By Sarah Chen
Published · Updated
Quick Summary
CIT Bank, now part of First Citizens Bank, offers a range of savings products including its standout Platinum Savings account, which provides top-tier APY for balances of $5,000 or more. The bank also offers competitive CDs, a no-penalty CD, and checking accounts. CIT Bank is best suited for savers with larger balances who can meet the minimum thresholds to unlock the highest interest rates.
Score Breakdown
What We Like
- ✓ Excellent APY on Platinum Savings ($5,000+)
- ✓ Multiple savings product options
- ✓ No-penalty CD available
- ✓ Part of established First Citizens Bank
- ✓ Competitive CD ladder options
What Could Improve
- ✗ Best rates require $5,000+ balance
- ✗ Lower rates on standard savings
- ✗ Less intuitive interface than top competitors
Features
CIT Bank offers Platinum Savings (higher APY at $5,000+), Savings Connect, No-Penalty CDs, and term CDs. The eChecking account includes debit card and ATM access. Money market accounts provide check-writing capability. CIT Bank is part of the First Citizens BancShares family, providing additional financial stability.
Pricing
No monthly fees on most accounts. Platinum Savings APY around 4.35% (with $5,000+ balance). Savings Connect offers around 4.10% with no minimum. CDs range from 3.50-4.50% APY. No-Penalty CD allows withdrawal after 7 days. eChecking requires $25,000 combined balance to waive $25 monthly fee.
Usability
CIT Bank's online interface is functional but not as modern as Ally or SoFi. The multiple savings product options can be confusing for new users. Mobile app covers basic banking needs adequately. Account opening is straightforward, though the tiered rate structure requires understanding the minimum balance requirements.
Key Specifications
| Monthly Fee | $0 (most accounts) |
| Savings APY | Up to 4.35% |
| Minimum Balance | $5,000 for best rate |
| ATM Network | Limited |
| FDIC Insured | Yes |
| Mobile Deposit | Yes |
| Zelle | No |
Final Verdict
CIT Bank is best for savers who can maintain $5,000+ for the Platinum Savings top rate. The variety of savings products provides flexibility, and the First Citizens backing adds stability. However, for smaller balances, competitors like Ally or SoFi offer simpler products with comparable or better rates. CIT Bank rewards larger deposits more than the average saver.
Check bank bonus value before opening an account
Headline bonuses can shrink after taxes, fees, balance lockup and direct-deposit rules. Use the free bank bonus tax calculator before comparing online bank offers, then verify the bank's official terms before opening or moving money.
Compare APY against bonus value
Before opening a new account for a promotion, use the APY vs bank bonus calculator and the bank bonus tax calculator to compare interest, taxes, fees and holding-period rules.