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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 Mar 2005
L9: Master
> bubble2 4,543 Posts
623 Reputation
thegman230
08-01-2023 at 10:55 AM.
08-01-2023 at 10:55 AM.
Is this thread dead and abandoned?
Reply
Joined Jul 2015
L4: Apprentice
> bubble2 366 Posts
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fiveighteen
08-01-2023 at 11:06 AM.
08-01-2023 at 11:06 AM.
Quote from thegman230 :
Is this thread dead and abandoned?

What more do you want
1
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
08-01-2023 at 11:13 AM.
08-01-2023 at 11:13 AM.
Quote from Powza :
This here is a pretty bad deal, especially if you have state with income tax.
Just buy treasuries instead. It is super easy at Fidelity and you can auto-roll when they mature.

Or if treasuries sounds too complex you can buy VUSXX (Vanguard Treasury Money Market Fund). Current yield is 5.1% and it is state tax exempt.

Or if all of the above sounds too complex, you can just open Vanguard brokerage account. All your unused cash is automatically invested in VMFXX (Vanguard Federal Money Market Fund) with current yield 5.09%. Note that this is not 100% state tax exampt, so you will have to do some math come tax time.
Why are you recommending closed funds? Yeah you can still invest in them but they require a pretty hefty commission fee.
3
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
1,361 Reputation
CoronaKid
08-01-2023 at 11:17 AM.
08-01-2023 at 11:17 AM.
Quote from NoSleep007 :
Yup, I tend to look at overall picture, does the bank provide good customer service? good app and website? ach transfer limits? trustworthy? etc.

So if trust a bank more at 5% apy while the bank I don't trust offers something a little higher like 5.06% than I'm going with the bank that I trust more.
Let me get this straight. You trust Bask bank more than CIT Bank? lol. I'd ask why but I have a feeling the answer will be ridiculous, so I won't bother.
4
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Joined May 2005
L10: Grand Master
> bubble2 11,570 Posts
876 Reputation
smartdeals
08-01-2023 at 11:26 AM.
08-01-2023 at 11:26 AM.
fed raise 0.25 and bank not doing anything
Reply
Joined Jul 2018
L6: LevelUpper
> bubble2 235 Posts
82 Reputation
WiseAppliance910
08-01-2023 at 09:12 PM.
08-01-2023 at 09:12 PM.
Quote from HackrDeals :
I'm thinking of doing this. Which banks offer 5.20+?
Messaged you
3
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Joined Jul 2018
L6: LevelUpper
> bubble2 235 Posts
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WiseAppliance910
08-01-2023 at 09:13 PM.
08-01-2023 at 09:13 PM.
Quote from WiseAppliance910 :
Not that slick.
There are other banks offering 5.20+ apy
Message me if interested
5
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Joined Jan 2011
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> bubble2 992 Posts
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Powza
08-02-2023 at 12:34 AM.
08-02-2023 at 12:34 AM.
Quote from coronakid :
Why are you recommending closed funds? Yeah you can still invest in them but they require a pretty hefty commission fee.
I don't know what you are smoking.
Reply
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
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CoronaKid
08-02-2023 at 07:23 AM.
08-02-2023 at 07:23 AM.
Quote from Powza :
I don't know what you are smoking.
It closed in April of 2020 for new accounts. Like I said, you can still purchase shares but it will cost you a hefty commission fee. What are you smoking?

https://corporate.vanguard.com/co...7s%20yield.
2
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Last edited by coronakid August 2, 2023 at 07:32 AM.
Joined Apr 2010
L3: Novice
> bubble2 152 Posts
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KWQQ
08-02-2023 at 10:06 AM.
08-02-2023 at 10:06 AM.
Are there any # of withdrawal / transfer limit per month?
Reply
Joined Jan 2011
L9000
> bubble2 992 Posts
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Powza
08-02-2023 at 10:29 AM.
08-02-2023 at 10:29 AM.
Quote from coronakid :
It closed in April of 2020 for new accounts. Like I said, you can still purchase shares but it will cost you a hefty commission fee. What are you smoking?

https://corporate.vanguard.com/co...7s%20yield.
You don't know what you are talking about. It is very normal for a federal money market fund to close for new investments when rates are close to 0. Then they reopen later. Why are you quoting 3 year old news?

Why are you spreading misinformation that you can somehow buy closed fund but then you have to pay "hefty commission fee". You either can buy it or not. There is no fee. Period.
Instead of spreading misinformation here you could have opened your brokerage account and entered order for VUSXX just to check fees. Pretty simple.

All current VUSXX information is on Vanguard page https://investor.vanguard.com/inv...file/vusxx.
1
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Last edited by Powza August 2, 2023 at 11:44 AM.
Joined Oct 2009
L8: Grand Teacher
> bubble2 3,766 Posts
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CoronaKid
08-02-2023 at 06:35 PM.
08-02-2023 at 06:35 PM.
Quote from Powza :
You don't know what you are talking about. It is very normal for a federal money market fund to close for new investments when rates are close to 0. Then they reopen later. Why are you quoting 3 year old news?

Why are you spreading misinformation that you can somehow buy closed fund but then you have to pay "hefty commission fee". You either can buy it or not. There is no fee. Period.
Instead of spreading misinformation here you could have opened your brokerage account and entered order for VUSXX just to check fees. Pretty simple.

All current VUSXX information is on Vanguard page https://investor.vanguard.com/inv...file/vusxx.

It's still closed.
2
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Joined Jan 2011
L9000
> bubble2 992 Posts
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Powza
08-02-2023 at 08:02 PM.
08-02-2023 at 08:02 PM.
Quote from coronakid :
It's still closed.
Do you even own a brokerage account? At this point I don't even know how to respond to this stupidity.
Reply
Joined May 2013
L3: Novice
> bubble2 109 Posts
14 Reputation
ScottS3933
08-03-2023 at 06:31 PM.
08-03-2023 at 06:31 PM.
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.

Was super easy to set up CIT account
Reply

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Joined May 2013
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ScottS3933
08-03-2023 at 06:33 PM.
08-03-2023 at 06:33 PM.
Quote from bigballs :
Does the interest go up automatically for current account holders?

Yes, I got an email stating it went up from 4.95 (rate when i opened) to the current 5.05.
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