CIT Bank Platinum Savings Review

CIT Bank recently launched a new savings account called: Platinum Savings. This account is very similar to the old Savings Builder account you previously had.

The CIT Platinum Savings Account is a two-tier savings account. This means that you must meet certain requirements to get the highest advertised interest rate on your savings. If it doesn’t meet the requirements, it defaults to the lowest rate.

Let’s dig in and learn more about how the CIT Platinum Savings account works.

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How CIT Platinum Savings Works

CIT Platinum Savings is a two-tier savings account. To enjoy the maximum savings rate, you must maintain a minimum balance of $5,000.

The savings account pays up to 4.40% APY on your money.

It has two levels – a low level of 0.25% APY, and a higher level of 4.40% APY.

If the daily balance is $5,000 or more, then the APY for the total balance is 4.40%. However, if the daily balance falls below $5,000, then the APY falls to 0.25%. The daily balance is measured at the end of each day. See the CIT Bank website for more information.

You can open an account with just $100, but remember: you must reach $5,000 or more to earn the highest interest rate.

Why we like the product

In today’s savings and banking environment, CIT Bank is a proven leader when it comes to online savings accounts. They have long histories, consistently pay above-average interest on their savings accounts, and of course, these accounts are FDIC-insured.

As of March 2023, the FDIC reports that the average interest rate on savings accounts nationwide is only 0.35% APY.

This account is well above the national average, and is also consistently on our list of the best savings accounts.

CIT Bank also makes it very easy to deposit and withdraw money from this account. You can deposit and withdraw electronically, and they have a robust mobile app where you can manage your funds.

Any important fine print?

As with most financial products, there is always fine print. Fortunately, it’s pretty easy with CIT Platinum Savings.

You need a minimum deposit of $100 to open the account. After that, there is no minimum balance requirement.

However, to get the higher tier rate, you must maintain a daily balance of $5,000 or more. Otherwise, it will default back to the lower level interest rate.