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.
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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 Account - 5.26% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- 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 0.46% 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.
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| 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.
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
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 - 5.16% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
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 - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Bank34
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).
- Discover Online Savings:
$200 Cash Bonus - Western Alliance Bank:
High Yield Savings Account - 5.26% APY - U.S. Bank Smartly® Checking and Standard Savings:
Up to $450 Bonus - Quontic:
High Yield Savings - 4.50% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Continental Bank:
High Yield Savings Account - 4.41% 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 3/21/23
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
Citi Priority - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 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 Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by December 31, 2023
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
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