CIT Bank, a subsidiary of First Citizens Bank and a member of the FDIC, presents a variety of savings products. Among its offerings are high-yield savings accounts, a money market account, and certificates of deposit (CDs) with multiple term lengths available.
This review delves into an extensive analysis of CIT Bank’s top high-yield savings account and explores the other savings options provided by the online bank. Continue reading to determine if CIT Bank is suitable for your savings needs.
Competitive High-Yield Savings Account for Larger Deposits
The CIT Bank Platinum Savings account features an impressive 3.75% APY for balances of $5,000 or more. Opening this account requires a minimum deposit of $100, but to earn the highest APY, maintaining a balance of at least $5,000 is necessary. Accounts with balances below this amount will receive a lower interest rate.
Depositing funds into this high-yield savings account is convenient, with options to remotely deposit checks using the CIT Bank mobile application or transfer money from existing external accounts via the app or website.
Advantages and Disadvantages of CIT Bank High-Yield Savings Account
- High APY for balances of $5,000 and above
- Daily compounding of interest
- No monthly maintenance fees
- Unlimited transactions
- Low APY for balances under $5,000
- No physical branches available
- Minimum deposit required to open
- Limited customer support hours
Pros
High APY for Larger Balances
The CIT Bank Platinum Savings account offers an attractive yield for balances of $5,000 and above. Unlike some competitors, there is no upper limit capping the earnings on these higher accounts.
Daily Compounding Interest
Interest earned on the CIT Bank Platinum Savings account compounds daily, allowing customers to gain interest not just on their principal deposits but also on accrued interest.
No Monthly Service Fees
Account holders can enjoy the benefit of having no monthly maintenance charges. While an initial deposit of $100 is necessary to open an account, there are no ongoing minimum balance requirements beyond the $5,000 threshold to earn the top APY.
Unlimited Transactions
Unlike many high-yield savings accounts, CIT Bank does not impose limits on the number of transactions. Customers can perform an unlimited number of transactions without incurring penalties.
Cons
Low APY for Smaller Balances
Absence of Physical Branches
CIT Bank operates solely online and does not provide physical branch services, as it is a subsidiary of First Citizens Bank, which does have physical locations.
Minimum Opening Deposit
Each savings product from CIT Bank, including the high-yield options, requires a minimum opening deposit of $100, which may deter those looking to start with a smaller sum.
Limited Customer Support Hours
Unlike many of its online banking peers, CIT Bank does not offer round-the-clock customer service. Support is available only during specified business hours.
Overview of CIT Bank’s Savings Account Options
CIT Bank offers several types of savings accounts along with a money market account. The basic features shared among these accounts include:
- Minimum required initial deposit of $100
- Funds management options via electronic transfer, BillPay, PayPal, wire transfer, app check deposits, Zelle, or check requests through the mail
CIT Bank Platinum Savings
This account grants the highest interest among CIT Bank’s savings products but only for those maintaining balances of $5,000 or higher.
CIT Bank Savings Connect
Offering a lower APY than the Platinum Savings, the Savings Connect account maintains a consistent rate, irrespective of account balance. The same $100 minimum deposit is necessary to establish this account.
CIT Bank Savings Builder Account
This tiered savings account increases interest rates as customers grow their balances. However, its maximum rate offered is less competitive compared to high-yield savings alternatives.
CIT Bank Money Market
While a money market account often caters to those seeking frequent access to funds, the CIT Bank version does not provide a highly competitive APY compared to other accounts that allow unlimited transactions.
CIT Bank Certificates of Deposit (CDs)
CIT Bank provides multiple CD options that feature fixed APYs over various term lengths, typically offering higher interest rates than standard savings accounts. Terms range from one month to ten years.
Pricing for CIT Bank’s High-Yield Savings Account
The pricing structure for CIT Bank’s high-yield savings accounts aligns with the industry’s best. There are no monthly maintenance, minimum balance, or overdraft fees. Unlimited transactions and daily compounding interest further enhance the attractiveness of its offerings.
Financial Stability of CIT Bank
CIT Bank’s parent, First Citizens Bank, holds a Baa1 rating from S&P Global and Moody’s, indicating moderate credit risk. This categorization suggests a relatively strong financial standing among U.S. banking institutions, as demonstrated by a net income of $2.530 billion for the twelve-month period ending September 2024.
Accessibility of CIT Bank
Availability
CIT Bank operates as a digital bank across all 50 states through its website and mobile app. The absence of physical branches means that services are exclusively available online or by phone.
Contact Information
CIT Bank’s customer service is not available 24/7. Support can be reached at 1-855-462-2652 on weekdays from 9 a.m. to 9 p.m. EST and Saturdays from 10 a.m. to 6 p.m. EST.
User Experience
The user experience on CIT Bank’s website and mobile app is generally positive, with both platforms providing straightforward navigation and detailed information on available financial products.
Customer Satisfaction at CIT Bank
Customer feedback regarding CIT Bank’s high-yield savings account is mixed. Despite an A- rating from the Better Business Bureau (BBB), it has a low customer satisfaction score of 1.19 out of 5. Other review platforms reflect a similarly low average score of 2.2 stars.
Common negative themes include delays in transfer processing and account management issues, while some customers report receiving helpful service from representatives on occasion.
Frequently Asked Questions about CIT Bank
What is CIT Savings Connect?
The CIT Savings Connect account is a no-fee high-yield savings account with a $100 minimum deposit requirement and offers an equal APY regardless of the balance.
Does CIT Bank compound interest daily?
Yes, CIT Bank compounds interest daily across all its savings account offerings.
Are CIT Bank’s savings interest rates variable?
Yes, CIT Bank’s interest rates are subject to fluctuations based on market conditions, which means APYs can change at any time.
How do I close a CIT savings account?
To close an account, customers should call customer service at 1-855-462-2652 during standard business hours.
Methodology for Evaluating CIT Bank’s High-Yield Savings Account
We assessed the high-yield savings products from CIT Bank based on several criteria, including:
- Annual Percentage Yield (APY): We compared CIT Bank’s APYs against competitive offerings.
- Account Types: A review of diverse savings products and their respective pros and cons.
- Fees: An analysis of monthly maintenance fees and any overdraft charges outlined in the account disclosure document.
- Accessibility: Evaluating the ease of access to CIT Bank’s financial products, including customer service availability.
- Customer Satisfaction: Insights drawn from customer reviews to understand their experiences with CIT Bank.
Summary of CIT Bank High-Yield Savings Account Review
CIT Bank presents a selection of high-yield savings products, incorporating three different savings accounts, a money market account, and various CD options. The CIT Bank Platinum Savings account stands out with its favorable APY, particularly for customers who can sustain a $5,000 balance.
A common feature across all accounts involves a $100 minimum deposit for opening. There are no monthly maintenance fees or overdraft charges, and transactions are not limited.
For comprehensive information regarding account specifics and fees, customers are encouraged to consult the bank’s Personal Account disclosures.
*The Platinum Savings account operates as a tiered interest rate account, with interest calculated daily based on account balances. APYs are current as of January 9, 2026: 0.25% APY for balances under $5,000; 3.75% APY for balances of $5,000 or more. Interest rates are variable and subject to change. A $100 minimum deposit is required to open an account.
Comparison is based on data from the FDIC National Rates and Rate Caps and reflects the averages as of March 16, 2026.