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WiseIQ Editorial Team
Reviewed by certified financial experts  ·  Updated April 2026
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CIT Bank Platinum Savings offers the highest APY of any mainstream high-yield savings account — up to 4.85% on balances of $5,000 or more. If you have a significant amount to save and want to maximize your interest earnings, CIT Bank is the clear winner on rate.

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 Platinum Savings

4.85% APY on $5,000+ balances · $0 fees · $0 minimum opening deposit · FDIC insured

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Rates, Fees & Key Terms

FeatureDetails
APY — Balances $5,000+4.85%
APY — Balances Under $5,0000.25%
Monthly Fee$0
Minimum Opening Deposit$0
FDIC InsuranceYes — up to $250,000
Checking AccountYes — CIT eChecking (up to 0.25% APY)
ATM Fee ReimbursementUp to $30/month via eChecking
Mobile AppAvailable on iOS and Android

✓ Pros

  • Highest APY (4.85%) 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 Platinum Savings — Maximize Your Interest

4.85% APY on $5K+ · $0 fees · FDIC insured · Open in minutes

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Frequently Asked Questions

What APY does CIT Bank Platinum Savings offer?

CIT Bank Platinum Savings offers up to 4.85% APY on balances of $5,000 or more. Balances below $5,000 earn a lower rate (typically 0.25%). To maximize your earnings, you need to maintain at least $5,000 in the account.

Is CIT Bank FDIC insured?

Yes. CIT Bank is a division of First Citizens BancShares and is FDIC insured up to $250,000 per depositor.

Does CIT Bank have a minimum balance?

There is no minimum opening deposit for CIT Bank Platinum Savings. However, to earn the highest APY (4.85%), you need to maintain a balance of $5,000 or more.

How does CIT Bank compare to Marcus and Ally?

CIT Bank offers the highest APY (4.85%) but only on balances over $5,000. Marcus and Ally offer slightly lower rates but apply them to all balances from $0. For large balances, CIT wins. For smaller balances, Marcus or Ally may be better.

Does CIT Bank have a checking account?

Yes. CIT Bank offers an eChecking account with up to 0.25% APY and reimbursement for up to $30 in ATM fees per month.

Sources & Methodology

WiseIQ's editorial team researches and fact-checks all content using primary sources. Our recommendations are based on independent analysis and are not influenced by advertiser relationships.

Last reviewed: April 3, 2026  |  How we rank products