CIT Bank, a member FDIC bank and subsidiary of First Citizens Bank, offers a range of savings products. These include high-yield savings accounts, a money market account<\/a> and certificates of deposit<\/a> (CDs) with a variety of term lengths.<\/p>\n Our review includes in-depth research on the best high-yield savings account CIT Bank has to offer, as well as thorough information about the online bank\u2019s other savings products. Read on to find out if CIT Bank is the right home for your hard-earned savings.<\/p>\n The CIT Bank Platinum Savings account<\/a> offers a competitive annual percentage yield (APY<\/a>) for balances starting at $5,000. You can open the account with an initial deposit of $100. However, to qualify for the highest available APY, you\u2019ll need to maintain a minimum balance of $5,000. (Balances below this threshold earn a considerably lower interest rate.)<\/p>\n To add funds to this high-yield savings account, you have multiple options. You can deposit checks remotely using the CIT Bank mobile app or transfer funds from external bank accounts through either the app or the CIT Bank website.<\/p>\n The CIT Bank Platinum Savings account offers a strong annual percentage yield for balances of $5,000 and above. Unlike some high-yield savings accounts that limit customers to earning the highest APY up to a certain balance, CIT Bank doesn\u2019t impose a balance cap.<\/p>\n CIT Bank Platinum Savings offers compounding interest, meaning you\u2019ll earn interest on both the principal (all funds you\u2019ve deposited) as well as any interest accrued. Additionally, interest compounds daily, allowing you to maximize the return on your savings.<\/p>\n CIT Bank has no monthly service fees, so you won\u2019t have to worry about recurring bank fees eating up the interest you\u2019ve earned on your savings. Additionally, while CIT Bank requires a minimum deposit to open an account, there’s no minimum balance requirement after that. (However, you must maintain a balance of $5,000 or more to earn the highest available APY.)<\/p>\n Many high-yield savings accounts limit the number of transactions \u2014 specifically withdrawals \u2014 you can make per month. Customers may incur fees or even risk the closure of their account if they exceed the allotted number of transactions. However, with CIT Bank Platinum Savings, you can make as many transactions as you like with no penalties.<\/p>\n If your CIT Bank Platinum Savings account balance is lower than $5,000, you won\u2019t earn much interest. In fact, the annual percentage yield for balances below this threshold is very poor when compared to the best high-yield savings accounts<\/a> available. This account may not be the best fit for those who aren\u2019t sure they can maintain at least $5,000.<\/p>\n While CIT Bank is a subsidiary of First Citizens Bank, which has physical branches, CIT Bank itself does not. Services are exclusively available online, through the mobile app or via phone. You can also send and receive checks by mail.<\/p>\n CIT Bank offers a few savings products, each requiring a minimum opening deposit of $100. While there’s no monthly balance requirement, the minimum opening deposit could exclude some customers who want to begin their high-yield savings journey with a smaller amount of money. Additionally, on the CIT Bank Platinum Savings account, you must have and maintain a minimum balance of $5,000 to earn the highest APY.<\/p>\n Many financial institutions, including online banks, offer 24\/7 live customer support. Here, CIT Bank falls short compared to its competitors, as it doesn\u2019t offer around-the-clock customer support. You can access your account information anytime online, through the mobile app or by phone, but actual communication with representatives is restricted to business hours.<\/p>\n CIT Bank offers a few different types of savings accounts<\/a>, including three different savings accounts and a Money Market account. The three savings accounts share some features:<\/p>\n This account offers the highest APY of all CIT Bank’s savings products, but only for balances of $5,000 and higher. For lower balances, the APY drops dramatically.<\/p>\n The CIT Bank Savings Connect account offers a slightly lower annual percentage yield than the Platinum Savings option, but the rate is the same regardless of balance. Like with the CIT Bank Platinum Savings account, the minimum deposit to open this account is $100.<\/p>\n The CIT Savings Builder is a tiered savings account that offers customers increasingly higher interest rates as their balances grow. However, the highest interest rate offered is significantly lower than the rates you find with a high-yield savings account.<\/p>\n Typically, when a bank offering high-yield savings products also offers a product with a significantly lower yield, it means that the lower-yield product has some sort of other benefit, such as second-chance accounts for those with undesirable banking histories or youth accounts accessible to customers under 18.<\/p>\n However, the Savings Builder product has no such benefits. A CIT Bank representative explained that the Savings Builder product is a relic that hasn’t yet been removed from CIT Bank’s roster of savings products.<\/p>\n If you’re trying to decide between the CIT Savings Connect and the Savings Builder accounts, the Savings Connect option is the clear choice.<\/p>\n Typically, the appeal of a money market account is that \u2014 despite possibly having a lower APY than other high-yield savings options \u2014 it offers the option to withdraw money more frequently without penalty. However, the CIT Bank money market account doesn\u2019t offer a very competitive APY, and its other account options also allow customers unlimited transactions.<\/p>\n CIT Bank offers several types of CDs, which are savings accounts with fixed annual percentage yields for fixed periods of time. Interest rates for CDs are typically higher than other savings accounts, with term lengths that vary from one month to 10 years.<\/p>\n Below you\u2019ll find details on CIT Banks’ multiple certificate of deposit products:<\/p>\n 6 months, 1 year, 13 months, 18 months, 2 years, 3 years, 5 years<\/p>\n<\/p><\/div>\n<\/div>\n 2 years, 3 years, 4 years, 5 years<\/p>\n<\/p><\/div>\n<\/div>\n 1 year, 2 years, 3 years, 4 years<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n To learn more about certificates of deposit (CDs), read our explainer here<\/a> and check out the best CD rates<\/a>. You can also read up on certificates of deposit vs. high-yield savings accounts<\/a> or compare certificates of deposit vs. money market accounts<\/a>.<\/p>\n CIT Bank’s high-yield savings account pricing is on par with the best high-yield savings accounts available. There are no monthly maintenance fees, no minimum balance requirements and no overdraft fees.<\/p>\n CIT Bank also allows for unlimited transactions, so there are no monetary penalties for exceeding limits. Additionally, CIT Bank offers daily compounding interest, which allows you to get the highest return possible on your savings.<\/p>\n CIT Bank’s parent company, First Citizens Bank, holds a Baa1 rating from S&P Global and Moody’s. This category indicates moderate credit risk, and the numerical modifier means that the financial institution is on the higher end of this rating. While this is only the fourth-best score on the ranking system, it still shows sound financial stability.<\/p>\n Additionally, First Citizens Bank is the principal subsidiary of First Citizens Bancshares, a publicly traded bank holding company based in Raleigh, North Carolina. It serves as one of the largest banking companies in the U.S. and posted net income of $2.530 billion in the 12 months ending September 2024.<\/p>\n CIT Bank is an online bank available in all 50 states via the CIT Bank website, mobile app and by phone. (CIT Bank has no physical branches.) Most of its services are available 24\/7, except for customer service, which is only available during business hours.<\/p>\n Unlike many other online banks, CIT Bank doesn’t offer 24\/7 customer service. Instead, customer service is available by phone at 1-855-462-2652, Monday through Friday from 9 a.m. to 9 p.m. EST, and Saturday from 10 a.m. to 6 p.m. EST.<\/p>\n CIT Bank offers a solid user experience via its mobile app and website. Both platforms feature easy navigation and comprehensive details about its range of financial products.<\/p>\n CIT Bank’s high-yield savings account customer satisfaction skews negative. CIT Bank\u2019s Better Business Bureau (BBB) listing shows an A- rating, but the company scores only 1.19 stars out of a possible 5 for customer satisfaction. On another third-party review site, CIT Bank has a rating of 2.2 stars out of a possible 5.<\/p>\n Negative reviews mention long waits for transfers into savings accounts to clear, as well as unexpected account freezes and closures. Customers also note difficulty reaching customer service representatives. On the other hand, a handful of positive reviews praise attentive, helpful customer service representatives.<\/p>\n CIT Savings Connect is a high-yield savings, no-fee account with a $100 minimum deposit to open. Regardless of the amount, it offers the same annual percentage yield on your balance. Meanwhile, the CIT Bank Platinum Savings account offers a slightly higher APY, but requires a minimum balance of $5,000 to qualify for the highest rate. <\/p>\n<\/div>\n Yes, CIT Bank compounds interest daily on all of its savings account products.<\/p>\n<\/div>\n Yes, CIT Bank\u2019s savings interest rates fluctuate depending on market conditions. The annual percentage yields offered on its accounts are variable and subject to change at any time.<\/p>\n<\/div>\n![\"Ads](\"https:\/\/s3.money.com\/prd\/image\/image\/15240\/163e573e-202a-466a-b8b8-93da65db2b13.png\"\/)
<\/span>\n<\/div>\n<\/div>\n<\/div>\nBest high-yield savings account to save $5K or more<\/h2>\n
CIT Bank high-yield savings account pros and cons<\/h2>\n
\n
\n
Pros explained<\/h3>\n
High APY for $5K and more<\/h4>\n
Daily compounding interest<\/h4>\n
No monthly maintenance fees<\/h4>\n
Unlimited transactions<\/h4>\n
Cons explained<\/h3>\n
Very low APY for balances under $5K<\/h4>\n
No physical branches<\/h4>\n
Minimum opening deposit<\/h4>\n
No 24\/7 customer support<\/h4>\n
CIT Bank high-yield savings account offerings<\/h2>\n
\n
\n
CIT Bank Platinum Savings<\/h3>\n
CIT Bank Savings Connect<\/h3>\n
CIT Bank Savings Builder account<\/h3>\n
CIT Bank Money Market<\/h3>\n
CIT Bank Certificates of Deposit (CDs)<\/h3>\n
CIT Bank high-yield savings account pricing<\/h2>\n
CIT Bank high-yield savings account financial stability<\/h2>\n
CIT Bank high-yield savings account accessibility<\/h2>\n
Availability<\/h3>\n
Contact information<\/h3>\n
User experience<\/h3>\n
<\/span><\/div>\n<\/div>\n<\/div>\nCIT Bank high-yield savings account customer satisfaction<\/h2>\n
CIT Bank high-yield savings account FAQs<\/h2>\n<\/p>\n
What is CIT Savings Connect?<\/h3>\n<\/div>\n
Does CIT Bank compound savings account interest daily?<\/h3>\n<\/div>\n
Does CIT Bank’s savings interest rate fluctuate?<\/h3>\n<\/div>\n