CIT Bank® Platinum Savings Account Review
By: Conor Keenan | Last updated: April 12, 2026
Conor Keenan, AWMA®, is the Co-Founder of CompareAccounts. An Accredited Wealth Management Advisor™ professional with over a decade of experience covering consumer banking and investing trends, his work has appeared in The Wall Street Journal, Reuters, and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own. Partner commissions keep our site free, but our content remains independent.
You’re in the right place. Every day, we help thousands earn over 10x the sad 0.39% national average APY* through vetted, FDIC-insured accounts we trust for our own families and friends.
Key Takeaways
- Massive APY for Larger Balances: The account offers a highly lucrative 4.10% APY* that severely outpaces traditional banks, provided you maintain a balance of $5,000 or more.
- Low Opening Requirement: While you need $5,000 to earn the top rate, you can officially open the account with a minimum deposit of just $100.
- Zero Monthly Fees: In addition, the account is completely free to maintain because it charges absolutely $0 in monthly maintenance fees.
- Severe Penalty for Low Balances: However, if your daily balance dips below the $5,000 threshold, your APY plummets to a highly disappointing base rate (typically 0.25%).
- No ATM or Cash Access: Furthermore, because it is an online-only account, you cannot deposit physical cash into this account, and it does not come with an ATM card for quick withdrawals.
Annual Percentage Yield (APY)
4.10% APY*
for up to 6 months
On CIT Bank's
Secure Site, Member FDIC
Best For: $5,000+ Balances
CIT Bank currently offers 3.75% APY1 on their high yield savings account with no monthly fees. Minimum Balance for this APY is $5,000.
For a limited time, CIT Bank is offering a +0.35% Boost to 4.10% APY* for up to 6 months on new accounts. Terms Applyⓘ
Use Promo Code: CITBOOST
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.
See CIT Bank's Secure Site For More Details.
Disclosures:
1Platinum 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 January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% 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.
2Based 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 February 17, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends April 13, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
In This Article
Read our expert review and open a new CIT Bank Platinum Savings account easily and quickly, typically in 5 minutes or less. If you maintain a larger cash balance, this tiered high-yield savings account is designed specifically to reward you with top-of-the-market interest rates.
Furthermore, you can open your account with absolute confidence knowing your deposits are FDIC-insured up to $250,000 per depositor and backed by the full faith and credit of the United States Government.
Pros & Cons of CIT Platinum Savings
Before diving into the full details, here is a quick overview of where this account excels and where it falls short.
The Pros
- Highly competitive 4.10% APY on balances of $5,000 or more.
- Absolutely zero monthly maintenance fees.
- Low initial opening deposit of just $100.
- Interest is compounded daily to maximize returns.
The Cons
- Extremely low APY for balances that dip below $5,000.
- Online-only bank with no physical branch access for cash deposits.
- No ATM card provided for quick cash withdrawals.
Main Benefits You Get with CIT Bank Platinum Savings
Massive, Competitive APY:
The absolute standout feature of the Platinum Savings account is its exceptionally high interest rate. Currently, CIT Bank offers up to a 4.10% APY for customers who maintain a minimum daily balance of $5,000 or more. This rate is significantly higher than what you will find at most brick-and-mortar banks, allowing you to grow your wealth incredibly fast.
No Monthly Maintenance Fees:
Fees are everyone’s worst nightmare when it comes to financial services, and you should actively avoid them like the plague. Thankfully, in addition to competitive APYs, CIT Bank charges absolutely zero monthly maintenance fees.
Low Minimum Opening Deposit:
You can easily open a Platinum Savings account with CIT Bank for an initial deposit of just $100. While you do need to eventually reach the $5,000 threshold to unlock the highest APY tier, getting your account open and officially started is highly accessible.
Proven Track Record & Stability:
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now officially a division of First Citizens Bank—one of the top 20 largest banks in the United States. They focus heavily on providing excellent customer service and a highly secure banking experience.
FDIC Insured:
CIT Bank is fully insured by the Federal Deposit Insurance Corporation. This perfectly covers you for up to $250,000 per depositor. This provides massive peace of mind, knowing that your hard-earned savings are fully protected by the federal government in the highly unlikely event of a bank failure.
Open Your New Platinum Savings Account with CIT Bank Now
CIT Bank® Platinum Savings Account: up to 4.10% APY - with Promo Code: CITBOOST
up to APY*
4.10%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Balance for APY: $5,000
- 3.75% APY1
- No Monthly Service Fees
- Terms Applyⓘ
- Limited Time Offer: +0.35% Boost to 4.10% APY* for up to 6 Months on New Accounts
- Use Promo Code: CITBoost
- Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
Disclosures:
1Platinum 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 January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% 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.
2Based 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 February 17, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends April 13, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
On CIT Bank's
Secure Site, Member FDIC
What Are the Disadvantages?
While the Platinum Savings account is incredibly powerful, it is specifically designed for a certain type of saver. Here are the primary drawbacks you must consider:
The $5,000 Balance Requirement:
This is a tiered savings account. To earn that top-tier 4.10% APY, you must maintain a balance of $5,000 or more. If your balance dips below $5,000, your APY plummets to a highly disappointing base rate. If you plan on keeping a smaller emergency fund, this account will severely underperform your expectations.
No Cash Deposits or ATM Access:
Because CIT operates its high-yield products entirely online, you cannot walk into a local branch to deposit physical cash. In addition, this account does not come with an ATM card, meaning you cannot quickly withdraw cash on the go. The best workaround is to securely transfer funds to an external checking account when you need physical cash.
CIT Platinum Savings Alternatives
If the $5,000 balance requirement or lack of ATM access are dealbreakers for you, there are several highly competitive alternatives available on the market.
CIT Platinum Savings vs. CIT Savings Connect
If you love CIT Bank but are frustrated by the $5,000 balance requirement, you should absolutely consider the CIT Bank Savings Connect account instead. While the Platinum account rewards massive balances, the Savings Connect account offers a flat, highly competitive APY on all balances, regardless of how much money is in the account. It is the perfect alternative if you plan to save less than $5,000.
CIT Platinum Savings vs. SoFi Checking and Savings
SoFi successfully provides both a checking and savings account in one unified package. Consequently, it is ideal if you desperately need both account types and want ATM access. You can currently earn highly competitive APYs on savings balances if you utilize SoFi Plus or set up qualifying direct deposits, and there is absolutely no minimum balance requirement. You can read our full SoFi Checking and Savings review for more details.
Customers Also Viewed These High Yield Savings Accounts:
Up to $400 Bonus
up to APY
4.00%
Annual Percentage Yield (APY)
- Checking & Savings Account
- Min. to Open: $0
- Bonus: up to $400 with Direct Depositⓘ
- Up to 4.00% APY on Savings Balances with Qualifying Activities
- $0 Monthly Fees
- FDIC Insured up to $250,000
- Earn $50 or $400 with direct deposit, terms apply
- Limited Time Offer: +0.70% Boost to 4.00% APY for up to 6 Months on New Accounts with Eligible Direct Deposit.
- Terms Applyⓘ
- See Site for Details
1. Up to $400 Bonus Tiered Disclosure
Up to $400 Bonus Tiered Disclosure New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 12/23/25 There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees
may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings
account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member
FDIC.
On SoFi's Secure Site,
Member FDIC
APY
3.50%
Annual Percentage Yield (APY)
- High-Yield Savings Account
- Min. initial deposit: $0.00
- 3.50% APY — far above the national average
- Member FDIC
- No Minimum Balance
- No Monthly Fees
- Interest Compounded Daily
- Full Liquidity - Withdraw Funds Anytime
- Terms Applyⓘ
- Trusted Fortune 500 Bank with Nationwide Reach Serving Millions of Customers
- See Site for Details
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
On Synchrony Bank's
Secure Site, Member FDIC
APY
3.65%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. opening deposit: $100
- 3.65% APY1
- No Monthly Service Fees
- No Minimum Monthly Balances
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- Terms Applyⓘ
- See Site for Details
Savings Connect Account Disclosure
APY — Annual Percentage Yield is accurate as of January 9, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
CIT Bank® Platinum Savings Account: up to 4.10% APY - with Promo Code: CITBOOST
SoFi® Checking and Savings: 4.00% APY & Earn up to $400 with qualifying activities
CIT Bank® Savings Connect Account: 3.65% APY
CIT Bank Customer Service
What sets CIT Bank apart from many digital-only competitors is their reliable, U.S.-based customer service phone support. The bank has a team of knowledgeable and friendly representatives who resolve issues quickly and efficiently.
- Phone Number: 855-462-2652 (Within U.S.)
- International: 626-535-8964 (Toll call)
- Hours of Operation:
- Monday through Friday: 9:00 a.m. — 9:00 p.m. (ET)
- Saturday: 10:00 a.m. — 6:00 p.m. (ET)
- Sunday: Closed
Is CIT Bank Platinum Savings Worth It? Bottom Line
Overall, the CIT Bank Platinum Savings account is a truly fantastic option for individuals looking to aggressively grow their wealth—provided they have the cash to support it. The exceptionally competitive APY, user-friendly online banking platform, and strict $0 monthly fees make it a powerhouse choice for seasoned savers.
If you have a fully funded emergency fund, are saving for a massive down payment, or simply want to maximize a $5,000+ balance, the Platinum Savings account is absolutely worth considering.
Frequently Asked Questions
Is CIT Bank a trusted bank?
Yes, CIT Bank is a highly trusted and established financial institution. Originally founded in 1908, it is now officially a division of First Citizens Bank. All of your deposits are securely protected by the federal government via FDIC insurance up to the legal maximum.
What happens if my CIT Platinum Savings balance drops below $5,000?
Because the Platinum Savings account uses a tiered interest structure, your APY will drop significantly. If your balance dips to $4,999.99 or lower, you will instantly revert to earning the base interest rate instead of the top-tier promotional rate.
Are Citibank and CIT Bank the same?
No, they are two completely separate financial institutions. Citibank is a massive, multi-national brick-and-mortar bank owned by Citigroup. Conversely, CIT Bank is a digital-first online bank that operates as a division of First Citizens Bank.
Does the CIT Platinum Savings Account have monthly fees?
No. The CIT Platinum Savings account is incredibly consumer-friendly and charges absolutely zero monthly maintenance fees, regardless of your daily balance.
*National Savings Rate Average as published by FDIC