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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
423,666 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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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.

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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 2006
L6: Expert
> bubble2 1,446 Posts
327 Reputation
whodiini
10-31-2023 at 09:55 AM.
10-31-2023 at 09:55 AM.
Quote from darth_fader :
I've been using this for several months without issue.

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.
Thanks. I can confirm that it takes 5 days.
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Joined Jan 2006
L6: Expert
> bubble2 1,446 Posts
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whodiini
10-31-2023 at 09:58 AM.
10-31-2023 at 09:58 AM.
Quote from Jayman007 :
However, if you initiate from CIT, they start paying interest right away. If you initiate from external, the juice doesn't start till the funds hit the account.


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.
Not sure you are correct. I made a transfer from CIT and it stated the date when interest would accrue and it wasnt the date I started the transfer. The date stated was the expected day when the funds would arrive into the account, which is consistent with the language you quote "business day you make the deposit:, not "business day you initiate the deposit".. So it is better to initiate from external.
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Joined Dec 2018
L3: Novice
> bubble2 213 Posts
25 Reputation
darth_fader
10-31-2023 at 02:38 PM.
10-31-2023 at 02:38 PM.
Quote from whodiini :
Not sure you are correct. I made a transfer from CIT and it stated the date when interest would accrue and it wasnt the date I started the transfer. The date stated was the expected day when the funds would arrive into the account, which is consistent with the language you quote "business day you make the deposit:, not "business day you initiate the deposit".. So it is better to initiate from external.
I saw this note on accrued interest too. Either way I can't imagine it's going to make a significant. I put about 350k in this savings account, move ~10k in or out as needed. Even if I were moving 100k, I wouldn't be worried about a few days interest. I suppose every little bit counts, but I'd only be concerned about a few days interest it were a 1M+ being moved (and I don't even know if that much can be transferred at once).
3
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Joined Aug 2016
L9: Master
> bubble2 5,525 Posts
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duckeggs
10-31-2023 at 04:23 PM.
10-31-2023 at 04:23 PM.
Quote from Dr-WL :
Even easier than watching Youtube: just place an order with your brokerage account for something like VUSXX* or FZFXX.

Not sure about FZFXX but VUSXX is 70-80% treasuries, so it's not completely state-tax free, but largely.
tyvm! i'm still going to do a little research on this haha. thanks!
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Joined Aug 2009
Buy Now. Think Later.
> bubble2 17,452 Posts
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Pro
PocketsThick
11-02-2023 at 01:48 AM.
11-02-2023 at 01:48 AM.
Quote from duckeggs :
tyvm! i'm still going to do a little research on this haha. thanks!
Just buy the t-bill treasuries. Follow this (she has multiple examples for different brokerages):
https://www.youtube.com/@DiamondN...treasuries
1
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Joined Jun 2006
L8: Grand Teacher
> bubble2 3,329 Posts
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DAC21
11-02-2023 at 02:32 AM.
11-02-2023 at 02:32 AM.
Seems to me 6 month T-Bill at 5.5% is a good alternative. No State tax. In high income tax states like CA. you are looking at around 6% for a CD /MM to net 5.5% after State tax for higher income folks. 6% doesn't exist AFAIK.
1
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Joined Apr 2005
L5: Journeyman
> bubble2 1,101 Posts
137 Reputation
Jayman007
11-02-2023 at 12:04 PM.
11-02-2023 at 12:04 PM.
Quote from whodiini :
Not sure you are correct. I made a transfer from CIT and it stated the date when interest would accrue and it wasnt the date I started the transfer. The date stated was the expected day when the funds would arrive into the account, which is consistent with the language you quote "business day you make the deposit:, not "business day you initiate the deposit".. So it is better to initiate from external.
I called them to get clarification on this. They told me that the interest starts on the day the funds post to the account. This has nothing to do with the 5 day hold that CIT puts on the funds when the ACH is initiated from CIT. They said that is typically 1-2 biz days. They also said that it doesn't matter if you push the funds from another account or pull then from CIT, it will take 1-2 days before the funds hit the account and start accruing interest. This is all in relation to ACH and not wire transfers.

I know that I have seen services via Chase that will allow me to instantly push money via ACH into another account. For my next deposit, I will try this method out and see if the funds end up in my CIT on the same biz day I push them.
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Joined Jan 2006
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> bubble2 1,446 Posts
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whodiini
11-02-2023 at 12:14 PM.
11-02-2023 at 12:14 PM.
Quote from Jayman007 :
I called them to get clarification on this. They told me that the interest starts on the day the funds post to the account. This has nothing to do with the 5 day hold that CIT puts on the funds when the ACH is initiated from CIT. They said that is typically 1-2 biz days. They also said that it doesn't matter if you push the funds from another account or pull then from CIT, it will take 1-2 days before the funds hit the account and start accruing interest. This is all in relation to ACH and not wire transfers.

I know that I have seen services via Chase that will allow me to instantly push money via ACH into another account. For my next deposit, I will try this method out and see if the funds end up in my CIT on the same biz day I push them.
That is what I meant in my post. Interest accrues not when you initiate the deposit but when it shows up in your account. So far it takes 2-3 biz days to post when CIT pulls money. Suppose you put in a request to CIT to transfer/pull money on Nov 1. The money is pulled from your external account Nov 2. It posts on Nov 3 or 4. I will try to push money - it should be a day faster at least. e.g. I push money Nov 1. It is pushed Nov 1. So it should show up Nov 2. BTW, there is a hold on the money for at least 5 business days meaning it is not available to use. Other places are a lot faster. Fidelity transfers are 1 day. US treasury is same day.
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Joined Jan 2006
L6: Expert
> bubble2 1,446 Posts
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whodiini
11-02-2023 at 12:20 PM.
11-02-2023 at 12:20 PM.
I am sure people are wondering why bother with CIT. Here's the thing - checking accounts pay almost nothing. Savings accounts previously were limited to 6 withdrawals a month but during the pandemic, the federal law changed and now that limit is up to the bank. Most banks still have that limit, but CIT doesnt. So if you pay bills with ACH transfers, you can use CIT savings as a checking account without the abilty to write actual checks. Since I keep a minimum balance of one month bills in my checking, that is leaving a few hundred dollars of interest on the table using my checking account.
1
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Joined Dec 2014
L1: Learner
> bubble2 23 Posts
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gandhravgandhrav
11-05-2023 at 07:34 AM.
11-05-2023 at 07:34 AM.
Do they pay your 5% intereste monthly?
1
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Joined Dec 2014
L1: Learner
> bubble2 23 Posts
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gandhravgandhrav
11-05-2023 at 07:34 AM.
11-05-2023 at 07:34 AM.
Do they pay 5% interst monthly?
1
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Joined Dec 2008
L4: Apprentice
> bubble2 359 Posts
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Dominican1NYC
11-05-2023 at 07:38 AM.
11-05-2023 at 07:38 AM.
Quote from gandhravgandhrav :
Do they pay 5% interst monthly?

Yes, interest is paid on the last day of the month.
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Joined Dec 2014
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> bubble2 23 Posts
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gandhravgandhrav
11-05-2023 at 09:48 AM.
11-05-2023 at 09:48 AM.
Quote from Dominican1NYC :
Yes, interest is paid on the last day of the month.
So for a 5000 account, they pay your 5% meaning $250 per month?
1
1
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Joined Dec 2008
L4: Apprentice
> bubble2 359 Posts
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Dominican1NYC
11-05-2023 at 10:10 AM.
11-05-2023 at 10:10 AM.
Quote from gandhravgandhrav :
So for a 5000 account, they pay your 5% meaning $250 per month?

It's 5% APY. $5k will produce $21.04 per month & $258.43 every year.
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Joined Apr 2013
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stlbluesaddict
11-06-2023 at 07:15 AM.
11-06-2023 at 07:15 AM.
Quote from Dominican1NYC :
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.

Phone app just updated, looks completely different
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