CIT Bank
Last Updated: 6/20/2025
Note: Interest rates below are reported as APY, or Annual Percentage YieldQuick Views
Platinum Savings: 0.25% - 4.00% APY(Rank 47 out of 74 tracked HYSAs)
Savings Connect: 3.90% APY(Rank 52 out of 74 tracked HYSAs)
National Savings Interest Rate: 0.42% (as of 5/19/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
Location: New York, New York
Founded: 2000
Affiliation: CIT 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.
Access to Branches: None. You cannot make use of First Citizens Bank's branches.
BBB Rating: A- (Not BBB Accredited (First Citizens Bank & Trust Company))
App Store Rating: 4.8/5
Google Play Rating: 4.6/5
Website: Visit CIT Bank
Our Take on CIT Bank
Highlights
- Platinum Savings offers a competitive APY of 4.00%
- Savings Connect has no minimum balance requirement
- App Store rating of 4.8 and Google Play rating of 4.6
- No maintenance fees on both accounts
Considerations
- Platinum Savings APY decreased from 4.10% in the last 30 days
- Requires a minimum balance of $5,000 for Platinum Savings
- No physical branches available for customer support
- Not BBB Accredited, despite an A- rating
Savings Accounts
Savings Accounts Offered by CIT Bank
Feature | Platinum Savings | Savings Connect |
---|---|---|
APY | 0.25% - 4.00% (as of 6/20/2025) | 3.90% (as of 6/20/2025) |
APY Trend | -0.10% MoM | -0.10% MoM |
Minimum Deposit | $100 | $100 |
Minimum Balance for APY | $5,000 | $0 |
FDIC-insured | Yes | Yes |
Online Only | Yes | Yes |
Bundled Account | No | No |
Direct Deposit Required | No | No |
Compound Frequency | Daily | Daily |
Maintenance Fee | $0 | $0 |
Eligibility | United States | United States |
No deposit agreement summary available for this bank. |
Calculate Savings for CIT Bank
⚠️ The minimum balance for the higher APY on this account is $5,000.
Total savings breakdown:
- Interest earned: $0 (0.00%)
- Total contributions: $0 (0.00%)
- Initial deposit: $100 (100.00%)
Your total balance
$100.00
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
Metric | Savings Connect | Platinum Savings |
---|---|---|
Latest APY | 3.90 % | 4.00 % |
Trend | Sideways | Falling |
Slope (bps/mo) | -0.7 | -6.8 |
Rate Changes / Mo | 0.16 | 0.65 |
Days Since Last Change | 9 | 9 |
High (-6 m) | 4.00 % | 4.55 % |
Low (-6 m) | 3.90 % | 4.00 % |
Draw-down from High | -2.5 % | -12.1 % |
Volatility (CV) | 0.006 | 0.029 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-6 m)
- Highest APY in the last 186 days.
- Low (-6 m)
- Lowest APY in the last 186 days.
- Draw-down from High
- How far today sits below the 6-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Compare CIT Bank's Savings Accounts
- Affirm - 3.85% APY
- All America Bank - 1.50-3.25% APY
- Ally Bank - 3.50% APY
- Amalgamated Bank - 2.25% APY
- American Express - 3.60% APY
- Axos Bank - 4.66% APY
- Bank5 Connect - 4.05% APY
- Bank of America - 0.01% APY
- Barclays - 3.90-4.10% APY
- Bask Bank - 4.20% APY
- Betterment - 4.00% APY
- BMO Alto - 3.60% APY
- Bread Savings - 4.30% APY
- BrioDirect - 4.30% APY
- Capital One - 3.60% APY
- Carver Bank - 4.00% APY
- Charles Schwab Bank - 0.15% APY
- Chase Bank - 0.01% APY
- Chime - 1.25-3.75% APY
- CIBC Bank USA - 4.11% APY
- Citibank - 3.60% APY
- Citizens Access™ - 3.70% APY
- Colorado Federal Savings Bank - 4.25% APY
- ConnectOne Bank - 4.00% APY
- Customers Bank - 4.23% APY
- Discover Bank - 3.60% APY
- E*TRADE from Morgan Stanley - 4.00% APY
- EverBank - 4.30% APY
- Evergreen Bank Group - 4.25% APY
- First Foundation Bank - 4.25% APY
- Fitness Bank - 5.00% APY
- Flagstar Bank - 4.00% APY
- Forbright Bank - 4.25% APY
- FVCbank - 4.35% APY
- High Plains Bank - 0.23-3.82% APY
- Jenius Bank - 4.20% APY
- LendingClub - 3.40-4.40% APY
- Live Oak Bank - 4.10% APY
- Marcus by Goldman Sachs - 3.65% APY
- My Banking Direct - 4.30% APY
- MySavingsDirect - 3.75% APY
- Neighbors Bank - 4.60% APY
- Newtek Bank - 4.35% APY
- OMB Bank - 1.00% APY
- Openbank - 4.30% APY
- Peak Bank - 4.44% APY
- Pibank - 4.60% APY
- PNC - 3.95% APY
- Poppy Bank - 4.25% APY
- Popular Direct - 4.05% APY
- Presidential Bank - 4.00-4.50% APY
- Prime Alliance Bank - 4.05% APY
- Primis Bank - 4.35% APY
- Quontic Bank - 3.85% APY
- RBMAX - 4.15% APY
- Rising Bank - 4.30% APY
- ROGER - 4.65% APY
- Salem Five Direct - 4.01% APY
- Sallie Mae Bank - 3.90% APY
- Santander Bank - 0.03% APY
- SoFi Bank - 3.80% APY
- Synchrony Bank - 3.80% APY
- TAB Bank - 4.26% APY
- TD Bank - 0.05-3.00% APY
- The State Exchange Bank - 1.90% APY
- TIMBR - 4.40% APY
- UFB Direct - 4.01-4.21% APY
- Upgrade - 4.02% APY
- Valley Direct - 4.20% APY
- Varo Bank - 2.50-5.00% APY
- Western Alliance Bank - 4.30% APY
- Zynlo Bank - 4.35% APY
Feature | CIT Bank | Select a bank... |
---|---|---|
Product | N/A | |
APY | 0.25% - 4.00% (as of 6/20/2025) | N/A |
Bundled Account | No | N/A |
FDIC-insured | Yes | N/A |
Online Only | Yes | N/A |
Compound Frequency | Daily | N/A |
Minimum Deposit | $100 | N/A |
Minimum Balance for APY | $5,000 | N/A |
Maintenance Fee | $0 | N/A |
Direct Deposit Required | No | N/A |
Bank-to-Bank Comparisons
Compare CIT Bank's APY of 4.00% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
CIT Bank vs Ally Bank | 3.50% | $0 |
CIT Bank vs American Express | 3.60% | $0 |
CIT Bank vs Axos Bank | 4.66% | $0 |
CIT Bank vs Bank of America | 0.01% | $100 |
CIT Bank vs Barclays | 4.10% | $0 |
CIT Bank vs Capital One | 3.60% | $0 |
CIT Bank vs Chase Bank | 0.01% | $0 |
CIT Bank vs Chime | 3.75% | $0 |
CIT Bank vs Discover Bank | 3.60% | $0 |
CIT Bank vs Fitness Bank | 5.00% | $100 |
CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
CIT Bank vs SoFi Bank | 3.80% | $0 |
CIT Bank vs Synchrony Bank | 3.80% | $0 |
CIT Bank vs Varo Bank | 5.00% | $0 |