CIT Bank Platinum Savings Review: Earn 5.05% APY* for High Balances

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CIT Bank Platinum Savings Account

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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.

Strong APY With No Monthly Fee

CIT Bank® Platinum Savings is an impressive high-yield savings account offering a very competitive rate on qualifying balances. As of this writing, the account features a huge 5.05% APY* interest rate on balances of $5,000 or more.

This account. is relatively easy to open, and there are no fees for typical savings account activity. CIT Bank could be a good option if you have an emergency fund, down payment fund, vacation fund, or other savings you want to keep safely stored in an FDIC-insured savings account.

Here’s a closer look at how CIT Bank Platinum Savings works and everything else you need to know in our in-depth CIT Bank Platinum Savings review.

CIT Bank Platinum Savings Account Highlights

• Competitive high-yield savings interest rate of 5.05% APY*
• $100 minimum opening balance and $5,000 minimum balance to earn the top interest rate
• Free transfers to and from connected bank accounts
• Mobile banking, including check deposits and other useful features
• FDIC-insured account at a large, stable financial institution

CIT Bank Platinum Savings Features

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Overall, CIT Bank Platinum Savings is a very good account with a top-tier interest rate and no fees for most banking needs. CIT Bank is a division of First-Citizens Bank & Trust Company, a top 20 financial institution in the United States. It’s also important to note that CIT Bank is online-only, meaning there are no physical branches or CIT Bank ATMs.

Highly Competitive Annual Percentage Yield

CIT Bank Platinum Savings falls squarely in the category of high-yield savings accounts. It’s an online bank offering an interest rate well above the national average. As of this writing, the Platinum Savings account pays 5.05% APY* on balances of $5,000 or more.

Beware that lower balances earn just 0.25% APY*. Due to the minimum balance requirement to earn the highest interest rate the account offers, it only makes sense for those planning to save at least $5,000 in their account.

FDIC-Insured Account

In an era where bank failures are on the mind, most people want bank accounts insured by the Federal Deposit Insurance Corporation (FDIC). Under current regulations, this government-backed insurance program will insure up to $250,000 per account holder per financial institution, in the event that the bank goes out of business. You may qualify for up to $500,000 in FDIC coverage for joint accounts.

Online and Mobile Banking

When using an online bank, it’s critical that the bank offers a secure, cutting-edge mobile app and website experience. CIT Bank covers everything you would expect in this aspect. The mobile app is available for Android and iOS devices, and you can log in anytime using your favorite web browser.

The mobile app supports remote check deposits. You can also quickly enter online transfers between accounts, including accounts you have at other banks.

No Fees for Typical Banking Needs

CIT Bank doesn’t charge monthly maintenance or recurring fees, regardless of account balances and activity. For savings accounts at CIT, you’ll only pay fees for rare activities, such as sending outgoing domestic wire transfers and returned deposits.

Some banks charge a monthly fee if your account goes under a certain balance if you don’t meet a minimum number of debit card transactions or other requirements. While you need $100 to open a CIT Bank Platinum Savings account, there’s no fee if your balance falls below $100. The only “cost” is earning a lower interest rate when you have less than $5,000 in the account.

Who Does CIT Bank Platinum Savings Best Suit?

CIT Bank Platinum Savings is best for anyone with at least $5,000 to safely store away for the future while earning a high-interest rate and paying no fees. As an online bank, you can sign up from anywhere in the United States.

Households with over $250,000 in cash might want to consider CIT Bank as a second bank to separate your money and maintain FDIC insurance coverage on your entire cash savings. If this is your plan, remember that CIT Bank is a division of First Citizens Bank. FDIC insurance is aggregate under both brands. That means you get $250,000 per depositor across both First Citizens Bank and CIT Bank, not $250,000 each.

Other CIT Bank Savings Accounts

CIT Bank doesn’t just offer a single high-yield savings account. It’s a full-featured online bank offering a checking account, multiple savings accounts, CDs, and mortgage loans.

Here are the other savings accounts at CIT Bank to consider:

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.

CIT Bank Money Market Account

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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.

CIT Bank Savings Builder Account

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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.

CIT Bank Platinum Savings Drawbacks

There are two notable drawbacks of the Platinum Savings account.

1. $5,000 minimum balance to earn the top interest rate: If you don’t keep at least $5,000 in the account, you earn only 0.25% APY. If you might dip below $5,000 at any point, consider the Savings Connect account instead.
2. $100 opening minimum balance requirement: Some savers may struggle to come up with $100 to open a new savings account. However, if that’s the case, the $5,000 minimum to earn the best interest rate is also out of reach, making this account much less desirable for some households.

About CIT Bank

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CIT Bank or CIT is a division of First Citizens Bank, one of the biggest banks in the United States. The CIT division, not to be confused with Citi, is an online-only bank. Due to its lack of fees, competitive interest rates, and generally good online and mobile banking experiences, it’s a good option for almost anyone searching for an online bank.

First Citizens Bank may be familiar from the news, as it's the bank that acquired a large portion of Silicon Valley Bank (SVB) when it went bust in early 2023. The bank traces its roots to North Carolina in 1898. The merger with CIT 2022 made it a top 20 bank in the United States. As of March 24, 2023, its parent company, First Citizens Bancshares, Inc., held total assets of $210 billion and $145 billion in customer deposits. That makes it one of the biggest financial institutions nationwide.

CIT Bank Platinum Savings Alternatives

Do you find this account underwhelming? Consider these top alternatives:

CIT Platinum Savings vs. UFB Direct High Yield Savings Account

If you want to squeeze out the best possible interest rate, CIT Platinum Savings has some serious competition. As of this writing, UFB Direct High Yield Savings Account comes with a 5.25% APY, regardless of account balance.

There are no minimum deposit requirements, minimum balance requirements, or other restrictions to earn the best interest rate this account offers.

UFB Direct High Yield Savings Account

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at UFB

• Our Rating 5/5 How our ratings work
• APY5.25% More Info

  UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

• Minimum
  Deposit RequiredN/A
• Intro Bonus N/A

The UFB High Yield Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% APY. Plus, there are no monthly fees and no minimum balance to open.

CIT Bank Platinum Savings vs. CIT Bank Savings Connect

At 4.65% APY*, CIT Bank Savings Connect has a lower interest rate than Platinum Savings, but you don’t need to maintain a $5,000 minimum balance to earn a high-yield interest rate. If you want to bank with CIT Bank and have less than $5,000 in your savings account, CIT Bank Savings Connect is a better option.

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.

Is CIT Bank Platinum Savings Right for You?

CIT Bank Platinum Savings is an excellent high-yield savings account option for those looking to safely store a minimum of $5,000 while earning a competitive interest rate and avoiding fees. As an online-only bank, CIT Bank offers a convenient and user-friendly experience with features like mobile banking and FDIC insurance. However, for those unable to maintain the $5,000 minimum balance, CIT Bank's Savings Connect account is a more suitable alternative.

Take Your Savings Farther

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

Open Account

Member FDIC.

Overall, CIT Bank Platinum Savings is a solid choice for individuals seeking to grow their savings through an FDIC-insured online banking experience.

*APYs— Annual Percentage Yields for all CIT Bank products mentioned are accurate as of June 16, 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.