CIT Bank Platinum Savings review

CIT Bank Platinum Savings pays 3.75% APY on balances of $5,000 or more, the second-highest posted rate in this comparison behind EverBank's new-account offer. The rate structure is the whole story: below $5,000 the APY drops to 0.25%, so the account only makes sense for savers who will keep the balance above that line. There are no account opening or monthly service fees, though you need $100 to open, and you can fund it by electronic transfer, mail-in check or wire. CIT Bank is a division of First Citizens Bank and is FDIC insured, so coverage follows the standard single-bank limit. Zelle is available for moving money. Interest rates are variable and can change at any time. For a saver with a settled emergency fund above $5,000, CIT pays more than Marcus or Ally, but anyone building savings from zero will earn far more at EverBank, Wealthfront or Marcus.

Who it is for

savers keeping at least $5,000

Price

$0 monthly service fees, $100 to open; 3.75% APY on balances of $5,000 or more, 0.25% below.

No account opening or monthly service fees, so you can keep what you earn.
Quoted from the vendor pricing page on November 13, 2026.

Key features

• 3.75% APY on balances of $5,000 or more
• 0.25% APY on balances below $5,000
• $100 minimum to open
• No account opening or monthly service fees
• Zelle available for transfers

Strengths and weaknesses

• Strength: Second-highest posted rate here for balances of $5,000 or more
• Strength: No opening or monthly service fees
• Strength: Funding by electronic transfer, mail-in check or wire
• Weakness: Rate falls to 0.25% APY below $5,000
• Weakness: $100 minimum to open
• Weakness: Standard single-bank FDIC coverage

Key facts

• APY: 3.75% at $5,000+, 0.25% below
• Monthly fee: $0
• Minimum to open: $100
• Bank: CIT Bank, a division of First Citizens Bank

Where it ranks

CIT Bank Platinum Savings is No. 7 in our Best High-Yield Savings Accounts verdict and No. 5 in Best Savings Accounts.