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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
439,275 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
439,275 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 May 2012
L5: Journeyman
> bubble2 770 Posts
107 Reputation
morph2_7
02-05-2024 at 09:08 AM.
02-05-2024 at 09:08 AM.
Quote from mcshaggin View quoted comment :
It's FDIC insured so your money is safe. I signed up in Nov and have been happy. Like to watch the interest accrue. I had trouble signing up and had to call a few times about documents required but suddenly I see a credit in my account. Thinking it was interest in less than a month, I looked at it and said something about credit for troubles.
I've been with CIT since mid 2023. Did you ever transfer money out of CIT to other banks? I have never done that. Don't know if it's quick or super slow when we withdraw our money.
Reply
Joined Sep 2010
L5: Journeyman
> bubble2 509 Posts
48 Reputation
aboss3
02-05-2024 at 09:49 AM.
02-05-2024 at 09:49 AM.
I highly recommend CIT. I'm bias having worked there back when they were Indymac. They are legit, but the interface is lagging. They did just upgrade it. I did refi my mortgage with them 5 years ago back when rates were low, and they gave me the best rate at that point. No issues with the bank. This is savings, so as long as you don't withdraw more than 6 times any given month, you will be taken care of. CIT generally geared towards wealthier crowd, and the service is great. You can always call and speak to a live agent that would be in Pasadena office. Ask me if anyone has any questions.
Reply
Joined Apr 2019
L5: Journeyman
> bubble2 626 Posts
76 Reputation
Min13
02-06-2024 at 01:51 AM.
02-06-2024 at 01:51 AM.
Quote from pure_desi View quoted comment :
Thanks for this, OP.
Anyone have experience with Milli? (https://milli.bank/)

they have 5.5% APY.
Bad reviews

Milli Bank Reviews (depositaccounts.com)
Reply
Joined Jul 2008
L2: Beginner
> bubble2 38 Posts
14 Reputation
Sejoxxx
02-06-2024 at 05:50 AM.
02-06-2024 at 05:50 AM.
Does it mean that you only make 0.25% on first $5000 and you get 5.05% on the difference over 5k? Just

"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 July 27, 2023: 0.25% APY on balances of $0.01 to $4,999.99; 5.05% 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."
Reply
Joined Jul 2015
L4: Apprentice
> bubble2 412 Posts
121 Reputation
fiveighteen
02-07-2024 at 08:34 AM.
02-07-2024 at 08:34 AM.
Quote from Sejoxxx View quoted comment :
Does it mean that you only make 0.25% on first $5000 and you get 5.05% on the difference over 5k? Just

"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 July 27, 2023: 0.25% APY on balances of $0.01 to $4,999.99; 5.05% 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."

No, the rate is applied to the total amount. I've been using CIT since July 2023. It basically just means you have to have over $5k in the account to get the good rate.
Reply
Joined Nov 2017
L2: Beginner
> bubble2 45 Posts
34 Reputation
PandaOreo
02-10-2024 at 05:30 AM.
02-10-2024 at 05:30 AM.
Quote from Sejoxxx View quoted comment :
Does it mean that you only make 0.25% on first $5000 and you get 5.05% on the difference over 5k? Just

"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 July 27, 2023: 0.25% APY on balances of $0.01 to $4,999.99; 5.05% 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."
If you have $0.01-$4,999, you get the rate of 0.25% APY. If you have $5,000 or more, you get 5.05% APY.

Think of it as tiered interest rate, not a blended interest rate account.
Reply
Joined Oct 2016
L3: Novice
> bubble2 225 Posts
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gitpicker23
02-10-2024 at 05:48 AM.
02-10-2024 at 05:48 AM.
IOs App reviews since late December are one star
Reply

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Joined May 2012
L3: Novice
> bubble2 180 Posts
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distantdawn
02-11-2024 at 07:44 AM.
02-11-2024 at 07:44 AM.
Is there a limit on the amount you can get 5% on?
Reply
Joined Apr 2009
L7: Teacher
> bubble2 2,427 Posts
285 Reputation
viche
02-11-2024 at 10:31 AM.
02-11-2024 at 10:31 AM.
Quote from HandsomeT View quoted comment :
Agreed and T-Bill interest is state tax free and purchasing them is much easier than opening a new bank account. If you already have a brokerage account, i.e. Morgan Stanley, Charles Schwab, etc, you can buy T-Bills with a single click. Many brokerages don't even charge a fee to buy treasuries.

Is there a limit to the amount you can put in a T-Bill? How often do you have to transfer the money to a new T-Bill?
Reply
Joined Mar 2006
L4: Apprentice
> bubble2 424 Posts
135 Reputation
prsf
02-12-2024 at 05:24 PM.
02-12-2024 at 05:24 PM.
Go with Upgrade you can get $420 for opening a checking account with debit card cash back, savings get you 5.07%
Reply
Joined Dec 2005
L1: Learner
> bubble2 21 Posts
18 Reputation
hansim4
02-13-2024 at 06:31 AM.
02-13-2024 at 06:31 AM.
Quote from prsf View quoted comment :
Go with Upgrade you can get $420 for opening a checking account with debit card cash back, savings get you 5.07%
How did you get this offer? I don't see anything like that being offered on their site.
Reply
Joined Mar 2006
L4: Apprentice
> bubble2 424 Posts
135 Reputation
prsf
02-13-2024 at 06:40 AM.
02-13-2024 at 06:40 AM.
Quote from hansim4 View quoted comment :
How did you get this offer? I don't see anything like that being offered on their site.
Via special link and process not allowed to be posted here, no refer needed or involved, PM for details LOL
Reply
Joined Oct 2017
L6: Expert
> bubble2 1,552 Posts
193 Reputation
UKR_12
02-15-2024 at 07:20 AM.
02-15-2024 at 07:20 AM.
Is anyone know if Tbill will be better than this CD? Is Tbill don't have state income tax?
Thank you.
Reply
Joined Feb 2020
L2: Beginner
> bubble2 50 Posts
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Mauijohn
02-16-2024 at 07:58 AM.
02-16-2024 at 07:58 AM.
Is this a hysa?
Reply

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Joined Nov 2009
L3: Novice
> bubble2 100 Posts
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EdLuva72
02-17-2024 at 12:23 PM.
02-17-2024 at 12:23 PM.
Quote from Mauijohn View quoted comment :
Is this a hysa?
Yes, it is.
Reply
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