Rate Increase! Now Earn 4.85% APY On A CIT Bank Platinum Savings Account, Plus Now Earn 4.90% On A No-Penalty CD!

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Platinum Savings accounts require a balance of $5,000 to earn 4.85% APY.

If you fund a CIT Bank 11 month no penalty CD with at least $1,000 you’ll now get 4.90% APY. With this CD you won’t pay any penalty to close the account early and your rate is locked in for 11 months.

With this CD your rate is locked in for 11 months and if you need to close it early, you can close the CD with no penalties and keep all of your accrued interest.

There is no hard credit inquiry performed for opening a CIT account.

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 May 9, 2023: 0.25% APY on balances of $0.01 to $4,999.99; 4.85% 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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41 Comments On "Rate Increase! Now Earn 4.85% APY On A CIT Bank Platinum Savings Account, Plus Now Earn 4.90% On A No-Penalty CD!"

All opinions expressed below are user generated and the opinions aren’t provided, reviewed or endorsed by any advertiser or DansDeals.


Can I use Debit cards to purchase a CD?

Liam K. Nuj

A music CD? Definitely.
A bank CD? Doubtfully.


aren’t debit cards attached to your bank?
Why don’t you just make a bank transfer?

Joe Rutz

4.9% is only for first year? Can you compound interest at 4.9% ?

Liam K. Nuj

Actually first 11 months. And “APY” basically means the total interest earned if it was 12 months. In this case, you’ll earn about 4.49% total for the 11 months.


was denied last time around. Tried again now and was approved


What’s the down side of doing the 11 month CD?


You miss out on capital gains tax treatment of interest by not having additional 31 days or a 1-year CD. Significant tax hit.


All interest from CDs are taxable interest income, not capital gains AFAIK.


do they match on CD that was opened recently, or must it be closed and reopened for new rate?


They said that if have the No penalty cd it should automatically go to higher rate. So check and see if that happened.


No, open a new account and choose to fund it from existing account, and choose the account you want.


which one is a better idea

Liam K. Nuj

See my answer to Ari below


Is there any reason to open the savings @4.85% APY over the bo penalty CD at 4.90??

Liam K. Nuj

Yes. You’re a masochist and you want to watch your $4999.99 earn about $11.50 with the savings account instead of about $225 with the 11 month CD

Trump HaMelech Gadol

once you open the cd you can’t add to it. you’d need to open another one.


Can anyone else confirm this?


true! you can NOT add money to a cd once it’s set up. After it matures , you basically start over. There is a grace period (10 days with CIT) where you have an option to withdraw your funds or start a new cd, at the APY rate at that time, it’s usually a different rate.(sometimes higher, sometimes lower) Also with the No-penalty cd, if you decide to pull out midway, you must withdraw the entire CD. Btw, CIT has very good customer service, especially for an online-only bank!


Does the interest rate change apply automatically for Savings Builder account that was previously opened?


Usually no. You would need to call them for a product change/ move account.


I have found that they have been changing the rate on previous savings accounts every time it goes up.
However keep in mind that this is for the platinum savings account, need minimum of 5k, so if opened a different savings the rate might not have changed. If you can keep 5k, then just open new platinum account and fund it with other savings account and then close original savings account.


does a previously opened premium saving automatically update to the new rate?


is there anything to do about a denial? how long to wait before i try again? i have no idea why i was denied…


IME no reason. Tried again a few weeks later and worked

Goldy Chajmovicz

link not working, any other way to do cd


Try from another browser?


Does cit bank have any banks in Brooklyn or Lakewood


no, CIT is an online only bank.(no physical stores=less overhead=better rates) You’ll have to transfer funds from your current bank, or you can mail them a check.


After the CD Maturity Date you have 10 days to withdrawal your money, otherwise it will go into another 11/m CD on the rates avail then..

Thanks Dan.


I tried to click on the link but my malware program flags it. Any idea why?


Defective program. Use another device or whitelist it.


let’s say my bank has a $5,000 daily transfer limit and i want to fund a $10,000 CD. Must I first open a CIT Checkings account to deposit the funds over a couple of days and then open up the CD? Or can I fund the CD over a few days?


Only One transfer allowed and needs to be entered while opening the acct..



P Katz

Can I open more then one cd on my name? (If yes, why shouldn’t I I open a few CDs and divide the money, so in case will need to use a bit I should loose interest on the other.. )


Sure, that’s a good strategy!

P Katz

Thanks Dan!!!


why would i get this ?

Unfortunately, we are unable to open an account for you at this time
Thank you for your recent application for a CIT Bank account. We regret to inform you that after a thorough review of your application, we have elected to not open a bank account for you at this time. Thank you for considering CIT Bank.


Does it hurt my credit to close a CD account?

P Katz