Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

CIT Platinum Savings Review: Why I Chose It and What You Should Know

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

See Full Bio

| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Citi is an advertising partner of Motley Fool Money. APY = Annual Percentage Yield.

A high-yield savings account (HYSA) is one of the smartest ways to make your money work for you in 2025. I have the CIT Platinum Savings account, and it's helped me earn significantly more interest on my cash compared to a traditional bank. With APYs still at above-average levels, this account is a strong contender -- if you can keep a balance of at least $5,000.

Is it the right fit for you? Below, I'll share the pros, cons, and my personal experience so you can decide if CIT Platinum Savings deserves a spot in your financial toolkit.

CIT Platinum Savings
Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.

Rates as of Apr 11, 2025

CIT Platinum Savings

Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for CIT Platinum Savings

On CIT's Secure Website.

Limited-Time Offer
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
APY
4.10% APY for balances of $5,000 or more Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000+ for max APY
  • Competitive APY
  • No account opening or maintenance fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • Interest compounds daily so your money can grow a bit faster
  • FDIC insured
  • Balance requirement for maximum APY
  • No branch access; online only

CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the CIT Platinum Savings account

High APY

The biggest selling point? The 4.10% APY for balances of $5,000 or more -- one of the highest you'll find in a trusted, reliable savings account. With an APY like that, it's no surprise this account made our list of the best high-yield savings accounts of 2025.

Many online-only banks can offer higher APYs because they don't have the costs of physical branches, and accounts with higher minimum balances often get the best rates. This account checks both boxes.

If you're serious about maximizing your interest earnings, CIT Platinum Savings is easily one of the best options available.

No fees

A great APY doesn't mean much if fees eat into your earnings. Fortunately, this account has no monthly maintenance fees, no account fees, and no opening fees -- so every dollar you earn stays in your pocket.

Daily compounding interest

This might not be a game-changer if you're keeping a smaller balance, but with the $5,000 minimum, daily compounding works in your favor. While interest is still deposited monthly, it's calculated daily, which means you'll earn slightly more over time compared to accounts that only compound monthly. It's a small difference, but for savers looking to maximize returns, every bit helps.

We want to know what you think about CIT Platinum Savings

Do you have first-hand knowledge of CIT Platinum Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

CIT Platinum Savings
Write a Review
CIT Platinum Savings
×
Let us know what you think

Do you have any experience with this bank account? Let us know your thoughts.

CIT Platinum Savings

The most helpful reviews focus on your experience with this product.

For privacy reasons, do not include your full name or email address.

I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

Recent reviews
CIT Platinum Savings
3.8
Rating image, 3.80 out of 5 stars.
3.80/5
• 5 reviews
Featured Reviews
Rating image, 3.0 out of 5 stars.
3.0/5
Olivia, a Motley Fool employee
Feb. 21, 2025
I've been using the CIT Platinum Savings account for over two years now, and it has become a key part of my bi-weekly budgeting. The platform is relatively user-friendly, and I appreciate using it separately from my other, more accessible savings accounts. Transferring money in and out of the account takes a bit more time, which I actually like for my emergency savings. This delay helps me maintain a 'do not touch' mentality, keeping the funds out of my everyday view and reducing the temptation to dip into them. The high interest rate is a significant benefit, providing a substantial interest payment at the end of each month. This allows my emergency fund to grow steadily over time. Overall, the CIT Platinum Savings account offers a great balance of accessibility and security, making it an excellent choice for my emergency savings.
Rating image, 4.0 out of 5 stars.
4.0/5
Jade, a Motley Fool employee
Feb. 18, 2025
CIT Platinum Savings offers a solid APY and is reasonably easy to use. It has both an app and a mobile site. Both are straightforward, especially if you plan to use it as a safe place to keep emergency fund cash with a bit of growth and don't need to make a whole lot of transfers. Transfers can take a little bit of time, especially the first time around, but I've been satisfied with the product and have suggested it to family opening up their first high yield savings accounts.
Rating image, 5 out of 5 stars.
5/5
David, a Motley Fool employee
Feb. 18, 2025
Very competitive rates (savings and CDs), good customer service, and a user-friendly portal.
Rating image, 3.0 out of 5 stars.
3.0/5
Katie, a Motley Fool employee
Feb. 6, 2025
I've been using this account for the past two years. It's a very simple application process, an easy process to link an outside bank account, and they don't inundate you with a bunch of marketing emails. I'm notified by email when the rate is changing and the app makes it easy to view everything I want in one place.
Rating image, 4.0 out of 5 stars.
4.0/5
Jack, a Motley Fool employee
Feb. 6, 2025
It's quite simple to open an account and transfer funds in/out as needed. The mobile and web apps are pretty bare-bones, which has been just fine for my needs.
Consumer reviews posted on The Motley Fool Money are the independent opinions of the reviewers, and not The Motley Fool Money. We do not endorse any of the opinions expressed, and do not guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length or clarity.

Downsides you should consider

High minimum to earn APY

To get the standout APY, you'll need to maintain a minimum balance of $5,000. Drop below that, and your rate plummets to a fraction of a percent -- which, let's be honest, is barely worth it. Some other accounts, like LendingClub LevelUp Savings, have a similar system, but their fallback rate is still competitive. If there's a chance your balance might dip below $5,000, you may want to explore other high-yield savings options.

Online-only bank

CIT Bank operates entirely online. That works just fine for me, but if you prefer walking into a branch for in-person service, this won't be the best fit. That said, my experience with CIT's platform has been smooth, and while the features are fairly simple, they get the job done. Just don't expect the same level of extras you'd get with a big national bank.

Not always auto-enrolled in higher APY accounts

One thing that did catch me off guard? CIT lowered the APY on my account in mid-2023 when it rolled out CIT Savings Connect, a new account with a higher rate at the time (though that's no longer the case). Instead of automatically upgrading me, CIT left me earning a lower rate until I manually switched over. It wasn't a huge hassle, but I'm not thrilled about having to keep tabs to make sure I'm always earning the highest possible APY.

Customer service

CIT Bank's customer service is fine -- nothing amazing, but it gets the job done. You can reach a real person by phone Monday through Saturday, or send an email anytime if you're logged in. That said, some of the bigger online banks offer 24/7 phone support or live chat, so CIT lags a bit in that department.

When I had to manually switch from CIT Platinum Savings to CIT Savings Connect to get a better rate, the bank's support team was helpful enough. But again, I wasn't thrilled that I had to proactively make that switch myself. It's not a dealbreaker, just something to keep in mind if you prefer a bank that's a little more hands-on.

Accessing your money

Even though CIT Bank is an online-only bank, moving money in and out of your CIT Platinum Savings account is easy. You have multiple ways to deposit funds, including free ACH transfers from an external bank, mobile check deposits through the CIT Bank app, fee-free incoming wire transfers, or even mailing in a physical check if that's your thing.

When it's time to withdraw your money, you also have a few solid options. The most convenient is a free ACH transfer to an external bank. Need a wire transfer? That's available too, though there's a $10 fee if your balance is under $25,000. And if you prefer a more traditional approach, you can call CIT Bank and request a check by mail, completely free.

While you won't find ATM access like some other online banks offer, CIT still provides straightforward, no-fuss ways to manage your savings without extra hassle.

Security and reliability

CIT Bank operates under First-Citizens Bank & Trust Company, an FDIC member, which means your deposits are FDIC insured up to $250,000 per depositor, per account ownership category. As long as your combined deposits across CIT Bank and First Citizens stay within that limit, your money is fully protected in the unlikely event of a bank failure.

Personally, I've had a smooth and reliable experience with my CIT accounts. No issues, no surprises -- just a solid bank that does what it's supposed to do.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 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
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ 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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ 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 Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ 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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ 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 is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Who will benefit from the CIT Platinum Savings account?

If you're a saver who keeps a larger cash cushion and wants to maximize interest earnings without worrying about fees, this account could be a perfect fit.

It's ideal for:

  • Savers who can maintain at least $5,000 to secure the highest APY
  • Those looking for a fee-free high-yield savings account
  • People comfortable with online banking and no branch access
  • Savers who don't mind monitoring their APY to maximize earnings

Not the best fit for:

  • Those who frequently drop below a $5,000 balance, as the APY drops significantly
  • Anyone who prefers in-person banking
  • People who want hands-off, auto-upgraded savings accounts

If you fit into the ideal category, the CIT Platinum Savings account is a strong contender for your savings strategy. Put your money to work for you and open an account today.

FAQs

  • You need a minimum deposit of $100 to open the account, but to earn the top APY, you'll need to maintain at least $5,000 in your balance.

  • No, CIT is an online-only bank, so all banking activities must be done through the website or mobile app.

  • Interest is calculated daily and deposited into your account monthly, helping you earn a bit more compared to accounts that only compound monthly.