CIT Bank

Last Updated: 7/3/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick Views

Platinum Savings: 0.25% - 4.00% APY(Rank 48 out of 76 tracked HYSAs)

Minimum Deposit: $100 | Online Only

Savings Connect: 3.90% APY(Rank 53 out of 88 savings accounts)

Minimum Deposit: $100 | Online Only

National Savings Interest Rate: 0.38% (as of 6/16/2025)

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: 4.7/5

Website: Visit CIT Bank

Our Take on CIT Bank

Highlights

Savings Connect offers a competitive APY of 3.90%
Platinum Savings has an APY of 4.00%, though it decreased from 4.10%
High App Store rating of 4.8
No maintenance fees on both accounts

Considerations

Platinum Savings requires a minimum balance of $5,000
Both accounts do not require direct deposit
No physical branches available for in-person service
Not BBB Accredited, rated A-

Summary: CIT Bank offers two online-only savings accounts, with the Platinum Savings account providing a 4.00% APY, down from 4.10%. The Savings Connect account offers a 3.90% APY. Both accounts have no maintenance fees, but the Platinum Savings requires a $5,000 minimum balance. With high ratings on both the App Store (4.8) and Google Play (4.7), CIT Bank is appealing, yet it lacks physical branches and BBB accreditation.

Savings Accounts

Savings Accounts Offered by CIT Bank

Feature	Savings Connect	Platinum Savings
APY	3.90% (as of 7/3/2025)	0.25% - 4.00% (as of 7/3/2025)
APY Trend	-0.10% MoM	-0.10% MoM
Minimum Deposit	$100	$100
Minimum Balance for APY	$0	$5,000
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

All calculations are based on APY.

Choose savings account:

Initial Deposit:

⚠️ The minimum balance for the higher APY on this account is $5,000.

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $0 (0.00%)
Total contributions: $0 (0.00%)
Initial deposit: $100 (100.00%)

Your total balance

$100.00

Effective APY: 0.25% (based on your deposit and contributions)

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)	-1.2	-6.7
Rate Changes / Mo	0.15	0.60
Days Since Last Change	22	22
High (-7 m)	4.00 %	4.55 %
Low (-7 m)	3.90 %	4.00 %
Draw-down from High	-2.5 %	-12.1 %
Volatility (CV)	0.008	0.031

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 7 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 (-7 m): Highest APY in the last 199 days.
Low (-7 m): Lowest APY in the last 199 days.
Draw-down from High: How far today sits below the 7-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 - 3.50% 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 - 3.50% 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 - 3.75% APY
RBMAX - 4.15% APY
Rising Bank - 4.30% APY
ROGER - 4.12% 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 - 4.15% 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 - 4.30% APY
Varo Bank - 2.50-5.00% APY
Western Alliance Bank - 4.25% APY
Zynlo Bank - 4.35% APY

Feature	CIT Bank	Select a bank...
Product		N/A
APY	0.25% - 4.00% (as of 7/3/2025)	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	3.50%	$0
CIT Bank vs Chase Bank	0.01%	$0
CIT Bank vs Chime	3.75%	$0
CIT Bank vs Discover Bank	3.50%	$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