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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+160 Deal Score
428,393 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 02:36 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 10:27 AM by EfficientGame645
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.
Deal
Score
+160
428,393 Views
5.00% APY*

Community Wiki

Last Edited by Punishark September 3, 2024 at 11:45 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 Jan 2006
L5: Journeyman
> bubble2 582 Posts
46 Reputation
catman17
01-02-2024 at 09:38 AM.
01-02-2024 at 09:38 AM.
Quote from jackc6900 :
Curious. Why are people not doing treasury bonds? Higher APR than this and no federal taxes on your interest/gains. No brainer. I just keep buying bonds with extra money.

No state taxes. There are federal taxes. You got this reversed.
Reply
Joined Oct 2010
L6: Expert
> bubble2 1,710 Posts
676 Reputation
jackc6900
01-02-2024 at 09:44 AM.
01-02-2024 at 09:44 AM.
Quote from catman17 :
No state taxes. There are federal taxes. You got this reversed.

Good catch, was thinking state and typed federal in my haste.
Reply
Joined May 2006
L7: Teacher
> bubble2 3,018 Posts
414 Reputation
CreepyLilBeast
01-02-2024 at 09:53 AM.
01-02-2024 at 09:53 AM.
Quote from jackc6900 :
Curious. Why are people not doing treasury bonds? Higher APR than this and no federal taxes on your interest/gains. No brainer. I just keep buying bonds with extra money.
Several are. It is just some aren't aware or just don't want to step into something they are not familiar with or used to. Also, though not exactly backed by the same guarantee as treasury, the default sweep accounts for some of the brokerages park cash in MM funds that are 5+ yield. SPAXX for Fidelity as an example
Reply
Joined Apr 2022
L28: Advanced
> bubble2 1,165 Posts
144 Reputation
RedvinesRBetter
01-03-2024 at 09:19 AM.
01-03-2024 at 09:19 AM.
Quote from jackc6900 :
Curious. Why are people not doing treasury bonds? Higher APR than this and no federal taxes on your interest/gains. No brainer. I just keep buying bonds with extra money.
I do both. The main reason I park some money in a HYSA is the fact that I can access it whenever I want. You are locked in for a specific time period with a bond.
Reply
Joined Oct 2010
L6: Expert
> bubble2 1,710 Posts
676 Reputation
jackc6900
01-03-2024 at 11:44 AM.
01-03-2024 at 11:44 AM.
Quote from RedvinesRBetter :
I do both. The main reason I park some money in a HYSA is the fact that I can access it whenever I want. You are locked in for a specific time period with a bond.

True but 1 month bonds are 5.4% right now.
Reply
Joined Aug 2006
L9: Master
> bubble2 4,401 Posts
950 Reputation
runner0382
01-03-2024 at 11:47 AM.
01-03-2024 at 11:47 AM.
Quote from jackc6900 :
True but 1 month bonds are 5.4% right now.
USFR can be pulled out whenever and has no state taxes
Reply
Joined Aug 2003
L6: Expert
> bubble2 1,959 Posts
491 Reputation
odie5533
01-04-2024 at 09:03 AM.
01-04-2024 at 09:03 AM.
Zelle limits are pretty low:
Quote :
The current limits on Zelle® transactions from your account are up to $300 per transaction with a maximum of $600 per day.
Reply

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Joined Jul 2016
New User
> bubble2 12 Posts
10 Reputation
mukul4u2005
01-05-2024 at 04:51 AM.
01-05-2024 at 04:51 AM.
Is there any requirement of minimum balance maintain as a new customer and opening a new account?
Reply
Joined Jul 2023
New User
> bubble2 1 Posts
10 Reputation
CoralKestrel8133
01-05-2024 at 06:30 AM.
01-05-2024 at 06:30 AM.
Raisin interest rate is higher, without minimums IIRC
Reply
Joined Mar 2020
New User
> bubble2 19 Posts
10 Reputation
NavyCrib843
01-05-2024 at 07:35 AM.
01-05-2024 at 07:35 AM.
Quote from bigballs :
Does the interest go up automatically for current account holders?

Yes. It does
Reply
Joined Oct 2021
L5: Journeyman
> bubble2 670 Posts
169 Reputation
BackFromTheDead21
01-05-2024 at 07:37 AM.
01-05-2024 at 07:37 AM.
Quote from catman17 :
No state taxes. There are federal taxes. You got this reversed.

D'oh! Appreciate the correction.
Reply
Joined Dec 2010
L1: Learner
> bubble2 4 Posts
10 Reputation
absolutracey
01-05-2024 at 09:01 AM.
01-05-2024 at 09:01 AM.
I have an account with them. It's been smooth in general but it seems to take a longer time for the transfers from other banks to appear in your balance. It made me nervous at first because there would be a few days where the money left the other bank already but hasn't appeared in the CIT account.
Reply
Joined Dec 2022
New User
> bubble2 6 Posts
10 Reputation
MoistAnt
01-06-2024 at 01:41 AM.
01-06-2024 at 01:41 AM.
Quote from mukul4u2005 :
Is there any requirement of minimum balance maintain as a new customer and opening a new account?

5,000. If 4,999.99 you'll get the reduced rate. It has to be 5,000 exact or higher. Been with them since May and they been good.
Reply
Joined Jun 2004
L5: Journeyman
> bubble2 643 Posts
116 Reputation
OniEdge
01-06-2024 at 02:53 AM.
01-06-2024 at 02:53 AM.
Quote from MoistAnt :
5,000. If 4,999.99 you'll get the reduced rate. It has to be 5,000 exact or higher. Been with them since May and they been good.
Same. Smooth sailing so far. They even overhauled their app and it works a heck of a lot better than before.
Reply

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Joined Sep 2011
L5: Journeyman
> bubble2 632 Posts
561 Reputation
qinqin
01-07-2024 at 07:40 AM.
01-07-2024 at 07:40 AM.
some bank has 5.20+ and FDIC.
1
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