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A high-yield savings account (HYSA) is one of the smartest ways to make your money work for you in 2025. I have the CIT Platinum Savings account, and it's helped me earn significantly more interest on my cash compared to a traditional bank. With APYs still at above-average levels, this account is a strong contender -- if you can keep a balance of at least $5,000.
Is it the right fit for you? Below, I'll share the pros, cons, and my personal experience so you can decide if CIT Platinum Savings deserves a spot in your financial toolkit.
CIT Platinum Savings
On CIT's Secure Website.
On CIT's Secure Website.
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).
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
The biggest selling point? The 4.10% APY for balances of $5,000 or more -- one of the highest you'll find in a trusted, reliable savings account. With an APY like that, it's no surprise this account made our list of the best high-yield savings accounts of 2025.
Many online-only banks can offer higher APYs because they don't have the costs of physical branches, and accounts with higher minimum balances often get the best rates. This account checks both boxes.
If you're serious about maximizing your interest earnings, CIT Platinum Savings is easily one of the best options available.
A great APY doesn't mean much if fees eat into your earnings. Fortunately, this account has no monthly maintenance fees, no account fees, and no opening fees -- so every dollar you earn stays in your pocket.
This might not be a game-changer if you're keeping a smaller balance, but with the $5,000 minimum, daily compounding works in your favor. While interest is still deposited monthly, it's calculated daily, which means you'll earn slightly more over time compared to accounts that only compound monthly. It's a small difference, but for savers looking to maximize returns, every bit helps.
Do you have first-hand knowledge of CIT Platinum Savings? Share your thoughts with us and your fellow Motley Fool Money readers.
To get the standout APY, you'll need to maintain a minimum balance of $5,000. Drop below that, and your rate plummets to a fraction of a percent -- which, let's be honest, is barely worth it. Some other accounts, like LendingClub LevelUp Savings, have a similar system, but their fallback rate is still competitive. If there's a chance your balance might dip below $5,000, you may want to explore other high-yield savings options.
CIT Bank operates entirely online. That works just fine for me, but if you prefer walking into a branch for in-person service, this won't be the best fit. That said, my experience with CIT's platform has been smooth, and while the features are fairly simple, they get the job done. Just don't expect the same level of extras you'd get with a big national bank.
One thing that did catch me off guard? CIT lowered the APY on my account in mid-2023 when it rolled out CIT Savings Connect, a new account with a higher rate at the time (though that's no longer the case). Instead of automatically upgrading me, CIT left me earning a lower rate until I manually switched over. It wasn't a huge hassle, but I'm not thrilled about having to keep tabs to make sure I'm always earning the highest possible APY.
CIT Bank's customer service is fine -- nothing amazing, but it gets the job done. You can reach a real person by phone Monday through Saturday, or send an email anytime if you're logged in. That said, some of the bigger online banks offer 24/7 phone support or live chat, so CIT lags a bit in that department.
When I had to manually switch from CIT Platinum Savings to CIT Savings Connect to get a better rate, the bank's support team was helpful enough. But again, I wasn't thrilled that I had to proactively make that switch myself. It's not a dealbreaker, just something to keep in mind if you prefer a bank that's a little more hands-on.
Even though CIT Bank is an online-only bank, moving money in and out of your CIT Platinum Savings account is easy. You have multiple ways to deposit funds, including free ACH transfers from an external bank, mobile check deposits through the CIT Bank app, fee-free incoming wire transfers, or even mailing in a physical check if that's your thing.
When it's time to withdraw your money, you also have a few solid options. The most convenient is a free ACH transfer to an external bank. Need a wire transfer? That's available too, though there's a $10 fee if your balance is under $25,000. And if you prefer a more traditional approach, you can call CIT Bank and request a check by mail, completely free.
While you won't find ATM access like some other online banks offer, CIT still provides straightforward, no-fuss ways to manage your savings without extra hassle.
CIT Bank operates under First-Citizens Bank & Trust Company, an FDIC member, which means your deposits are FDIC insured up to $250,000 per depositor, per account ownership category. As long as your combined deposits across CIT Bank and First Citizens stay within that limit, your money is fully protected in the unlikely event of a bank failure.
Personally, I've had a smooth and reliable experience with my CIT accounts. No issues, no surprises -- just a solid bank that does what it's supposed to do.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 3.80%
Rate info
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 http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
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N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
If you're a saver who keeps a larger cash cushion and wants to maximize interest earnings without worrying about fees, this account could be a perfect fit.
If you fit into the ideal category, the CIT Platinum Savings account is a strong contender for your savings strategy. Put your money to work for you and open an account today.
You need a minimum deposit of $100 to open the account, but to earn the top APY, you'll need to maintain at least $5,000 in your balance.
No, CIT is an online-only bank, so all banking activities must be done through the website or mobile app.
Interest is calculated daily and deposited into your account monthly, helping you earn a bit more compared to accounts that only compound monthly.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.