- Star rating: 3.8
- Annual Percentage Yield: 5.05% APY on balances of $5,000 or more, 0.25% APY on balances less than $5,000
- Minimum Deposit Requirement: $100
- Monthly Fee: $0
What We Liked
CIT Bank’s Platinum Savings account offers a highly competitive interest rate for those with a balance of at least $5,000, and there are no monthly fees to cut into interest earnings. CIT Bank offers a checking account, too, which can make it easier and more convenient to fund your savings. For people who plan to keep their savings balances high, this account could fit the bill.
What We Didn’t Like
If your Platinum Savings balance is less than $5,000, you’ll only earn the lower APY. This account also requires a minimum deposit of $100. Customers who want to bank with Android devices should know the CIT Bank app receives mixed reviews on Google Play.
Who It’s Best For
CIT Bank’s Platinum Savings is best for customers who have at least $5,000 to save. The high minimum balance requirement to earn better interest could serve as a motivator to avoid dipping into your savings if you think that could work for you. Otherwise, choose another account.