CIT Bank Savings Review [2024]: 5.00% APY With Platinum Savings

CIT savings account comparison

Who should get these accounts

Platinum Savings

Since CIT is an online-only bank, you should be comfortable with not having branch access to open any of CIT’s accounts, including its Platinum Savings. Practically speaking, that means you’ll need to transfer money out of the account to withdraw it, since there isn’t any ATM access with this account. It could take a couple of business days (or more) before you can access any cash.

You should also be able to generally meet the minimum balance needed to get the highest rate (5.00% APY). While the account pays an APY on balances less than $5,000, it’s only 0.25% (as of 07/22/24), which isn’t worthwhile.

If you anticipate needing to make regular withdrawals or transfers that could bring the balance down, you may want to go with the Savings Connect account since it has a lower balance requirement to earn a high APY.

If you can meet the minimum, the rate is very competitive. It’s higher than Citi’s Accelerate High-Yield Savings account, for example, which has a 4.30% (as of July 26, 2024) APY, and Barclays Tiered Savings Account, which has an up to 4.80% APY.³

Savings Connect

The Savings Connect account is a strong alternative to the Platinum Savings account. While it has a lower APY of , it doesn’t have a minimum balance requirement of $5,000 to earn the highest APY, and that makes it more accessible.

You do need to meet the $100 opening deposit requirement, but that’s the case for all CIT Bank’s savings accounts.

Savings Builder

With its low APY of up to 1.00% (as of May 3, 2024), this is by far the weakest savings account option from CIT. In addition to the APY being low, you need to have a balance of $25,000 or more or make monthly deposits of $100 or more to even get the highest rate. If you don’t meet one of these higher APY requirements, the CIT Savings Builder has an APY of 0.40% (as of May 3, 2024).

Who shouldn’t get these accounts

You shouldn’t get a savings account with CIT Bank if you’re looking for a financial institution with everything. CIT Bank has checking, savings, CDs, and home loans, which is a decent line-up. But other banks also have investment accounts, personal loans, credit cards, home equity loans, and so on.

For example, SoFi has an APY of up to 4.60% on its savings, which is a rate very similar to the Savings Connect. SoFi also has a very wide variety of products, so it’s a better choice if you’re looking for a one-stop-shop banking experience. You do need to have direct deposit to get this APY with SoFi, though, so if you won't be setting up direct deposit, a CIT account could still be the better choice.

Obviously, CIT Bank’s savings accounts aren’t a great choice if you regularly need to deposit cash. You can’t even deposit cash into a CIT Bank checking account.

Savings over time comparison

Here’s how much your money would grow, based on CIT Bank’s savings account rates on June 3, 2024.

How to open an account

Opening a CIT Platinum Savings account or any other CIT Bank account is simple, and the process takes about five minutes. You’ll need to provide your home address, email address, Social Security number, and birthdate.

You then transfer the $100 minimum opening deposit (or more) to your account.

How to withdraw money

While CIT doesn’t offer ATM access as a perk with its savings accounts, if you want to withdraw money from your account, you have a few options for doing so, including:

• An electronic transfer (ACH)
• Outgoing wire transfer. One thing to keep in mind is that there’s a $10 for each outgoing wire transfer if your account balance is less than $25,000.
• Paper check by mail

CIT Savings Builder account FAQ

Bottom line

CIT Bank’s Platinum Savings and Savings Connect products offer a competitive rate, and interest is compounded daily. Just be sure that you meet the requirements to get the highest APY and that you have the $100 required to open an account.

If you’re confident you can meet the deposit requirements. it’s worth it to apply for an account. The daily compounding interest and the APY rate make CIT one of the best banks for those who are looking to earn interest on their money over the long term.

Learn More

Higher-than-average APY with the Platinum Savings and Savings Connect accounts

No monthly maintenance fees, so you don’t need to worry about meeting requirements to get a fee waived

Daily compounding interest helps to grow money faster (interest is paid out monthly)