CIT Bank High-Yield Savings Rates: Earn up to 5.05% APY

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CIT Bank is the online division of First Citizens Bank (Member FDIC). Along with its other bank accounts, CIT offers four options for savings: three high-yield savings accounts and a money market account. 

The best online banks offer low fees and high interest rates, and CIT Bank offers both: All of its savings options have zero monthly fees, and the CIT Bank Platinum Savings - Product Name Only account pays up to CIT Bank Platinum Savings ($5K or MORE) - APY APY (Annual Percentage Yield).

CIT Bank Savings Accounts Rates

CIT Bank Platinum Savings Rates

CIT Bank Platinum Savings - Product Name Only pays CIT Bank Platinum Savings ($5K or MORE) - APY APY on balances of $5,000 or more, which is significantly higher than the average interest rate on savings accounts. You can open an account with just CIT Bank Platinum Savings - Minimum Deposit, but you'll only earn CIT Bank Platinum Savings (LESS than $5K) - APY APY on balances under $5,000.

CIT Bank Savings Connect Rates

The CIT Bank Savings Connect Account - Product Name Only pays CIT Bank Savings Connect Account - APY APY. This is slightly lower than the Platinum's highest rate — but there are no balance requirements to earn the rate, making it the better choice if you're stashing less than $5,000. Like all CIT Bank savings accounts, there is CIT Bank Savings Connect Account - Fees Display, and you'll need just CIT Bank Savings Connect Account - Minimum Deposit to get started.

CIT Bank Savings Builder Rates

The CIT Bank Savings Builder Account - Product Name Only is a tiered-rate account that offers two ways to earn the best APY: maintain a minimum balance or meet monthly deposit requirements. Otherwise, you'll earn a lower rate.

This account might incentivize you to save because you'll need to maintain a high balance or make regular deposits to earn the higher rate. Still, the interest rate is much lower than the Savings Connect account, which has no requirements to earn its rate. It makes sense to park your cash in a different CIT savings account unless you need the motivation to save and are comfortable with missing out on interest. 

CIT Bank Money Market Account Rates

The CIT Bank Money Market Account - Product Name Only pays CIT Bank Money Market Account - APY APY, which is much higher than the national average but lower than you can find with the best money market accounts. Unlike many money market accounts, this one doesn't come with checks, a debit card, or an ATM card. However, you can access your cash via electronic transfers, wire transfers, online bill pay, and mobile check deposit through the CIT Bank app.

Still, with the lower rate, most savers will be better off stashing their cash in CIT's Platinum Savings or Savings Connect account.

CIT Bank Savings Pros and Cons

CIT Bank Savings Rates FAQs

Is CIT Bank a good bank for savings?

CIT Bank is worth considering if you're looking for high savings rates: CIT Bank Platinum Savings - Product Name Only pays CIT Bank Platinum Savings ($5K or MORE) - APY APY on balances of $5,000 or more, and the CIT Bank Savings Connect Account - Product Name Only pays CIT Bank Savings Connect Account - APY APY on all balances.

What is the CIT savings interest rate?

CIT Bank offers several savings accounts. CIT Bank Platinum Savings - Editorial Name Only pays CIT Bank Platinum Savings ($5K or MORE) - APY APY on balances of at least $5,000 (otherwise, it's CIT Bank Platinum Savings (LESS than $5K) - APY APY). The CIT Bank Savings Connect Account - Product Name Only pays CIT Bank Savings Connect Account - APY APY on any balance. The CIT Bank Savings Builder Account - Product Name Only is a tiered interest-rate account, paying CIT Bank Savings Builder Account - APY APY. The CIT Bank Money Market Account - Product Name Only pays CIT Bank Money Market Account - APY APY.

What is the minimum deposit for CIT Bank savings account? 

CIT Bank has a CIT Bank Platinum Savings - Minimum Deposit minimum deposit to open any of its savings accounts.

Can you withdraw money from a CIT savings account?

The Savings Builder, Savings Connect, and Money Market Aacounts have a limit of six withdrawals or transfers per statement cycle. The Platinum Savings account has unlimited transfers and withdrawals. 

How CIT Bank Savings Rates Compare

CIT Bank Savings Rates vs. Ally Savings Rates

CIT Bank and Ally are both online-only banks. The Ally savings rate is Ally Savings Account - APY APY. You can earn more with the CIT Bank Savings Connect Account - Product Name Only, or with CIT Bank Platinum Savings - Product Name Only if you maintain a large balance. 

CIT savings accounts have a CIT Bank Platinum Savings - Minimum Deposit minimum opening deposit, while Ally's is Ally Savings Account - Minimum Deposit.

The Ally Money Market Account - Product Name Only comes out ahead with a Ally Money Market Account - APY APY versus CIT's CIT Bank Money Market Account - APY APY. The Ally account comes with checks and a debit card, while the CIT account offers neither. 

If getting the highest rate is your top priority, you might choose the CIT Bank Savings Connect Account - Product Name Only or CIT Bank Platinum Savings - Product Name Only (if you can maintain a $5,000 balance). Otherwise, most savers will do better banking with Ally because it offers easier cash access and top-rated 24/7 customer service. 

Ally Bank Review

CIT Bank Savings Rates vs. Synchrony Savings Rates

The CIT Bank Savings Connect Account - Product Name Only and Synchrony High Yield Savings Account - Product Name Only pay similar rates — CIT Bank Savings Connect Account - APY APY versus Synchrony High-Yield Savings Account - APY APY, respectively — so the interest rate alone likely won't be enough to sway you one way or the other. You can earn CIT Bank Platinum Savings ($5K or MORE) - APY APY with CIT Bank Platinum Savings - Product Name Only, but only if you keep at least $5,000 in your account.

Synchrony's money market account comes out ahead with a Synchrony Money Market Account - APY APY on all balances, compared to CIT's CIT Bank Money Market Account - APY APY.

CIT Bank might make sense if your priority is earning the highest savings rate. However, for a higher money market account rate or access to an extensive network of free ATMs, Synchrony is the better choice. 

Synchrony Bank Review

Why You Should Trust Us: How We Reviewed CIT Bank Savings Accounts

We rate banks and credit unions on a scale from zero to five stars, with five being the most favorable. We used Insider's rating methodology for checking, savings, and money market accounts for our CIT Bank savings review.

We look at customer support, mobile app ratings, and the company's ethics, including recent public scandals and Better Business Bureau (BBB) ratings. Other factors we examine depend on the type of account we're reviewing. For example, we consider interest rates and monthly fees for all types of savings accounts — but we also look at ways to access your cash (like a debit card or checks) for money market accounts.