Business Insider's personal finance team compared CIT Bank's savings accounts to the best high-yield savings accounts and found them to be a standard offering.
CIT Bank is the online division of First Citizens Bank (Member FDIC). Along with its other bank accounts, it offers four options for savings: three high-yield savings accounts and a money market account.
The best online banks offer low fees and high interest rates, and CIT Bank offers both: All of its savings options have zero monthly fees, and the CIT Bank Platinum Savings account pays up to 4.10% (with $5,000 minimum balance) APY (Annual Percentage Yield).
Compare CIT Bank Savings Rates
- CIT Bank Platinum Savings: 4.10% (with $5,000 minimum balance) APY
- CIT Bank Savings Connect Account: 4.00% APY
- CIT Bank Savings Builder Account: 0.40% to 1.00% APY
- CIT Bank Money Market Account: 1.55% APY
Current CIT Bank Savings Rates
CIT Bank Platinum Savings Account Rates
The CIT Bank Platinum Savings may be the best option if you regularly keep a minimum of $5,000 in your account, as you'll be able to earn 4.10% APY. This is the most competitive rate at the bank. If you don't have at least $5,000 in the account, you'll only earn 0.25% APY — the lowest rate offered by any of the bank's savings accounts.
It also has a cash bonus of up to $300 if you meet certain requirements.
CIT Bank Savings Connect Rates
The CIT Bank Savings Connect Account will be the most appealing option if you tend to keep less than $5,000 in a savings account — it pays 4.00% APY on all account balances.
Like all the bank's savings accounts, there is no monthly service fee. You'll need $100 to get started, though, which is a high minimum opening deposit for a savings account.
CIT Bank Savings Builder Rates
The CIT Bank Savings Builder Account, which offers 0.40% to 1.00% APY, is a tiered-rate account. It offers two ways to earn the best APY: maintain a minimum balance or meet monthly deposit requirements. Otherwise, you'll earn a lower rate. The account comes with an introductory period where you'll earn the top interest rate no matter what; your introductory period will end on your first Evaluation Day, which takes place on the fourth business day prior to the end of the month.
CIT Bank says this account is useful for building up savings skills since the account incentivizes you to keep adding money to the account. That being said, you'd probably be better off with either the CIT Bank Platinum Savings or the CIT Bank Savings Connect Account; both offer higher interest rates than you can get at even in the top tier of the CIT Bank Savings Builder Account.
If you are interested in building savings skills, a better choice might be to use a budgeting app, open a savings account with buckets, or look for financial education resources.
| Tier | Requirement | APY |
| Upper (with balance) | $25,000 minimum balance | 1.00% |
| Upper (with deposits) | Make at least one monthly deposit of $100 or more | 1.00% |
| Base | Less than $25,000 and less than $100 in monthly deposits | 0.40% |
CIT Bank Money Market Account Rates
The CIT Bank Money Market Account offers 1.55% APY. Unlike many money market accounts, the CIT Bank Money Market Account doesn't come with checks, a debit card, or an ATM card. However, you can access your cash via electronic transfers, wire transfers, online bill pay, and mobile check deposit through the CIT Bank app.
Also unlike many other money market accounts, it is not a tiered interest bank account. This means that this account might be easier to manage than other money market accounts, but its interest rate isn't as high as you might find with other online money market accounts
Overview of CIT Bank Savings Accounts
How CIT Savings Accounts Work
CIT Bank savings accounts can be opened online but not at any physical locations.
You must be at least 18 years old to open a savings account. When you fill out the savings account application, you will need to fill out general details about yourself, like your home address, phone number, and email. A Social Security number is required to verify your identity; if you don't have one, you can also use an Individual Taxpayer Identification Number. This means it might be a good bank for immigrants.
To deposit money into the savings account, you must transfer money from an existing CIT Bank bank account or an external bank account.
CIT Bank savings accounts require a minimum opening deposit of $100. If you would rather open a savings account with less money upfront, there are other banks with more lenient opening deposit requirements. In fact, some of the best banks let you open a savings account with $0 upfront.
If you get CIT Bank Platinum Savings or the CIT Bank Savings Builder Account, you may need to be mindful of your account balance.
To get the best APY on CIT Bank Platinum Savings, you'll need to keep a high account balance. Meanwhile, the CIT Bank Savings Builder Account offers two ways to earn the highest interest rate — either through painting a minimum balance or receiving monthly deposits
CIT Bank does not charge monthly maintenance fees on savings or money market accounts, so it's good option if you're priority is to avoid common bank fees. Other banks may charge fees on these accounts, and require you to meet certain monthly requirement to waive fees.
CIT Bank Savings User Experience and Accessibility
The CIT Bank mobile banking app has received 4.8 out of 5 stars in the Apple store and 4.6 out of 5 stars in the Google Play store. If you do a lot of banking from your phone, CIT Bank might be a good choice.
The bank's mobile app has standard features. For example, the app allows you to open new accounts, make mobile check deposits, view your transaction history, and contact customer support.
CIT Bank customer support is available by phone, email, or through the bank's mobile app. You can speak with a live representative if you call Monday through Friday, 9 a.m. to 9 p.m. ET, or Saturday from 10 a.m. to 6 p.m. ET. Live chat and automated telephone banking is available 24/7.
CIT Bank Savings Security
All of CIT Bank's savings accounts and money market accounts are FDIC-insured. The FDIC, or the Federal Deposit Insurance Corporation, federally insures bank accounts in case of bank failure. If the bank fails, your bank accounts are insured for up to $250,000 for an individual bank account or $500,000 for a joint bank account.
CIT Bank Savings Pros and Cons
CIT Bank Savings Pros
- High APYs on Platinum Savings and Savings Connect accounts
- No monthly fees
- Low minimum opening deposit on all savings accounts ($100)
- Earn a one-time bonus of up to $300 with use of the code PS2025 when you open CIT Bank Platinum Savings
CIT Bank Savings Cons
- Some accounts have requirements to earn the best rates
- Money market account and Savings Builder account rates are just so-so
- No debit card or checks with a money market account
CIT Bank Savings Account Alternatives
CIT Bank Savings Rates vs. Ally Savings Rates
CIT Bank and Ally are both online-only banks. The Ally savings rate is 3.60% APY. You can earn more with the CIT Bank Savings Connect Account, or with CIT Bank Platinum Savings if you maintain a large balance.
CIT Banksavings accounts have a $100 minimum opening deposit, while Ally's is $0.
The Ally Money Market Account comes out ahead with a 3.60% APY versus CIT Bank's 1.55% APY. The Ally account comes with checks and a debit card, while the CIT Bank account offers neither.
If getting the highest rate is your top priority, you might choose the CIT Bank Savings Connect Account or CIT Bank Platinum Savings (if you can maintain a $5,000 balance). Otherwise, most savers will do better banking with Ally because it offers easier cash access and one of the best mobile banking apps.
CIT Bank Savings Rates vs. Synchrony Savings Rates
Synchrony's money market account comes out ahead with a 2.00% APY on all balances, compared to CIT's 1.55% APY.
CIT Bank might make sense if your priority is earning the highest savings rate. However, for a higher money market account rate or access to an extensive network of free ATMs, Synchrony is the better choice.
CIT Bank Savings vs. CIT Bank CDs
Certificates of deposit, or CDs, are a type of bank account. CDs are federally insured, and they give you interest on your cash. Unlike savings accounts, CDs offer fixed interest rates, which means your interest rate won't change for the CD's term length. In exchange, you can't withdraw your money before the end of the term length without paying early withdrawal penalties.
CIT Bank Term CDs have interest rates that range from 0.30% to 3.50% APY, which means you can get higher rates from CIT Bank savings accounts. Its specialty CDs, such as its CIT Bank Jumbo CD and CIT Bank No Penalty 11-Month CD, also offer lower rates than CIT Bank savings accounts. Because of this, CIT Bank CDs probably aren't a good choice unless you think interest rates are about to drop sharply.
Is a CIT Savings Account Right for You?
CIT Bank savings accounts may be right for you if you're seeking a high APY on an online savings account.
The CIT Bank Platinum Savings and CIT Bank Savings Connect Account pay great interest rates that are only slightly lower than the best high-yield savings accounts on offer right now.
The CIT Bank Savings Builder Account and CIT Bank Money Market Account pay above-average rates, but they aren't nearly as competitive.
Why You Should Trust Us: How We Reviewed CIT Bank Savings Accounts
We rate banks and credit unions on a scale from one to five stars, with five being the most favorable. We used Business Insider's bank account methodology for our CIT Bank savings review.
We look at customer support, mobile app ratings, and the company's ethics and security, including recent public scandals and Better Business Bureau (BBB) ratings. Other factors we examine depend on the type of account we're reviewing. For example, we consider interest rates and monthly fees for all types of savings accounts — but we also look at ways to access your cash (like a debit card or checks) and miscellaneous features for money market accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
CIT Savings Rates FAQs
Is my money safe in a CIT Savings Account?
Money is safe in a CIT Bank savings account. CIT Bank is FDIC-insured, so your money is safe in case of CIT Bank failing up to $250,000 in an individual CIT Bank savings account. If you have a joint bank account, up to $500,000 is protected.
What are the interest rates for CIT savings accounts?
CIT Bank offers several types of savings accounts. CIT Bank Platinum Savings pays 4.10% APY on balances of at least $5,000 (otherwise, it's 0.25% APY). The CIT Bank Savings Connect Account pays 4.00% APY on any balance. The CIT Bank Savings Builder Account is a tiered interest-rate account, paying 0.40% to 1.00% APY. The CIT Bank Money Market Account pays 1.55% APY.
How do I contact CIT Bank customer service?
You can contact CIT Bank customer service by phone, email, or live chat. If you send a message through the bank's mobile app, live chat support is available 24/7. If you prefer calling, representatives are available Monday through Friday, 9 a.m. to 9 p.m. ET, or Saturday from 10 a.m. to 6 p.m. ET.
Is CIT Bank a good bank for savings?
CIT Bank is worth considering if you're looking for high savings rates: CIT Bank Platinum Savings pays 4.10% APY on balances of $5,000 or more, and the CIT Bank Savings Connect Account pays 4.00% APY on all balances.
Can you withdraw money from a CIT savings account?
You can take out money from a savings account at any time, be mindful of free withdrawal limits. The Savings Builder, Savings Connect, and Money Market Accounts have a limit of six withdrawals or transfers per statement cycle. The Platinum Savings account has unlimited transfers and withdrawals.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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*Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****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.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
