CIT Bank: Savings Accounts & Rates
Mission: Banksparency aims to make CIT Bank's savings accounts transparent and comparable to the market.
Analysis of CIT Bank
Our verdict
CIT Bank offers Platinum Savings, a high-yield savings account paying 3.75% APY with a $100 minimum deposit. To earn the full 3.75% APY, a minimum balance of $5,000 is required — below that, the rate drops to as low as 0.25% APY.
At 3.75% APY, CIT Bank pays 10x the national average (0.39%). Ranks in the top tier of 98+ accounts tracked.
CIT Bank also offers Savings Connect at 3.65% APY — a lower rate.
Ideal User Profile
- Best for: simple saving without extra requirements, banking without needing a branch, and quick transfers with Zelle.
Key Differentiators
- Stands out with top-rated iOS app (4.8), highly-rated Android app (4.7), A+ BBB rating, in-person banking available, Zelle for instant transfers.
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 4.15% 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)
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: 4/7/2026 | 3.65%Verified: 4/7/2026 |
APY Trend | Very StableNo rate changes in last 90 days | Very StableNo rate changes in last 90 days |
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 | Sideways |
Slope (bps/mo) | -3.7 | -3.7 |
Rate Changes / Mo | 0.25 | 0.25 |
Days Since Last Change | 138 | 138 |
High (-12m) | 4.00% | 4.10% |
Low (-12m) | 3.65% | 3.75% |
Draw-down | -8.8% | -8.5% |
Volatility (CV) | 0.036 | 0.035 |
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: 4/7/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| 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
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