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)
Minimum Deposit: $100 | Online Only
Savings Connect: 3.90% APY(Rank 52 out of 74 tracked HYSAs)
Minimum Deposit: $100 | Online Only
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
Summary: CIT Bank offers two online-only savings accounts with competitive APYs, including a 4.00% rate for the Platinum Savings account. However, it requires a minimum balance of $5,000, and the APY recently decreased. The bank has high app ratings but lacks physical branches and is not BBB Accredited. The Savings Connect account offers a lower APY of 3.90% with no minimum balance, catering to more flexible savers.
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
All calculations are based on APY.
⚠️ The minimum balance for the higher APY on this account is $5,000.
Deposit Frequency:
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) | -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 |