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CIT Bank’s Platinum Savings Account offers a highly competitive APY with no monthly fees, making it an excellent option for savers. While it’s an online-only account, it provides easy access to funds and FDIC insurance for added security. The account does require a $100 minimum deposit to open and offers higher interest rates for those who maintain a larger balance. It’s a strong choice for those who want to earn more on their savings and are comfortable with digital banking.

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Written by:Casey Newton

Casey Newton,

CIT Bank Platinum Savings Account Review

CIT Bank offers a highly competitive Platinum Savings Account, providing one of the best interest rates available in the online banking space. This account is ideal for savers who want to grow their funds with a reliable, no-fee option that offers flexibility and security.

Key Features:

High Interest Rates: The Platinum Savings Account offers a high annual percentage yield (APY), often well above the national average for traditional savings accounts. CIT Bank’s interest rates are tiered, with higher rates available for those who meet a higher minimum balance requirement, making it a strong option for savers with a larger deposit.

No Monthly Fees: CIT Bank does not charge monthly maintenance fees for the Platinum Savings Account, which is a significant advantage for savers looking to avoid fees that eat into their earnings. There are no minimum balance fees either, although a $100 minimum deposit is required to open the account.

FDIC Insured: As a member of the FDIC, CIT Bank offers the standard $250,000 deposit insurance for individual accounts, providing peace of mind and protection for your funds.

Easy Access to Funds: While CIT Bank’s Platinum Savings Account is an online-only option, it offers easy access to your funds through ACH transfers to and from linked external accounts. The account also provides a simple online interface for managing your savings.

Account Requirements: To open a CIT Bank Platinum Savings account, a minimum deposit of $100 is required. While this is a relatively low barrier to entry, savers must maintain the minimum balance to earn the advertised APY, which can increase if higher balances are maintained.

Pros:

  • High APY compared to traditional banks.
  • No monthly maintenance fees or minimum balance fees.
  • FDIC insured for added security.
  • Easy online access and management of funds.
  • Low minimum deposit requirement of $100 to open the account.

Verdict:

The CIT Bank Platinum Savings Account is an excellent option for savers who want to maximize their interest earnings without worrying about fees. With a high APY, no monthly maintenance fees, and FDIC insurance, it provides a safe and rewarding way to save. However, savers looking for in-person banking or faster access to their funds may need to consider alternatives. Overall, it’s a solid choice for individuals comfortable with online banking and looking to grow their savings over time.