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CIT Bank - old accounts get old rates, new accounts get new rates

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rated:
For those of you that are not aware:

  • The good news: CIT Bank is advertising 1.30% for newly opened "Premier High Yield Savings" accounts and 1.15% for "Spring Savings" accounts
  • The bad news: existing customers with a "High Yield Savings" account only earn 1.05% and do not receive the new, higher rates

Your interest rate can by viewed in online banking by clicking the pull down menu next to your account

 

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rated:
so sad that "high yield" these days is around 1%, pathetic actually

rated:
upanddown said:   so sad that "high yield" these days is around 1%, pathetic actuallyThe number is relative -- it's "high" compared to the average shiti bank account, not compared to zero.

And it's supposed to track official inflation, so when official inflation is low, loan rates are low, and therefore savings rates are low. Again, all relative, not absolute.

rated:
the good news king peter is all you have to do is open new accts at the 1.30 rate and transfer the money from the 1.05 accts into the new 1.30 accts but only up to 100 thousand per acct or rate goes down to 1.25 . but you can open as many 1.30 accts as you like , i did this myself and it works , great deal

rated:
eh, why do they make you play these games

rated:
jamesfatwallet said:   eh, why do they make you play these games
  So they don't need to pay as much in interest to people who don't pay attention.  Same reason the big 4 still have people with tens of thousands of dollars in a "savings" account earning .01%

rated:
yourbiggestfan said:   the good news king peter is all you have to do is open new accts at the 1.30 rate and transfer the money from the 1.05 accts into the new 1.30 accts but only up to 100 thousand per acct or rate goes down to 1.25 . but you can open as many 1.30 accts as you like , i did this myself and it works , great deal
  
the good news yourbiggestfan is all you have to do is open a NEW ACCOUNT AT ANOTHER BANK and transfer the money from the CIT acct, i did this myself and it works , great deal

It's easy enough to leave a bank that:

  1. Pays a lower rate to customers that have been with the bank for a while
  2. Pays a lower rate to customers with higher deposits

Thankfully, most banks apply their rate hikes to all customers, and forums like this make us aware of those who do not.  

rated:
Did you need to ACH the $ out of CIT to your linked external account, then ACH it back to your new bank?

rated:
forthill said:   Did you need to ACH the $ out of CIT to your linked external account, then ACH it back to your new bank?
  No.  And CIT simplified the process for a current customer to open the new, higher yielding, savings account.  When you open the new account, it won't show online until the next business day.

rated:
bluechalk said:   
forthill said:   Did you need to ACH the $ out of CIT to your linked external account, then ACH it back to your new bank?
  No.  And CIT simplified the process for a current customer to open the new, higher yielding, savings account.  When you open the new account, it won't show online until the next business day.

Thanks - I was really trying to understand what KingPeter did.
Anyway, looks like to get the rate you need to deposit up to $100k.  What happens when the first monthly interest is credited and puts you over that $100k amount?
You did this online or via phone with CIT? 

rated:
forthill said:   
bluechalk said:   
forthill said:   Did you need to ACH the $ out of CIT to your linked external account, then ACH it back to your new bank?
  No.  And CIT simplified the process for a current customer to open the new, higher yielding, savings account.  When you open the new account, it won't show online until the next business day.

Thanks - I was really trying to understand what KingPeter did.
Anyway, looks like to get the rate you need to deposit up to $100k.  What happens when the first monthly interest is credited and puts you over that $100k amount?
You did this online or via phone with CIT? 

  I opened the account online.  And the rate for the entire balance goes down to 1.25% as soon as the balance goes above $100,000.

rated:
Use code "PREMIER" to get $100 opening bonus.

rated:
RussellJohnson said:   Use code "PREMIER" to get $100 opening bonus.
This will only work if you haven't received a bonus done them this year yet.

rated:
$100 bonus is for "new" customers only

rated:
Anybody have experience with this bank? Seems to be pretty shitty.

Did a trial deposit but when I went in to enter the amount, the system says it's incorrect. Now I've been on hold for 20 minutes but nobody picks up. Might just back out of opening with these guys.

--edit--
Damn, took 50 minutes to modify an address at the bank. No bueno. Will close account.

rated:
Just another warning, CiT bank will withdraw trial deposits separately, so be careful if as it may exceed the 6 withdrawal limit at your other bank.

Also, if anybody has spoken to these clowns, looks like they hire high school kids to handle their call center. Completely inept.

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