Updated January 30, 2024

CIT Bank Platinum Savings vs Savings Connect

Read more about CIT Bank
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

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.

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 5.00% 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.

Both accounts have their pros and cons. Learn about them below.

Because of CIT's merger with First Citizens Bank, you can now also bank at any First Citizens Bank location, ATM, digital platform, and by telephone. You get convenience, flexibility, and high interest rates.

Platinum Savings Pros and Cons


  • High 5.00% APY with a balance of $5,000 or more
  • No monthly fee
  • Daily compounding interest


  • Requires high balance to get highest APY
  • No ATM card

Learn more about Platinum Savings

Savings Connect Pros and Cons


  • No minimum balance to get highest APY
  • No monthly maintenance fees
  • Daily compounding interest


  • Lower APY than Platinum Savings
  • No ATM card

Learn more about Savings Connect

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.

Is CIT Bank legit?
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).

Compare Savings Account Offers

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.


  1. ^ FDIC. National Rates and Rate Caps, Retrieved 01/29/24
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
UFB Direct
Member FDIC

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
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
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*

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.


Save money and build wealth. Sign up to get our FREE email newsletter.

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.

Next Page:

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

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.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.