CIT Bank Platinum Savings

CIT Bank Platinum Savings is a top-tier choice for savers who have at least $5,000 to deposit. It consistently offers one of the highest APYs in the nation for balances over that threshold. However, it is a "tiered" account: if your balance drops below $5,000, your interest rate plummets to a negligible 0.25%, making this account a poor choice for small-balance savers or those just starting their emergency fund.

At a Glance

• Account Type: High-Yield Savings Account (Online)
• Monthly Fee: $0
• Minimum Opening Deposit: $100
• APY (Interest):
• ATM Access: None (No debit card provided)
• Check Writing: None
• FDIC Insurance: Yes (via First Citizens Bank, up to $250k).

Overview

CIT Bank (a division of First Citizens Bank) is a favorite among rate chasers. They offer two main savings products: "Savings Connect" (a flat-rate account) and "Platinum Savings" (a tiered account). Platinum Savings is the flagship product designed to reward higher balances. It forces you to maintain a healthy savings buffer ($5k) in exchange for an interest rate that often sits near the very top of the national leaderboard.

Features & Benefits

• Tiered Interest Structure:
  • Tier 1 (Base): Balances of $0.01 to $4,999.99 earn
  • Tier 2 (Platinum): Balances of $5,000 or more earn
• Security: Bank-level security and FDIC insurance provide peace of mind.
• Mobile Check Deposit: You can fund the account remotely by snapping photos of checks, which is convenient since there are no physical branches.

Fees & Requirements

• Monthly Fee: $0.
• Minimum Opening Deposit: $100.
• Transaction Limits: CIT strictly enforces transaction limits on savings accounts (historically 6 per month). Excessive withdrawals can lead to account closure.
• Wire Fees: Incoming wires are free (great for moving large sums). Outgoing wires incur fees (typically $10 for accounts with balances under $25k).

Borrower Experience

• Account Opening: The process is entirely online and usually takes 5-10 minutes. You will need to link an external bank account to fund it.
• Customer Service: Support is available via phone during business hours. Wait times can be longer than with premium competitors like Amex or Discover.

Who It’s Best For

• The $5k+ Saver: If you have an emergency fund of $10,000 or $20,000 sitting in a big bank earning 0.01%, moving it here gives you an instant raise without any risk.
• House Down Payment Savers: If you are parking $50,000 for a house purchase next year, the high interest rate could earn you an extra $2,000+ in free money.
• Discipline-Focused Savers: The lack of an ATM card prevents impulse spending.

Who Should Skip It

• New Savers (<$5,000): If you are just starting and only have $1,000, do not open this account. You will earn 0.25%.
• Frequent Spenders: If you need to pull money out weekly, the transfer delays and lack of ATM access will frustrate you.

Bottom Line

CIT Bank Platinum Savings is a specialist tool for established savers. It is not a good "starter" account due to the $5,000 threshold. However, for anyone with a healthy emergency fund, it acts as a high-powered wealth storage unit. If you can park $5,000+ and leave it alone, you will be hard-pressed to find a better risk-free return on your cash.