition to this Platinum Savings. The rates on those other products are much lower today, with this Platinum Savings being their highest yielding account. At one point or another each one of those were their highest yielding accounts.
2
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Joined Aug 2008
L3: Novice
> bubble2 166 Posts
28 Reputation
Drathen
07-28-2023 at 08:31 AM.
07-28-2023 at 08:31 AM.
How hard is it to qualify for this account? My wife and I tried opening a savings account with PNC bank earlier this year and we were denied for unknown reasons. I haven't opened a bank account in many years and the process with PNC felt like applying for a credit card.
Reply
Joined Dec 2009
L4: Apprentice
> bubble2 379 Posts
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Boobooo
07-28-2023 at 08:44 AM.
07-28-2023 at 08:44 AM.
Quote from TheKingofDeals :
Thanks for the feedback so your saying you have to have their CIT checking also in order to access Bill pay ?
Yes. Cit savings and Cit checking ... that way I transfer once a month from savings to checking and use checking for Bill Pay... there are still limits to savings account on how many monthly withdrawals you can make... I forget how many... but it's the same as other banks... but just make sure you keep at least 5K in savings to get that higher interest rate.
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Joined Aug 2020
New User
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CoolSnake233
07-28-2023 at 08:49 AM.

Our community has rated this post as helpful. If you agree, why not thank CoolSnake233

07-28-2023 at 08:49 AM.
here are some of those higher rate accounts

https://www.investopedia.com/best...ts-4770633
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Joined Jan 2007
L10: Grand Master
> bubble2 28,289 Posts
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cgigate
07-28-2023 at 08:58 AM.
07-28-2023 at 08:58 AM.
It is better than their 6-month CD
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Joined May 2008
L3: Novice
> bubble2 241 Posts
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trypsin
07-28-2023 at 10:28 AM.
07-28-2023 at 10:28 AM.
Quote from Arcanlaw :
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.

I was able to open one in like 5 minutes.
Reply
Joined Aug 2005
Cyberpunk
> bubble2 6,840 Posts
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amax
07-28-2023 at 11:04 AM.
07-28-2023 at 11:04 AM.
Quote from Arcanlaw :
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.
SoFi is a terrible fintech scam
2
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Joined Apr 2006
L3: Novice
> bubble2 119 Posts
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Souldrum
07-28-2023 at 11:36 AM.
07-28-2023 at 11:36 AM.
Quote from bigballs :
Does the interest go up automatically for current account holders?

I can also confirm that my rate increased automatically.
Reply
Joined Oct 2012
L7: Teacher
> bubble2 2,061 Posts
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BenM5
07-28-2023 at 11:36 AM.
07-28-2023 at 11:36 AM.
you guys should get western alliance it is 5.2%. the raisin ui is clean, app is ok.
2
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Joined Nov 2009
L8: Grand Teacher
> bubble2 3,288 Posts
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GoodVibrations
07-28-2023 at 01:10 PM.
07-28-2023 at 01:10 PM.
Quote from Boobooo :
Yes. Cit savings and Cit checking ... that way I transfer once a month from savings to checking and use checking for Bill Pay... there are still limits to savings account on how many monthly withdrawals you can make... I forget how many... but it's the same as other banks... but just make sure you keep at least 5K in savings to get that higher interest rate.
Those limits on saving account withdrawals were removed during COVID. You can essentially treat them like checking accounts now.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
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CoronaKid
07-28-2023 at 01:20 PM.
07-28-2023 at 01:20 PM.
Quote from lev280 :
The primary valid criticism of the CIT bank is that they create a new savings product with a new name and assign the most competitive rate to it. For example, they currently have Savings Builder, Savings Connect, & Money Market products in addition to this Platinum Savings. The rates on those other products are much lower today, with this Platinum Savings being their highest yielding account. At one point or another each one of those were their highest yielding accounts.

CIT bank is not the only bank issuing new savings products. Many banks do this regularly. And honestly it literally takes less than 5 minutes to open a new account and transfer the money over. I just view it as an opportunity to research to see if there are better rates out there.

I can see how this might be a criticism for lazy people though.
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Last edited by coronakid July 28, 2023 at 04:35 PM.
Joined Dec 2009
L4: Apprentice
> bubble2 379 Posts
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Boobooo
07-28-2023 at 01:32 PM.
07-28-2023 at 01:32 PM.
Quote from GoodVibrations :
Those limits on saving account withdrawals were removed during COVID. You can essentially treat them like checking accounts now.
Wow - didn't know that one... cool. thanks!!!
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Joined Aug 2016
L3: Novice
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cantpassondeal
07-28-2023 at 02:15 PM.
07-28-2023 at 02:15 PM.
Is this offer requires maturity date?
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