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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
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
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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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.
Advice for new account holders, and after you've initially funded the account:
If you're moving money into or out of this account, do it from the externally linked account. There's a significant difference in turnaround time. If you initiate from CIT, it can take 5 business days as opposed to the typical 1-2 business days.
I opened mine when their APR was 4.95%, automatically bumped me to 5.05%.
My only complaint when transferring money is it seems like it takes days to process.
Personally, I like marcus more, the interest rate is way lower, but seems like they process transactions fast, but hard to compete with a %5.05 interest
I also purchased a, "3 month CD" about 1 month ago at 5.45%.... I checked last week and I only saw 5.40% for a new 3 month FDIC insured CD. After 3 months the money and interest automatically go into my account.
And if you have $100k to deposit (not in retirement funds)... you can call up Merrill and request a "preferred savings account" which is currently paying g 5.02%. And once you get this account the only rule is do not go to zero and the account will always be active.
You can buy longer CDs, Corporate CDs, etc .... but so far I have done 3 month CDs and purchased Money Market Mutual Fund.
The money market mutual fund that i purchased is "Black Rock Liquity Fund TMCXX". It has over 13.5 Billion and I think it is safe.
I personally love the set up between boa and merrill. .
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.
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I never understood why some banks can do a large ach transfer limit while others can't.
My question is why does CITBank requires $5000 for this savings account? While other banks that have 5% don't.
Why does Citibank and Chase offer sub par rates of <1% no matter the balance?
EDIT: Also in the terms of service
Earns interest
Yes.
• Earned on the entire daily balance
• Compounded daily and paid monthly
• Variable rate (may change at the Bank's discretion)
• Interest is paid based on specific interest rate tiers as indicated
1 thing to note is that CIT compounds daily and they start giving you interest on newly transferred funds before they release into your account. So the transfer waiting days are still gaining interest in the funds.
Our community has rated this post as helpful. If you agree, why not thank Jayman007
Advice for new account holders, and after you've initially funded the account:
If you're moving money into or out of this account, do it from the externally linked account. There's a significant difference in turnaround time. If you initiate from CIT, it can take 5 business days as opposed to the typical 1-2 business days.
Interest Compounding, Calculating and Crediting
We compound interest daily on interest-bearing accounts at the interest rate in effect for your end-of-day balance. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the balance in the account at the end of each day. We credit interest monthly on a 365/365 basis (366/366 in leap years). Interest begins to accrue on both cash and noncash deposits on the business day you make a deposit. Our business days are Monday through Friday excluding Federal holidays.
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Not sure about FZFXX but VUSXX is 70-80% treasuries, so it's not completely state-tax free, but largely.