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Make your money work harder for you in a high-yield savings account. Here are the top savings accounts to grow your money.
After boost is completed, you will continue to earn our best standard rates:
Tier
APY
Balance over $5,000
3.75%1
Balance less than $5,000
0.25%1
Needs to use promo code to qualify: Boost50
Boost lasts 6 months over standard APY
Tiered account
$100 minimum account opening
Member FDIC
No Monthly Service fees
No account opening fees
Disclosures
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a previous APY Boost promotion.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Member FDIC
APY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
Learn more about the best high-yield savings accounts to keep your money safe. Plus find out what to consider when choosing the right savings account for you.
How much money are you planning to initially deposit into your high-yield savings account?
What is a High-Yield Savings Account?
A high-yield savings account is similar to a regular savings account except it pays better interest—around 8x to 10x more than the national average rate.
You can typically find the best high-yield savings offers at online banks rather than brick-and-mortar institutions. They often have few or no physical branches, allowing them to keep costs down and offer attractive rates.
Overall, high-yield savings accounts are safe and flexible, but keep in mind that interest rates tend to fluctuate over time.
How Do High-Yield Savings Accounts Work?
A high-yield savings account works similarly to a traditional one, but it offers a higher interest rate. Some institutions might require a minimum balance or charge monthly fees, but many don't.
You can also conveniently make withdrawals and deposits, but in-person banking options may vary. Lastly, your money is safe and secure as long as your chosen bank is FDIC-insured.
What matters most to you in a high-yield savings account?
If you're interested in exploring traditional banking options, consider looking into the best national banks in America that offer a wide range of financial services.
Glossary
Here are some common terms you may encounter when looking at high-yield savings accounts:
Annual Percent Yield (APY): refers to the interest you can earn in a year, factoring in compound interest.
Compounding Interest: is when you earn interest on the principal amount and on the interest you've already earned.
Minimum Deposit Requirement: refers to how much money you need to open an account.
Monthly Maintenance Fee: is a monthly recurring charge that some banks impose to keep your account open. This can typically be waived if you meet a certain balance.
Why Use a High-Yield Savings Account?
A high-yield savings account is perfect for short-term goals. You can grow your money but still have access when you need it.
Here are some great uses for a high-yield savings account:
Online banks offer rates as much as 8x or more than traditional big banks. That can be a difference of hundreds—or even thousands—of dollars over the years.
Can you lose money in a high-yield savings account? As long as the bank is FDIC insured, your savings are safe. Even if the bank defaults, the government will pay back what is in your account (up to $250,000). High-yield savings accounts are a very secure place to grow your money.
Top High Yield Savings Accounts
What is the top high-yield savings accounts? Here are some of the highest APY high-yield savings accounts for October 2026:
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a previous APY Boost promotion.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
Funds placed in the Empower Personal Cash Program are FDIC insured by program banks up to an aggregate of $5,000,000. (up to $10 million for joint accounts)
Looking for more savings options? Check out our review of Raisin, an online platform for savings accounts, money market accounts, and CDs.
What to Look For in a High Yield Savings Account
Things to consider:
Minimum opening deposit
Balance requirements
Monthly service fee
APY rate
How often rates change
How often a bank's offerings change
Withdrawal options
Account options
Required opening deposit If you're just starting to build your savings, look for an account with no minimum deposit. You can slowly add to it without needing much money upfront.
Balance requirements Some accounts have a minimum daily balance or monthly deposit requirements. You might not get the highest APY possible if you don't meet it.
Monthly service fee Most of the banks on our list have no monthly service fee. But a couple do require a minimum daily balance to avoid a service fee.
APY rate Look for the highest APY rate on the account with requirements you can satisfy. A higher APY will help you grow your money faster.
A slight difference in APY could significantly affect how much you save.
Imagine two banks with APYs of 2.20% and 2.40%. If you only have $1,000 to save, that's a difference of just cents over a year. But if you have $50,000, that's a difference of $100 every year.
How often rates change The Federal Reserve Board meets every 3 to 6 months to consider interest rate changes, and banks will often adapt their rates accordingly.
But some banks only offer high APYs to attract new customers, then drop their rates within 6 months to a year. We avoided those banks.
How often a bank's offerings change Financial institutions can change their features anytime, but we looked for banks with a reputation for top-notch services over the long haul.
Withdrawal options Before April 24, 2020, federal law stated you couldn't make more than 6 withdrawals from your high-interest savings account per month. This includes transfers between accounts, online payments, and overdraft fees.
But the Federal Reserve changed that during the pandemic and now allows unlimited withdrawals.
Today, most banks still enforce the 6 withdrawals per month limit. Although Ally Bank will temporarily refund the $10 fee they charge, if you exceed this limit.
A high-yield savings account is a great spot to keep your emergency fund and save for short-term goals. The hope is never to need to touch an emergency fund, so at the very least, it should earn a competitive yield and generate some interest income. Cynthia Flannigan, CFP®, MainStreet Financial Planning
Account options Aside from a high-interest rate, the best banks have other account options as well.
Physical branches or online only: Some online savings accounts offer great rates, but you could never deposit or withdraw money from a physical branch.
ATM locations: If you don't need access to an ATM, then you could find an account with higher rates. You can also look for a money market account to open up your options.
Customer support: Banks like Ally have built a reputation for 24/7 customer service, which can be helpful if you run into problems.
Easy-to-use app: If their app isn't convenient, this could make a bank worthless since you can't monitor your account.
Checking: Some online banks only offer savings accounts, so you'll need to choose a full-service bank if you also want a checking account.
Should I get a CD or Money Market account instead? A money market account is similar to a savings account. But some offer flexible features like check writing or ATM access. Your funds are more fluid, though you're still limited to 6 withdrawals per month.
A CD requires you to deposit an amount of money for a fixed term. Sometimes, it may offer a higher interest rate for your commitment—more on CDs below.
Advantages of a High-Yield Savings Account
A high-yield savings account gives you a safe place to grow your money. Some of the benefits are:
Security Your deposits are FDIC secured, which means that you're protected (up to $250,000) if the bank defaults.[2]
Guaranteed returns Unlike investing in stocks or bonds, your savings have reliable returns and no risk. However, the APY can change according to the market—you'll always earn the current advertised rate.
If you want fixed returns, look into Certificates of Deposit instead. You'll need to tie up your money for a certain time, but you'll get a guaranteed fixed rate for the entire term.
Flexibility You can transfer money in and out to access your savings when you need it. Federal regulation allows up to 6 withdrawals or transfers per statement cycle without penalty.[3]
Effective April 24, 2020, the Federal Reserve Board removed the six-per-month limit on transfers or withdrawals from the "savings deposit" definition in Regulation D. Banks and credit unions are not required to make changes, they may continue to restrict withdrawals.[4]
Do you pay taxes on high yield savings account?[5] Yes. The interest you earn is treated as income. You will have to report it on your tax return every year. You will be taxed on it at your ordinary income tax bracket.
How to Open A High-Yield Savings Account
Opening a high-yield savings account is relatively easy, especially when you do it online. Just follow these steps:
Browse through high-yield savings options. Since many high-yield savings accounts are being offered today, the practical thing to do is to browse through your options before deciding. You can typically find the best rates at online banks or credit unions.
Fill-out the application form. Once you've decided, just answer the account application form which is usually found on the bank's website. You would also need to provide your personal information (name, birth date, address, SSN, etc) and a government ID.
Submit and fund your account. Finally, submit your application and fund your account. If there's no minimum deposit requirement, you can add money whenever you want, but be mindful of specific grace periods.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a previous APY Boost promotion.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Member FDIC
APY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
Funds placed in the Empower Personal Cash Program are FDIC insured by program banks up to an aggregate of $5,000,000. (up to $10 million for joint accounts)
CreditDonkey assembled multiple industry experts to answer readers' most pressing questions:
Why are people still using traditional banks?
Are online banks safe?
How do you stay calm during financial stress?
Here's what they said:
High-Yield Savings Alternatives
If you're undecided about getting a high-yield savings account, here are some alternative options for you to explore:
Certificate of Deposit A certificate of deposit (CD) requires you to lock up your money for a certain period. To reward you for tying up your funds, you'll get a fixed rate that may be higher than a savings account.
However, you can't withdraw your funds before the term ends or you'll face a penalty. Hence, CDs tend to be better for those with long-term savings goals (1-10 years).
Is CD laddering a good idea?. CD laddering is when you divide your deposits into multiple CDs with different rates and maturity dates. For example, your ladder might look like this:
$1,000 in a 1-year CD at 2.30%
$1,000 in a 3-year CD at 2.70%
$1,000 in a 5-year CD at 2.90%
As each CD matures, you can withdraw the funds (plus interest) and re-invest them in a 5-year CD. This is a very smart strategy. This way, every year, you can withdraw money if you need it. And you can always get the best current interest rate.
Money Market Account A money market account lets you earn a good APY on your balance. Others even provide easy access to your funds through wire transfers, check-writing privileges, and a debit card.
Just note that some banks require an initial deposit or a specific balance to maintain.
Checking Account If you need frequent access to your funds, a checking account could be a more suitable choice. It often comes with a debit card and online banking features, meaning your money is always within reach.
Additionally, high-yield checking account options are available for those who want to earn interest on their balance.
Traditional Savings If you value in-person banking and aren't concerned about earning high interest rates, opting for a traditional savings account might be better for you. Many physical banks provide this option, giving you a range of choices to consider.
For business owners looking to maximize their returns, consider looking into the best high yield business savings accounts which offer some of the highest yields and lowest fees available.
Methodology
To come up with our list of the best savings accounts for high-interest rates, we not only paid attention to the annual percentage yield, but also looked at:
Minimum deposits: Some banks only offer high-interest rates to accounts with larger balances. But on this list, you'll find options starting as low as $100.
Fees: A high-interest rate won't help if you lose money in overdraft or monthly maintenance fees, so we looked for accounts with the lowest fee structures.
User friendliness: It's important to have a bank that can integrate with your life, so you can easily deposit money and watch it grow.
Miscellaneous features: You'll find banks offering a full range of features on this list.
Bottom Line
A high-yield savings account is one of the best vehicles for growing your money safely. With so many banks competing for your business, there's no reason to stick with a traditional bank's nearly non-existent rates.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a previous APY Boost promotion.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Member FDIC
APY — Annual Percentage Yield is accurate as of July 1, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
Of course, there are some downsides. Online banks don't have physical branches for in-person support. If you need help for any reason, you'll have to contact customer service online or over the phone.
Still, for the higher rates, it's a great alternative to grow your money faster.
Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@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.
After boost is completed, you will continue to earn our best standard rates:
Tier
APY
Balance over $5,000
3.75%1
Balance less than $5,000
0.25%1
Needs to use promo code to qualify: Boost50
Boost lasts 6 months over standard APY
Tiered account
$100 minimum account opening
Member FDIC
No Monthly Service fees
No account opening fees
Disclosures
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a previous APY Boost promotion.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
