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 catch. Read on to learn how to get the highest APY.
CIT Bank Platinum Savings - 4.55% APY | |||
Overall Score | 4.5 | ||
Savings | 5.0 | ||
Monthly Fee | 5.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.0 | ||
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 4.55% 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.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - InRoads Credit Union:
High-Yield Savings Account - 4.42% APY - Mission Valley Bank:
High Yield Savings Account - 4.38% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY - CFBank National Association:
High-Yield Savings Account - 4.20% APY
No, CIT Bank does not have any physical branches. It is an online-only bank.
Pros and Cons
Pros
- High 4.55% 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
Empower Personal Cash
- 4.70% APY
- $0 monthly fee
- Withdraw up to $100k per day
Why You'll Like CIT Platinum Savings
Here's why CIT Platinum Savings is a great choice for you:
- High APYĀ
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:
- High Balance Requirement for Best APY
To earn the highest interest rate, you need to keep at least $5,000 in your account. If your balance falls below the said amount, you'll get a much lower rate, which might not be worth it.In that case, you might want to consider CIT Savings Connect instead or look at other online banks.
- Outgoing Wire Transfer Fees
Sending money via wire transfer costs $10 if your balance is below $25,000. This can add up and eat into your earnings if you make frequent wire transfers.
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.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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
Other CIT Savings Accounts
CIT Bank offers 2 other savings accounts. Let's check them out:
Savings Connect:
This account offers 4.20% 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.
CIT Bank Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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.
APY | 4.55% APY with a balance of $5,000 or more | ||
---|---|---|---|
Minimum Deposit to Open | |||
Monthly Fee | |||
Visit Bank Website | Visit Bank Website | Visit Bank Website |
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - InRoads Credit Union:
High-Yield Savings Account - 4.42% APY - Mission Valley Bank:
High Yield Savings Account - 4.38% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY - CFBank National Association:
High-Yield Savings Account - 4.20% APY
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!
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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 - 4.20% APY
- Earn 9x 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
Earn 9x National Average
Save smart and earn 4.20% APY at CIT Bank, a CreditDonkey recommended partner.
References
- ^ CIT Bank. CIT Bank Schedule of Fees, Retrieved 07/15/2024
- ^ CIT Bank. FAQ: How do I fund my savings, money market or CD account?, Retrieved 07/15/2024
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