CIT Bank Platinum Savings Review: Pros and Cons

CIT Bank recently launched a new savings account called: Platinum Savings. This account is very similar to the old Savings Builder account that existed previously.

The CIT Platinum Savings Account is a two-tier savings account. This means you have to meet certain requirements to get the higher interest rate advertised on your savings. If you don’t meet the requirements, you’ll default to the lower rate.

Let’s dive in and learn more about how the CIT Platinum Savings Account works.

Open a CIT Platinum Savings Account here >>

How CIT Platinum Savings works

The CIT Platinum Savings Account is a two-tier savings account. To enjoy the highest savings rate, you must maintain a balance of at least $5,000.
Savings account pays up to3.75% APY* on your money.

It has two levels – low layer0.25%APY, the top tier of3.75% my dad*.

If the daily balance is $5,000 or more, the APY for the entire balance is 3.75%. However, if the daily balance drops below $5,000, the APY drops to 0.25%. The daily balance is measured at the end of each day. See CIT Bank website for details.

You can open an account with as little as $100, but remember – you must reach $5,000 or more to get a higher interest rate.

Bonus:You can qualify for a cash bonus of up to $300 when you open a new Platinum Savings Account with CIT Bank and complete qualifying activities. You can get $225 in early cash with a minimum deposit of $25,000, or $300 in early cash with a minimum deposit of $50,000. Use promo code PS2025 when opening the account. See CIT Bank for full promotion details.

Why we love the product

In today’s savings and banking environment, CIT Bank is a proven leader when it comes to online savings accounts. They have a long track record, consistently paying above average interest on their savings accounts, and of course, these accounts are FDIC insured.

As of November 2025, FDIC reports. The average interest rate on savings accounts nationwide is just 0.40% APY.

This account is well above the national average, and it always makes our list of best savings accounts, too.

CIT Bank also facilitates deposit and withdrawal of funds from this account. You can deposit and withdraw electronically, and they have a powerful mobile app where you can manage your money.

Is there any important fine print?

As with most financial products, there are always fine details. Fortunately, it’s very simple with CIT’s Platinum Savings Program.
You need a minimum deposit of $100 to open the account. After that, there is no minimum balance.

However, to get the highest rate, you need to maintain a daily balance of $5,000 or more. Otherwise, you will revert to the lower interest rate.

Final thoughts

We love this new Platinum Savings Account from CIT Bank. If you’re looking for a new savings account, this should be at the forefront of your considerations.
Open a CIT Platinum Savings Account here >>

Disclaimer

For a full list of account details and fees, see our websitePersonal account disclosures.

*The Platinum Savings Account 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 account balance at the end of the day. *APYs — Annual Percentage Yield accurate as of November 20, 2025: 0.25% APY on balances from $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Platinum Savings Account interest rates are variable and may change at any time without prior notice. The minimum to open a Platinum Savings Account is $100.