Review
Updated
Fact Checked
Nathan Alderman
When choosing a savings account, a high annual percentage yield (APY) is a must-have. The CIT Platinum Savings has one of the highest APYs we've seen if you maintain a balance of $5,000 or more. Our in-depth review will cover all the important features so you can see if this account is right for you.
Member FDIC.
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Ratings Methodology
Rates as
of Apr 26, 2024
2024 Award Winner
CIT Platinum Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
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.
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
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= Best
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= Excellent
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= Good
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= Fair
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APY
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000 for max APY
- Competitive APY
- No account fees
- Unlimited number of external transfers (up to daily transaction limits)
- 24/7 customer support
- FDIC insured
- Balance requirement for maximum APY
- No ATM access
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APY’s on the market 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 a monthly limit).
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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Rating image, 4.00 out of 5 stars.
4.00/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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CIT Platinum Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| CIT Platinum Savings | 5.05% APY for balances of $5,000 or more | $5,000 |
Data source: CIT.
If you want this stellar APY, you'll need to deposit $5,000 or more into this CIT account. Unfortunately, for lower balances (you need at least $100 to open the account), you'll only earn 0.25%. There are other accounts that offer a higher APY for low balances.
Full CIT Platinum Savings review
The CIT Platinum Savings has several valuable features to help you manage and grow your savings. Let's take a look at its strengths and weaknesses.
Top perks
APY up to 5.05% APY for balances of $5,000 or more: Even compared to other top online savings accounts, that's an extremely impressive rate. CIT measures your balance at the end of each day to check which APY tier you fall into.
FDIC insured: Just like the big banks, CIT is a member of the Federal Deposit Insurance Corporation (FDIC). Its accounts have FDIC insurance, which provides protection in the event of a bank failure for up to $250,000 per depositor, per bank.
No maintenance fees: The CIT Platinum Savings is available free of charge. The only requirement is a deposit of at least $100 to open an account.
Mobile app: You can access your CIT account through the CIT Bank app, which lets you check your balance, move money around, and deposit mobile checks.
Convenient setup process: If you've been holding off on opening any new bank accounts because of the time involved, you won't have to worry about that with CIT. You complete the entire process online, and it only takes about five minutes.
What could be improved
$5,000 balance requirement for highest APY tier: The most notable drawback with this account is that you need a balance of $5,000 or more to earn its maximum APY. If your balance is under $5,000, then you earn a pedestrian 0.25%. That means the account is really only useful for those who have a solid amount of savings already, and not consumers who are just getting started with their savings.
No ATM access: The CIT Platinum Savings doesn't come with a debit card or give you a way to withdraw money from ATMs. You'll need to transfer money to another account that allows ATM withdrawals first. However, CIT offers a checking account, which makes it quick and easy to transfer money from your savings to your checking.
How to access your money
Since CIT is an online bank, it doesn't have branches you can visit. It's still easy enough to access your money, though, and you can do it without paying any fees.
Deposit options
Here are all the ways you can make deposits to a CIT Platinum Savings account:
- Electronic funds transfer from another bank account
- Mobile check deposit with the CIT Bank app
- Mailing a check
- Wire transfer
CIT doesn't charge a fee for any of these deposit methods. Its policy is to make funds available on the first business day after receiving the deposit. With electronic funds transfers, it may take up to two business days for the deposit to reach your account.
Withdrawal options
When you want to access your money, here are the withdrawal methods available with this savings account:
- Free electronic banking transfers (ACH transfers) to another bank account
- Outgoing wire transfers ($10 fee for accounts with balances below $25,000)
- Calling CIT and requesting a check in the mail for free
The CIT Platinum Savings account is right for you if:
- You can maintain at least $5,000 in savings.
- You want one of the highest APYs for a savings account you can find.
- You don't need in-person banking assistance.
Keep reading about CIT Bank:
- CIT Bank Savings Builder Review
- CIT Savings Connect Review
- CIT Bank Money Market Account Review
- CIT Bank CD Rates
Our savings account methodology
At The Motley Fool Ascent, 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:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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If you can maintain a balance of $5,000, you can earn the highest tier APY, which is extremely competitive. For balances between $0.01 and $4999.99, however, you'll earn a meager 0.25%.
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This account is only worth it if you can keep a balance of $5,000. Otherwise, you'd be better off choosing another savings account that doesn't have a minimum balance requirement for a high APY.
Our Banking Experts
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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