Featured
Platinum Savings
Top-tier APY for $5K+ balances.
4.55% APY on balances of $5,000 or more
- 4.55% APY on balances ≥ $5,000
- 0.25% APY on balances < $5,000
- $100 minimum to open
- $0 monthly maintenance fees
- 24/7 mobile and online access
Best for High Balances
CIT Bank Review: High-yield savings backed by a 125-year-old bank.
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/ 10
Excellent
9.5
Overall
9.8
APY
10.0
Fees
8.8
Mobile app
9.0
Service
4.55%
Platinum APY
$5K
Min for top rate
$0
Monthly fees
$250K
FDIC coverage
What is CIT Bank?
A century of banking. A modern online experience.
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
The CIT Bank lineup
High yields across the board.
CIT keeps it focused — a tight set of online accounts designed to maximize your APY.
Term CDs
Lock in a guaranteed fixed rate.
Terms from 6 months to 5 years
- Competitive fixed APY across all terms
- $1,000 minimum opening deposit
- No maintenance fees
- Automatic renewal at maturity
Money Market
Liquid savings with check writing.
Competitive APY · $100 minimum
- Competitive APY on all balances
- $100 minimum to open
- $0 monthly fees
- Easy ACH and external transfers
eChecking
Free online checking with ATM rebates.
Up to $30/month in ATM fee reimbursements
- $0 monthly maintenance fees
- Up to $30/month in domestic ATM fee rebates
- Free Visa® debit card included
- Mobile check deposit and bill pay
The honest verdict
Pros & cons — no spin
What we love
- One of the highest savings APYs in the U.S. (4.55% on $5K+)
- Truly $0 fees — no monthly, transfer, or hidden charges
- Backed by First Citizens Bank — $200B+ in assets
- ATM fee reimbursements on the eChecking account
- FDIC-insured up to $250K per depositor
Worth knowing
- Top APY requires a $5,000 minimum balance
- No physical branches — fully online
- No native debit card on the savings account
- Mobile app is solid but trails top fintech rivals
Getting started
Open a CIT Bank account in under 5 minutes
Step 1
Apply online
Takes about 5 minutes — no hard credit pull required.
Step 2
Verify identity
Standard ID verification, usually instant.
Step 3
Fund your account
Link your existing bank or transfer in any amount.
Step 4
Hit $5K and earn 4.55%
Cross the $5K threshold to unlock the full Platinum APY.
CIT Bank FAQ
Common questions, clear answers
Is CIT Bank safe?
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.
How do I get the 4.55% APY?
Maintain a balance of $5,000 or more in your Platinum Savings account. Balances under $5,000 earn a much lower 0.25% APY. The tier is checked daily based on your balance.
Is there a minimum deposit to open?
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.
Are there any fees?
No monthly maintenance fees on Platinum Savings, Money Market, or eChecking. CIT operates a true $0-fee online banking model.
How long do transfers take?
Standard ACH transfers between CIT and your linked bank typically settle in 1–3 business days, with no transfer fees.
Top-tier APY without the gimmicks
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 never influences our ratings or recommendations.
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