Why I Switched My High-Yield Savings Account -- and How You Can Earn More, Too
KEY POINTS
- Look out for the highest APY you can find.
- Don't dip into savings to cover short-term expenses.
- Make sure your account isn't charging unnecessary fees.
I've always been careful with where I park my savings. After all, that's money I want to grow without taking unnecessary risks. But after a while, I realized my old high-yield savings account wasn't cutting it anymore. The rates were decent, but they were no longer keeping pace with inflation, let alone maximizing the potential of my savings.
That's when I decided to make a change. I opened a CIT Platinum Savings account, and honestly, it's been one of the best financial decisions I've made in a while. Let me walk you through why I switched and what you can take away from my experience.
The drawbacks of my old account
While my previous high-yield savings account wasn't terrible, it was missing a few things I really wanted:
- Higher interest rates: At the time, my old account wasn't offering anything near the best rates on the market. It was fine, but I knew I could do better.
- Account separation: Having my savings account linked to my checking institution made it way too easy to transfer money around. As a result, I found myself dipping into savings more often than I wanted to. With CIT Platinum Savings, it's a bit more removed, which gives me that extra layer of friction to keep me from making impulsive withdrawals.
- Robust features: The features of my old account were basic at best, with no real extras to make managing the account easier or more rewarding.
Why I chose CIT Platinum Savings
When I was looking for a new savings account, CIT Platinum Savings stood out.
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.70%
Rate info
3.70% annual percentage yield as of April 15, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.70%
Rate info
3.70% annual percentage yield as of April 15, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
CIT Platinum Savings
Member FDIC.
APY
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$100 to open account, $5,000+ for max APY
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
|
$100 to open account, $5,000+ for max APY
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Barclays Tiered Savings
Member FDIC.
APY
4.15%
Rate info
Balances less than $250,000 earn 4.15%, and balances greater than $250,000 earn 4.40% APY.
Min. to earn
$0
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
4.15%
Rate info
Balances less than $250,000 earn 4.15%, and balances greater than $250,000 earn 4.40% APY.
|
$0
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
Here's why it made sense for me:
- High APY to grow my savings: What really caught my attention with the CIT Platinum Savings account was the high APY (currently 4.10% APY for balances of $5,000 or more). It's a big step up from what I was getting with my old account, and that extra interest is a real motivator to keep at least $5,000 in savings. Knowing that my money is growing more quickly is exactly what I was looking for.
- Less temptation to dip into my savings: Another reason I chose CIT is that it's not tied to my everyday banking. With my old account, being linked to my checking made it all too easy to transfer funds back and forth. CIT's separate setup makes it a little harder to access, which means I'm less likely to raid my savings unnecessarily.
- No monthly fees: I also appreciate that there are no monthly maintenance fees with this account. With some other savings accounts, those fees can really add up, but CIT keeps things simple and doesn't eat into the money I'm trying to grow.
Is the CIT Platinum Savings account right for you?
If you're in a similar boat, where you want to grow your savings but are tired of being stuck with low rates and high fees, I highly recommend checking out the CIT Platinum Savings account. The higher APY and simple online management make it a great choice for anyone serious about making the most of their savings.
Ready to switch to CIT Platinum Savings? Open an account today and start earning more on your savings.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.