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.


  • A possible high APY
  • Backed by FDIC
  • No monthly fees


  • 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 5.00% APY (one of the greatest savings account interest rates) on your full balance. The APY for the full sum is 5.00% 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

Checking account fees

  • Monthly Fee
  • APY
    5.00% APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

CIT Bank Platinum Savings FAQ

1. What Distinguishes the Different Savings and Money Market Accounts?

The features and Annual Percentage Yield (APY) of each account may vary.

2. Is the FDIC Insuring the Platinum Savings Account?

FDIC insurance covers the money in a CIT Bank Platinum Savings account.

3. What Is the Platinum Savings Account’s Method of Compounding Interest?

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.

4. How Much Money Must You Deposit to Create a Platinum Savings Account?

The minimal initial deposit is $100.

5. Why Pick A CIT Bank Savings Account?

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.

6. What APY Does CIT Bank Platinum Savings Offer?

The variable annual percentage yield (APY) for CIT Bank Platinum Savings ranges from 0.25% to 5.00%. (APY stands for annual percentage yield, rates may change).

7. What Costs Are Associated With Cit Bank Platinum Savings?

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.
8. Do Overdraft Fees Apply to CIT Bank Platinum Savings Accounts?

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.

9. What Benefits and Features Are Available With CIT Bank Platinum Savings?

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.
10. Can a Direct Deposit Be Made to the CIT Bank Platinum Savings?

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.

11. What Is the Email Address for CIT Bank Platinum Savings Customer Support?

The CIT Bank Platinum Savings customer service email is

Check Out Other Products From CIT Bank
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
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