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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 5.00% APY (Annual Percentage Yield).
CIT Bank Savings Account Rates
| Account | APY (Annual Percentage Yield) | Minimum Deposit |
| CIT Bank Platinum Savings | 5.00% (with $5,000 minimum balance) | $100 |
| CIT Bank Savings Connect Account | 4.65% | $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 5.00% APY, which is the most competitive rate at the bank.
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 4.65% 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.
| 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.
Still, with the lower rate, most savers will be better off stashing their cash in CIT's Platinum Savings or Savings Connect account.
How CIT Savings Accounts Work
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.
To deposit money into a CIT savings account, you must transfer money from an existing CIT bank account or an external bank account.
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 5.00% 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 4.65% 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.
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 online banking features.
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.
User Experience and Usability
The CIT Bank mobile app has received 4.6 out of 5 stars in the Apple store and 2.7 out of 5 stars in the Google Play store. If you're an Android user who values a strong mobile app, you might prefer banking with a financial institution that has higher app ratings.
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
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How CIT Bank Savings Rates Compare
CIT Bank Savings Rates vs. Ally Savings Rates
CIT Bank and Ally are both online-only banks. The Ally savings rate is 4.20% 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 4.20% 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 thebest mobile banking apps.
Ally Bank Review
CIT Bank Savings Rates vs. Synchrony Savings Rates
The CIT Bank Savings Connect Account and Synchrony High Yield Savings Account pay similar rates — 4.65% APY versus 4.75% APY, respectively — so the interest rate alone likely won't be enough to sway you one way or the other. You can earn 5.00% 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.
Synchrony Bank Review
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 on par with what best high-yield savings accounts 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
Is my money safe in a CIT Savings Account?
Money is safe in a CIT savings account. CIT Bank is FDIC-insured, so up to $250,000 that's deposited in an individual CIT Bank savings account is secure. If you have a joint bank account, up to $500,000 is protected.
What are the interest rates for CIT savings accounts?
CIT Bank offers several types of savings accounts. CIT Bank Platinum Savings pays 5.00% APY on balances of at least $5,000 (otherwise, it's 0.25% APY). The CIT Bank Savings Connect Account pays 4.65% 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.
How do I contact CIT Bank customer service?
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.
Is CIT Bank a good bank for savings?
CIT Bank is worth considering if you're looking for high savings rates: CIT Bank Platinum Savings pays 5.00% APY on balances of $5,000 or more, and the CIT Bank Savings Connect Account pays 4.65% APY on all balances.
Can you withdraw money from a CIT savings account?
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.
Why You Should Trust Us: How We Reviewed CIT Bank Savings Accounts
We rate banks and credit unions on a scale from zero 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, 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) for money market accounts.
Jean Folger has 15+ years of experience as a financial writer covering real estate, investing, active trading, retirement planning, and retiring abroad. She is co-founder of PowerZone Trading, a company that has provided programming, consulting, and strategy development services to active traders and investors since 2004. Previously, Jean was a real estate broker, an English teacher, and a trip leader for an adventure travel company.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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