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CIT Bank Platinum Savings review: High APY with no monthly fees


The CIT Platinum Savings account offers a seemingly unbeatable 5.00% APY for balances of $5,000 or more. There’s no monthly fee and you can open this high-yield savings account with an initial deposit of just $100, but the downside is that balances under the $5,000 threshold earn a much lower rate.

Money Under 30 has covered the best savings accounts out there at any current time for decades, sharing comparisons to keep both young adults and those looking for a new savings account informed. There’s a number of factors we consider in our review, including account minimums, relevant fees, notable features and ultimately whether it’s a reputable institution to hold your money that’s offering a competitive interest rate.

Best for $5,000 or more
CIT Bank Platinum Savings Account

With no account opening or monthly service fees, the CIT Platinum Savings Account is a premier option that offers a competitive 5.00% APY with a balance of $5,000 or more.

With an initial deposit minimum of just $100 to open an account and no minimum balance required after, this is an easy high-yield savings account to open. See site for details.

  • Earn up to 5.00% APY
  • No monthly service fees
  • Unlimited transfers and withdrawals
  • Fast, easy account opening
  • Balance requirement for max APY
  • Lack of ATM access
Open an Account
CIT Bank. Member FDIC.

About CIT Bank

CIT Bank is an online-only bank with a long history spanning back to 1908 that was acquired by First Citizens Bank just recently in 2022. With over $200 billion in total assets, First Citizens Bank is the largest family-controlled banks in the United States and a top 20 financial institution in the United States.

The range of products for CIT Bank includes savings accounts, checking, CDs and money market accounts. Accounts are convenient and offer competitive rates that are secure without monthly service fees or high initial deposits required.

One of main offerings of CIT Bank is a tiered interest account in the CIT Bank Platinum Savings account. It offers a super competitive APY and a number of valuable saving account features.

Pros & cons of CIT Platinum Savings


  • Competitive rate — Earn up to a 5.00% APY with CIT Platinum Savings.
  • No account fees — There’s no opening fees or maintenance fees for this savings account.
  • Unlimited transfers and withdrawals — Easily access your funds with no limit on withdrawal or transfer requests.
  • FDIC-insured — Funds in a CIT Bank Platinum Savings account are FDIC insured, safely protecting you in case of bank failure.


  • Balance requirement for max APY — Really the only true negative for people who unable to maintain a $5,000 balance as accounts under this balance earn a meager APY.
  • Lack of ATM access — Expected with a savings account but you’ll need to transfer to another account that allows ATM withdrawals.

Opening a CIT Platinum Savings account

Opening a CIT Bank Platinum Savings high-yield savings account can conveniently be done with relative ease in as little as five minutes.

  1. Click the link (right above) and provide information such as your address, phone, email, and social security number.
  2. Fund your account (min. $100) with a couple of no-fee deposit options available, including electronic transfer from another bank account, mobile check deposit with their app, wire transfer, and a check through the mail.
  3. Get a confirmation email from CIT Bank and access to your CIT Platinum Savings account.

There’s no bonus offer or welcome offer for signing up with CIT Bank but you get one of the nation’s top rates.

CIT Platinum Savings features

CIT Bank Platinum Savings account banner mentioning APY, account details, start saving now

A history of paying a competitive APY and FDIC insurance are some immediate highlights. Here are some of the features of CIT Platinum Savings to consider.

Offers up to a 5.00% APY

The CIT Platinum Savings account is a tiered savings interest account with a superb annual percentage yield that uses your balance at the end of each day to determine which tier of APY offered you fall under. Interest is compounded daily and credited to your account monthly.

  • Balance of $5,000 or more: 5.00% APY on entire balance
  • Balance of less than $5,000: 0.25% APY on entire balance
  • See site for details.

The drawback obviously looking at these is that if you are unable to meet the balance threshold to earn the upper tier level APY then you’re earning that mediocre 0.25% APY.

In our research of the CIT Platinum high-yield savings account, we’ve come across multiple people confused on if they’ll earn the upper tier APY on their whole balance or only the portion that exceeds $5,000. If your account balance is above $5,000 then you will earn the upper tier 0.25% APY on your entire balance. Your balance is only used to decide which tier of interest rate you fall under.

FDIC insured deposits

Your CIT Bank account is FDIC insured, providing you piece of mind on the security of your money. CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC). That means you’re insured up to $250,000 per depositor, for each account ownership category. It’s also per bank if you’re past that account balance at another bank.

No maintenance fees

There are no associated account opening or maintenance fees to concern yourself (or your money) with a CIT Platinum Savings account. There is a requirement, however, of an initial $100 deposit when you first open an account. After that, you’re not required to keep this deposit as there’s no minimum balance requirement ongoing.

Withdrawal options

You get unlimited withdrawals with the CIT Platinum Savings, giving you the flexibility you might not find with savings accounts that include limits. There are a few withdrawal options available:

  • Free electronic banking transfers (ACH) to an account with another bank.
  • Outgoing wire transfers.
  • Request for a check in the mail.

CIT Bank limits outgoing transfers to other financial institutions at a max of $250,000 per day, which is more than good enough for most users.

You’ll have to call CIT to request a check but it’s free unlike the outgoing wire transfer that’s subject to a $10 fee if your balance is under $25,000.

CIT Bank mobile app

CIT Bank has an easy-to-use mobile app that has all the features you would normally use your computer for. You can manage your accounts, see your balances, check the status on transfers and stay up to date with alerts. The mobile app can also be used to deposit checks remotely.

The CIT Bank app is available free both through Google Play for Android and the App Store for users of Apple devices.

Customer service

CIT Bank customer service can be messaged securely 24/7 online or through your CIT Bank app after signing into your account. You can also call 855-462-2652 to get your account balance at any time or to speak to a live customer service representative Monday through Friday 9:00 AM-9:00 PM or Saturday between 10:00 AM-6:00 PM.

Other CIT Bank offerings

CIT Bank offers a number of banking products that includes other savings accounts:

  • CIT Bank Savings Builder
  • CIT Bank Savings Connect
  • CIT Bank High-Yield Money Market account
  • CIT Bank eChecking account
  • CDs including Term, Jumbo, Ramp-Up and No-Penalty

The honest opinion is that we’ve tilted our focus entirely on CIT Platinum Savings as we believe it’s the current best offering. CIT Savings Builder doesn’t have a very attractive APY but may work for those who want to get into the habit of putting away money with the balance requirement. There’s, however, better ways to develop saving habits. The CIT MMA does not stand up to some other top money market accounts available. The CIT Savings Connect, on the other hand, is an exception because it offers a competitive APY that doesn’t quite reach what CIT Platinum Savings offers but does not have any strings attached to earn the consistent rate.

One positive with these is that CIT Bank as a whole does not charge overdraft fees for the associated accounts. If you hold a CIT Bank eChecking account and overspend, then you can transfer money easily from your linked CIT Bank savings account (like Platinum Savings) to cover the amount with no charge.

Term CDs require a $1,000 min. to open and include a penalty for early withdrawal with ranges from 6 months to 5 years. There’s also a No-Penalty 11-month CD that carries no penalty for taking out your original funds and any interest earned starting 7 days post-opening.

There’s also home loans. See CIT Bank site for details on each of these.

Who should use the CIT Platinum Savings?

If you’re a fan so far, consider opening up a CIT Platinum Savings account if one of these reasons on why you should potentially open an account agrees with situation.

Best for those who can maintain a $5,000+ balance

The 5.00% APY those who can maintain a balance of $5,000 or more means you can earn 10x the national average. According to the FDIC the national average rate on savings accounts was only 0.45% as of May 20, 2024.

In all honesty, if you have idle funds sitting earning nothing or earning a less than competitive rate, then taking the five minutes to open up a CIT Platinum Savings account today is one of the best steps you can take.

Best for those above the FDIC-Insured limit in another savings account

If you hold a balance over or approaching the FDIC-Insured limit in another Member FDIC account already then a second savings account offering protection, like the CIT Platinum Savings, makes sense. This is a per bank protection.

Best for those with short-term goals (and maybe long-term)

If you don’t already have a savings account for your emergency fund, then stop and seriously consider it. There are also other short-term and longer-term goals earning a competitive interest rate on the building funds makes a ton of sense on. Those include vacation funds, college savings, weddings, and down payments for a house or car. If you’re a creature of organization, you may even want to consider multiple savings accounts since generally there’s no hard pull on your credit and thus no effect on your score.

We do, however, strongly recommend checking into investing instead for a more productive end result if one of your multiple goals is further out on the horizon. This would apply for goals five or more years out, like retirement.

» Open a CIT Platinum Savings account today

Who shouldn’t use the CIT Platinum Savings?

We recommend comparing high-yield savings account options to ensure you’re picking the best option for you. Here are some groups we do not recommend CIT Platinum Savings for.

Those unable to keep a balance for the upper tier APY

The drawback we noted with this account is that it’s a tiered savings account and the lower tier APY when you don’t maintain a balance of $5,000 or more is not competitive in the slightest.

Therefore, if you don’t believe you can maintain a balance to earn the upper tier APY of 5.00%, another savings account with a set, lower interest rate may be a better option.

Those who would like a bank with physical locations

CIT Bank is able to offer the competitive rates it does in-part because it’s an online bank without the overhead behind maintaining physical locations others may have. It also doesn’t have its own ATM network. That does not mean CIT Bank is less secure or less reputable but it does mean if you’re in need of in-person assistance for your banking needs this won’t serve as an option.

Experience with CIT Bank

CIT Bank is an online bank available in all 50 states with a number of financial products backed by a convenient user experience via mobile app and website. Instructions on how to open an account and how the relevant rates are earned are clear with very little fine print to comb through. In 2022 it was named the #1 bank in the nation in delivering the most humanized experience in banking a survey of more than 5,000 consumers by American Banker and Monigle.

Online reviews of CIT Bank seem generally mixed with some users noting longer than anticipated wait times for deposits and withdrawals. A number of reviews also seem to confuse the different banks of CIT Bank and Citibank, which—to be clear—are not the same. On Google Play, the CIT Bank has 3.1/5.0 stars on over 3,000 reviews, while the takeaway for Apple users in the App Store is more favorable with 4.6/5.0 stars on over 12,000 ratings.

The competition: Other top savings accounts

Choosing between the best savings accounts begins with looking at who’s offering the highest APY or if there’s even a savings account bonus. You need to consider whether you can meet the necessary requirements to earn the relevant APY or if a bonus makes sense given the context of the account. You may also be willing to sacrifice some earning power for other savings account features or level of comfort.

CIT Bank vs Discover

CIT Platinum Savings vs Discover® Online Savings Account

The Discover® Online Savings Account has no account fees and offers a competitive 4.25% APY to grow your money without needing to ensure you’re staying above a balance threshold.

Also Great
Discover® Online Savings Account

Discover is a large, nationwide financial services company offering savings accounts, checking and credit card products. Discover is a member, FDIC.

The high-yield Discover® Online Savings Account offers a generous 4.25% APY, no account fees, and a pleasant banking experience backed by award-winning customer service.

  • 4.25% APY
  • No minimum balance requirement
  • No fees for most transactions
  • Service charge for outgoing wire transfers
Open an Account

Another plus here is there’s no minimum requirement on an initial deposit to open an account versus the $100 with the Platinum Savings from CIT Bank. Your funds are FDIC-insured and there’s 24/7 customer service available if you have any questions with this savings account.

We’re big fans of reading the fine print here at Money Under 30 and try to take the initiative to save you the effort where we can. One of the headlines of this account is “No. Fees. Period.”but that applies to account fees. There is an outgoing wire transfer fee of $30 for each outgoing wire transfer sent from your Discover bank account, for example. It may not apply for most as you’re likely to find online transfers to be sufficient but it’s worth a note as this is compared to the $10 fee from CIT Bank (that applies for transfers under $25,000).

CIT Bank vs Ally Bank

CIT Platinum Savings vs Ally Bank Savings Account

Ally Logo

A savings account with Ally Bank offers a 4.35% APY with no maintenance fees, a $0 minimum opening deposit and a number of smart savings tools that may help you grow your money faster.

Savings tools with an Ally Bank savings account include savings buckets and a number of ‘boosters.’ Savings buckets let you organize your savings without having to use multiple savings accounts. They’re basically envelopes (but digital) that let you sort your cash and track progress. You’ll still earn interest on your total balance. Boosters let you optimize your savings, partially on autopilot. These include recurring transfers so you don’t have to focus on moving your money and round ups that transfer over funds from linked spending accounts to earn the relevant interest rate with your savings account.

The tools offered by Ally Bank are pretty useful, but if earning interest is your main concern (and you can maintain a balance of $5,000 or more), then you can earn more with the up to 5.00% APY) compared to the CIT Platinum Savings, but all the tiers earn the same across each tiered balance on our last check.

One drawback is that UFB may occasionally launch new savings accounts that feature higher APYs for new customers that do not automatically translate for existing customers. The legwork and maintenance of that and making sure the associated APY on whatever tier your balance falls under may not be a fit for everyone despite the high rate.


The CIT Bank Platinum Savings account avoids a number of typical savings account fees while offering a competitive APY of up to 5.00% with on an FDIC insured high-yield savings account. If you’re comfortable with mobile banking and banking online without the in-person banking experience that’s probably not needed by most then it may be a great option for you.

Just be sure you can safely maintain a fair balance of $5,000 or more consistently and look back on other options if you’re not confidently able to do so.

» Open a CIT Platinum Savings account today

FAQs on CIT Bank

Does CIT Bank offer a competitive APY?

Yes, CIT Bank offers an extremely competitive rate of up to 5.00% APY on your entire balance with the CIT Platinum Savings account. You will need to maintain a daily balance of $5,000 or more to earn the highest rate with this account. Interest with the CIT Platinum Savings account is compounded daily at the interest rate in effect for your end-of-day balance, using the daily balance method. Interest earnings are then credited to the account monthly.

Is the CIT Platinum Savings account worth it?

The CIT Platinum Savings account is worth it if you can maintain a balance to earn 5.00%. For young adults or those looking for a savings account without the necessary funds of $5,000 or more to earn this rate, the account may not be worth it as you would only own a meager APY.

Are there any fees for a CIT Bank account?

There are no account opening or monthly service fees with CIT Bank for savings, money market or CD accounts. Certain less rare activities like an outgoing wire transfer with a CIT Platinum Savings account may be subject to a fee. See the schedule of fees for CIT Bank.

Is CIT Bank a safe bank to use?

Yes, CIT Bank is a reputable option for a bank that is trustworthy and legitimate. Deposit accounts with CIT Bank are FDIC-insured up to the $250,000 maximum of per depositor, per FDIC-insured bank, per ownership category. CIT Bank was acquired just recently in 2022 but, for those who ask if CIT Bank is safe to use, note it has a long history that spans back to 1908.

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