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, CIT 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 4.30% (with $5,000 minimum balance) APY (Annual Percentage Yield).
CIT Bank Savings Account Rates
| Account | APY (Annual Percentage Yield) | Minimum Deposit |
| CIT Bank Platinum Savings | 4.30% (with $5,000 minimum balance) | $100 |
| CIT Bank Savings Connect Account | 4.00% | $100 |
| CIT Bank Savings Builder Account | 0.40% to 1.00% | $100 |
| CIT Bank Money Market Account | 1.55% | $100 |
CIT Bank Savings Account Options
CIT Bank Platinum Savings Account
The CIT Bank Platinum Savings may be the best option if you regularly keep a minimum of $5,000 in your account. You'll be able to earn 4.30% APY, which 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 CIT's savings accounts.
CIT Bank Savings Connect
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 CIT Bank savings accounts, there is no monthly service fee, and you'll need just $100 to get started.
CIT Bank Savings Builder
The CIT Bank Savings Builder Account is a tiered-rate account that 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
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, the CIT Bank Money Market Account 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.
With the lower rate of 1.55% APY, most savers will be better off stashing their cash in CIT's Platinum Savings or Savings Connect account.
How CIT Savings Accounts Work
CIT Savings Account Opening Process
CIT savings accounts can be opened online but not at any physical locations.
You must be at least 18 years old to open a CIT 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 a CIT savings account, you must transfer money from an existing CIT bank account or an external bank account.
CIT Savings Minimum Deposits and Balance Requirements
CIT 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.
Current CIT Savings Rates and How They Compare
CIT Bank Platinum Savings pays 4.30% APY on balances of $5,000 or more, which is significantly higher than the average interest rate on savings accounts. You can open an account with just $100, but you'll only earn 0.25% APY on balances under $5,000.
The CIT Bank Savings Connect Account pays 4.00% APY. This is slightly lower than the Platinum's highest rate — but there are no balance requirements to earn the rate, making it the better choice if you're stashing less than $5,000.
The CIT Bank Savings Builder Account pays 0.40% to 1.00% APY. This account might incentivize you to save because you'll need to maintain a high balance or make regular deposits to earn the higher rate. Still, the interest rate is much lower than the Savings Connect account, which has no requirements to earn its rate. It makes sense to park your cash in a different CIT savings account unless you need the motivation to save and are comfortable with missing out on interest.
The CIT Bank Money Market Account pays 1.55% APY, which is much higher than the national average but lower than you can find with the best money market accounts.
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 CIT 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 Savings Monthly Maintenance Fees
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 Online Banking
If you get a CIT Bank savings account, you'll have to be comfortable managing your account online. Here's what you need to know about CIT Bank's online banking features.
CIT Savings Features and Functionality
The CIT Bank 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 Savings User Experience and Usability
The CIT Bank mobile app has received 4.7 out of 5 stars in the Apple store and 4.7 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.
CIT Bank Customer Service and 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 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)
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
Is a CIT Savings Account Right for You?
CIT 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.
CIT Savings Rates FAQs
Money is safe in a CIT 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.
CIT Bank offers several types of savings accounts. CIT Bank Platinum Savings pays 4.30% 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.
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.
CIT Bank is worth considering if you're looking for high savings rates: CIT Bank Platinum Savings pays 4.30% APY on balances of $5,000 or more, and the CIT Bank Savings Connect Account pays 4.00% APY on all balances.
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.
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 3.80% 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 savings accounts have a $100 minimum opening deposit, while Ally's is $0.
The Ally Money Market Account comes out ahead with a 3.80% APY versus CIT's 1.55% APY. The Ally account comes with checks and a debit card, while the CIT 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
The CIT Bank Savings Connect Account and Synchrony High Yield Savings Account pay similar rates, so the interest rate alone likely won't be enough to sway you one way or the other. You can earn 4.30% APY with CIT Bank Platinum Savings, but only if you keep at least $5,000 in your account.
Synchrony's money market account comes out ahead with a 2.25% 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.
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.
