CIT Bank's Platinum Savings pays one of the highest APYs in the country on balances of $5,000+ — with zero monthly fees and the full backing of First Citizens Bank, one of the largest U.S. family-controlled banks.
PickYourBank Rating
9.5
Overall
9.8
APY
10.0
Fees
8.8
Mobile app
9.0
Service
4.25%
Up to APY (with boost)
$5K
Min for top rate
$0
Monthly fees
$250K
FDIC coverage
Founded in 1908, CIT has financed American businesses for over a century. In 2022 it became a division of First Citizens Bank — the largest family-controlled bank in the U.S. with $200B+ in assets.
CIT Bank's online-only platform focuses on high-yield savings, money market, CDs, and a no-fee eChecking account — built for savers who want top-of-market APY without branch overhead.
Founded
1908
Parent assets
$200B+
HQ
Pasadena, CA
Charter
FDIC-insured
Bank-grade security
256-bit encryption + 2-factor login
Top-tier APY
Among the highest in the U.S.
Backed by First Citizens
125+ years of banking history
FDIC insured
Up to $250K per depositor
CIT keeps it focused — a tight set of online accounts designed to maximize your APY.
Top-tier APY for $5K+ balances.
Up to 4.25% APY with a 6-month BOOST50 boost
Lock in a guaranteed fixed rate.
Terms from 6 months to 5 years
Liquid savings with check writing.
Competitive APY · $100 minimum
Free online checking with ATM rebates.
Up to $30/month in ATM fee reimbursements
Takes about 5 minutes — no hard credit pull required.
Standard ID verification, usually instant.
Link your existing bank or transfer in any amount.
Cross the $5K threshold to unlock the top Platinum APY — boosted for 6 months with BOOST50.
Yes. CIT Bank is a division of First Citizens Bank, N.A., which is FDIC-insured up to $250,000 per depositor, per ownership category. First Citizens has over $200 billion in assets and a 125+ year history.
Open or enroll with promo code BOOST50 (Sep 29 – Dec 15, 2026) and keep $5,000 or more in Platinum Savings to earn 4.25% APY for 6 months; balances under $5,000 earn 0.75% during the boost. Afterward the standard 3.75% APY applies on $5,000+. Customers who previously received an APY boost are not eligible. The tier is checked daily based on your balance.
Yes — Platinum Savings requires a $100 minimum opening deposit. You can fund the account before hitting the $5K threshold needed to unlock the top APY.
No monthly maintenance fees on Platinum Savings, Money Market, or eChecking. CIT operates a true $0-fee online banking model.
Standard ACH transfers between CIT and your linked bank typically settle in 1–3 business days, with no transfer fees.
If you can park $5K+ and want one of the highest savings rates in the country — backed by a century-old bank — CIT Bank is hard to beat.
Advertiser disclosure: PickYourBank.com may receive compensation when you open an account through our links. This can affect placement, order and our assessment score.
For complete list of account details and fees, see our Personal Account disclosures.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Promo code BOOST50 is required to qualify.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
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