Banking

CIT Bank Platinum Savings Review (2024): High Yield Savings Account Review

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CIT Bank Platinum Savings high yield savings account stands out as a top-tier option, boasting an impressive annual percentage yield (APY) that propels funds into growth. Moreover, the intuitive online platform ensures seamless account management, complemented by the absence of monthly fees and low minimum balance requirements for broad accessibility. 

CIT Bank Platinum Savings

Pros

  • High APY when balance requirement is met
  • Unlimited transfers
  • Unlimited withdrawals
  • Zero account fee

Cons

  • High balance requirement for competitive APY
  • Online access only
  • No debit card for ATM withdrawals

CIT Bank is a prominent financial institution that operates as an online bank, offering a variety of banking products and services to customers across the United States. Established as Commercial Credit in 1908, the institution has undergone several transformations and mergers to become the modern CIT Bank.

Specializing in high yield savings accounts, certificates of deposit and other financial products, CIT Bank distinguishes itself through competitive interest rates and a commitment to providing a seamless online banking experience.

What is a high yield savings account?

A high yield savings account is a type of account offered by financial institutions, such as banks or online banks, that provides a higher interest rate compared to a regular savings account.

Traditional savings accounts typically offer lower interest rates, often just enough to keep pace with inflation. In contrast, high yield savings accounts aim to attract customers by providing a more competitive interest rate, allowing account holders to earn more on their deposited money.

CIT Bank Platinum Savings Benefits

Competitive APY: CIT Bank Platinum Savings offers a 5.05% APY, which is a higher rate compared to the majority of other similar savings accounts. However, it should be noted that it requires a minimum balance of $5,000 to make the most of its top-tier APY. Otherwise, the APY is only 0.25%.

No Monthly Maintenance Fees: To open a CIT Bank Platinum Savings account, all that’s required is a $100 fee. There are no monthly fees involved, allowing account holders to maximize their savings without any deductions.

Accessibility: CIT Bank’s platform is user-friendly and functional, including features like fund transfers, account monitoring and customer support access. The same goes for its mobile app, which lets account holders do everything they need in one place.

FDIC Insurance: As a member of the Federal Deposit Insurance Corporation (FDIC), CIT Bank offers FDIC insurance of up to $250,000 per depositor in case of a bank failure.

Unlimited Withdrawals and Transfers: CIT Bank doesn’t have a monthly limit in place for withdrawals and transfers, unlike other savings accounts.

Is CIT Bank a good bank for savings?

Considering that the average APY is below 1%, the CIT Bank Platinum Savings makes for an excellent option to grow funds. As noted, accounts with a balance of $5,000 or more stand to reap the benefits of a 5.05% APY, which is well above the usual rates offered by others of its kind.

Couple that with zero monthly maintenance fees, account holders won’t have to worry about any form of deduction, allowing them to focus on their savings and earning from the institution’s high interest rate. Also, they can make deposits through a variety of methods that don’t cost a thing, and there are free withdrawal options as well.

How to withdraw from a CIT Platinum Savings account?

As mentioned earlier, CIT Bank is online only and a CIT Bank Platinum Savings account doesn’t come with a debit card. That means there are no brick-and-mortar branches to visit, nor can withdrawals be made from an ATM. That said, there are fairly easy ways to withdraw and deposit funds without a fee.

Withdrawal Methods:

  • Requesting a check: Account holders can get in touch with the bank to ask for a check to be sent through mail for free.
  • Electronic transfer (ACH): Moving funds to another bank account is also free of charge.
  • Wire transfer: For accounts with a balance below $25,000, CIT Bank will charge $10 for each transaction.

Deposit Methods:

  • Electronic transfer (ACH): Free electronic bank transfer to a different account.
  • Mobile deposit: Users can deposit funds for free using the CIT Bank app.
  • Incoming wire: An alternative method to deposit funds in case electronic transfers aren’t supported by an external account.
  • Check by mail: Account holders can send a check to CIT Bank to make a deposit.

All in all, there are two withdrawal methods that don’t cost a fee. Meanwhile, there are four ways to deposit money into the account for free, and the funds are typically available on the first business day after the bank has received the deposit. However, it might take about two business days for electronic transfers. 

To reiterate, withdrawals and transfers are unlimited, as opposed to other savings accounts with monthly limits.

Verdict

The CIT Bank Platinum Savings account stands out as a compelling choice for savers, boasting a noteworthy high APY of 5.05% for accounts with a balance of at least $5,000. This competitive interest rate—coupled with the bank’s commitment to transparency, absence of monthly fees and accessible online platform—positions CIT Bank as a strong contender for those seeking a reliable and rewarding savings solution.