CIT Bank Platinum Savings review

CIT Bank Platinum Savings pays well only if you clear its balance tier. Balances of $5,000 or more earned 3.75% APY, while anything below $5,000 earned 0.25%, according to rates CIT lists as accurate as of July 1, 2026. Interest is paid on the whole balance at the rate for the tier your end-of-day balance falls in, so dipping below $5,000 even for a day cuts your earnings sharply. The account needs $100 to open, takes about five minutes to set up, and has no account opening or monthly service fees. CIT is a division of First Citizens Bank, which brings a long track record, but it also means deposits at CIT and other First Citizens divisions are added together for the $250,000 FDIC limit. The listed rate date is also older than other banks' dates on this list, so confirm today's rate. For a steady balance above $5,000 it is competitive; for smaller or changing balances, Marcus or EverBank is simpler.

Who it is for

Savers who will keep at least $5,000 in the account at all times.

Price

$0 monthly service fees, $100 to open; 3.75% APY on $5,000 or more, 0.25% below.

No account opening or monthly service fees, so you can keep what you earn.
Quoted from the vendor pricing page on November 8, 2026.

Key features

• 3.75% APY on balances of $5,000 or more, accurate as of July 1, 2026
• 0.25% APY on balances under $5,000
• No account opening or monthly service fees
• Open with $100 in about five minutes
• Fund by electronic transfer, mail-in check or wire

Strengths and weaknesses

• Strength: Second highest rate here for balances of $5,000 or more
• Strength: No monthly service fees
• Strength: Backed by First Citizens Bank
• Weakness: Balances under $5,000 earn just 0.25% APY
• Weakness: $100 minimum to open
• Weakness: Deposits are combined with First Citizens for FDIC limits

Key facts

• APY at $5,000+: 3.75%, as of July 1, 2026
• APY under $5,000: 0.25%
• Opening deposit: $100
• Monthly service fee: $0
• Parent bank: First Citizens Bank

Where it ranks

CIT Bank Platinum Savings is No. 10 in our Best High Yield Savings Accounts verdict.