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CIT Bank Platinum Savings: Earn Up to Expired
5.00% APY*
Update: This deal is still available.
CIT Bank our partner, offers the following benefits with their Platinum Savings account.
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
Original Post
Written by
Edited September 17, 2024
at 01:36 PM
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.
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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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.
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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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https://www.investopedi
- Withdrawals only permitted through an External Account, internal transfer to other Popular Direct accounts or via ACH.
- As part of the account opening process, you must make a deposit into your Popular Direct account from an External Account.
- You cannot change your External Account during the first 60 calendar days after linking it to your Popular Direct account.
- If we cannot verify your external account, may request proof of ownership. If requested, proof must be sent to us by Online Banking Secure Message on or before the 10th calendar day from account opening date, or your account will be closed, and funds returned to your external account.
- ACH debits that originate from external accounts other than your External Account will not be permitted during the first 70 calendar days after opening your Popular Direct account.
- During such 70-day period you will only be permitted to complete online transfers from your External Account or from your other Popular accounts.
I recently re-opened an account within the last 3 years. They had great rates, but to those questioning if they automaticaly give you the best rate, the answer is yes and no. The rates went up but I didn't get them for a few months because they created a new account with new name to get the better rate. I switched to the new account and so for for several years they've automaticlaly bumped up rates. So just be careful and monitor your account to be safe. I can see how some feel this is bait and switch.
Annoyances:
2 different things. I have no issue with the bank, but I have an issue with their app.
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can get 5.42% compound yield at vanguard.
1-mo t-bill is 5.57% currently
The interest rate is nice, but check out the Ally Bank app. It just makes the CiT Bank app look like their "team" is only one person running the whole thing.
That being said, I do have the Platinum Savings and tolerate the app.
Bummer - but good info to know...
So if you're doing this to bill pay through CIT, open both a Platinum Savings and echecking...
Hope this helps someone...
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I bought a piece of equipment in 2017 for my business and they were the financier of choice for that manufacturer (American company).
Then, the Direct Capital loan person told me it was a 5% loan. I was naïve and it was my first loan so I took it. A couple years later I was purchasing another piece of equipment and went back to the same place to get another loan from them.
Knowing more this time I asked for the interest rate, did the math and it didn't math out. The APR would be actually 8.8% based on the payments he was proposing.
I confirmed with a friend who is a bank manager and he said "CIT Bank" loan person had made up the acronym to make 5% sound like what they wanted it to sound like and that the math and actual interest rate were not what they were telling me. Fool me once, shame on you, fool me twice...
The same trick worked with my original loan and I didn't realize it till trying to get a loan the second time.
The last scenario was in 2021. The equipment manufacturer refers another loan company now as well.
I just got an email and phone call from them where they claimed their new name is First Citizens.
Disgusting company.