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In a world of banks paying little interest on savings accounts, CIT Bank offers one of the highest APYs around — up to 5.05% on your money. That’s over 10 times the national average.
But does more interest make CIT Bank’s high-yield savings account the best around? We looked in-depth at the features, fees, and fine print to see if CIT Bank is worth it.
| Did you know? |
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| Key takeaway: CIT Bank’s high-yield savings account blows most competitor rates out of the water while maintaining $0 monthly fees — making it a valuable option for certain savers. But you’ll need to maintain a higher balance to earn the highest rate, which can be a hassle for some. |
CIT Bank features
CIT Bank is an online bank that provides various online banking and lending services. Though not quite a household name like Chase or Bank of America, CIT has the financial backing to ensure your money is in reliable hands — they merged with First Citizens Bank, one of the oldest operating banks, in 2022.
While First Citizens has physical branches throughout the country, CIT Bank operates as an online bank with no branches or ATMs. However, CIT Bank does offer certain online banking features, like mobile check deposits.
| Pros | Cons |
|---|---|
| Competitive interest rates, particularly for Platinum Savings and Savings Connect accounts | Balance requirements to earn the highest yield |
| Online/mobile-friendly banking | No physical branches |
| No monthly maintenance fees | No ATM cards for savings accounts |
| Low initial deposit requirement | No Sunday live phone support |
| FDIC insurance |
CIT Bank high-yield savings accounts
CIT Bank offers three savings accounts, each with different interest rates and requirements. These include Platinum Savings, Savings Connect, and Savings Builder.
All three accounts require a low $100 initial deposit to open an account and don’t have any monthly fees. Interest compounds daily, which maximizes the amount of interest you can earn. There are also no restrictions on the amount of deposits and withdrawals you can make monthly.
You can deposit checks using the CIT Bank mobile app or transfer money from an external account.
While there’s no balance requirement after the initial deposit, you may need to maintain a balance to earn the highest APY, depending on the account. Here’s a closer look at CIT Bank’s three savings options:
| Platinum Savings | Savings Connect | Savings Builder | |
|---|---|---|---|
| APY | Earn 5.05% on balances of $5,000 or above or 0.25% on balances less than $5,000 | 4.65% on all balances | Earn 1.00% by maintaining a balance of $25,000 or more or making at least one monthly deposit of $100 or more |
| Minimum initial deposit | $100 | $100 | $100 |
| Maintenance fees | None | None | None |
Who are CIT Bank high-yield savings accounts best for?
CIT Bank’s high-yield savings accounts can be a good fit if you’re looking for competitive interest rates from an online bank. CIT Bank also offers checking accounts, CDs, and home loans – allowing you to manage your money in one place.
CIT Bank can also be good for those who don’t need a ton of bells and whistles in their savings accounts. For example, you won’t find robust analytics tools, but if you’re looking to park some funds, CIT might work for you. Generally, CIT bank is best for savers with at least $5,000 to earn the highest APY.
CIT Bank’s app has a 4.6/5 on the App Store and 2.9/5 on Google Play. But CIT Bank lags behind competitors when it comes to overall reviews — not just for its mobile apps. On Trustpilot, for example, CIT rates 2.1/5. Complaints include ineffective customer service, slow transfers, and difficulties accessing accounts.
Other online banks have similar interest rates with simpler account structures — like offering a single savings account or flat interest rate. In some cases, you might be better off choosing another financial institution.
Alternatives to CIT Bank
If you’re looking for a high-yield savings account, here are some options to consider:
Apple High-Yield Savings Account
Apple’s high-yield savings account offers a seamless brand experience if you’re already a customer. While the 4.50% APY is slightly below CIT Bank’s, there are no hoops to jump through to earn it. With no fees or deposit minimums, it’s accessible even for small balances. One key benefit is its integration with the Apple Card, which earns cash back on every purchase.
Marcus by Goldman Sachs
Backed by investment bank Goldman Sachs, Marcus offers a high-yield online savings option with many digital bells and whistles. The 4.50% APY is solid, and there aren’t any fees to worry about. You can also make large same-day transfers and enjoy unlimited withdrawals.
Ally Online Savings
Ally has a reputation for top-tier interest rates on savings without surprise fees. Its savings account offers 4.35% APY, with no minimum initial deposits or fees. There are limitations on the number of transfers and withdrawals you can make each month, so keep this in mind.
The bottom line
CIT Bank’s high-yield savings accounts are a strong choice for the right saver, thanks to exceptional rates and no fees.
But if you need physical branch access or don’t meet the balance requirement for the top-tier APY, CIT Bank likely isn’t the best fit. Many online banks offer similar digital access and automation features without some of those limitations.
No high-yield savings account is perfect. So weigh what matters most — interest rates, accessibility, fees — before deciding what works best for you.
Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.