Updated April 13, 2024

CIT Bank High Yield Savings Review

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CIT Bank savings accounts offer some of the highest APYs with minimal requirements. Read on to learn how CIT can help you grow your money.

CIT Bank offers 3 different savings accounts. They all earn a much higher APY than what you'd typically get from traditional banks.

But what's the difference between the three? And what's the best one for you?

Read on to find out more about CIT's high-yield savings accounts, the requirements, and how much you can earn.

Savings Calculator

Now let's look at each account in more detail.

CIT Platinum Savings

This is CIT Bank's newest savings account. This is the best choice for those who want the highest possible APY and have $5,000 to stash away.

With an impressive 5.00% APY with a balance of $5,000 or more, the Platinum Savings account can help your money grow fast. All you need is $100 to get started.

Just note that if your balance dips below $5,000, your APY will drop to the low base tier. The interest is reassessed daily depending on your end-of-day account balance.

  • Up to 5.00% APY
  • No monthly fees
  • Daily compounding interest
  • Need $5,000 balance to get highest APY
  • No ATM card

CIT's mobile app allows you to make transfers and deposit checks remotely. But their savings accounts don't offer an ATM card, so you won't be able to withdraw funds easily.

CIT Savings Connect

CIT Bank's Savings Connect offers 4.65% APY on your entire account balance. Yes! You read that right. There's no minimum balance requirement to get the high rate.

This option is best if you want to earn as much as possible with fewer restrictions.

The APY difference between Savings Connect and Platinum Savings is minimal. And you don't need to worry about keeping a certain balance.

Just like the Platinum Savings, you only need $100 to open.

  • High 4.65% APY
  • No monthly fees
  • No balance requirement to earn APY
  • Daily compounding interest
  • APY not as high as Platinum Savings
  • No ATM card

CIT Savings Builder

The Savings Builder is weaker compared to the other accounts. It's designed to help you build better saving habits, so if you need that, you might consider this.

So how does the Savings Builder work?

You'll be able to get the highest 1.00% APY if you meet at least one of these requirements:

  1. Maintain a balance of $25,000 or more
  2. Make at least a $100 deposit every month

If you don't meet these requirements, you'll only earn the low base APY for the next evaluation period. When you meet the requirements again, you'll earn the higher APY the next period.

However, even the highest interest rate isn't that high. So the Platinum Savings or Savings Connect will most likely be better for you. You'll get a much higher APY without jumping through hoops.

This account also has an $100 opening deposit.

  • Promotes savings habit
  • No monthly fees
  • No balance requirement to earn APY
  • Daily compounding interest
  • Lower APY than other CIT savings accounts
  • No ATM card

Which Is the Best Account for Me?

The Platinum Savings is best if you're looking to get the highest interest rate possible. If you have at least $5,000 to save and can maintain that balance, this account will grow your money the most.

But if you want more flexibility, Savings Connect is a better option. The APY is only a little lower, and you don't need to keep a certain balance.

It's hard to recommend the Savings Builder since the APY is a lot lower. You're better off just using one of the other savings accounts. But if you have trouble saving, the reward structure might help you create better habits.

CIT Savings Account Features

CIT savings accounts all have these features:

Remote check deposit:
Just snap a photo of your check with your phone to deposit it into your account.

Free electronic transfers:
All electronic money transfers between your CIT account and accounts at other banks are free. Note that for savings accounts, you can only make 6 electronic withdrawals per statement cycle.

Daily compounding interest:
Your interest compounds daily so your money will grow faster.

24/7 online banking:
You get access to your account anytime, anywhere via either the CIT mobile app or the online banking platform.

FDIC insured:
Your deposits at CIT Bank are FDIC-insured (FDIC# 11063). If CIT Bank fails, the federal government will protect your money up to $250k per depositor, per ownership category. This is for a combined deposit held between First Citizens Bank and CIT Bank.

How to Withdraw from Your Savings Account

CIT Bank doesn't offer an ATM card for any of their savings accounts. Here's how you can withdraw your funds when you need them:

  • Electronic transfer to another bank account
  • Wire transfer
  • Calling CIT to get a check mailed for free

CIT Bank customer service is available by phone at 855-462-2652 during these hours:[1]
  • Monday - Friday: 9:00 am - 9:00 pm (ET)
  • Saturday: 10:00 am - 6:00 pm (ET)
  • Sunday: Closed

Compare Other Savings Accounts

Bottom Line

CIT Bank offers some of the best high-yield savings accounts on the market. To find the right one for you, it's most important to know what you are looking for.

Maybe you're looking to grow your money as quickly as possible. Or maybe you need to force yourself to start good saving habits.

Every person is looking for something different. And each account has something great to offer. First figure out what you need, and then choosing an account should be a breeze.


  1. ^ CIT Bank. Contact Us, Retrieved 03/29/2024
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • 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
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, 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.

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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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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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