CIT Bank (now part of First Citizens Bank) Platinum Savings offers the highest APY up to 4.65% (Platinum Savings tier)% on balances of $5,000 or more. If you have a significant amount to save and want to maximize your interest earnings, CIT Bank (now part of First Citizens Bank) is the clear winner on rate.
High-yield savings accounts at online banks currently pay 10–15x more than the national average. Moving $10,000 from a traditional bank to a HYSA can earn you an extra $400–$500 per year.
The catch is the balance tier. Balances below $5,000 earn a much lower rate (typically 0.25%). If you're just starting to save or can't consistently maintain $5,000, Marcus by Goldman Sachs or Ally Bank may be better choices since they apply their competitive rates to all balances from $0.
CIT Bank (now part of First Citizens Bank) Platinum Savings
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Rates, Fees & Key Terms
| Feature | Details |
|---|---|
| APY up to 4.65% (Platinum Savings tier)% | |
| APY — Balances Under $5,000 | 0.25% |
| Monthly Fee | $0 |
| Minimum Opening Deposit | $0 |
| FDIC Insurance | Yes — up to $250,000 |
| Checking Account | Yes — CIT eChecking (up to 0.25% APY) |
| ATM Fee Reimbursement | Up to $30/month via eChecking |
| Mobile App | Available on iOS and Android |
✓ Pros
- Highest APY up to 4.65% (Platinum Savings tier)%) for balances over $5,000
- $0 fees and $0 minimum opening deposit
- FDIC insured — backed by First Citizens BancShares
- eChecking account with ATM fee reimbursement
- Easy online account opening
✗ Cons
- High APY only applies to balances $5,000+
- Balances under $5,000 earn only 0.25% APY
- No physical branches
- Fewer features than Ally (no savings buckets, etc.)
CIT Bank (now part of First Citizens Bank) Platinum Savings — Maximize Your Interest
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A high-yield savings account is excellent for emergency funds and short-term goals, but consider alternatives for:
- Money you won't need for 1+ years: A 12-month CD typically offers 0.3–0.5% more APY than a savings account with no additional risk. For money you can lock up, a CD ladder is more efficient.
- Retirement savings: A high-yield savings account is taxable. A Roth IRA or traditional IRA offers tax advantages that compound significantly over decades. Max your tax-advantaged accounts before holding excess cash in a savings account.
- Emergency funds above 6 months of expenses: Once your emergency fund is fully funded, additional cash above that threshold is better deployed in a taxable brokerage account or I-Bonds, which historically outperform savings rates over 5+ year periods.
- You carry high-interest debt: Paying off a 20%+ APR credit card balance is a guaranteed 20% return — far better than any savings account rate. Prioritise high-interest debt elimination before building savings above your emergency fund.
Frequently Asked Questions
What APY up to 4.65% (Platinum Savings tier)% APY up to 4.65% (Platinum Savings tier)%), you need to maintain a balance of $5,000 or more.