CIT savings account comparison
Platinum Savings | Savings Connect | Savings Builder | |
APY | 4.70% APY on balances of $5,000 or more | 4.35% (as of 9/25/24) APY | 1.00% (as of May 3, 2024) with a balance of more than $25,000 or by receiving $100 or more in monthly direct deposits
0.40% (as of May 3, 2024) on balances less than $25,000 |
Minimum opening deposit | $100 | $100 | $100 |
Monthly maintenance fees | None | None | None |
Transactions per month | Unlimited | Unlimited | Unlimited |
FDIC insured | Yes, up to $250,000 | Yes, up to $250,000 | Yes, up to $250,000 |
Learn more | Learn more | Learn more |
Who should get these accounts
Platinum Savings
Since CIT is an online-only bank, you should be comfortable with not having branch access to open any of CIT’s accounts, including its Platinum Savings. Practically speaking, that means you’ll need to transfer money out of the account to withdraw it, since there isn’t any ATM access with this account. It could take a couple of business days (or more) before you can access any cash.
You should also be able to generally meet the minimum balance needed to get the highest rate (4.70% APY). While the account pays an APY on balances less than $5,000, it’s only 0.25% (as of 07/22/24), which isn’t worthwhile.
If you anticipate needing to make regular withdrawals or transfers that could bring the balance down, you may want to go with the Savings Connect account since it has a lower balance requirement to earn a high APY.
If you can meet the minimum, the rate is very competitive. It’s higher than Citi’s Accelerate High-Yield Savings account, for example, which has a 4.30% (as of November 7, 2024) APY, and Barclays Tiered Savings Account, which has an up to 4.80% APY.3
Savings Connect
The Savings Connect account is a strong alternative to the Platinum Savings account. While it has a lower APY of 4.35% (as of 9/25/24), it doesn’t have a minimum balance requirement of $5,000 to earn the highest APY, and that makes it more accessible.
You do need to meet the $100 opening deposit requirement, but that’s the case for all CIT Bank’s savings accounts.
Savings Builder
With its low APY of up to 1.00% (as of May 3, 2024), this is by far the weakest savings account option from CIT. In addition to the APY being low, you need to have a balance of $25,000 or more or make monthly deposits of $100 or more to even get the highest rate. If you don’t meet one of these higher APY requirements, the CIT Savings Builder has an APY of 0.40% (as of May 3, 2024).
Who shouldn’t get these accounts
You shouldn’t get a savings account with CIT Bank if you’re looking for a financial institution with everything. CIT Bank has checking, savings, CDs, and home loans, which is a decent line-up. But other banks also have investment accounts, personal loans, credit cards, home equity loans, and so on.
For example, SoFi®, Member FDIC4, has an APY of up to 4.20% on its savings5, which is a rate very similar to the Savings Connect. SoFi also has a very wide variety of products, so it’s a better choice if you’re looking for a one-stop-shop banking experience. You do need to have direct deposit to get this APY with SoFi, though, so if you won't be setting up direct deposit, a CIT account could still be the better choice.
Obviously, CIT Bank’s savings accounts aren’t a great choice if you regularly need to deposit cash. You can’t even deposit cash into a CIT Bank checking account.
Savings over time comparison
Here’s how much your money would grow, based on CIT Bank’s savings account rates on September 25, 2024.
Platinum Savings | Savings Connect | Savings Builder | |
Starting balance | $5,000 | $5,000 | $5,000 |
Total in 10 years | $7,999.73 | $7,724.62 | $5,525.85 |
Total in 20 years | $12,799.13 | $11,933.94 | $6,107.00 |
How to open an account
Opening a CIT Platinum Savings account or any other CIT Bank account is simple, and the process takes about five minutes. You’ll need to provide your home address, email address, Social Security number, and birthdate.
You then transfer the $100 minimum opening deposit (or more) to your account.
How to withdraw money
While CIT doesn’t offer ATM access as a perk with its savings accounts, if you want to withdraw money from your account, you have a few options for doing so, including:
- An electronic transfer (ACH)
- Outgoing wire transfer. One thing to keep in mind is that there’s a $10 for each outgoing wire transfer if your account balance is less than $25,000.
- Paper check by mail
CIT Savings Builder account FAQ
Is CIT Bank safe?
CIT Bank is a well-established financial institution that has been in business for over a hundred years. It offers fraud and security features with all its financial products, including secure encryption, activity monitoring, and firewalls to block unauthorized individuals or networks. The FDIC also insures your deposits up to $250,000 per account type with CIT Bank.
Does CIT Bank compound interest daily?
Yes, the interest you earn with a CIT savings account is compounded daily and paid to your account monthly.
Does CIT Bank offer joint accounts?
Yes, CIT Bank does offer joint accounts. As you go through the account application process, you can designate whether you’re applying for an individual account or a joint account.
Does CIT Bank charge monthly maintenance fees?
CIT Bank does not charge monthly maintenance fees for its savings accounts. There are also no account opening fees and no ACH transfer fees to worry about.
What types of accounts does CIT Bank offer?
In addition to its high-interest savings products, CIT Bank also offers several other financial products. You can open a money market account, a checking account, and various types of CD accounts (certificates of deposit). CIT Bank CDs include term CDs, jumbo CDs, and no-penalty CDs that offer the flexibility of no early withdrawal penalties.
Bottom line
CIT Bank’s Platinum Savings and Savings Connect products offer a competitive rate, and interest is compounded daily. Just be sure that you meet the requirements to get the highest APY and that you have the $100 required to open an account.
If you’re confident you can meet the deposit requirements. it’s worth it to apply for an account. The daily compounding interest and the APY rate make CIT one of the best banks for those who are looking to earn interest on their money over the long term.