CIT Bank Platinum Savings Review: Earn 4.35% 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
• APY4.35% More Info

  Earn 4.35% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of December 20, 2024. 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 with a competitive rate on qualifying balances. As of this writing, the account features a huge 4.35% APY* interest rate on balances of $5,000 or more, and there are no fees for typical savings account activity. CIT Bank could be a good option for an emergency fund, down payment, vacation or other savings you want to keep in an FDIC-insured savings account. Here’s a closer look at this account in our in-depth CIT Bank Platinum Savings review.

CIT Bank Platinum Savings Account Highlights

• Highly competitive 4.35% 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. Plus, CIT Bank is a division of First-Citizens Bank & Trust Company, a top 20 financial institution in the United States. Of note, CIT Bank is online only, meaning there are no physical branches or CIT Bank ATMs.

Here’s a look at some of CIT Bank Platinum Savings’ notable features:

• Competitive APY: As of this writing, the Platinum Savings account pays an above-average 4.35% APY* on balances of $5,000 or more, but lower balances earn just 0.25% APY*. Due to the minimum balance requirement to earn the highest rate, it only makes sense for those keeping at least $5,000 in their account.
• FDIC insured: The FDIC will insure up this account to $250,000 per account holder per financial institution, in the event the bank goes out of business, and this coverage is a necessity for most banking customers. 
• Strong mobile banking tools: CIT Bank’s mobile app is available for Android and iOS devices, and you can log in anytime with your favorite web browser. The mobile app supports remote check deposits, and you can quickly enter online transfers between accounts, including those at other banks.
• No fees for typical banking: There are no monthly maintenance or recurring fees, regardless of account balances and activity. You need $100 to open a CIT Bank Platinum Savings account, but there’s no fee if your balance falls below that. You’ll only pay fees for rare activities, such as sending outgoing domestic wires and returned deposits. 

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:

Account	APY	Minimum deposit required	Monthly maintenance fee	Learn More
CIT Bank Platinum Savings Account Open Account	4.35% More Info Earn 4.35% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of December 20, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100	$0	Open Account
CIT Bank Savings Connect Account Open Account	4.00% More Info Annual Percentage Yield is accurate as of December 20, 2024. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.	$100	$0	Open Account
CIT Bank Savings Builder Account Open Account	Up 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.	$100	$0	Open Account
CIT Bank Money Market Account Open Account	1.55% 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.	$100	$0	Open Account

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.

CIT Bank Platinum Savings Alternatives

Account	APY	Minimum Deposit	Monthly Fee	Get Started
CIT Bank Platinum Savings Account Open Account	4.35% More Info Earn 4.35% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of December 20, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.	$100	$0	Open Account
UFB Direct Portfolio Savings Account Open Account	4.01% More Info UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.	N/A	$0	Open Account
CIT Bank Savings Connect Account Open Account	4.00% More Info Annual Percentage Yield is accurate as of December 20, 2024. Interest rates for the Savings Connect account are variable and subject to change at any time without notice.	$100	$0	Open Account

CIT Platinum Savings vs. UFB Direct Portfolio 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 Portfolio Savings Account comes with a 4.01% 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 Portfolio Savings Account

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at UFB

• Our Rating 5/5 How our ratings work
• APY4.01% 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 Direct Portfolio Savings Account has a solid interest rate of 4.01% APY. Plus, there are no monthly fees and no minimum balance to open.

CIT Bank Platinum Savings vs. CIT Bank Savings Connect

At 4.00% 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

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Member FDIC.

• Our Rating 4.5/5 How our ratings work
• APY4.00% More Info

  Annual Percentage Yield is accurate as of December 20, 2024. 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, the ability to sign up anywhere in the U.S. and FDIC insurance on deposit accounts. (Note that CIT Bank is a division of First Citizens Bank, and 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.)

On the other hand, for those unable to maintain the $5,000 minimum balance, CIT Bank's Savings Connect account could be a more suitable alternative.

Take Your Savings Further

Ready to open an account? Start here.

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Member FDIC.

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.

*APYs— Annual Percentage Yields for all CIT Bank products mentioned are accurate as of December 20, 2024. Interest Rates are variable and may change at any time without notice. The minimum to open any of the mentioned accounts is $100.00.