RedditHigh Yield Savings with Flexibility: Up to 5.05% APY with CIT Platinum Savings
Most savings accounts in large banks do not give you much interest these days. How to grow your savings then? To build your wealth, you should consider CIT Bank’s high-yield banking offerings such as CIT Platinum Savings. Your money can grow at a much faster pace of up to 5.05% APY with a CIT Platinum Savings account.
All Annual Percentage Yields (APYs) included here are accurate as of June 16, 2023.
- Open a Platinum Savings account and get 5.05% APY with a balance of $5,000 or more
- Earn 12x the National Average APY on balances of $5,000 or more
- Your CIT Bank account is FDIC insured, which means it's secure
- CIT Bank's mobile app makes it easy to manage your account
- No account opening or monthly services fees, so you can keep what you earn.
- Opening a Platinum Savings account takes about five minutes on your computer or mobile phone
- CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.
How to Qualify for 5.05% APY
CIT Platinum Savings is a savings account with tiered interest rates. Specifically, you can earn 5.05% APY on account balances of $5,000.00 or more. And for balances of up to $4,999.99, you can still receive 0.25% APY on interest earnings with CIT Platinum Savings. Alternatively, if you have a balance of less than $5,000, you may go with CIT Bank Savings Connect to earn a higher 4.65% APY. See more details below.
You will receive compounded interest on a daily basis, which allows you to accrue interest earnings for every single day until you make a withdrawal. Your daily interest is based on the interest rate and APY in effect that day for the tier associated with your account balance at the end of day. Interest rates for CIT Platinum Savings are variable and they may change without notice.
It is also easy to open a new CIT Platinum Savings account, as the minimum opening deposit of a Platinum Savings account is merely $100.
Friendly Features
As for fees, there is no account opening or monthly services fees. In addition, CIT Platinum Savings provides convenience of 24/7 digital access. You can access and manage your accounts easily online or on-the-go with the mobile app, anytime, with no bank hours to worry about. For example, you can view statements, transfer money, pay bills, deposit checks, set debit card alerts and more with CIT digital banking. With CIT Bank, your bank is as close as your mobile device or computer.
CIT Bank is recognized for delivering the most humanized experience in banking, too. It is ranked #1 in the nation in 2022 for humanizing the customer experience in a recent survey conducted by American Banker and the creative experience agency Monigle.
CIT Bank – a Banking Brand that You can Trust
CIT Bank is a division of First-Citizens Bank & Trust Company, a U.S.-based bank with 125 years of history. Founded in 1908, CIT Bank was a public traded company listed on the New York Stock Exchange before it merged with First Citizens Bank in 2022. CIT Bank’s parent company, First Citizens BancShares Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $100 billion in assets. CIT Bank is a bank you can rely on.
CIT Bank provides online banking for all customers. New customers in any part of the United States can open and then manage their CIT Bank savings accounts online. You can also manage deposits and withdrawals via inter-bank electronic transfers or wire transfers.
First Citizens Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures your deposit accounts at CIT Bank up to $250,000 per depositor, for each account ownership category.
Why We Recommend CIT Bank’s Platinum Savings
In today’s market, the 5.05% interest on a savings account with a balance of $5,000 or more is one of the best options for money-conscious consumers. CIT Bank is a division of First Citizens Bank, the largest family-controlled bank in the United States. CIT Bank is accessible to remote customers via its online banking system. In addition, it provides telephone customer service during regular business hours.
Give yourself a head start on your personal finance by opening a Platinum Savings account at CIT Bank. You can then leave your money in the account to quietly accrue earnings with one of the nation’s leading annual yields. It will be a smart investment choice that you make to steadily grow your wealth.
Alternative Banking Offers
If you are also interested in other savings or checking accounts, you may check out the following FDIC-Insured banking offers.
Banking Offers on Savings and CDs
| Savings and CDs | Annual Yield | Opening Deposit | |
|---|---|---|---|
 | CIT Bank 6 Month CD | Lock in a great rate of 3.00% APY for 6 months | $1,000 minimum opening deposit |
 | CIT Bank Savings Connect | Earn 4.65% APY with a Savings Connect account that is even more rewarding. | Minimum of $100 to open your account |
 | CIT Bank No-Penalty CD | $1,000 minimum opening deposit | |
