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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
438,990 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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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.

This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.

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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!
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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 Jan 2012
L4: Apprentice
> bubble2 330 Posts
200 Reputation
brybo86
09-09-2023 at 07:46 AM.
09-09-2023 at 07:46 AM.
Quote from Dominican1NYC View quoted comment :
I've been banking with them for nearly 5 years. No issues. 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.
Their rates automatically rise unless they decide to drop your account type into the abyss and create a new slightly different account type that requires you to call and transfer funds and close old account.
Reply
Joined Dec 2008
L4: Apprentice
> bubble2 379 Posts
83 Reputation
Dominican1NYC
09-09-2023 at 07:53 AM.
09-09-2023 at 07:53 AM.
Quote from brybo86 View quoted comment :
Their rates automatically rise unless they decide to drop your account type into the abyss and create a new slightly different account type that requires you to call and transfer funds and close old account.

If that happens, it takes about 3-5 mins to open the new account & transfer to the new account. You don't have to call, you can do it all online. It happened to me when they went from the Savers to Platinum. No big deal, it was quick to do and now my Platinum account gets upgraded to the latest APY automatically.
Reply
Joined Oct 2006
L2: Beginner
> bubble2 27 Posts
14 Reputation
jaan405
09-09-2023 at 09:06 AM.
09-09-2023 at 09:06 AM.
I used to work at a bank that got bought by CIT Bank but then they got bought by First Citizens out of the Carolinas. At present, I think the Bank is $110 Billion in size. For the longest time, they've had probably the best or second best savings rate. Then, I think PNC had a pretty decent rate when the money market savings were in the 4% range. But, now, Encore Bank is the highest rate as far as a physical bank goes (and probably internet based banks). Their rate is 5.15% APY - only catch is that the minimum deposit is $100,000. But, if you want to do a short term CD, it's in the 5% range as well for as little as $1,000 or $2,500, can't remember which.
Reply
Joined Nov 2021
L3: Novice
> bubble2 129 Posts
26 Reputation
ConstanzaLordofIdiot
09-09-2023 at 09:18 AM.
09-09-2023 at 09:18 AM.
Quote from Arcanlaw View quoted comment :
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.

Not sure why the thumbs down. You are spot on.
1
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Joined Apr 2015
L5: Journeyman
> bubble2 996 Posts
58 Reputation
FNwoz
09-09-2023 at 10:11 AM.
09-09-2023 at 10:11 AM.
Been super happy with CIT. Rate goes up automatically. When I did need customer service they were great. The website is a little meh but if you can get over that, this is a great savings account. Waiting for my CD to end so I can just go all in on this savings. Keep the money liquid.
Reply
Joined Jan 2011
L9000
> bubble2 1,051 Posts
111 Reputation
Powza
09-09-2023 at 11:13 AM.
09-09-2023 at 11:13 AM.
Quote from mD- View quoted comment :
Also, I think USFR ETF is even a better option than the Vanguard fund because:

1) you will earn a higher yield - currently around 5.37% (and it's also state tax exempt)
2) doesn't require you do open a vanguard account
Did you just compare money market fund with fixed $1.00 price to low volume ETF that can lose principal value of investment?
Please do your research before calling that VUSXX requires Vanguard account. You can buy it in most brokerages (except Fidelity of course because Vanguard is their direct competitor).
1
Reply
Last edited by Powza September 9, 2023 at 11:25 AM.
Joined Apr 2018
L3: Novice
> bubble2 168 Posts
10 Reputation
StealinDealz
09-09-2023 at 06:44 PM.
09-09-2023 at 06:44 PM.
I set up a HYSA with CIT 3 months ago as a place to put our emergency fund vs sitting in a savings account doing nothing. It was 4.9% when we started and just over 5% now. It's easy to access and transfer money between accounts. Very pleased with it so far and the rate is awesome.
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Joined Dec 2007
Cheapskate
> bubble2 852 Posts
263 Reputation
mistman23
09-10-2023 at 06:24 AM.
09-10-2023 at 06:24 AM.
Quote from HackrDeals View quoted comment :
I'm thinking of doing this. Which banks offer 5.20+?
Google Raisin savings

They partner with 40 banks that offer high yield savings accounts with no fees. I'm currently getting 5.26.

They also offer high yield CDs and high yield, no withdrawal penalty CDs.
2
Reply
Joined Dec 2007
Cheapskate
> bubble2 852 Posts
263 Reputation
mistman23
09-10-2023 at 06:27 AM.
09-10-2023 at 06:27 AM.
Quote from jaan405 View quoted comment :
I used to work at a bank that got bought by CIT Bank but then they got bought by First Citizens out of the Carolinas. At present, I think the Bank is $110 Billion in size. For the longest time, they've had probably the best or second best savings rate. Then, I think PNC had a pretty decent rate when the money market savings were in the 4% range. But, now, Encore Bank is the highest rate as far as a physical bank goes (and probably internet based banks). Their rate is 5.15% APY - only catch is that the minimum deposit is $100,000. But, if you want to do a short term CD, it's in the 5% range as well for as little as $1,000 or $2,500, can't remember which.
Raisin app partnered banks currently at 5.26. No fees. Very easy and simple interface
1
Reply
Joined Apr 2005
L80: Demiurge
> bubble2 421 Posts
50 Reputation
3ackok
09-10-2023 at 01:40 PM.
09-10-2023 at 01:40 PM.
Betterment offers 5.5% until the end of the year https://www.betterment.com/affili...tner-offer
The rate is variable, but it is probably not going down soon.
Reply
Joined Apr 2007
L6: Expert
> bubble2 1,328 Posts
177 Reputation
mD-
09-10-2023 at 07:17 PM.
09-10-2023 at 07:17 PM.
Quote from Powza View quoted comment :
Did you just compare money market fund with fixed $1.00 price to low volume ETF that can lose principal value of investment?
Please do your research before calling that VUSXX requires Vanguard account. You can buy it in most brokerages (except Fidelity of course because Vanguard is their direct competitor).
Sorry - I was more focused on the part of the post about VMFXX, but yes I'm aware that that Vanguard money market funds are available at most brokerages.

Regarding your comment about losing principal, price fluctuations are largely negligible. See this post that covers in detail how this works: https://www.reddit.com/r/Boglehea...st_return/

Whether it's TFLO, USFR, VUSXX... all are superior options for short-term holdings compared to most high yield savings accounts.
1
Reply
Joined Jul 2008
L3: Novice
> bubble2 284 Posts
203 Reputation
calebrules1991
09-10-2023 at 09:43 PM.
09-10-2023 at 09:43 PM.
Quote from buckaroo987 View quoted comment :
To get around this, ALWAYS initiate the transfer from the sending bank rather than from CitBank

For example - sending from a SoFi (linked account) >> CitBank/Platinum

SoFi >> transfer funds to >> CitBank/Platinum Account (in the morning at say 9AM EST)
CitBank funds show up in the account same day (and start earing interest) by 5 PM EST (or earlier than 5pm)

Note - Avoid bank transfers on a Friday from the sending bank unless it's done early morning...

I learnt of this from none other than a CitBank CS.

Hope this helps.
That was a transfer initiated by my non-Cit account. Not really losing much if it still shows up the next day.

Is end-of-day balance referring to the "current" balance or "available" balance?
Reply
Joined Aug 2014
L3: Novice
> bubble2 136 Posts
30 Reputation
Creative_collab
09-11-2023 at 06:15 PM.
09-11-2023 at 06:15 PM.
Quote from FNwoz View quoted comment :
Been super happy with CIT. Rate goes up automatically. When I did need customer service they were great. The website is a little meh but if you can get over that, this is a great savings account. Waiting for my CD to end so I can just go all in on this savings. Keep the money liquid.

I have had the account only 1 month, but the rate did not go up on its own. I'm used to that with Amex and Marcus. What gives? Anyone else with this experience?
Reply
Joined Apr 2015
L5: Journeyman
> bubble2 996 Posts
58 Reputation
FNwoz
09-11-2023 at 06:16 PM.
09-11-2023 at 06:16 PM.
Quote from Creative_collab View quoted comment :
I have had the account only 1 month, but the rate did not go up on its own. I'm used to that with Amex and Marcus. What gives? Anyone else with this experience?

Call them. I did. They confirmed it should go up automatically and it did.
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Joined Aug 2010
B!tch Please
> bubble2 6,581 Posts
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Truth-Serum
09-11-2023 at 06:45 PM.
09-11-2023 at 06:45 PM.
Might move some money here
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