If You Have More Than $5,000 in Savings, This Might Be the Best Bank Account for You
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Do you keep at least $5,000 in savings? If so, the CIT Platinum Savings account might be the best place to keep your cash.
That's because right now, CIT Platinum Savings is offering 3.85% APY for balances of $5,000 or more. That's 9X higher than the national average of 0.40% APY, meaning you can earn hundreds more in interest every year with one simple switch.
Here's how it breaks down.
Earn 3.85%
CIT Platinum Savings is one of the best high-yield savings accounts (HYSAs) out there. Here's how much more you can earn in the course of a year:
| Balance | CIT Platinum Savings (3.85% APY) | National Average (0.40% APY) |
|---|---|---|
| $20,000 | $770.00 | $80 |
| $10,000 | $385.00 | $40 |
| $5,000 | $192.50 | $20 |
With CIT, you'll also enjoy:
- No account fees
- A minimum $100 deposit to open
- Interest that compounds daily for slightly faster growth
- FDIC insurance up to $250,000, just like traditional banks
CIT also offers a checking account you can open separately for easy access to your cash.
It doesn't have the bells and whistles of some other HYSAs, but it's perfect if you're set on earning a sky-high APY. Just make sure you keep at least $5,000 in your account.
Ready to get started? Read our full review of CIT Platinum Savings to open an account today.
On CIT's Secure Website.
Member FDIC.
CIT Platinum Savings
On CIT's Secure Website.
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- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits). And right now, you can also score a cash bonus of up to $300 when you open a new account with promo code PS2025 and fund it within 30 days. Terms apply.
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 September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% 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.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
For complete list of account details and fees, see our Personal Account disclosures.
What should you keep in your HYSA?
HYSAs are perfect for earning interest on money you want to keep complete access to. Here's what I recommend you keep in your HYSA:
- Emergency fund: Three to six months' worth of expenses.
- Short-term savings: Money for things like vacations and large purchases.
- Extra cash: Any additional money that you don't need in your checking account.
It's not a fit for long-term investing, or cash you need for everyday purchases. But for almost everything else, an HYSA is a great option.
Two other great HYSAs
CIT Platinum Savings is perfect for anyone who keeps a lot in savings -- but that's not everybody. Here are two other HYSAs I'm always recommending:
1. SoFi Checking and Savings (Member FDIC)
- Annual percentage yield (APY) of up to 4.50% on savings with direct deposit
- Up to $50 in no-fee overdraft coverage with direct deposit
- Access to paychecks up to two days early with direct deposit
- No account fees or minimum deposits
- FDIC insurance up to $250,000
I've had a SoFi® account myself for a while now, and I can't recommend it highly enough.
The APY is one of the strongest you'll find, with no minimum balance requirement. But perks like no-fee overdraft coverage, plus access to SoFi®'s other financial products, are what really set it apart.
Ready to find out more? Read our full review of the SoFi Checking and Savings (Member FDIC) account today.
On CIT's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
2. Barclays Tiered Savings
Barclays is another simple high-earner, with an APY just right above CIT's. Here's what you'll get:
- 3.90% APY on balances under $250,000
- No account fees or minimum deposits
- FDIC insurance up to $250,000
Unfortunately, Barclays doesn't offer a checking account, which means you won't have instant access to your money. But I'd still recommend it as a high-APY option with no minimum balance requirements.
Ready for simplified savings? Check out our full review of the Barclays Tiered Savings account now.
On CIT's Secure Website.
Member FDIC.
Barclays Tiered Savings
On Barclays' Secure Website.
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- Competitive APY
- No monthly account fee
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- No minimum deposit to open an account
- Balance requirement for maximum APY
- No ATM access
- No wire transfers (inbound or outbound)
- No branch access; online only
Though top rates are reserved for high balances, Barclay Tiered Savings account's APYs are competitive no matter how much savings you have. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.