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With its impressive earning potential and fee-free structure, the CIT Bank high-yield savings account is a solid product. It comes with one of the best savings account interest rates on the market — as long as you meet specific balance requirements, that is. This FDIC-insured account is administered online, so it’s easy to open and manage.
Like other high-yield savings offerings, the Platinum account has a unique set of terms regarding rates, deposits and withdrawals.
As you search for the right option, refer to this guide to understand details, including:
The CIT Bank Platinum savings account may be the right choice for you — but only if you plan to keep at least $5,000 in savings at all times. Meeting this minimum balance gives you access to a competitive 5.05% annual percentage yield (APY), which can help increase earnings on money you don’t want to invest but don’t plan to use in the next few years.
This account could also be an attractive option if you prefer a streamlined financial management system. CIT Bank offers a variety of other financial products, including CDs, savings accounts, checking accounts and home loans, so you can open multiple accounts with the same institution.
As you consider whether this high-yield savings account is a good fit, take time to evaluate your banking preferences honestly. CIT Bank is an online financial institution, which means that you can’t drop by a branch for help or to deposit cash. Instead, you should be prepared to manage your account online and get customer service using digital and phone systems.
We’ve laid out the pros and cons of the Platinum account to give you an idea of what to expect.
Pros and Cons of CIT Bank Platinum Savings Account
The CIT Bank interest rate is highly competitive. If you maintain a balance of $5,000 or more, you can earn a 5.05% APY. That’s more than 10 times the national average, making the Platinum one of the best high-yield savings accounts out there. However, you’ll earn an APY of just 0.25% if your balance falls below $5,000.
The Platinum savings account has no maintenance fees, and you can make an unlimited number of transactions. The bank requires a minimum opening deposit requirement of $100, which is higher than many banks but not excessively so.
Here’s an overview of the terms for the CIT Bank high-yield savings account.
CIT Bank Platinum Savings Account
| APY Range | Requirement for highest APY | Monthly fee | Minimum opening deposit |
|---|---|---|---|
| 0.25% - 5.05% | Balance of $5000 | $0 | $100 |
The earnings on a CIT Bank Platinum account depend on how much money you deposit and how long you leave it in the bank. In general, you’ll earn more money by making a large initial deposit and avoiding withdrawals.
CIT Bank compounds the interest daily based on your balance at the end of each day. Those earnings are deposited into your account at the end of each month. Balances of $5,000 and above have an APY of 5.05%, which means they earn much more than the 0.25% APY on balances between $0.01 and $4,999.99.
How does the difference in the APY impact your earnings? If you make a deposit of $5,000 and leave it in the bank for a year, you’ll earn $258.94 in interest. Deposit $4,985 — a mere $15 less — and you’ll earn just $10.80 in interest over the same period of time. It’s better to increase your balance or simply opt for a different bank. Put $4,985 into an account that offers a flat 4.35% APY, and you’ll earn approximately $222.62 in a year.
Let’s take a look at how much you could earn if you made an initial deposit and let the money sit for five years without making another contribution.
This first example looks at how much you would earn with a $1,000 initial deposit.
Interest Earned on $1,000 Initial Deposit with 0.25% APY
| Year | Interest earned | Total balance |
|---|---|---|
| Year 1 | $3.60 | $1,003.60 |
| Year 2 | $7.20 | $1,007.20 |
| Year 3 | $10.80 | $1,010.80 |
| Year 4 | $14.40 | $1,014.40 |
| Year 5 | $18.00 | $1,018.00 |
This next example shows how much you would earn with a $5,000 initial deposit.
Interest Earned on $5,000 Initial Deposit with 5.05% APY
| Year | Interest earned | Total balance |
|---|---|---|
| Year 1 | $258.94 | $5,258.94 |
| Year 2 | $531.25 | $5,531.25 |
| Year 3 | $817.73 | $5,817.73 |
| Year 4 | $1,119.09 | $6,119.09 |
| Year 5 | $1,436.01 | $6,436.01 |
These numbers are estimates. They assume that the 5.05% or 0.25% APY stays flat the entire five years. If CIT Bank decides to change the rate, it will affect your interest earnings.
To better understand how much you could earn over time, try using our savings calculator.
According to the FDIC, the national average rate for savings accounts is 0.46%. This means that the highest available CIT Bank Platinum interest rate is 10 times greater than the national average. It’s also higher than the rates you can get at many other banks.
Of course, this all hinges on your ability to keep a balance of $5,000 or more. Balances of $4,999.99 and below earn just 0.25% — a figure that’s drastically lower than both the national average and the standard APY at other leading banks.
Let’s say you have $10,000 in an emergency fund, and you get hit with a $6,000 medical bill. The remaining $4,000 would earn barely anything in interest until you replenish the account. If there’s even a small chance your balance could drop below $5,000, you’re better off keeping the money in an account without balance minimums — even if it offers a lower APY.
For comparison, check out how the maximum and minimum CIT Bank interest rate measures up against the rates offered by popular banks.
CIT Bank Platinum Interest Rate vs. Other Banks
| Bank | Interest Rate |
|---|---|
| Ally Bank | 4.25% |
| American Express | 4.30% |
| Barclays | 4.35% |
| Capital One | 4.25% |
| Chase | 0.1% to 0.2% |
| CIT Bank | 5.05% with $5,000 minimum balance, 0.25% otherwise |
| Discover | 4.25% |
| Marcus | 4.5% |
| SoFi Bank | 4.6% with direct deposit or $5,000 minimum monthly deposits, 1.2% otherwise |
| Synchrony | 4.75% |
| U.S. Bank | 0.1% to 4.5% |
| UFB Direct | 5.25% |
Rates are accurate as of April 2024.
You can open a Platinum account with CIT Bank online in just a few minutes. If you’ve already learned how to open a savings account at a different online bank, the experience will likely feel familiar.
Here’s what to expect during the application process:
Visit the CIT website, and click the “Open Account” button at the top of the page. Choose the Platinum savings option from the drop-down menu.
You’ll need to provide your name, birthdate, contact information and Social Security number. The bank also asks for your mother’s maiden name to help verify your identity.
CIT Bank requests your phone number and home address address. Keep in mind that P.O. boxes are not accepted — you must have a physical address.
Provide your citizenship status, employment status and employer details.
Read through all documents carefully.
This account is the one you will use to make your first deposit into savings. It must have at least $100, which is the minimum initial deposit.
CIT Bank may require you to upload a valid form of identification.
After you submit your application, CIT Bank will process the information. You might get a decision immediately or in a few days. Once you do, you can transfer money and start using the online account management system. Make sure to put the CIT Bank mobile app on your phone to take advantage of the mobile check deposit feature.
If you need to withdraw money from the CIT Bank Platinum high-yield savings account for an emergency expense or an unexpected investment opportunity, the bank offers a variety of options.
Bear in mind that because the account does not offer debit cards, and the bank does not have physical branches, depositing and withdrawing funds can take time.
There are a few ways to deposit money into your CIT Bank Platinum savings account:
CIT Bank won’t charge you to use any of these methods. The deposit schedule varies, but funds usually become available the first business day after the bank receives the money; it may take two business days for electronic transfers to come through.
When it’s time to take money out of your Platinum high-yield savings account, you can choose from several methods:
The Platinum account isn’t the only savings option at CIT Bank. You might also opt for the Savings Connect account, which offers a 4.65% APY and does not have a minimum balance requirement. Alternatively, check out the Savings Builder account; it has a 1.00% APY but only if you deposit at least $100 per month or maintain a balance of at least $25,000. CIT Bank also offers a Money Market account with a 1.55% APY. All of the bank’s savings accounts require you to open the account with a minimum of $100.
CIT Bank’s Platinum account has a variable APY of 5.05%, which makes it a high-yield savings account. However, you should note that this rate is only available if your balance is $5,000 or more. Balances of $4,999.99 and lower have an APY of just 0.25%.
It can be worth opening a CIT Platinum savings account if you intend to maintain a balance of at least $5,000. Any lower, and your interest earnings will be dramatically reduced. If you can’t commit to keeping that much in savings, you’re better off with a high-yield account that doesn’t tie the APY to the balance.
CIT Bank doesn’t require you to have a specific minimum balance to keep the account open. If you want to achieve the best APY, you will need to keep a balance at or above $5,000.
The CIT Bank Platinum savings account has a very competitive maximum APY of 5.05%. This rate is higher than many banks, both online and traditional. To qualify for the highest APY at CIT Bank, however, you must meet a daily balance minimum.
To withdraw money from a CIT Bank Platinum savings account, you can use an electronic transfer or a wire transfer. You can also request a paper check. CIT Bank does not issue a debit card with its savings accounts — and because it’s an online bank, there are no branches you can visit to make a withdrawal.
CIT Bank is a legitimate bank that’s safe for consumers. It’s part of First Citizens Bank, which is a member of the Federal Deposit Insurance Corporation (FDIC). Your deposits are FDIC-insured up to the standard individual and joint maximums, which means that they’re protected in the unlikely case that the bank fails.
Hayley Harrison is an active personal finance contributor for LA Times Compare. She is passionate about helping consumers make informed financial decisions and achieve their financial goals by simplifying complex topics relating to insurance and personal finance.
Hayley brings first-hand knowledge of the finance industry thanks to her previous experience as a branch manager for a mid-sized regional bank and as a licensed accident and health insurance agent.
