CIT Platinum Savings Review

CIT Platinum Savings Account boasts a higher APY than its other savings accounts. But there's a catch. Read on to learn how to get the highest APY.

	CIT Bank Platinum Savings - 4.70% APY Learn More
	Overall Score	4.5
	Savings	5.0
	Monthly Fee	5.0
	Mobile App	4.0
	Customer Service	4.0

5-point scale (the higher, the better)

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Pros and Cons

• High APY with a balance of $5,000 or more
• No monthly fees
• Low opening deposit

• Need balance required to earn higher-tier APY

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Bottom Line

Good online savings account with a great APY for balances of $5,000 or more

CIT's newest Platinum Savings account offers the highest APY out of their lineup of savings accounts.

So now you can get even more out of your savings, and make your money work even harder.

However, you have to meet certain requirements to get the highest APY. Read on for all the details.

What Is CIT Platinum Savings?

CIT Bank's Platinum Savings account offers 4.70% APY with a balance of $5,000 or more. This is currently the highest APY from their savings account options. There is no monthly fee, and it only requires $100 to open. Find out more.

If you maintain $5,000 or more in your account, you will get the high APY on your entire balance. But if your balance drops below $5,000, the APY will drop down 0.25% APY for that day.

So this account is best for savers who plan to keep at least $5,000 in their account.

Member FDIC

CIT Bank Platinum Savings - 4.70% APY

• 4.70% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Click Here to Learn More

Pros and Cons

Pros

• High 4.70% APY with a balance of $5,000 or more
  
• No monthly fees
  
• Low opening deposit of $100
  
• Daily compounding interest
  
• FDIC insured

Cons

• Need $5,000 or more to earn higher-tier APY
  
• APY is not much higher than CIT Savings Connect
  
• No ATM card

Learn more about Platinum Savings

Compare High-Yield Savings

High-Yield Savings Premier - 4.81% APY

• No account activity or maintenance fees
• $500 minimum opening deposit
• FDIC insured

The annual percentage yield (APY) is accurate as of October 21, 2024 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

Click Here to Learn More

Why You'll Like CIT Platinum Savings

Here's why CIT Platinum Savings is a great choice for you:

• High APY 
  CIT Platinum Savings offers a competitive APY for balances of $5,000 or more, helping you grow your savings faster.

• No Monthly Fees
  There are no monthly fees, so you don't have to worry about hidden charges cutting into your earnings. This means more of your money stays in your account, helping you save more effectively.

• Top-Rated Mobile App
  If you prefer banking on your phone, the CIT Bank app lets you manage your account anytime, anywhere. Enjoy convenient features like mobile check deposits, balance tracking, and easy transfers between accounts.

Reasons to Look Elsewhere

Here are some reasons why you might want to consider other options:

• High Balance Requirement for Best APY
  To earn the highest interest rate, you need to keep at least $5,000 in your account. If your balance falls below the said amount, you'll get a much lower rate, which might not be worth it.

  In that case, you might want to consider CIT Savings Connect instead or look at other online banks.

• Outgoing Wire Transfer Fees
  Sending money via wire transfer costs $10 if your balance is below $25,000. This can add up and eat into your earnings if you make frequent wire transfers.

Fees to Look Out For

CIT Platinum Savings has no monthly service or account opening fees. But, you'll need a $100 opening deposit and a minimum balance of $5,000 to earn the highest APY.

You also won't be charged for online transfers (ACH), mailing a check, or incoming wire transfers. Outgoing wire transfers are free if your balance is $25,000 or more; otherwise, there's a $10 fee per transfer.^[1]

Who Platinum Savings is Best For?

CIT Platinum Savings is best for those who want the highest possible APY and have at least $5,000 to save. Otherwise, you're stuck with a significantly lower APY.

So it's good if you're saving up for something big for the near future, like a house down payment, car, or wedding. You'll be able to earn a good amount of interest with the high APY, helping you reach your goals faster.

Here's a calculator you can use to see just how much your money can grow.

You should compare this account to CIT's Savings Connect. The APY really isn't that much different, but the Savings Connect has no balance minimums and earns big too.

How to Access Your Funds

Below are the different ways you can fund your account:^[2]

• Electronic Funds Transfer (ACH)
  
• Wire Transfer
  
• Mobile deposit via the CIT Bank app
  
• Mail a check: CIT Bank, Attn: Deposit Services, P.O. Box 7056, Pasadena, CA 91109-9699

Meanwhile, to access your funds, you can choose from the following:

• Free electronic banking transfers
  
• Outgoing wire transfers (a $10 fee applies for accounts with balances under $25,000)
  
• Free check mailing upon request by calling CIT Bank

How to Open a CIT Platinum Savings Account

Account opening takes just a few minutes. Just follow these steps:

1. Open an account here.
   
2. Fill out the application form with your address, phone number, email, SSN, and other details.
   
3. Fund your account with at least $100.

Member FDIC

CIT Bank Platinum Savings - 4.70% APY

• 4.70% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Click Here to Learn More

Other CIT Savings Accounts

CIT Bank offers 2 other savings accounts. Let's check them out:

Savings Connect:
This account offers 4.35% APY on your entire balance. There's no monthly fee, and the opening deposit is also $100. Find out more.

The APY is only a little lower than the Platinum Savings. But you get it on all your balance. Savings Connect is the better option if you plan to dip into your savings and don't want to worry about keeping a certain balance.

Member FDIC

CIT Bank Savings Connect - 4.35% APY

Click Here to Learn More

• Earn 9x the national average
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Savings Builder:
This account has a tiered rate. If you're able to meet at least 1 of these requirements, you'll get the highest APY of 1.00%.

• Monthly deposit of at least $100 OR balance of at least $25,000

If you don't meet one of these, you'll still get 0.40% APY for the month. They also have no monthly fees.

As you can see, this APY is much lower compared to Platinum Savings and Savings Connect. Plus, it has more requirements.

How CIT Platinum Savings Compares

Here's how CIT Platinum Savings compares against other popular online savings accounts.

APY	4.70% APY with a balance of $5,000 or more	4.00%	4.50%
Minimum Deposit to Open	$100	$0	$100
Monthly Fee	$0	$0	$0
	Visit Bank Website	Visit Bank Website	Visit Bank Website

Is CIT Bank Legit?

Yes, CIT Bank is an online banking division of First Citizens Bank. Their parent bank is the largest family-controlled bank in the US and has over $200 billion in assets.

First Citizens is FDIC insured (FDIC #11063) for up to $250,000, and in turn, so is CIT Bank. So you can trust that your money is safe. That means combined deposits held across both First Citizens Bank and CIT Bank are insured up to $250k per depositor.

Bottom Line

CIT Platinum Savings is a great deal if you have $5,000 on hand. This account offers one of the highest APYs on the market, which is great if you want the best rate.

You can also check out their Savings Connect account if $5,000 is too much. The APY is almost the same as Platinum Savings, without the need to maintain a balance.

Good luck and happy saving!

Member FDIC

CIT Bank Platinum Savings - 4.70% APY

Learn More

• 4.70% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Member FDIC

CIT Bank Savings Connect - 4.35% APY

Learn More

• Earn 9x the national average
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Member FDIC

CIT Savings Builder - 1.00% APY

Learn More

Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

Member FDIC

Earn 9x National Average

Learn More

Save smart and earn 4.35% APY at CIT Bank, a CreditDonkey recommended partner.

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