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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 Aug 2016
L3: Novice
> bubble2 167 Posts
57 Reputation
cawdor
05-13-2024 at 11:38 AM.
05-13-2024 at 11:38 AM.
Quote from Y_Patel3500 View quoted comment :
Marcus
Stop it. Marcus savings is currently 4.4%
Reply
Joined Dec 2020
L3: Novice
> bubble2 296 Posts
phoshizzlez
05-13-2024 at 12:35 PM.
05-13-2024 at 12:35 PM.
Darn.. down to 5% rate; I'm thinking of transferring my money out of CIT Bank to Vanguard, specifically VMFXX. Is there an easy way of transferring my funds out of CIT to Vanguard or do I have to send it back to my Chase checking and then to Vanguard?
Reply
Joined Aug 2016
L10: Grand Master
> bubble2 6,016 Posts
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duckeggs
05-13-2024 at 01:53 PM.
05-13-2024 at 01:53 PM.
Quote from greyhaven234 View quoted comment :
I had CIT Bank for 3 years, before I closed my account and ended up shifting my money to Etrade (as I already had an established brokerage account there).

While CIT was great in terms of quickly receiving transfers in and accruing interest, when it came time to close the account, remove my personal information, etc... they dragged their feet and were not as helpful. I found it very difficult to fully close the account when contacting their CS Team; I had to reach out 3 separate instances before it was enacted.

In terms of removing personal information from their company, I live in CA. I have rights to receive a copy of personal information and have it deleted at my discretion. I've contacted CIT Bank 4 times now, and always receive the same information. "We're working on it, you should have received mail confirmation of the activities by this point.. we'll resend to your mailing address on file".

Based on my experience with the difficulty of closing account, and the now 6-month ongoing process of trying to get my personal information from their institution... my advice is just keep these things in mind if you plan to close your account after a period of time in the future.

I mean is it THAT serious? Every other financial institution you've used probably have the same data on hand
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Joined Feb 2014
L3: Novice
> bubble2 273 Posts
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eeeinator
05-15-2024 at 06:09 AM.
05-15-2024 at 06:09 AM.
Quote from phoshizzlez View quoted comment :
Darn.. down to 5% rate; I'm thinking of transferring my money out of CIT Bank to Vanguard, specifically VMFXX. Is there an easy way of transferring my funds out of CIT to Vanguard or do I have to send it back to my Chase checking and then to Vanguard?
Are you allowed to withdraw from that any time you want?
Reply
Joined Dec 2018
New User
> bubble2 8 Posts
10 Reputation
Isabella19
05-18-2024 at 04:48 AM.
05-18-2024 at 04:48 AM.
Quote from NoSleep007 View quoted comment :
It's like 250K all the way upto 1 million a month, so you don't have to worry about that.

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.

Which one?
Reply
Joined Sep 2009
BAMF
> bubble2 3,388 Posts
1,772 Reputation
Pro
XiDa
05-18-2024 at 07:59 AM.
05-18-2024 at 07:59 AM.
I'm surprised so many people aren't using Wealthfront. Feels way safer and more benefits like wire transfers, checks, debit card, etc
Reply
Joined Sep 2011
L5: Journeyman
> bubble2 2,012 Posts
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404_Deal_Not_Found
05-19-2024 at 04:16 AM.
05-19-2024 at 04:16 AM.
Quote from JSP0421 View quoted comment :
Has anybody banked with them before? I was just looking at them over the weekend but don't know anyone that uses them.
I tried them but their customer service and app sucked. Moved my initial deposit back out and closed accounts within a couple weeks. Horrible bank IMO.
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Joined Dec 2003
L2: Beginner
> bubble2 27 Posts
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Minime
05-21-2024 at 06:33 AM.
05-21-2024 at 06:33 AM.
Quote from HackrDeals View quoted comment :
I'm thinking of doing this. Which banks offer 5.20+?

Quite a few. Don't go through back, go through brokerage account. Any broker has CDs and rates there are significantly higher than any bank branch.

5.3 is about what I got a few weeks back for 30 day CD. You can pick other duration.
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Joined Jan 2004
L10: Grand Master
> bubble2 17,832 Posts
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LivninSC
05-21-2024 at 03:20 PM.
05-21-2024 at 03:20 PM.
Quote from antanthem View quoted comment :
same question plus Raisin, My Banking Direct, and Fierce. My criteria is not just highest yield but also safest, easiest to deal with, best mobile app/tech, and customer service
I like the MBD rate but articles like this kinda scare me - https://www.cnbc.com/2024/04/10/n...e-apy.html

Sure it's FDIC insured but do you really want to go through the hassle!?
Reply
Joined Jul 2014
New User
> bubble2 6 Posts
10 Reputation
brianramrup
05-23-2024 at 12:26 AM.
05-23-2024 at 12:26 AM.
5% is standard if you look around, RH and wealthfropnt both have it too.
Reply
Joined Nov 2012
L2: Beginner
> bubble2 81 Posts
78 Reputation
Crosstown_Rebel
05-23-2024 at 09:22 AM.
05-23-2024 at 09:22 AM.
A few weeks ago, I joined WealthFront with a 5.50% APR introductory rate for 3 months (using a referral link) and then it will drop to 5%.

So far I like their site, which it's easy to navigate and they offer MFA.

If anyone needs a referral link, ping me.

Thanks!
Reply
Joined Mar 2009
L7: Teacher
> bubble2 2,044 Posts
713 Reputation
MzSuperStar
05-23-2024 at 09:47 AM.
05-23-2024 at 09:47 AM.
Quote from Minime View quoted comment :
Quite a few. Don't go through back, go through brokerage account. Any broker has CDs and rates there are significantly higher than any bank branch.

5.3 is about what I got a few weeks back for 30 day CD. You can pick other duration.
Where'd you find this deal, who did you go through?
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Joined Jan 2021
L2: Beginner
> bubble2 83 Posts
103 Reputation
IndigoHeart936
05-23-2024 at 06:41 PM.
05-23-2024 at 06:41 PM.
Quote from MzSuperStar View quoted comment :
Where'd you find this deal, who did you go through?
Fidelity (and presumably similar brokerages like Vanguard and Charles Schwab) offer brokered CDs. Watch a video or two on YouTube on how they work. They are slightly more complicated to buy than a bank CD, but generally offer much better rates. The underlying thing is still a normal CD, but some of the offerings are FDIC insured / some not; some have call protection / some not; some have state residency requirements, minimum or max size... lots of variables.
1
Reply
Joined Jan 2015
L6: Expert
> bubble2 1,058 Posts
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gottahaveSD
05-25-2024 at 10:10 AM.
05-25-2024 at 10:10 AM.
Quote from cgigate View quoted comment :
It is better than their 6-month CD
Until the fed cuts rates; or are you guaranteed the higher savings rate? I think this is a smart move by the bank and I wonder why more banks don't do it. They could give even a higher percentage for a minimum of 10, 15, 20k or more in savings. Then when rates drop, several customers will stay put because where else are they going to go? CD rates will be lower too. My point is if you have to keep a minimum in the account, lock the the rate with a CD before rates drop.
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Joined Jul 2019
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AlexR7138
05-25-2024 at 12:16 PM.
05-25-2024 at 12:16 PM.
How much would I get if I invested 500k for 3 months?
Reply
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