CIT Bank Platinum Savings
Outstanding online savings account with a high APY, no monthly fees, and a helpful mobile app. However, the minimum balance requirement for its highest APY tier is significant.
An excellent annual percentage yield (APY) is essential when selecting a savings account. If you keep a balance of $5,000 or more, you can get one of the best APYs we've seen with the CIT Platinum Savings. You can determine if this account is perfect for you by reading our in-depth review, which will go over all the key features.
Pros
- A possible high APY
- Backed by FDIC
- No monthly fees
Cons
- Balance needed to earn the highest APY
- No ATM access
securely on the bank's website
Having competitive interest rates, the CIT Bank Platinum Savings Account is a high-yield banking product. A local brick-and-mortar lender may charge you an interest rate that is up to 12 times greater than the national average. The minimum initial deposit is a mere $100, and there are no account maintenance fees.
Maintaining a minimum $5,000 daily amount will allow you to earn 5.05% APY (one of the greatest savings account interest rates) on your full balance. The APY for the full sum is 5.05% if a customer has a daily balance of $5,000 or higher.
However, the APY reduces to 0.25% if the customer's daily balance is less than $5,000. Therefore, this account is perfect for families looking for one of the highest interest rates who already have a savings account.
Checking account details
After each day, CIT calculates the daily balance. The CIT Bank Platinum Savings has no monthly fees.
This extremely competitive interest rate is comparable to CIT Bank CDs, but there is no minimum investment period. Platinum Savings features a variable interest rate that might go up or down for the sake of transparency. If you want to ensure a particular yield for the duration of your investment, a CD might give you peace of mind.
When it comes to online savings accounts, CIT Bank has a track record as a market leader in the present savings and banking environment. They have a solid history, constantly offer interest rates over the industry average on savings accounts, and naturally, these accounts are FDIC-insured.
The FDIC states that as of March 2023, the national average interest rate on savings accounts is merely 0.35% APY.
This account consistently ranks high on our ranking of the top savings accounts and is much above the national average.
It is very simple to deposit money into and withdraw money from this account with CIT Bank. They have a good mobile app where you can monitor your funds, and you may deposit and withdraw money electronically.
|
Balance Requirement |
APY Rate |
|
$5,000+ |
5.05% |
|
Less than $5,000 |
0.25% |
How to Access Your Money
CIT does not have any physical branches you can visit because it is an Internet bank. However, accessing your money is still simple enough, and there are no costs involved.
You can deposit money into a CIT Platinum Savings account in the following ways:
- Electronic transfer of money from a different bank account
- Using the CIT Bank app to deposit checks on the go
- Checking the mail
- A wire transfer
There are no fees associated with any of these deposit options at CIT. Its policy is to release money on the first working day following the receipt of the deposit. It could take up to two business days for an electronic money transfer to show up in your account.
Withdrawal Options
The following withdrawal options are available with this savings account when you need to access your money:
- Free ACH (automated clearing house) transfers to another bank account
- Wire transfers out ($10 fee for accounts with less than $25,000 in balance)
- Requesting a free check in the mail by calling CIT
Which Account Is the Best for Me?
CIT Platinum Savings will increase your money's growth if you have at least $5,000 to save and can keep that balance. It features a little higher APY to enable you to maximize your savings.
But pick Savings Connect if you believe you might need to use that money. The interest rate is slightly lower, but it applies to your entire account. You won't have to be concerned about maintaining a specific balance.
Either account is a good choice if you're saving for immediate or distant goals. Both of these accounts are safe and have FDIC insurance to protect your money.
How To Earn Rate
Open a Platinum Savings Account with CIT Bank.
Put your data in. Give your address, phone number, email, and Social Security number in a secure manner. (or other taxpayer ID). After that, create an account with at least $100. You can wire money, send a check in the mail, or transfer money electronically.
CIT Bank will send you an email to let you know when your account has been opened successfully.
Bottom Line
The CIT Bank Platinum Savings account is a high-yield savings option to think about if you're seeking one. It provides one of the highest rates on the market for balances of $5,000 or more. There are no account opening or monthly service fees, and the account is accessible nationwide with a minimum deposit of $100.
One thing to bear in mind is that CIT Bank lacks actual branches, similar to many other online banks. In other words, you won't be able to visit a bank and speak to a teller or banker there. But they have a fantastic customer service team that is ready every day of the week to assist you with any queries or worries you might have.
In conclusion, Platinum Savings Account from CIT Bank may be a suitable choice if you're seeking a high-yield savings account and are at ease with Internet banking.
Checking account fees
-
Monthly Fee$0
-
APY0.25% - 5.05% APY
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Minimum Deposit to Open$100
-
Out-of-Network ATM Transaction Fee$5
-
Out-of-Network ATM Withdrawal Feen/a
-
Overdraft Fee$30
-
Non-Sufficient Funds Feen/a
-
Foreign Transaction Feen/a
CIT Bank Platinum Savings FAQ
The features and Annual Percentage Yield (APY) of each account may vary.
FDIC insurance covers the money in a CIT Bank Platinum Savings account.
Using the daily balance technique, interest is compounded daily at the interest rate that applies to your end-of-day balance. Monthly interest payments are made to the account.
The minimal initial deposit is $100.
Making your money work for you is easy with high-yield savings accounts, and CIT Bank has some of the greatest alternatives available.
Your money will grow faster in these accounts since they often provide higher interest rates than conventional savings accounts.
You may start saving with any amount thanks to CIT Bank's high-yield savings accounts, which have no minimum balance restriction and no monthly maintenance costs.
The variable annual percentage yield (APY) for CIT Bank Platinum Savings ranges from 0.25% to 5.05%. (APY stands for annual percentage yield, rates may change).
With CIT Bank Platinum Savings, there are no ongoing monthly fees. To view all fees, refer to the fee breakdown section below.
- $10 is charged for outgoing domestic bank transfers.
- Your account will be charged $30 per item for an overdraft.
Yes, the $30 overdraft fee for the CIT Bank Platinum Savings is charged.
Overdraft protection is available through CIT Bank Platinum Savings for $5 per transaction. Every time the bank makes a transfer from one of your accounts—typically a savings account—to pay the overdraft, an overdraft protection fee is assessed.
The following features are present in this savings account:
- Fraud monitoring: CIT Bank Platinum Savings keeps an eye out for transactions that may be fraudulent, such as when a debit card is abruptly used somewhere else or you make a sudden spate of expensive purchases.
- Paying bills online is free, and you can do so quickly from your account.
- Mobile Banking Services - CIT Bank Platinum Savings offers online and mobile app money management options. This includes using a mobile app on your smartphone to deposit checks into your account.
The answer is usually yes. You can set up a direct deposit to this account. But that relies on the direct deposit system that your employer employs. The majority of direct deposit systems let you deposit your paycheck into a bank or savings account. You may even be able to divide your compensation between the two in specific circumstances.
The CIT Bank Platinum Savings customer service email is custserv@cit.com.
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| Bank | Monthly Service Charge | Minimum Deposit to Open | APY |
|---|---|---|---|
| CIT Savings Builder Account | 0 | $100 | 1.00% APY |
| CIT Bank CDs | 0 | $1000 | 4.90% APY |
| CIT Bank eChecking Account | $0 | $100 | 0.10% - 0.25% APY |
| Bank | Monthly Service Charge | Minimum Deposit to Open | APY |
|---|---|---|---|
| Comerica Bank Rich Rewards® Checking Account | $18 (can be waived / reduced) | $50 | 0.01% |
| Comerica Bank Premier Checking Account | $22 | $50 | 0.01% |
| Comerica Bank Comerica Platinum Circle Checking® | $0 | $50 | 0.10% / 0.25% |
