CIT Bank: Savings Accounts & Rates
Mission: Banksparency aims to make CIT Bank's savings accounts transparent and comparable to the market.
Savings Overview
Platinum Savings
Savings Connect
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.21% APY.
Bank Overview
- HQ LocationNew York, New York
- Founded2000
- AffiliationCIT Bank is an online-only division of First Citizens Bank and Trust Company (FCB), whose parent company, First Citizens BancShares Inc. (NASDAQ: FCNCA), merged with CIT Group in 2022.
- Zelle® SupportAvailableSupported for eChecking users post-First Citizens merger.
- Deposit InsuranceFDIC Insured(Cert: 11063)
Our Take on CIT Bank
The Good
- Decent APY of 3.75%
- No monthly maintenance fees
- Highly rated mobile apps (iOS: 4.8, Android: 4.4)
Considerations
- High minimum balance ($5000) to earn APY
- No physical branch access (online only)
CIT Bank offers the Platinum Savings account with a competitive APY of 3.75%, but this rate is tiered and requires a minimum balance of $5,000; lower balances earn only 0.25% APY. There are no monthly maintenance fees, and the account does not require direct deposit or a checking account. However, customers should be aware of the high minimum balance requirement and the lack of physical branch access, as this is an online-only account. The bank's mobile apps are highly rated, with scores of 4.8 for iOS and 4.4 for Android.
Top Market Contenders
Savings Accounts: In-Depth View
Savings Accounts Offered by CIT Bank
| Feature | Platinum Savings | Savings Connect |
|---|---|---|
APY | 3.75%Range: 0.25% - 3.75%Verified: 1/7/2026 | 3.65%Verified: 1/7/2026 |
APY Trend | Rate Adjusted -0.10% Since 90 days ago | Rate Adjusted -0.10% Since 90 days ago |
Min. Deposit | $100 | $100 |
Min. Balance | $5,000 | $0 |
Monthly Fee | $0 | $0 |
Direct Deposit | None | None |
Checking Bundle | No | No |
Branch Access | None | None |
Compounding | Daily | Daily |
FDIC Insured | Yes | Yes |
Eligibility | United States | United States |
Important | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. | - |
| Next Steps |
Calculate Savings for CIT Bank
Minimum balance for higher APY: $5,000
Savings Breakdown
- Interest Earned+$1,284.20(8.4%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,284.20
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
CIT Bank Savings Rates Over Time
Historical APY Insights
Last 12 Months| Metric | Savings Connect | Platinum Savings |
|---|---|---|
Latest APY | 3.65% | 3.75% |
Trend | Sideways | Falling |
Slope (bps/mo) | -3.5 | -5.0 |
Rate Changes / Mo | 0.25 | 0.41 |
Days Since Last Change | 48 | 48 |
High (-12m) | 4.00% | 4.35% |
Low (-12m) | 3.65% | 3.75% |
Draw-down | -8.8% | -13.8% |
Volatility (CV) | 0.035 | 0.047 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 365-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with CIT Bank
| Feature | Current View CIT Bank | Empty Slot |
|---|---|---|
| Product | - | |
APY | 0.25% - 3.75%Verified: 1/7/2026 | - |
APY Trend | Rate Adjusted -0.10% Since 90 days ago | - |
| Min. Deposit | $100 | - |
| Monthly Fee | $0 | - |
Direct Deposit | No | - |
Checking Bundle | No | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC Insured | Yes | - |
| Note | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. | - |
| Next Steps | - |
Bank-to-Bank Comparisons
Compare CIT Bank's APY of 3.75% with other banks
Alternatives to CIT Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
High Plains Bank
High Yield Savings Account: 3.82% APY
Minimum Deposit: $25
Newtek Bank
Personal High Yield Savings: 4.35% APY
Minimum Deposit: $0.01
Online Only
Sallie Mae Bank
High-Yield Savings Account: 3.90% APY
Minimum Deposit: $0
Online Only
My Banking Direct
High Yield Savings Account: 4.02% APY
Minimum Deposit: $500
Online Only
Forbright Bank
Growth Savings: 4.00% APY
Minimum Deposit: $0
Online Only
Bright Savings: 3.65% APY
Minimum Deposit: $250
Eligible States: Limited (see details)
Sprout Savings: 3.65% APY
Minimum Deposit: $1
Eligible States: Limited (see details)
Ivy Bank
High-Yield Savings Account: 4.10% APY
Minimum Deposit: $2,500
Online Only
Eligible States: Limited (see details)
First Foundation Bank
Online Savings: 3.75% APY
Minimum Deposit: $1,000
Online Only
EverBank
Performance Savings: 3.90% APY
Minimum Deposit: $0
Online Only
SoFi Bank
SoFi Savings: 4.00% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only
Synchrony Bank
High Yield Savings: 3.65% APY
Minimum Deposit: $0
Online Only
SmartyPig
SmartyPig Account: 3.90% APY
Minimum Deposit: $0
Online Only
ROGER
ROGER Savings: 3.61% APY
Bundled Savings & Checking Account
Minimum Deposit: $0
Online Only