CIT Bank High-Yield Savings Review [2025]: Two Strong Account Options

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 (4.10% APY). While the account pays an APY on balances less than $5,000, it's only 0.40% (as of 03/20/25), 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. Compare it to Citi's Accelerate High-Yield Savings account, for example, which has a 4.30% (as of May 24, 2025) APY, and Barclays Tiered Savings Account, which has a 4.00% APY.² <p>Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 05/15/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information.</p>

Interest That Adds Up

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CIT Bank Platinum Savings Benefits

• Earn 4.10% APY on balances of $5,000 or more¹ <p>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 Mar. 20 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.10% 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.</p>
• Open a Platinum Savings account and get up to $300³ <p>This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on February 26, 2025 and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met:</p><p>New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:</p><p><b>Offer Requirements</b></p><p>New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus 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 bonus.</p><p>New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.</p><p>The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.</p> Enter promo code PS2025 at opening. $100 minimum opening deposit.
• Daily compounding interest to maximize your earning potential
• No account opening or monthly services fees
• Deposit checks remotely and make transfers with the CIT Bank mobile app
• Member FDIC

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Open Account

Savings Connect

The Savings Connect account is a strong alternative to the Platinum Savings account. While it has a lower APY of 4.00% (as of 03/20/2025), 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 0.250% (as of 03/20/2025).

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®, Member FDIC⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p> , has an APY of up to 3.80% on its savings⁵ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with its SoFi Checking and Savings account, 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 enroll in SoFi Plus with Direct Deposit or pay the SoFi Plus Subscription Fee every 30 days or have $5,000 in qualifying deposits in a 30-day period to get this APY with SoFi, though, so if you won't meet these requirements, 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.

How to open a CIT savings 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

Alternatives to CIT Bank savings

CIT Bank isn't the only financial institution to offer strong APYs on its savings products. From legacy companies like American Express to online fintechs like SoFi®, you can find a range of savings accounts with high APYs.

SoFi Checking and Savings

SoFi®'s savings account doubles as a checking account. You could earn up to 3.80% APY on savings with direct deposit.⁵ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> There's no minimum balance requirement, and you won't be charged monthly maintenance⁶ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> or overdraft fees.⁷ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p> .

2025 award winner Best Checking and Savings Combo

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SoFi Checking and Savings

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 3.80% APY⁵ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> FDIC Insured.⁴ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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American Express^® High Yield Savings

If you're hesitant to go with an online financial institution over a more traditional banking operation, give the American Express High Yield Savings Account a look. You could earn up to 3.60% APY⁹ <p>The Annual Percentage Yield (APY) as advertised is accurate as of May 8, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;</p> while also accessing the robust customer service operation that comes with a company like American Express. There's a $0 minimum deposit requirement¹⁰ <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> and no maintenance fees.

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American Express® High Yield Savings

American Express® Savings - 3.60% annual percentage yield (APY)⁹ <p>The Annual Percentage Yield (APY) as advertised is accurate as of May 8, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;</p>

High Yield Savings Account. No Minimum Required Deposit or Balance.¹⁰ <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p> Terms Apply.

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Visit American Express | Learn more in our American Express High Yield Savings review

FAQs

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.

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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)

Author Details

Melinda Sineriz, ABFP™

Melinda Sineriz is a Managing Editor at FinanceBuzz and an Accredited Behavioral Finance Professional™ designee. Melinda has a B.A. in English from Miami University and a master’s degree from Bard College. Before focusing on personal finance content, she worked in insurance for six years, educating clients on Medicare supplements, life insurance, long-term care, and annuities.