CIT Bank offers a variety of deposit accounts, but the main attraction is the Platinum Savings account thanks to its high APY (it also earned a spot on our best savings accounts list). And while you need to maintain a 4-figure balance in that account to earn its highest APY, CIT Bank has plenty of other options that make it worth a look for any savvy saver.
CIT Bank savings accounts
If you're chasing high annual percentage yields (APYs), CIT Bank has you covered with its savings accounts. But choosing the right one depends on how much money you're willing to deposit.
Savings Connect Account
The CIT Bank® Savings Connect is a great option for a straightforward high-yield savings account with no minimum balance requirement or monthly service fees. With a minimum opening deposit of $100, you can earn a 4.65% APY—a great rate, especially since there are no monthly fees.
CIT Bank Savings Connect
Annual Percentage Yield (APY)
4.65% APY
Minimum balance
$100 minimum deposit
Fees
No monthly maintenance or overdraft fees.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
ATMs
None
Mobile check deposit
Yes
Terms apply.
Platinum Savings Account
For a competitive APY, the CIT Bank Platinum Savings offers a high rate of 5.00% APY. However, to earn this rate you must maintain a daily balance of $5,000 or more. For balances under $5,000, the APY drops to 0.25%. There are no account opening or maintenance fees, but you do have to make a minimum opening deposit of $100.
CIT Bank Platinum Savings
Annual Percentage Yield (APY)
4.95% APY on balances of $5,000 or more; balances less than $5,000 earn 0.25% APY
Minimum balance
$100 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
$10 per transaction up to $50 per month
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have a CIT Bank checking account
Terms apply.
Money Market Account
The CIT Bank Money Market account has no monthly service fees and offers up to 1.55% APY. Although this rate is above the national average for money market accounts, it is lower than the best accounts we've seen. A $100 minimum deposit is also required.
CIT Bank Money Market Account
Annual Percentage Yield (APY)
1.55%
Minimum balance
$100
Monthly fee
None
Maximum transactions
Up to six free withdrawals or transfers per statement cycle
Excessive transactions fee
$10 outgoing wire transfer fee for accounts with daily average balance of less than $25,000; $0 for balances over $25,000.
Overdraft fees
$25
Offer checks
No
Offer debit card
No
Terms apply.
Savings Builder Account
The CIT Bank Savings Builder account offers a tiered interest rate based on certain qualifications. When you first open the account, you earn a daily interest of 0.995% until your first "Evaluation Day" (roughly 2 months later depending on what day of the month you opened your account). At that point, CIT Bank will look at your account balance and activity to see what APY you'll earn. After this first time, you'll go through Evaluation Day every month.
The tiered rates and criteria are:
- Balances less than $25,000 earn 0.40% APY.
- Balances less than $25,000 but with a monthly deposit of $100 or more earn 1.00% APY.
- Balances of $25,000 or more earn 1.00%.
There are also no account opening or maintenance fees, but you must make a minimum opening deposit of $100.
CIT Bank Savings Builder Account
Annual Percentage Yield (APY)
Balances less than $25,000 earn 0.40% APY; Balances less than $25,000 with a monthly deposit of $100 or more earn 1.00% APY; Balances over $25,000 earn 1.00% (terms apply)
Minimum balance
$100 minimum deposit
Fees
No monthly maintenance or overdraft fees.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
ATMs
None
Mobile check deposit
Yes
Terms apply.
CIT Bank checking account
CIT Bank eChecking Account
Interest-bearing checking accounts are rare but the CIT Bank eChecking Account, the only checking account offered by CIT Bank, provides a 0.10% APY on balances under $25,000 and 0.25% APY on balances of $25,000 or more. While it's not much, you still earn extra cash just for keeping your money in the account. The eChecking also comes with no monthly or overdraft fees. Although CIT Bank doesn't have a free ATM network, it offers a monthly $30 reimbursement in other bank's ATM fees.
CIT Bank eChecking Account
Annual Percentage Yield (APY)
0.10% APY on balances under $25,000; 0.25% APY on balances of at least $25,000
Fees
No monthly maintenance or overdraft fees
Minimum balance
$100
Free ATM network
None
Overdraft fee
None
Mobile check deposit
Yes.
Terms apply.
CIT Bank certificates of deposit
In addition to checking and savings accounts, CIT Bank also offers a variety of CIT Bank CDs with interest rates of up to 3.50% APY. Its traditional CDs come with terms ranging from six months to five years and rates from 0.40% to 3.40% APY, along with a $1,000 minimum deposit requirement.
You can also open specialty CDs, such as no-penalty CDs (which allow you to access your funds before the maturity date) or Jumbo CDs (which have a $100,000 deposit minimum). While not available to new accountholders, CIT Bank also offers RampUp CDs, allowing you to increase your CD rate if the bank raises its rates during the term.
CIT Bank CDs
Annual Percentage Yield (APY)
From 0.30% to 3.50% APY
Terms
From 6 months to five years
Minimum deposit
$1,000 for term CDs; $100,000 for Jumbo CDs
Monthly fee
None
Early withdrawal penalty fee
Early withdrawal penalty applies.
Terms apply.
How does CIT Bank compare?
If CIT Bank doesn't meet your needs, Ally Bank also offers online-only banking products with competitive rates and minimal to no fees. Both the Ally Online Savings Account and the Ally Bank Money Market Account also offer up to 4.20% APY on each account and come with no monthly fees or minimum balance requirements. The Ally Bank® CDs also offer up to 4.50% APY with terms ranging from 3 months to 5 years, also with no monthly fees or minimum balance requirements.
Ally Bank Savings Account
Annual Percentage Yield (APY)
4.20% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Unlimited withdrawals or transfers per statement cycle
Excessive transactions fee
$10 per transaction
Overdraft fee
None
Offer checking account?
Yes
Offer ATM card?
Yes, if have an Ally checking account
Terms apply.
Read our Ally Bank Savings Account review.
Ally Bank® Money Market Account
Annual Percentage Yield (APY)
Up to 4.20% APY
Minimum balance
None
Monthly fee
None
Offer checks?
Yes
Offer debit/ATM card?
Yes
Terms apply.
Ally Bank® CDs
Annual Percentage Yield (APY)
From 3.00% to 4.50% APY
Terms
From 3 months to 5 years
Minimum balance
None
Monthly fee
None
Early withdrawal penalty fee
High Yield CDs and Raise Your Rate CDs have early withdrawal penalties that vary based on your CD term. With the No Penalty CD, withdraw all your money any time after the first 6 days following the date you funded the account and keep the interest earned with no penalty.
Terms apply.
SoFi Bank also offers a SoFi Checking and Savings Account with attractive features. With direct deposit, you can earn a high 4.60% APY on savings or 1.20% APY with no direct deposit, and a 0.50% APY on your checking. New account holders (or current account holders without direct deposit set up) may also qualify for a bonus of up to $300 by meeting specific direct deposit requirements. You'll receive the full $300 bonus by depositing at least $5,000 within 25 days of your initial direct deposit. Even depositing between $1,000 and $4,999.99 earns you a $50 bonus.
SoFi Checking and Savings
Annual Percentage Yield (APY)
Members with direct deposit earn 4.60% APY on savings, no minimum balance needed. Members without direct deposit earn 1.20% APY on savings balances, and everyone earns 0.50% APY on checking balances.
Welcome bonus
Earn a $300 welcome bonus when you direct deposit a total of $5,000 or more within 25 days of your first direct deposit. Get a $50 welcome bonus when you direct deposit between $1,000 and $4,999.99 within 25 days of your first direct deposit.
Fees
No monthly fee and no excessive transaction fees.
No-fee overdraft protection
No-fee Overdraft Coverage up to $50 for SoFi members with $1,000 or more in total monthly direct deposits. Purchases exceeding $50 are declined.
Offer ATM card?
Yes, this account offers a debit card that allows purchases and ATM withdrawals. Terms apply.
Offer checking account?
Yes, bundled with savings account.
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle. Transaction amount limits apply.
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