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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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
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.
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)?
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.
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)?
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.
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.
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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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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
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)
Sign up for a Slickdeals account to remove this ad.
Sign up for a Slickdeals account to remove this ad.