CIT Bank Savings Connect vs. Savings Builder vs. Platinum Savings: Which Savings Account Should You Open?

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CIT Bank offers three savings accounts that could be a fit for your needs, Savings Connect, Savings Builder and Platinum Savings, the last of which is new for 2023.

Each works a little differently with different target audiences. Depending on how you save and your long-term goals, all three could be a good fit for your needs.

Here’s a closer look at how the CIT Bank Savings Connect and Savings Builder accounts stack up to the Platinum Savings account.

Overview: What is CIT Bank Platinum Savings

CIT Bank Platinum Savings Account

Open Account

Member FDIC.

• Our Rating 4.5/5 How our ratings work
• APY5.05% More Info

  Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

• Minimum
  Deposit Required$100
• Intro Bonus N/A

The CIT Bank Platinum Savings account offers one of the top APYs on the market right now, and CIT's flexible transfer options make it easy to access your money. So long as you're able to consistently maintain an account balance of $5,000 (the minimum amount required to earn this account's top APY) you'll likely find a lot of value in this account.

• Overview
• Pros & Cons

Overview

With the CIT Bank Platinum Savings Account, customers earn 5.05% APY on balances over $5,000. However, for accounts with less than $5,000, the APY falls to 0.25%. This account features a minimum opening deposit requirement of $100 and does not charge monthly maintenance fees. Accountholders also get free transfers to and from connected bank accounts, which even extends to non-CIT accounts.

Pros

• Strong APY for balances over $5,000
• No monthly service fee
• Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)

Cons

• APY on lower balances is unimpressive
• No fee-free ATM network
• Minimum opening deposit required

The newest CIT savings account, CIT Bank Platinum Savings is a high-yield savings account that rewards higher balances with top-tier APY.

Offering interest rates of up to 5.05% APY*, Platinum Savings offers the strongest APY of any CIT Savings account. However, you'll need to maintain a minimum account balance of $5,000 or more to unlock this top rate.

CIT Platinum Savings Requirements

CIT Platinum Savings requires a $100 minimum opening deposit. While this account does not feature a monthly maintenance fee, you need a minimum account balance of $5,000 or more to earn 5.05% APY*. If your account balance falls below this threshold, you earn a meager 0.25% APY, which is much less competitive.

Overview: What is CIT Bank Savings Connect

CIT Bank Savings Connect Account

Open Account

Member FDIC.

• Our Rating 4.5/5 How our ratings work
• APY4.65% More Info

  Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.

• Minimum
  Deposit Required$100
• Intro Bonus N/A

CIT Bank's Savings Connect account is one of our top picks for high-yield savings accounts. Featuring a competitive flat APY on all balances, it can go head-to-head with most of the top savings accounts available. What's more, you don't have to do anything special to earn this high interest rate; many similar accounts (including some offered by CIT) only offer their highest interest rates to customers who complete certain requirements.

• Overview
• Pros & Cons

Overview

With extremely competitive interest rates and a host of convenient features, the CIT Bank Savings Connect account can go head-to-head with nearly any other savings account in the U.S.

Pros

• Competitive APY
• No monthly service fee
• Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)

Cons

• No fee-free ATM network
• Minimum opening deposit required

CIT Bank Savings Connect is a high-yield savings account with competitive rates

Savings Connect is a high-yield savings account. While rates are constantly in flux, as of this writing, the rate was 4.65% APY, which means CIT says is 11x the national average. Many big banks pay a paltry 0.01% APY, making CIT around 465x better for interest rates. The account has no monthly recurring fees.

CIT Savings Connect Requirements

In order to open a CIT Bank Savings Connect account, you'll need to have at least $100 to cover the minimum opening deposit. Once your account is open, you won't have to worry about meeting any specific requirements to avoid monthly fees, or to earn the highest interest rate.

Overview: What is CIT Bank Savings Builder

CIT Bank Savings Builder Account

Open Account

Member FDIC.

• Our Rating 3/5 How our ratings work
• APYUp to 1.00% More Info

  Earn 1.00% APY by maintaining a balance of $25,000 or more, or by receiving a single deposit of $100 or more each month. Annual Percentage Yield is accurate as of September 22, 2022. Interest rates for the Savings Builder account are variable and subject to change at any time without notice.

• Minimum
  Deposit Required$100
• Intro Bonus N/A

While it doesn't offer an especially strong interest rate, many of the features included in CIT Bank's Savings Builder account are designed to encourage you to save. To earn the maximum APY on this account, you need to either maintain a high account balance or regularly make deposits, both of which incentivize responsible saving.

• Overview
• Pros & Cons

Overview

CIT Bank’s Savings Builder account pays up to 1.00% APY on deposits, but you’ll need to maintain an account balance of at least $25,000 or make a monthly deposit of $100 or more to qualify for this rate. Customers who fail to meet either of these requirements only earn 0.40% APY.

Pros

• No monthly fee
• Daily compounding interest
• Access to CIT Bank's mobile app for banking on-the-go

Cons

• Top APY is not especially competitive
• Extra requirements to earn maximum APY
• Minimum opening balance requirement

CIT Bank Savings Builder is a high-yield savings account with requirements to get the best rates

The Savings Builder account is a savings account that rewards you as you save more. It pays up to 1.00% APY as of this writing. To qualify for the best rate, you’ll need to make a monthly deposit into the account of $100 or more or maintain a $25,000 balance or higher. CIT Bank Savings Builder has no monthly recurring fees.

CIT Savings Builder Requirements

Like the CIT Savings Connect account, the CIT Savings Builder account requires a $100 minimum opening deposit, and does not require any special actions to avoid monthly maintenance fees. However, the CIT Savings Builder account does require you to maintain an account balance of at least $25,000 or receive at least $100 in monthly deposits to qualify for its highest interest rate of 1.00% APY.

Platinum Savings vs. Saving Connect vs. Savings Builder Features

Winner: Tie

The accounts are identical for online banking, branch access, FDIC insurance, customer service, and nearly everything else. For features, the only big difference is the name, how interest is calculated, and interest rates.

In all three cases, you can manage your account using the CIT Bank website or CIT Bank mobile app.

Platinum Savings vs. Saving Connect vs. Savings Builder Interest Rates

Winner: Platinum Savings

Interest rates can change at any time without notice or warning. If the Federal Reserve raises or lowers its target interest rate, chances are CIT Bank will follow.

CIT Platinum Savings Interest Rate

As of this writing, CIT's Platinum Savings account offers the strongest APY of the three at 5.05% APY*. This is a very competitive rate and is a big reason to choose CIT Bank for your savings, assuming you can meet the requirements for earning it.

At 5.05% APY*, you would earn about $50 per year in interest for every $1,000 saved. While that’s not enough to make you rich, it’s way better than nothing and much more than you would get at the biggest nationwide banks.

If you're worried about not being able to keep at least $5,000 in your account, CIT Savings Connect is likely the better option for you. That account offers 4.65% APY, which is only a little lower, and that rate applies to all balances.

CIT Savings Builder Interest Rate

Savings Builder offers a lower 0.40% APY by default. While that’s still well above the national average interest rates and notably better than what you get with the biggest banks in the U.S., it’s also far below the rate you get from Savings Connect. With a minimum $100 monthly deposit or $25,000 account balance, you’ll qualify for the higher 1.00% APY interest rate tier.

While the $100 deposit per month is a neat feature to motivate you to save, the lower rate compared to CIT’s other two accounts makes this account feel inferior.

Platinum Savings vs. Savings Connect vs. Savings Builder Minimum Balance Requirements

Winner: Tie

All three accounts have a $100 opening balance requirement and no minimum balance requirement. You can open an account with the $100 and maintain a lower balance going forward without paying fees or risking an account closure.

Platinum Savings vs. Savings Connect vs. Savings Builder Fees and Charges

Most people can use the CIT Savings Connect, Platinum Savings or Savings Builder account without paying fees. No CIT Bank accounts have any monthly service fees, online transfer fees, overdraft/NSF fees, or incoming wire transfer fees.

The only fees are for less common activities, such as returned deposits, stop payment requests and foreign transactions. Using your CIT Bank debit card at an ATM or for purchases outside the United States incurs a 1% fee. You won’t have to worry about paying anything for most savings account activities.

Who Is CIT Bank?

CIT Bank is a national bank owned by First Citizens Bank. The combined company of First Citizens Bank and all subsidiaries holds $90 billion in customer deposits and $111 billion in assets, making it a top-20 bank in the U.S. CIT has branches in Arizona, California, Colorado, Florida, Kansas, Nebraska, Nevada and Texas. You can open an account from anywhere in the United States online.

CIT Bank previously merged with OneWest Bank. Past OneWest Bank accounts have transitioned to First Citizens Bank. Other CIT Bank services will remain under the CIT brand going forward.

CIT Bank traces its roots to 1908 in St. Louis, Missouri by founder Henry Ittleson. CIT acquired its network of retail branches through the acquisition of OneWest Bank in 2008. The growing company bought Mutual of Omaha Bank in 2020, further growing its national footprint.

It’s important to note that CIT Bank is different from Citi, one of the largest multinational banks in the world. While the names are similar and a little confusing, they are unrelated companies.

General CIT Bank Benefits

CIT Bank does a lot more than just these two savings accounts. It’s a full-service bank with additional checking, savings, and home lending products. If you want, you could certainly handle all of your banking with one login at CIT Bank.

Checking, Savings, and Home Loans

CIT Bank offers a suite of checking and savings accounts to choose from. We’re not going to go into details about the accounts that are not the best CIT offers.

Other checking accounts are Basic Checking, Classic Checking, Investment Checking, Advantage Checking and Platinum Checking. Additional savings accounts include Certificates of Deposit (CDs) and health savings accounts (HSAs).

eChecking

The premier checking account from CIT Bank is called eChecking. It includes free ATM access, up to $30 in monthly reimbursements for other ATMs, a debit card, integration with Zelle and popular mobile wallets, and useful online banking features through the CIT Bank app.

This account currently offers 0.10% APY on balances up to $25,000 and 0.25% on balances of $25,000 or above. These rates are less than the savings accounts but better than you see from the typical checking account. There’s a $100 minimum to open but no ongoing minimum balance requirement.

eChecking has no regular fees for typical banking needs outside of the few fees listed above, which are common across all CIT Bank accounts. There’s a fee for outgoing wire transfers in some cases, but otherwise, you shouldn’t expect to pay fees for typical needs.

Other checking accounts are available too, but this one is widely available and the best option for most customers.

Money Market Account

CIT Bank Money Market Account

Open Account

Member FDIC.

• Our Rating 4/5 How our ratings work
• APY1.55% More Info

  Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for the CIT Bank Money Market account are variable and subject to change at any time without notice.

• Minimum
  Deposit Required$100

CIT Bank's Money Market Account doesn’t offer the highest interest rate out there, but you can open an account with only $100, and there's no ongoing minimum balance requirement. This account also doesn't charge any monthly fees, which helps it stand out from other similar accounts.

• Overview
• Pros & Cons

Overview

CIT Bank’s Money Market Account features 1.55% APY and a low minimum opening deposit, making it ideal if you have a savings goal or want to start an emergency fund.

Pros

• Strong APY
• No monthly fee

Cons

• No included debit card or checks

Another type of account to consider when banking with CIT is the CIT Money Market Account. While not as strong as some of CIT's other offerings, the Money Market Account's APY is still noteworthy compared to similar MMAs.

CIT Savings Connect Vs Money Market

In many ways CIT Bank's Money Market Account is similar to its Savings Connect Account. Both accounts require a $100 minimum opening deposit and feature stronger interest rates than the CIT Savings Builder Account.

If you want to use your CIT account to pay bills, or you plan on sending and receiving money regularly, the CIT Money Market Account could be a good option. You'll earn a higher interest rate than a typical checking account, and its Zelle® and Bill Pay integration will help facilitate your day-to-day needs.

If earning a high interest rate is your main concern, you're much better off with the CIT Savings Connect Account, as its rates are over two times greater than what you'd get with the CIT MMA.

Home Loans

CIT Bank offers competitive mortgage rates with various loan types available. These include 30-year fixed, ARM loans, and interest-only loans. (Tip: Avoid interest-only home loans at any bank. They’re usually a bad long-term financial decision.)

Insurance and Protections

FDIC insurance covers account holders for up to $250,000 per account holder per institution. That means if CIT Bank goes out of business, the FDIC will reimburse you even if the bank doesn’t have enough money. For joint accounts, you can qualify for up to $500,000 in total FDIC coverage per financial institution.

Online Banking

Personal online banking features are on-par with major competitors around the nation. Features include online account management, access to statements and recent transactions, online transfers, scheduled transfers, account alerts, online bill pay and other useful features.

Bottom Line: Which CIT Bank Savings Account is Best?

While it may not be a household name in your region, CIT Bank is well known in Southern California and offers a top-notch national online banking setup. The CIT Bank Platinum Savings account can go head-to-head with nearly any other savings account in the U.S. and is worth comparing when shopping around for a new high-yield savings account.

Earn More For High Balances

Ready to open a CIT Platinum Savings Account? Start here.

Open Account

Member FDIC.

In many account comparisons, there's a clear winner that is most beneficial to the average user. But with CIT's accounts, it really comes down to you ability to maintain a minimum balance requirement. If you think you can easily keep at least $5,000 in your account, Platinum Savings will reward you most; if you're unsure about that, Savings Connect offers a slightly less strong rate regardless of your account balance.

Both accounts stand tall above Savings Builder, both for their higher interest rates, and for the lack of hoops you need to jump through to qualify. Together, eChecking and Platinum Savings or Savings Connect are a great choice to meet anyone’s banking needs.

CIT Bank FAQ

• Does CIT Bank have a minimum balance requirement?

  No minimum balance requirements or monthly service fees are associated with CIT Savings Connect accounts. CIT Bank requires a $100 minimum deposit to open a Savings Connect account. None of CIT Bank's accounts carry monthly services fees or require a minimum balance to avoid fees. CIT Savings Builder accounts require you to keep a $25,000 minimum or $100 monthly deposit to earn its highest interest tier.

• What is CIT Bank Savings Connect?

  CIT Bank Savings Connect is a high-yield online savings account available through CIT Bank (a division of First-Citizens Bank). The savings account features competitive APY on all account balances and no monthly service fees. A $100 minimum deposit is required to open a Savings Connect account. Accountholders can access their savings account online or through the bank's mobile app. Savings Connect accounts are FDIC- insured up to the legal limits.

•  Is CIT a legitimate bank?

  Yes, CIT Bank is an online banking division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC). CIT Bank deposits are insured up to $250,000 per depositor, for each account ownership category. First Citizens Bank completed its merger with CIT Group Inc. in January 2022, making it the largest family-controlled bank in the U.S, with more than $100 billion in assets.

• Does CIT Bank offer a sign-on bonus?

  CIT Bank is not currently offering any sign-on bonuses at this time. Previously CIT Bank offered one year of free Amazon Prime to customers who opened a new money market account, but that promotion ended.

*APYs— Annual Percentage Yields for all CIT Bank products mentioned are accurate as of July 27, 2023. Interest Rates are variable and may change at any time without notice. The minimum to open any of the mentioned accounts is $100.00.