CIT Bank Platinum Savings: Earn Up to Expired

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.

Marcus

4.879% now. I'm ready to depart soon. It will continue to drop. They won't notify you either. I've had accounts with them for years. Always having to close accounts to open new lines to get better rates.

Just know with their no penalty CD's you have to call to cancel. Not like Ally all online, not a big deal but was on the phone an hour to do this. Ally was instant.

Hi st_group!!
When you say they keep adding new account types with higher interest rates, are those new account types just savings accounts? I am trying to understand what exactly the "types" are.
Thanks!!!

I'm retired, so how I'm diversifying my savings is based heavily on more risk-adverse holdings than non risk-adverse. But I am also looking to buy one last property at the end of this year, so ultimately, I'm now heavily in USFR, but also have many laddered 12 month CDs that I may or may not renew as they mature, and one primary HYSA with CFG Bank (5.25% APY currently). I also have a smidge in crypto (BTC/ETH only) in case that continues to blow-up for whatever reason -- I'm just letting them ride at this point with a stop gap sell order for each -- and a handful of blue-chip stocks/tech heavy ETFs like AMZN, GOOG, and VOO that I'm letting continue to run while they're winning, also all with stop gap sell orders.

Be careful with CFG bank. They have a really low daily/monthly ACH limit. $5K daily outbound, $25K daily inbound, $30K 30-day-rolling COMBINED IN/OUT BOUND!! And if you have 1 ACH scheduled/working you cannot schedule/do any other ACHs even if you are within the limits, until that one fully clears. I hit the limit and was shocked how restritive it was. Maybe you can pay to wire a higher amount. To get around this low ACH limit, you need to have a linked bank that has high limits (like CIT bank) and initiate a pull from CFG bank (vs a push from CFG bank) to get more than $5K out per day. But then you are subject to the other bank's hold period (to verify the pull was legit & successful).

When I knew this was going to impact me, I made one phone call to them and the limit was increased such that it wasn't an issue. It was almost a year ago now, but I believe I got it all the way up to $200k inbound, and when I do outbounds, I just pull from another institution if needed (although, I think my outbound limit got up to $25k per day as well).

I just keep a few thousand in there now so it's a moot point as I've moved onto other investments that I find are currently better than HYSAs, namely, Treasury Bond ETFs that are nearly just as liquid as a checking account (look into Fidelity's Cash Management Account).

This isn't a deal guys...

High-Yield online savings accounts have been around for a very long time and they've been about 5% for almost the last year as inflation rises and the FED fund rate increases. So does this adjust with that? So nobody was making money when Trump was President because inflation was at 1.4% and these were paying about 2%. I've been doing this for 10 years. Why is this such epiphany for everyone? There's probably 20 or 30 major banks that do this, but you better be very careful because many of these high yield online savings Banks such as Ally or synchrony or American Express or etc...

I've been doing this for 10 years. They are superlative but they become less attractive as interest rates fall... But even at their lowest rates in the last 5 years, they still pay about a thousand times more than your traditional savings account at a bank and unlike a certificate of deposit that has a term like the old piece stated. These are compounded daily and you can take your money out anytime you want, but try to elicit how much auto loan exposure they have right now because I've got a special program that calculates the probability that many of these Banks will fail due to generally a bunch of people buying cars in 2021 and 2022 mid covid and walking away from the loans and sticking these Banks.

No worries if you put $10,000 in these accounts. You're going to make $40 a month. You got to drop some large cash in there $250,000 for a single depositors for FDIC insurance. $500, 000 if you get drugged, trapped and married

I learned something very valuable today. On the CIT main page, there is a tagline for their Platinum Savings that says "the higher your balance, the more you'll earn". I mean, with financial advice like that, how can you go wrong depositing your money with them!!

With CIT bank, you can send a secure message to give instructions on maturing CDs, etc. The nice thing about that is you will have written confirmation (in secure message) that they got your instructions and will act on them when maturity hits. But yes, sometimes if you do out-of-the-ordinary transactions, you will need to call in. Synchrony Bank doesn't allow any instructions online thru message (they don't have message), you HAVE to call in, < 30days to maturity, to tell them you want to cancel your CD. Synchrony online only allows you to rollover or roll to a different term -- not to close the CD. And Ally hasn't been competitive on rates for a while, even if their online might allow you to do more things online.