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.
9/28/2026 Update: CIT Bank Platinum Savings - 4.10% APY Boost is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new customers.
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5-point scale (the higher, the better)
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
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 Up to 4.25% APY 6-month boost 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
With 6 month boost, you earn:
| Tier |
Boost APY |
| Balance over $5,000 |
4.25%* |
| Balance less than $5,000 |
0.75%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier |
APY |
| Balance over $5,000 |
3.75%1 |
| Balance less than $5,000 |
0.25%1 |
- Needs to use promo code to qualify: Boost50
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
Expires 12/15/2026
DisclosuresPlatinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
For complete list of account details and fees, see our Personal Account disclosures.
Compare Savings Account Offers
Does CIT Bank have physical locations?
No, CIT Bank does not have any physical branches. It is an online-only bank.
Pros and Cons
Pros
- High Up to 4.25% APY 6-month boost 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
Member FDIC
- Earn 4.00% APY
- No minimum balance requirement
- No monthly service fee
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:
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:
- Open an account here.
- Fill out the application form with your address, phone number, email, SSN, and other details.
- Fund your account with at least $100.
Member FDIC
With 6 month boost, you earn:
| Tier |
Boost APY |
| Balance over $5,000 |
4.25%* |
| Balance less than $5,000 |
0.75%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier |
APY |
| Balance over $5,000 |
3.75%1 |
| Balance less than $5,000 |
0.25%1 |
- Needs to use promo code to qualify: Boost50
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
Expires 12/15/2026
DisclosuresPlatinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
For complete list of account details and fees, see our Personal Account disclosures.
Other CIT Savings Accounts
CIT Bank offers 2 other savings accounts. Let's check them out:
Savings Connect:
This account offers 3.65% 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
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
DisclosuresAPY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
For complete list of account details and fees, see our Personal Account disclosures.
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.
Compare Savings Account Offers
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
Expires 12/15/2026
With 6 month boost, you earn:
| Tier |
Boost APY |
| Balance over $5,000 |
4.25%* |
| Balance less than $5,000 |
0.75%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier |
APY |
| Balance over $5,000 |
3.75%1 |
| Balance less than $5,000 |
0.25%1 |
- Needs to use promo code to qualify: Boost50
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
DisclosuresPlatinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
For complete list of account details and fees, see our Personal Account disclosures.
Member FDIC
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
DisclosuresAPY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
For complete list of account details and fees, see our Personal Account disclosures.
References
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