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CIT Bank Platinum Savings: Earn Up to Expired

5.00% APY*
+161 Deal Score
438,951 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
438,951 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 2008
Somewhere in Time
> bubble2 762 Posts
217 Reputation
gr8nrg
06-04-2024 at 08:55 AM.
06-04-2024 at 08:55 AM.
Many better banks currently have higher APY. Forbright, for example has 5.3%. UFB Direct 5.25%
1
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Joined May 2018
L3: Novice
> bubble2 246 Posts
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SensiNips408
06-04-2024 at 11:55 AM.
06-04-2024 at 11:55 AM.
3rd grader question here. So if I put on 10k. I get 5% each month just for keeping it there in savings?
1
Reply
Joined Jan 2007
L5: Journeyman
> bubble2 586 Posts
24 Reputation
dtwizzy
06-04-2024 at 01:23 PM.
06-04-2024 at 01:23 PM.
I need to renew my CD.
If rate is the same, should I go for 9,12, or 18 months?
Reply
Joined Aug 2007
L9: Master
> bubble2 4,043 Posts
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kqian111
06-04-2024 at 02:37 PM.
06-04-2024 at 02:37 PM.
I've had this account for a while and tried to move money out to another bank. During the transfer request, they actually prompted a retention offer to give me an extra 0.0096% interest on top of the current rates for the next 12 months. This results in an APY of 5.10%. I guess i will keep it there for now unless their rates slip further.
Reply
Joined Mar 2007
Bite Me
> bubble2 2,114 Posts
492 Reputation
anubis57
06-04-2024 at 03:00 PM.
06-04-2024 at 03:00 PM.
Quote from Dominican1NYC View quoted comment :
. No issues. My only issue
Clear enough. Wink
1
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Joined Dec 2016
L2: Beginner
> bubble2 50 Posts
18 Reputation
Dr-WL
06-05-2024 at 07:27 AM.
06-05-2024 at 07:27 AM.
Quote from SensiNips408 View quoted comment :
3rd grader question here. So if I put on 10k. I get 5% each month just for keeping it there in savings?
No, it's 5% APY. Monthly interest is (1 + APY)^(1/12) - 1 = (1 + 0.05)^(1/12) - 1 = 0.0041 or 0.41%.
Reply
Last edited by Dr-WL June 5, 2024 at 07:30 AM.
Joined May 2008
Somewhere in Time
> bubble2 762 Posts
217 Reputation
gr8nrg
06-05-2024 at 11:51 AM.
06-05-2024 at 11:51 AM.
Quote from SensiNips408 View quoted comment :
3rd grader question here. So if I put on 10k. I get 5% each month just for keeping it there in savings?
No. 5% APY means that "IF" the rate stays the same the entire year, at the end of the year you'll have 10,500 in your account. However, rates fluctuate, and so does APY. If you want guaranteed rate / APY for a given period of time, you open CD, not a savings account.
Reply

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Joined May 2018
L3: Novice
> bubble2 246 Posts
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SensiNips408
06-05-2024 at 12:18 PM.
06-05-2024 at 12:18 PM.
Quote from gr8nrg View quoted comment :
No. 5% APY means that "IF" the rate stays the same the entire year, at the end of the year you'll have 10,500 in your account. However, rates fluctuate, and so does APY. If you want guaranteed rate / APY for a given period of time, you open CD, not a savings account.

Thank you for that. Sounds like either way, it's better than what my credit union is giving me with my 50k sitting there doing nothing.
Reply
Joined Jan 2007
L5: Journeyman
> bubble2 586 Posts
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dtwizzy
06-06-2024 at 02:04 PM.
06-06-2024 at 02:04 PM.
Quote from SensiNips408 View quoted comment :
Thank you for that. Sounds like either way, it's better than what my credit union is giving me with my 50k sitting there doing nothing.
But a CD also locks in your money and you cannot touch it until the term ends
Reply
Joined Nov 2017
L7: Teacher
> bubble2 2,140 Posts
614 Reputation
malo51
06-07-2024 at 09:29 AM.
06-07-2024 at 09:29 AM.
How does this compare to wealthfront? Anyone with experience lmk
Reply
Joined Dec 2021
L3: Novice
> bubble2 296 Posts
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Anthonyy232
06-07-2024 at 11:21 AM.
06-07-2024 at 11:21 AM.
Quote from malo51 View quoted comment :
How does this compare to wealthfront? Anyone with experience lmk

Wealthfront seems to be iffy at the moment, I'm not well informed but look at the subreddit
Reply
Joined Nov 2017
L7: Teacher
> bubble2 2,140 Posts
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malo51
06-07-2024 at 12:48 PM.
06-07-2024 at 12:48 PM.
Quote from Anthonyy232 View quoted comment :
Wealthfront seems to be iffy at the moment, I'm not well informed but look at the subreddit

A recent Forbes article shows that they are profitable, so, I'm really not worried about that aspect .. I don't see Robinhood or betterment freaking out in subreddit either in comparison as to why I'm still parked here
1
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Joined Mar 2012
L7: Teacher
> bubble2 2,242 Posts
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djsvetljo
06-08-2024 at 04:37 AM.
06-08-2024 at 04:37 AM.
Quote from dtwizzy View quoted comment :
I need to renew my CD.
If rate is the same, should I go for 9,12, or 18 months?
I am no expert, but I see chances of rates coming down in near future are higher than going up. 18 months if you don't need the money.
Reply
Joined Dec 2004
L4: Apprentice
> bubble2 412 Posts
236 Reputation
Pro
spacemidget
06-08-2024 at 09:00 AM.
06-08-2024 at 09:00 AM.
Quote from kqian111 View quoted comment :
I've had this account for a while and tried to move money out to another bank. During the transfer request, they actually prompted a retention offer to give me an extra 0.0096% interest on top of the current rates for the next 12 months. This results in an APY of 5.10%. I guess i will keep it there for now unless their rates slip further.
I got this as well when I "tried" to transfer 20k. Thanks!

Here are the details:
Quote :
Earn more with an updated rate
The current interest rate on your Platinum Savings account is 4.879%, with an APY of 5.00%.*
We'll increase your interest rate by 0.096% for the next 12 months.
That means your new interest rate will be 4.975%, and your APY will be 5.10%.*
And don't worry if the standard, published interest rate on the account changes, your interest rate will move with it, remaining 0.096% higher than the published interest rate for the next 12 months.
Reply

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Joined Feb 2007
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> bubble2 61 Posts
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Punishark
06-08-2024 at 11:16 AM.
06-08-2024 at 11:16 AM.
Quote from spacemidget View quoted comment :
I got this as well when I "tried" to transfer 20k. Thanks!

Here are the details:
How far into "trying" did you go? I set up a transfer for a few days out, clicked transfer, then another screen popped up saying it wasn't complete and another green "Submit Transfer" button appeared. I backed out after that, because I'm actually ok leaving it in CIT Bank.

And another question - do I need to leave it in for a while (CD-like) to get the increased rate? Thanks in advance.
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