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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
423,765 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

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
Created 07-27-2023 at 09:27 AM by EfficientGame645
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+161
423,765 Views
5.00% APY*

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.
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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Joined Jul 2006
L4: Apprentice
> bubble2 423 Posts
116 Reputation
shura
08-04-2023 at 05:10 PM.
08-04-2023 at 05:10 PM.
nvrmnd: updated to 4.927% Sunday

Opened with a transfer of (well) over 5K required,
But in details it shows 0.25%.

I suspect it's gonna be so whole month to satisfy "min average daily balance" for the CURRENT billing cycle.
If so, no sense transferring over $5k until the second billing cycle (from another high rate account)

P.S. added a checking right away to have a ready option for multiple withdrawals should need ever be (savings limit is 6).
Opening deposit $100, no minimum to maintain. No checks
Why: when a push comes to shove every day matters; verifying transfer account THEN takes business day (what if it is a weekend or holyday?). I got one or two transfer accounts verified, bill pay is available. Authorizing payment FROM an account (like a credit card) also requires preauthorization at first (sometimes more than a (business)day).
Now have it covered
Reply
Last edited by shura August 6, 2023 at 09:24 AM.
Joined Jul 2008
L3: Novice
> bubble2 273 Posts
199 Reputation
calebrules1991
08-05-2023 at 09:48 PM.
08-05-2023 at 09:48 PM.
Quote from shura :
Opened with a transfer of (well) over 5K required,
But in details it shows 0.25%.

I suspect it's gonna be so whole month to satisfy "min average daily balance" for the CURRENT billing cycle.
If so, no sense transferring over $5k until the second billing cycle (from another high rate account)
Probably won't update the % till the $ is in your account; it usually takes a few days.
Reply
Joined Nov 2014
L4: Apprentice
> bubble2 409 Posts
26 Reputation
zmm61
08-11-2023 at 10:49 AM.
08-11-2023 at 10:49 AM.
How many business days for transfer to complete? (show up in CIT BANK PLAT SAVING acct?)
Reply
Joined Feb 2016
L3: Novice
> bubble2 252 Posts
291 Reputation
Rsh1234
08-14-2023 at 10:44 AM.
08-14-2023 at 10:44 AM.
Does it have any limit for withdrawals? Does it allow writing checks? Any fees on checks like pnc does? I am looking to save some money for a house down payment (whenever that happens), but would like to write a quick check if I end up finding a house (and not wait multiple months because of withdrawal limits). Any leads would be appreciated. Also this vs UFB (upto 5.25 apy)?
Reply
Joined Jul 2008
L3: Novice
> bubble2 273 Posts
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calebrules1991
08-18-2023 at 09:54 PM.
08-18-2023 at 09:54 PM.
Quote from zmm61 :
How many business days for transfer to complete? (show up in CIT BANK PLAT SAVING acct?)
Initiated a transfer on Monday, added to the "current" balance on Tuesday. Didn't add to the "available" balance till Friday.
Reply
Joined Aug 2011
L69: Curvature
> bubble2 1,081 Posts
156 Reputation
tjax123
08-18-2023 at 09:56 PM.
08-18-2023 at 09:56 PM.
FYI Wealthfront pays 4.8% but no minimum required.
Reply
Joined Jul 2008
L3: Novice
> bubble2 273 Posts
199 Reputation
calebrules1991
08-18-2023 at 09:59 PM.
08-18-2023 at 09:59 PM.
Quote from Rsh1234 :
Does it have any limit for withdrawals? Does it allow writing checks? Any fees on checks like pnc does? I am looking to save some money for a house down payment (whenever that happens), but would like to write a quick check if I end up finding a house (and not wait multiple months because of withdrawal limits). Any leads would be appreciated. Also this vs UFB (upto 5.25 apy)?
Not sure. I've read it was 6, but I've also read reviews that say unlimited. If you search "cit platinum savings" on google, the motley fool review says unlimited. It also says you can call them and request a check as a withdrawal option.
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Joined Nov 2014
L4: Apprentice
> bubble2 409 Posts
26 Reputation
zmm61
08-31-2023 at 11:39 PM.
08-31-2023 at 11:39 PM.
I deposited on 8/10 and now end of month no interest at all?
1
Reply
Joined Sep 2011
L5: Journeyman
> bubble2 685 Posts
195 Reputation
lilaznboy1210
08-31-2023 at 11:44 PM.
08-31-2023 at 11:44 PM.
Quote from zmm61 :
I deposited on 8/10 and now end of month no interest at all?
I just got my interest for the month.
Reply
Joined Sep 2011
L5: Journeyman
> bubble2 685 Posts
195 Reputation
lilaznboy1210
08-31-2023 at 11:45 PM.
08-31-2023 at 11:45 PM.
Quote from zmm61 :
How many business days for transfer to complete? (show up in CIT BANK PLAT SAVING acct?)
1-2 days
Reply
Joined Oct 2016
L6: Expert
> bubble2 1,334 Posts
127 Reputation
looser24
09-08-2023 at 12:16 PM.
09-08-2023 at 12:16 PM.
Quote from Rsh1234 :
Does it have any limit for withdrawals? Does it allow writing checks? Any fees on checks like pnc does? I am looking to save some money for a house down payment (whenever that happens), but would like to write a quick check if I end up finding a house (and not wait multiple months because of withdrawal limits). Any leads would be appreciated. Also this vs UFB (upto 5.25 apy)?
This is a savings account not a checking account.
Reply
Joined Aug 2005
L2: Beginner
> bubble2 26 Posts
18 Reputation
tsengf
09-08-2023 at 12:24 PM.
09-08-2023 at 12:24 PM.
There are a number of banks offer 5.25% APY. Vio Bank [viobank.com] is one of them. There are no minimum requirements and no limits on how much interest you can earn.
Reply
Last edited by tsengf September 8, 2023 at 12:26 PM.
Joined Sep 2007
L6: Expert
> bubble2 1,830 Posts
577 Reputation
ECartman
09-08-2023 at 12:31 PM.
09-08-2023 at 12:31 PM.
Quote from tsengf :
There are a number of banks offer 5.25% APY. Vio Bank [viobank.com] is one of them. There are no minimum requirements and no limits on how much interest you can earn.
Been with VioBank for a few years. They are easy to deal with and consistently raise rates to remain near the top. They have been above 5% for quite awhile, and 5.25% for a few weeks.
Reply
Joined Jul 2007
Explorer
> bubble2 1,143 Posts
666 Reputation
greymoose
09-08-2023 at 02:08 PM.
09-08-2023 at 02:08 PM.
Quote from greymoose :
I just checked the details on my Platinum Savings and mine still says 4.832%. I wonder when it will update.
Update. Yes it did.to 4.927%
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Joined Feb 2014
L6: Expert
> bubble2 1,017 Posts
231 Reputation
EJ42
09-08-2023 at 03:04 PM.
09-08-2023 at 03:04 PM.
Quote from musicguyom :
Just do t bills, can still get better rates.
PITA. This is easier.
Reply
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