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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
423,765 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
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
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
423,765 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.

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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.
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)

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Joined Dec 2008
L4: Apprentice
> bubble2 359 Posts
79 Reputation
Dominican1NYC
11-06-2023 at 07:24 AM.
11-06-2023 at 07:24 AM.
Quote from stlbluesaddict :
Phone app just updated, looks completely different

Wow!!! After 6 years, they finally updated their app. I just looked through it and I'm happy with the improvements. The app has been improved significantly and provides you with all the necessary information. This is a great step forward by CIT. The app now competes with other bank apps.
Reply
Joined Apr 2013
L1: Learner
> bubble2 15 Posts
10 Reputation
stlbluesaddict
11-06-2023 at 07:29 AM.
11-06-2023 at 07:29 AM.
Quote from Dominican1NYC :
Wow!!! After 6 years, they finally updated their app. I just looked through it and I'm happy with the improvements. The app has been improved significantly and provides you with all the necessary information. This is a great step forward by CIT. The app now competes with other bank apps.

Yeah, I was seriously skeptical when I signed up for an account and then saw the app....this is a great step forward. Maybe the recent rounds of cyber attacks prompted some much needed changes.
Reply
Joined Oct 2004
L2: Beginner
> bubble2 54 Posts
18 Reputation
chrissul
11-09-2023 at 07:31 AM.
11-09-2023 at 07:31 AM.
employee of CIT here, all opinions are mine and mine alone, i make no statements on behalf of the company. i work in a separate area from this product.
With that said, i have several tiers of CIT bank accounts and CDs. they have been easy to setup and phone support is always very helpful if there is a question. The platinum account requres a minimum balance but their next tier down does not adn still gives roughly 4.9% or something like that.

TLDR: i'm an employee, not representing the company in any way, but i love their accounts. the interest rates have changed roughly a day or two after each fed meetings.
Reply
Joined Oct 2008
L4: Apprentice
> bubble2 356 Posts
45 Reputation
slickdude99
11-09-2023 at 07:57 AM.
11-09-2023 at 07:57 AM.
Is it worth it to HYSA hop? Already on my 3rd HYSA account. Is it a good idea to jump from HYSA to HYSA to always have the highest interest rate?
Reply
Joined Dec 2008
L2: Beginner
> bubble2 48 Posts
33 Reputation
TheDealBreaker
11-10-2023 at 06:46 AM.
11-10-2023 at 06:46 AM.
Does this have overdraft protection? If so, could you theoretically leave all your money in savings, thus paying your bills via your checking account through them, optimizing your interest in money in savings?
I'm looking somewhere to park my money other than my local credit union that I receive no interest on, to pay bills while generating interest on balance
Thanks!
1
Reply
Joined Sep 2009
L3: Novice
> bubble2 193 Posts
58 Reputation
bajeckabean
11-10-2023 at 06:01 PM.
11-10-2023 at 06:01 PM.
Are there any referral link bonuses or anything for setting up a new CIT HYSA? I know we can't share ref links in here but u can't find info on whether there's anything worth hunting down before I open one and move over funds from an underperforming Cap One360 acct.
1
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Joined Jul 2020
New User
> bubble2 1 Posts
10 Reputation
BeigeBoundary938
11-11-2023 at 08:55 AM.
11-11-2023 at 08:55 AM.
it took a week for my money to transfer from us bank to cit.
Reply

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Joined Nov 2019
L4: Apprentice
> bubble2 419 Posts
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Knockknock13
11-11-2023 at 09:16 AM.
11-11-2023 at 09:16 AM.
You dont have any limitations for transactions you do from this savings account, in and out, usually some banks do limit for savings accounts, only downgrade is their app isnot UI friendly
Reply
Joined Dec 2018
L3: Novice
> bubble2 287 Posts
29 Reputation
RakhepriY
11-15-2023 at 03:14 AM.
11-15-2023 at 03:14 AM.
Quote from amax :
Bigger-risk banks with worse policies and usually onerous requirements for the rate. Go with this one.

I'm currently getting 5.5% from betterment. But this rate is only good to the end of the year. Who knows what it will be Jan 1st
Reply
Joined Jan 2015
L5: Journeyman
> bubble2 620 Posts
89 Reputation
eevli
11-16-2023 at 09:24 AM.
11-16-2023 at 09:24 AM.
I'm loving the passive income I'm earning with this account. No issues with them. The phone app and web has been recently updated but honestly I never really cared. Not a dealbreaker for me.
Reply
Joined Jan 2015
L5: Journeyman
> bubble2 620 Posts
89 Reputation
eevli
11-16-2023 at 09:26 AM.
11-16-2023 at 09:26 AM.
Quote from BeigeBoundary938 :
it took a week for my money to transfer from us bank to cit.
Did you initiate it from CIT? I've found that if you initiate it from the bank you are transferring the funds from it goes faster.

Hope this info helps you.
Reply
Joined Dec 2008
L5: Journeyman
> bubble2 881 Posts
183 Reputation
Promit
11-17-2023 at 09:32 PM.
11-17-2023 at 09:32 PM.
12345
1
Reply
Last edited by Promit December 18, 2023 at 08:56 PM.
Joined Jul 2010
L6: Expert
> bubble2 1,167 Posts
78 Reputation
lenser
11-18-2023 at 06:18 AM.
11-18-2023 at 06:18 AM.
Has anyone compared this to the Vanguard Cash Plus account? Not sure of cash plus is compounded daily.
Reply
Joined Dec 2007
Coercer
> bubble2 2,157 Posts
251 Reputation
AceNJ
11-19-2023 at 03:28 PM.
11-19-2023 at 03:28 PM.
Has anyone tried to convert an existing account to this one? I have an account already with them but only get 1% APY. It has different terms such as only $1000min OR $100 monthly transfer. I like this better but I don't like the idea of having to open a new account, transfer, close, etc.
Reply

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Joined Jan 2015
L5: Journeyman
> bubble2 620 Posts
89 Reputation
eevli
11-20-2023 at 07:11 AM.
11-20-2023 at 07:11 AM.
Quote from AceNJ :
Has anyone tried to convert an existing account to this one? I have an account already with them but only get 1% APY. It has different terms such as only $1000min OR $100 monthly transfer. I like this better but I don't like the idea of having to open a new account, transfer, close, etc.
Yes. I switched from one of their other savings accounts to this one. I believe I did it all online and it was simple.

I did speak with their customer service for sure though to close the other account and it was easy and the service was good.
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