CIT Bank Platinum Savings
APY
Minimum Deposit
Our Rating
Fees
CIT Bank Platinum Savings
APY Savings
Minimum Deposit
Our Rating
Fees
Introducing CIT Bank's latest addition to their range of savings accounts – the Platinum Savings account. Among CIT's lineup, the Platinum Savings account stands out by offering the highest APY. With a balance of $5,000 or more, customers can enjoy an impressive 5.00% APY. What's more, there are no monthly fees associated with this account, and it only requires an initial deposit of $100 to open.
It's important to note that to qualify for the highest APY, certain conditions must be met. If your balance falls below $5,000, the APY drops significantly to a mere 0.25%. The daily balance is assessed at the end of each day to determine the applicable APY.
CIT Bank operates as an online banking division of First Citizens Bank, which happens to be the largest family-controlled bank in the United States. As part of this renowned parent bank, CIT Bank benefits from a vast wealth of experience and resources, with over $200 billion in assets.
Table Of Content
CIT Platinum Savings Features
The CIT Platinum Savings offers competitive rates, great mobile app and other benefits for those who like to manage their finance digitally:
- High Rate: CIT Platinum Savings account offers one of the highest savings rates on the market.
- No Monthly Maintenance Fees: CIT does not impose monthly maintenance fees on the Platinum Savings account, ensuring you don't pay for account services from your savings fund.
- Remote Check Deposit: CIT's app includes a convenient remote check deposit feature, allowing you to manage your account on the go and quickly deposit checks.
- Convenient Access: Open an account in just five minutes and enjoy 24/7 access to online banking. Make transfers, manage account alerts, create banking reports, and view/download activity at your convenience.
- FDIC Insured: Rest easy knowing your funds in the Platinum Savings account are FDIC insured. In the event of bank failure, you're covered for up to $250,000 with federal insurance.
Benefits | Drawbacks |
|---|---|
High Rate | $5,000 Balance Requirement |
No Monthly Maintenance Fees
| Minimum Initial Deposit |
Convenient Access | No ATM Access |
Remote Check Deposit | No 24/7 Support |
FDIC Insured | No Physical Branches |
What Are The Drawbacks?
Here are some important points to consider about CIT's Platinum savings:
- $5,000 Balance Requirement for Highest APY Tier: To earn the maximum APY, you need to maintain a balance of $5,000 or more. If your balance falls below this threshold, the APY drops significantly to 0.25%. If you don't have it, you may want to explore the CIT Savings Connect, which offers a bit lower rate but doesn't have such a high minimum.
No ATM Access: The Platinum Savings account does not provide an ATM card, which means you cannot withdraw cash directly from the account. If you need cash, you'll have to transfer funds to another account with ATM or branch access, potentially causing a delay.
- No Physical Branches: CIT operates as an online bank and does not have physical branch locations. Customer inquiries and support are primarily handled through online resources and the phone helpline.
Limited Support Hours: While you can manage your account online 24/7, customer support is not available round-the-clock. The helpline is accessible from 9 am to 9 pm on weekdays and from 10 am to 6 pm on Saturdays.
Does The CIT Platinum Savings Competitive?
CIT Platinum Savings stands out as a highly competitive option when compared to other banks and credit unions. Their Platinum Savings account surpasses the national average by a significant margin, consistently earning its place among the best savings accounts.
To illustrate its competitiveness, here's a comparison with some of the most competitive savings accounts available in the country. As you can see, CIT Platinum Savings offers one of the most attractive rates in the market.
Bank/Institution | Savings APY |
|---|---|
CIT Platinum Savings | 5.00% |
American Express | 4.30% |
Capital One | 4.35% |
Upgrade | 5.21% |
Marcus | 4.40% |
Discover Bank |
4.25%
|
Citizens Access | 4.50% |
Bread Financial | 5.15% |
Lending Club | 5.00% |
Quontic | 4.50% |
UFB Direct | Up to 5.25% |
Alliant Credit Union | 3.06% – 3.10% |
Ally Bank | 4.25% |
SoFi | up to 4.60% |
Deposit & Withdrawal Options
As an online bank, CIT doesn't have physical branches you can visit. However, accessing your money is still hassle-free, and you won't be charged any fees.
Depositing money into a CIT Platinum Savings account is convenient, and you have several options:
Electronic funds transfer: You can transfer funds from another bank account electronically. This is a quick and easy way to deposit money.
Mobile check deposit: By using the CIT Bank app, you can deposit checks directly into your account using your mobile device. Just snap a photo of the check and follow the instructions in the app.
Mailing a check: If you prefer traditional methods, you can also mail a check to CIT Bank for deposit into your Platinum Savings account.
Wire transfer: Another option is to initiate a wire transfer from another bank to your CIT account. However, please note that wire transfers may involve fees from the sending bank.
CIT Bank doesn't charge any fees for these deposit methods. Generally, funds are made available on the first business day after the deposit is received. With electronic funds transfers, it may take up to two business days for the funds to appear in your account.
When it comes to withdrawing money from your CIT Platinum Savings account, you have the following options:
Free electronic banking transfers: You can transfer funds from your CIT account to another bank account using electronic banking transfers, also known as ACH transfers. This service is provided free of charge.
Outgoing wire transfers: If you need to send money from your CIT account to another account, you can request an outgoing wire transfer. Please note that there is a $10 fee for accounts with balances below $25,000.
Check by mail: If you prefer a physical check, you can call CIT Bank and request a check to be mailed to you at no cost.
These withdrawal options offer flexibility and convenience for accessing your funds with your CIT Platinum Savings account.
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How to Open a CIT Bank Platinum Savings Account?
To open a savings account with CIT Bank online, follow these simple steps:
Visit the CIT Bank Website: Go to the CIT Bank website and locate the product page for Platinum Savings. You can find it by clicking on the “Bank” tab at the top of the page and selecting ” Platinum Savings.”
Click “Open Account”: On the Platinum Savings page, you'll find a prominent green button labeled “Open Account.” Click on it, and you'll be taken to an application form.
Complete the Application: Fill out the application form with your essential details, including your full name, address, email address, and Social Security Number. Make sure to provide accurate information.
Verify Your Identity: As part of the process, you'll need to verify your identity. You can do this by providing your Driver's License or any other valid, state-issued photo ID.
Fund Your Account: The final step is to fund your new CIT Platinum Savings. You'll either be prompted to enter the bank routing and account number of an external bank account, or you'll receive instructions on how to deposit a check.
By following these straightforward steps, you can complete the entire account opening process for CIT Bank's Platinum Savings online, without the need for physical paperwork or branch visits.
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Savings Account Reviews Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
