Slickdeals is community-supported.  We may get paid by brands for deals, including promoted items.
Sorry, this deal has expired. Get notified of deals like this in the future. Add Deal Alert for this Item
Frontpage

CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
424,098 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
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
424,098 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.

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.

Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.

Your comment cannot be blank.

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.
Read More
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)

Sign up for a Slickdeals account to remove this ad.

Joined Oct 2013
New User
> bubble2 6 Posts
10 Reputation
bobburgers7
09-11-2023 at 07:29 PM.
09-11-2023 at 07:29 PM.
Quote from Powza :
I wouldn't call a brokerage account with uninvested money sitting in it an "investment vehicle".
When done correctly it's essentially an equivalent of checking account. It is 100% liquid money invested in US Treasury market.
You can even enroll in checkwriting feature with Vanguard brokerage, though it has some limitations (you can only write checks $250 and more).

Fidelity also has similar account. Be sure to apply for brokerage not CMA, as brokerage has high yeild treasury rates for uninvested cash. No checkwriting in Fidelity brokerage I believe. But you can open 2 accounts - CMA and Brokerage and treat CMA as checking with debit card and Brokerage as savings.
Harry Sit wrote about using a Fidelity brokerage account as a combined checking + savings account which I have started to do. The 'blended' rate in your regular checking + savings likely will be lower than the rate FZFXX provides as it auto-sweeps and auto-liquidates as you need. As an FYI, Fidelity Brokerage accounts do have checkwriting features.

https://thefinancebuff.com/fideli...vings.html

Reply
Joined Apr 2013
L3: Novice
> bubble2 113 Posts
14 Reputation
chosendragon
09-11-2023 at 07:43 PM.
09-11-2023 at 07:43 PM.
i had more than 5k for a few months with CIT and the rate never showed updated to what the deals this page was posting. so i withdrew and left for another bank that had slightly higher rate, and APR showed and updated in an easy app layout
1
Reply
Joined Apr 2005
L1: Learner
> bubble2 21 Posts
10 Reputation
happytimer
09-11-2023 at 07:48 PM.
09-11-2023 at 07:48 PM.
Quote from JSP0421 :
Has anybody banked with them before? I was just looking at them over the weekend but don't know anyone that uses them.
I've had accounts with CIT Bank for 4 years and have no complaints. The interest rate for their Platinum Savings account is the highest I've found.
Reply
Joined Apr 2014
L3: Novice
> bubble2 115 Posts
20KM
09-11-2023 at 09:03 PM.
09-11-2023 at 09:03 PM.
been with them for about 8 years. best high yield savings. Blu peak credit union has a higher rate, but worse reviews. CIT's App kinda sucks but how often are you really transfering money you're holding to accrue interest
Reply
Joined Aug 2014
L2: Beginner
> bubble2 98 Posts
10 Reputation
rendezvous11
09-11-2023 at 09:52 PM.
09-11-2023 at 09:52 PM.
Had been with SoFi for a couple of years and due to recent job loss the direct deposits stopped coming into SoFi anymore. Recently noticed they dropped my rate from 4.50 to 1.20APY. I immediately opened a no-penalty CIT account with 4.90APY and moved all the money.
1
Reply
Joined Jan 2011
L9000
> bubble2 997 Posts
103 Reputation
Powza
09-11-2023 at 10:19 PM.
09-11-2023 at 10:19 PM.
Quote from bobburgers7 :
Harry Sit wrote about using a Fidelity brokerage account as a combined checking + savings account which I have started to do. The 'blended' rate in your regular checking + savings likely will be lower than the rate FZFXX provides as it auto-sweeps and auto-liquidates as you need. As an FYI, Fidelity Brokerage accounts do have checkwriting features.

https://thefinancebuff.com/fideli...vings.html
That's a good article.
Was not aware that all CMA features are available in Brokerage account.
Looks like the only advantage of CMA is ATM fee reimbursement. Funny how Fidelity reps could not articulate that years ago when I inquired about differences of accounts. Have been using CMA + Brokerage for a long time now.

Will have to shuffle things around a bit to optimize my setup. I was using CMA as a hub but now knowing this I can move everything to Brokerage and only use CMA for cash withdrawals with debit card. I wonder if cash needs to be settled to withdraw, i.e. can I just transfer from Brokerage to CMA while at the ATM and withdraw?
Reply
Joined Feb 2017
New User
> bubble2 12 Posts
10 Reputation
dvm395
09-12-2023 at 05:05 AM.
09-12-2023 at 05:05 AM.
FNBO Direct is currently at 5.15% with no minimums. They are always near the top as far as savings rates are concerned. Been with them for years.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined May 2016
L1: Learner
> bubble2 22 Posts
18 Reputation
unclechett
09-12-2023 at 08:33 AM.

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

09-12-2023 at 08:33 AM.
Quote from bigballs :
Does the interest go up automatically for current account holders?
yes and no. it does go up automatically, but they will offer new account types with higher rates without notifying you. i started with a "savings builder" account, then noticed here on sd that they offered a new "savings connect" account, which was essentially the same thing with a higher rate, so i opened a new account and transferred all my funds, and now i'm learning about the "savings platinum" account which is the same thing with a higher rate (5k min required for the higher rate) and am now having to close and move money again... it's clear that they're hoping people will be unaware of the newer offerings and continue to receive the lower rates.
1
Reply
Joined Feb 2014
L2: Beginner
> bubble2 53 Posts
10 Reputation
CoreyF1083
09-13-2023 at 06:20 AM.
09-13-2023 at 06:20 AM.
Do you actually get a daily pay out as the OP suggested?
Reply
Joined Dec 2009
L3: Novice
> bubble2 213 Posts
35 Reputation
ra_adi
09-14-2023 at 05:49 AM.
09-14-2023 at 05:49 AM.
Quote from dvm395 :
FNBO Direct is currently at 5.15% with no minimums. They are always near the top as far as savings rates are concerned. Been with them for years.
how easy is to transfer money in and out?
Reply
Joined Aug 2009
L5: Journeyman
> bubble2 959 Posts
56 Reputation
Sodalink
09-14-2023 at 09:39 AM.
09-14-2023 at 09:39 AM.
I'm looking into opening one of this accounts, do you guys have to pay yearly taxes on earnings?
Reply
Joined Apr 2010
L1: Learner
> bubble2 20 Posts
10 Reputation
markmisky
09-16-2023 at 07:54 AM.
09-16-2023 at 07:54 AM.
Used CIT a few times. There Game is to draw you in with a good rate. Then they create a new account type with a better rate but don't tell you. Then you have to open that new type as they Wont just switch you to the better account. The come on rates are good just keep watching for better rates.
Reply
Joined Mar 2020
L3: Novice
> bubble2 115 Posts
10 Reputation
Doctor_Pro40
09-16-2023 at 08:09 AM.
09-16-2023 at 08:09 AM.
Just go to vanguard and get the 5.27% on the VMFXX money market. Cit is an awful bank.
Reply
Joined Jul 2022
Techie_Review
> bubble2 516 Posts
135 Reputation
techie_review101
09-16-2023 at 08:16 AM.
09-16-2023 at 08:16 AM.
UFB direct offers 5.25%
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Nov 2017
L3: Novice
> bubble2 225 Posts
111 Reputation
SD_Bluecobra
09-16-2023 at 08:49 AM.
09-16-2023 at 08:49 AM.
Quote from Doctor_Pro40 :
Just go to vanguard and get the 5.27% on the VMFXX money market. Cit is an awful bank.
Would you say it's a SCIT bank? Big Grin
Reply
Page 9 of 46
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.