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.
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