Updated August 20, 2023

CIT Platinum Savings Review

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

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 5.05% 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.

Compare Savings Account Offers

Pros and Cons

Pros

  • High 5.05% 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

Fees to Look Out For

CIT Platinum Savings has no monthly service fees and no account opening fee.

All you really need to worry about is the $100 opening deposit and keeping your account at $5,000 to get the highest APY.

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 an APY that is significantly lower.

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.

Savings Calculator

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.

Other CIT Savings Accounts

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

Savings Connect:
This account offers 4.65% 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.

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%.

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

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!

Write to Katarina Rodriguez at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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CIT Bank
Member FDIC

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
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