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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
438,990 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
438,990 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 Nov 2012
L3: Novice
> bubble2 106 Posts
34 Reputation
sdnice
05-31-2024 at 12:36 PM.
05-31-2024 at 12:36 PM.
Quote from toddxr View quoted comment :
I would recommend moving it all over to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares.
7 day SEC yield
5.28% as of 05/24/2024
https://investor.vanguard.com/inv...file/vmrxx

VMRXX sounds good. I think SWVXX from Schwab is similar. How are the dividends from these funds taxed? That is, can they be treated as Qualified dividend if I meet the holding rules? Or are they always Non-qualified? Qualified dividends have significantly lower tax rates.
Reply
Joined Nov 2013
L2: Beginner
> bubble2 80 Posts
18 Reputation
dcny6923
05-31-2024 at 07:36 PM.
05-31-2024 at 07:36 PM.
I tried signing up with them, for some reason they kept rejecting my application. Customer service could not tell me why. Opened up an account with Betterment, same APY, actually 5.5% for the 1st 3 months. It was much easier..CIT made it too hard.
Reply
Joined Apr 2014
L1: Learner
> bubble2 257 Posts
50 Reputation
gunnayn
06-01-2024 at 04:15 AM.
06-01-2024 at 04:15 AM.
Quote from dcny6923 View quoted comment :
I tried signing up with them, for some reason they kept rejecting my application. Customer service could not tell me why. Opened up an account with Betterment, same APY, actually 5.5% for the 1st 3 months. It was much easier..CIT made it too hard.

Might be going through same thing now too. First time applying. But got the need more information email after submitting application.

I wonder if they check chexsystems and are inquiry sensitive. I have it frozen so maybe it's that.
Reply
Joined Feb 2008
L5: Journeyman
> bubble2 742 Posts
76 Reputation
lev280
06-01-2024 at 10:55 AM.
06-01-2024 at 10:55 AM.
Quote from sdnice View quoted comment :
VMRXX sounds good. I think SWVXX from Schwab is similar. How are the dividends from these funds taxed? That is, can they be treated as Qualified dividend if I meet the holding rules? Or are they always Non-qualified? Qualified dividends have significantly lower tax rates.
I had FIGXX. I think it's similar to SWVXX. It's treated as non-qualified.
For discussion purposes, if you consider FDIC insured accounts as zero (or ultra-low) risk, then these money market funds (FIGXX, SWVXX) will be a notch higher on the risk ladder since it's possible to lose one's principal.
https://www.investopedia.com/arti...k-buck.asp
Reply
Joined Jan 2014
L3: Novice
> bubble2 158 Posts
37 Reputation
zwor
06-01-2024 at 09:40 PM.
06-01-2024 at 09:40 PM.
The platinum 5% account must be new. I have the other one (4.6-ish)... any way to convert so I get the platinum rate or do you think I have to just open a new account and transfer the cash?
Reply
Joined Feb 2008
L5: Journeyman
> bubble2 742 Posts
76 Reputation
lev280
06-01-2024 at 11:00 PM.
06-01-2024 at 11:00 PM.
Quote from zwor View quoted comment :
The platinum 5% account must be new. I have the other one (4.6-ish)... any way to convert so I get the platinum rate or do you think I have to just open a new account and transfer the cash?
Unfortunately, you need to open up the new account.
Reply
Joined Aug 2011
L3: Novice
> bubble2 291 Posts
45 Reputation
Ad0nis
06-02-2024 at 06:42 AM.
06-02-2024 at 06:42 AM.
Their mobile app is still broken and has been since October of last year. 2FA is broken and provides you a phone number that's NOT yours when asking to send the security code. Unbelievable that this hasn't been fixed yet. Major red flag, I wouldn't trust them with $100.
2
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Joined Oct 2018
L2: Beginner
> bubble2 61 Posts
18 Reputation
LeszekS4354
06-02-2024 at 06:43 AM.
06-02-2024 at 06:43 AM.
Treasury bills yield 5.30% apy with 4 week lock and there is no state tax so why bother with any banks. Just sign up for treasurydirect.gov
1
Reply
Joined Feb 2008
L5: Journeyman
> bubble2 742 Posts
76 Reputation
lev280
06-02-2024 at 07:33 AM.
06-02-2024 at 07:33 AM.
Quote from Ad0nis View quoted comment :
Their mobile app is still broken and has been since October of last year. 2FA is broken and provides you a phone number that's NOT yours when asking to send the security code. Unbelievable that this hasn't been fixed yet. Major red flag, I wouldn't trust them with $100.
I just checked. The mobile app worked for me on my Android.
Reply
Joined Aug 2011
L3: Novice
> bubble2 291 Posts
45 Reputation
Ad0nis
06-02-2024 at 07:36 AM.
06-02-2024 at 07:36 AM.
Quote from lev280 View quoted comment :
I just checked. The mobile app worked for me on my Android.

The issue isn't widespread but many users like myself are still experiencing it even after reinstalling the app.
Reply
Joined Feb 2009
L5: Journeyman
> bubble2 511 Posts
72 Reputation
rphmann
06-02-2024 at 08:12 AM.
06-02-2024 at 08:12 AM.
Quote from gunnayn View quoted comment :
Might be going through same thing now too. First time applying. But got the need more information email after submitting application.

I wonder if they check chexsystems and are inquiry sensitive. I have it frozen so maybe it's that.
Yes you needed to unfreeze chexsystems first for bank accounts.
Reply
Joined Apr 2008
L3: Novice
> bubble2 206 Posts
153 Reputation
akabeware
06-03-2024 at 01:15 PM.
06-03-2024 at 01:15 PM.
Sorry I'm not good at math but I just checked my May 31st statement. I earned $420 interest for the month of May for 101K deposit.
If my interest rate is 4.879 - am i supposed to get $487+ instead of just $420?
Please note my April balance is also 101K. So i've had 101k balance for the whole month of May.

Sorry, I think i figured it out already. Interest rate of 4.897 is annual not monthly.

Here are the exact amounts :

4/30/2024 - Beginning balance : $101, 283.98
5/31/2024 - interest credit : $420.81

APY : 5.02
interest bearing days : 31
Reply
Last edited by akabeware June 3, 2024 at 01:54 PM.
Joined Nov 2017
L4: Apprentice
> bubble2 317 Posts
208 Reputation
vmfung
06-03-2024 at 08:12 PM.
06-03-2024 at 08:12 PM.
Any thoughts/opinions on Wealthfront?
Reply
Joined Sep 2011
L5: Journeyman
> bubble2 2,012 Posts
270 Reputation
404_Deal_Not_Found
06-03-2024 at 09:58 PM.
06-03-2024 at 09:58 PM.
Horrible app. Bad customer service. I don't recommend
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Joined Apr 2014
L1: Learner
> bubble2 257 Posts
50 Reputation
gunnayn
06-04-2024 at 03:39 AM.
06-04-2024 at 03:39 AM.
Quote from rphmann View quoted comment :
Yes you needed to unfreeze chexsystems first for bank accounts.

Thanks. Will do.
Reply
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