- Member FDIC, a division of First-Citizens Bank & Trust Company
- Savings accounts open with $100
- CDs open with $1,000
- No account opening or monthly service fees on the savings accounts and CDs shown
- Rates are as of July 1, 2026 and listed with their disclosures below
| Type | CIT Bank, a division of First-Citizens Bank & Trust Company. Member FDIC |
|---|---|
| Platinum Savings | 3.75% APY on $5,000 or more, 0.25% APY under $5,000. $100 to open |
| Savings Connect | 3.65% APY. $100 to open |
| CDs | 6-month 3.75%, 11-month No-Penalty 3.90%, 1-Year 4.00%, 13-month 3.25%. $1,000 to open |
| Monthly service fee | None on the savings accounts shown |
| iPhone app rating | 4.8 out of 5 from 79K ratings on the App Store, read October 13, 2026 |
For complete list of account details and fees, see our Personal Account disclosures. Rates and APYs on this page are as of July 1, 2026 and can change.
Bottom line: CIT Bank is worth opening if you can keep $5,000 or more in Platinum Savings, or if you want a flat-rate savings account or a CD with a $1,000 minimum. It isn’t built for tiny balances.
Here’s the number that matters. Platinum Savings pays 3.75% APY on balances of $5,000 or more and 0.25% APY on balances under that. Savings Connect pays 3.65% APY, with a single rate listed.
Skip it if you want a bank that does everything in one app. Rates, minimums and dates below come from CIT Bank’s own disclosure sheet, and the APYs are accurate as of July 1, 2026.
What CIT Bank is
CIT Bank is a division of First-Citizens Bank & Trust Company, which is a member of the FDIC. Deposits are insured up to $250,000 per depositor, for each account ownership category. Balances you hold at CIT Bank and at First Citizens are added together for that limit, so a big balance at both can pass it.
This review covers CIT Bank’s savings accounts and CDs. We have a separate First Citizens Bank review if you want the parent bank.
Pros and cons
Pros
- Platinum Savings pays 3.75% APY from $5,000, and there are no account opening or monthly service fees.
- Savings Connect pays 3.65% APY with only $100 to open.
- The 1-Year CD is 4.00% APY, and the No-Penalty CD is 3.90% APY.
- The No-Penalty CD lets you withdraw the total balance and interest after the first 6 days.
- The iPhone app is rated 4.8 out of 5 on the App Store.
Cons
- Platinum Savings pays only 0.25% APY under $5,000.
- All rates are variable on savings and can change at any time without notice.
- CDs need $1,000 to open, and the term CDs can carry an early withdrawal penalty.
- The 6-month CD renews on its own as another 6-month term, and the 13-month CD renews as a 1-Year CD at the then-published rate.
- EverBank lists a higher savings rate (4.20% on all balances for new accounts as of 10/09/2026).
Platinum Savings
Platinum Savings is a tiered account. The tier is set by your end-of-day balance, and the rate applies to the whole balance that day.
At $5,000.00 or more you earn 3.75% APY. From $0.01 to $4,999.99 you earn 0.25% APY.
That cliff is the whole story. On $4,900 you’d earn about $12 in a year. On $5,000 you’d earn about $187 at today’s rate. So top the balance up to $5,000 before you open it, or pick Savings Connect instead.
It costs $100 to open and has no account opening or monthly service fees.
Platinum Savings 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 end-of-day account balance. APYs (Annual Percentage Yields) are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Savings Connect
Savings Connect pays 3.65% APY and costs $100 to open. There are no account opening fees or monthly service fees.
It’s the simpler pick, because CIT’s disclosure sheet lists one rate with no balance cliff. If you might dip under $5,000, it beats Platinum.
At $5,000 or more, Platinum pays 0.10 percentage points more than Savings Connect, which is about $5 a year on $5,000 at today’s rates. Not much of a gap either way.
Savings Connect: APY (Annual Percentage Yield) is accurate as of July 1, 2026. Interest rates for the Savings Connect account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
CDs
CIT Bank’s four CDs each need $1,000 to open and carry no monthly service fees or account opening fees. Rates are fixed for the term, and interest compounds daily.
| CD | APY | Notes |
|---|---|---|
| 1-Year CD | 4.00% | 12-month locked-in rate |
| 11-month No-Penalty CD | 3.90% | Withdraw after the first 6 days with no penalty |
| 6-month CD | 3.75% | Renews as another 6-month term |
| 13-month CD | 3.25% | Renews as a 1-Year CD at the then-published APY |
The 1-Year CD is the best rate here. The No-Penalty CD gives up 0.10 percentage points for flexibility, which is a fair trade if you might need the cash.
The 13-month CD pays the least, 3.25%. Pick it only if you need that exact term.
1-Year CD: APYs (Annual Percentage Yields) for all Term CDs are accurate as of July 1, 2026. $1,000 minimum opening deposit. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings.
No-Penalty CD: APY (Annual Percentage Yield) is accurate as of July 1, 2026. $1,000 minimum to open the account. With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
6-Month CD: APY (Annual Percentage Yield) is accurate as of July 1, 2026. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. The 6-Month CD will be automatically renewed as a 6-Month Term.
13-Month CD: APY (Annual Percentage Yield) is accurate as of July 1, 2026. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY.
What it costs
For the savings accounts and CDs shown here, there are no account opening fees and no monthly service fees. You need $100 to open a savings account and $1,000 to open a CD.
The cost to watch is the early withdrawal penalty on term CDs. It can reduce your earnings, and the No-Penalty CD is the way around it. Fees could also reduce earnings on Savings Connect, so check the Personal Account disclosures.
Who should open it
You’ll like CIT Bank if you have $5,000 or more to park and want a solid rate with no monthly service fee. It also fits you if you want a CD with a clear set of terms and the option of a no-penalty version.
Pick Savings Connect if your balance might drop below $5,000. Pick a CD if you won’t need the money for the full term.
Look elsewhere if you want the top savings rate on any balance, a sign-up bonus, or one account for everything. You can reach CIT Bank customer service at 855-462-2652.
CIT Bank vs. alternatives
- EverBank: Performance Savings pays 4.20% APY on all balances for new accounts as of 10/09/2026, with $0 to open.
- Ally Bank: Online Savings pays 3.1% APY as of 10/12/26, with $0 to open and up to 30 savings buckets.
- Chime: a fintech, not a bank, whose savings APY runs from 1.00% to 4.00% by tier.
FAQ
Yes. CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the FDIC. Coverage is up to $250,000 per depositor, per ownership category.
$100 for both Platinum Savings and Savings Connect.
3.75% APY on balances of $5,000.00 or more and 0.25% APY on $0.01 to $4,999.99, as of July 1, 2026. The rate is variable.
$1,000 for every CD covered here.
A penalty may be imposed on the term CDs. The 11-month No-Penalty CD lets you withdraw the total balance and interest beginning 7 days after funds are received.
Sources (9)
We use primary sources: each company’s own product pages and legal terms.
- CIT Bank. Personal Account disclosures. cit.com. Accessed October 13, 2026.
- CIT Bank. Platinum Savings. cit.com. Accessed October 13, 2026.
- CIT Bank. Savings Connect. cit.com. Accessed October 13, 2026.
- CIT Bank. CD rates and terms. cit.com. Accessed October 13, 2026.
- CIT Bank. Contact us. cit.com. Accessed October 13, 2026.
- Apple App Store. CIT Bank. apps.apple.com. Accessed October 13, 2026.
- EverBank. Rates. everbank.com. Accessed October 13, 2026.
- Ally Bank. Online Savings Account. ally.com. Accessed October 13, 2026.
- Chime. Chime Plus and Prime. chime.com. Accessed October 13, 2026.
Take the next step.
Look at CIT Bank savings for yourself.
Rates, terms and availability change. For complete list of account details and fees, see our Personal Account disclosures. Member FDIC.