CIT Bank Platinum Savings vs Savings Connect
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CIT Platinum Savings is CIT Bank's newest savings account. It advertises a higher APY. Check out how it works and how it compares to Savings Connect.
Get the most from your savings. With already high savings rates, CIT now offers even more options.
CIT just released the Platinum Savings account. A new way to save at a higher APY. But how is this really different from the popular Savings Connect account?
Read on to find out more about both accounts and the pros and cons of each.
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Platinum Savings vs Savings Connect
CIT's Platinum Savings account is a new product from CIT. They advertise higher APY, but what are the requirements? Check out how the two accounts work:
- Platinum Savings: This option is best if you keep at least $5,000 in your savings. You get 5.05% APY with a balance of $5,000 or more. You only need $100 to open. Find out more.
If you have less than $5,000, your account will still earn APY but only at 0.25%. This rate is actually even lower than the current national average of 0.47% APY.[1]
- Savings Connect: Currently, earn 4.65% APY on your entire balance. They have no monthly service fees or balance requirements. It's also $100 to open. Find out more.
Get Deal | Get Deal | |
CIT Bank Platinum Savings - 5.05% APY | CIT Bank Savings Connect - 4.65% APY | |
---|---|---|
CIT Bank Platinum Savings - | CIT Bank Savings Connect - | |
APY | 5.05% APY with a balance of $5,000 or more | |
How to Get Highest APY | Maintain a balance of $5,000 or more | |
Minimum Deposit to Open | ||
Get Deal | Get Deal |
Both accounts have their pros and cons. Learn about them below.
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Platinum Savings Pros and Cons
Pros
- High 5.05% APY with a balance of $5,000 or more
- No monthly fee
- Daily compounding interest
Cons
- Requires high balance to get highest APY
- No ATM card
Learn more about Platinum Savings
High Yield Savings Account - 5.26% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Savings Connect Pros and Cons
Pros
- No minimum balance to get highest APY
- No monthly maintenance fees
- Daily compounding interest
Cons
- Lower APY than Platinum Savings
- No ATM card
Learn more about Savings Connect
High-Yield Savings Account - 5.26% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Which Is Best for Me?
If you have at least $5,000 to save and can maintain that balance, CIT Platinum Savings will grow your money more. It has a slightly higher APY to help you make the most of your savings.
But if you think you may need to use that money, then go with Savings Connect. The interest rate is just a little bit lower, but it's on your whole account. You won't have to worry about keeping a certain balance.
Whether you're saving for long-term or short-term goals, you can't go wrong with either account. Both are secure, FDIC-insured accounts that will keep your money safe.
Yes, CIT Bank is a division of First Citizens Bank, the largest family-controlled bank in the US. Since First Citizens is a member of the FDIC, CIT is also a member. Your funds are FDIC insured (FDIC# 11063) for up to $250,000 (across both banks).
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - UFB Secure Savings:
Earn up to 5.25% APY - Discover Bank:
Online Savings Account - Earn 4.25% APY - CloudBank 24/7:
High Yield Savings Account - 5.26% APY - Customers Bank:
High-Yield Savings Account - 5.26% APY - RBMAX:
High-Yield Savings Account - 5.20% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - Quontic:
High Yield Savings - 4.50% APY - GreenState Credit Union:
High-Yield Savings Account - 4.95% APY - Adda Bank:
High Yield Savings Account - 4.90% APY
Bottom line
Both CIT Platinum Savings and Savings Connect are solid savings options and have great offers.
If you're looking for the highest interest possible and can maintain $5,000, Platinum Savings is the best option. But if you're looking for a high APY with fewer restrictions, Savings Connect might be for you. It has no minimum earning balance.
Whichever one you choose, you're sure to earn a higher APY than if you put your money into a traditional bank. Just make sure to choose the one that fits your needs.
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
CIT Bank Savings Connect - 4.65% APY
- Earn 11x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Savings Builder - 1.00% APY
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
References
- ^ FDIC. National Rates and Rate Caps, Retrieved 01/29/24
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Free Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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