CIT Bank Platinum Savings Account 2025 Review
CIT Bank is an online bank that offers various savings accounts and among them is the Platinum Savings account. It features an impressive savings rate (among one of the highest available in the U.S.) with no monthly fees. However, there is a hurdle to earning that attractive rate.
The CIT Bank Platinum Savings account is a great choice for savers who maintain an account balance of $5,000 or more on a monthly basis--rewarding you with one of the highest savings rates available nationwide. The account fees are also consumer-friendly, especially with no monthly service charges or other notable common fees. For access, CIT Bank's online and mobile banking platforms are comparable to what you'd find with most other banks.
However, if you don't have $5,000 to leave in a savings account, CIT Bank's Savings Connect account (or any other high-yield online savings account) is likely the smarter option to maximize interest earnings.
CIT Bank Platinum Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
If you’ve decided that an online bank is right for you, but would rather work with a different company that CIT Bank, consider these competitors.
Each bank has strengths and weaknesses, so you’ll need to consider what each offers and what type of banking service you need:
Marcus by Goldman Sachs Online Savings
The Marcus by Goldman Sachs Online Savings account has offered a strong interest rate for many years, no transaction fees, and no minimum deposit requirements.
Marcus offers a clean digital banking experience through its online and mobile banking platforms, in addition for 24/7 phone customer service.
Synchrony Bank High Yield Savings
Synchrony Bank's High Yield Savings account charges no monthly service fee or other fees to open and maintain the account. That lets you grow your account balance as quickly as possible.
Synchrony also makes it very easy to access your money. You can bank online, setting up deposits, withdrawals, or transfers. You can also schedule recurring transfers through the website
Ally Online Savings
Ally Bank is one of the most popular online banks, partly due to its Online Savings account.
The interest rates and fee policies are competitive with other online banks.
It's worth mentioning that Ally lets you open multiple savings accounts and you can nickname each one to help you plan your savings goals.
Minimum Balance and Monthly Fees
The Platinum Savings account requires a minimum balance of $100 to open. Once you’ve opened the account, there is no minimum balance required to maintain it.
CIT Bank also doesn’t charge monthly maintenance fees on savings accounts.
That’s good news because you won’t have to jump through hoops to convince the bank to waive fees. You’ll get to enjoy free, easy to use banking services.
Other Fees
A savings account can’t really be considered a safe place to store money if there are big fees that eat into your savings.
As mentioned, CIT Bank charges no maintenance fees, but it goes one step further by not charging a fee for most banking services.
Accepting a wire transfer, requesting a check in the mail, making an online transfer, or closing your account incur no fee.
There is a $10 fee for making an outgoing wire transfer, but that fee is also waived for customers with a balance of $25,000 or more.
CIT Bank also gives you a way to get around the fee that other online banks must charge on withdrawals.
Banking regulations require that online banks charge a fee for any transfers or withdrawals you make online after the sixth in each statement period.
At CIT Bank, you can exceed the six (6) transactions per statement limit by making the transfer or withdrawal by mail.
You can also make unlimited withdrawals by phone if you request that the money is sent by check in the mail.
CIT Premier High Yield Savings Account Fees
| Type of fee | Fee amount |
|---|---|
| Monthly service fee | $0 |
| Excess withdrawal fee | $0 |
| Dormant account fee | $0 |
| Domestic incoming wire transfers | $0 |
| Domestic outgoing wire transfers | $10 (waived if you have a $25,000 balance) |
Promotional Bonuses May Be Available
CIT Bank is known to offer generous cash bonuses for new accounts. They may be worth hundreds of dollars (some requirements may apply, depending on the bonus).
If you happen to catch one of these promotional bonuses, it just sweetens the deal that you're getting in addition to a top-tier online savings account.
Easy Access to Your Account
CIT Bank makes it easy to make transactions, offering four ways to work with the bank:
- You can log in to your online account from your computer to make deposits, withdrawals, or transfers. You can also set up recurring transfers, create account alerts, and handle other account maintenance.
- CIT Bank offers a smartphone app for both iOS and Android phones. You can use the app to make deposits, transfer money between accounts at CIT Bank, or view your balances and transaction history.
- If you don’t have a smartphone or don’t want to install the app, you can still bank on the go. You can check your account balances and transaction history using text message banking. If you’re ever worried about fraud or an unexpected transaction, but don’t have a way to get to a computer, text banking can let you check your account in a pinch.
- You can call CIT Bank to make transactions over the phone. Whether it’s a simple transfer or more complicated request, CIT Bank’s customer service representatives will be happy to help.
