CIT Bank’s Platinum Savings account: Should you bank on it? This new offering shares similarities with their previous Savings Builder account. Basically, it’s a two-tiered system. To grab the advertised high yield savings rate, you need to meet certain requirements. Fail to meet these conditions and you’ll get a lower rate. Let’s unpack how CIT Platinum Savings actually works.

Open a CIT Platinum Savings account here >>

The hook with CIT Platinum Savings is the potential to earn more. To actually snag the top rate, keeping a minimum balance of $5,000 is key.

They advertise up to 3.75% APY on your savings. It’s worth noting that this is split into tiers: A low tier lands at 0.25% APY, but the upper tier promises that 3.75% APY.

Specifically, a daily balance of $5,000 or more gets you the full 3.75% APY. Dip below that, and the APY plummets to 0.25%. CIT Bank measures this daily, at the close of business each day. You can kick things off with $100, but you’ve got to hit that $5,000 mark to benefit from the appealing interest rate.

Bonus: CIT Bank is offering a cash bonus of up to $300 for opening a Platinum Savings Account and completing qualifying activities. To receive $225 in cash you’ll need to deposit a minimum of $25,000, or to receive $300 in cash you’ll need to deposit a minimum of $50,000. Use promo code PS2025 when opening the account. See CIT Bank for full promotion details.

CIT Bank has established itself as a player in the online savings arena. They have a history of competitive interest rates and, of course, FDIC insurance.

As of November 2025, the FDIC pegs the average savings account interest rate at a mere 0.40% APY. Given these facts, CIT’s Platinum Savings easily outpaces that benchmark, regularly appearing on “best of” lists.

Moving funds in and out also seems relatively painless. Electronic transfers are supported, and their mobile app allows for convenient management of your holdings.

Any catches? As is usual with financial products, there’s some fine print. To start, $100 is needed to open an account. There is no minimum balance requirement afterward, yet, maintaining that $5,000 daily balance is mandatory to secure the higher rate.

This new Platinum Savings account from CIT Bank definitely warrants a look. If a new savings account is on your radar, give this some thought.

Open a CIT Platinum Savings account here >>

Disclaimer

For complete list of account details and fees, see our Personal Account disclosures.

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 November 20, 2025: 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.

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Keywords: CIT Bank Platinum Savings, high yield savings account, online savings account, 5000 minimum balance, 375 APY, savings account bonus, tiered interest rates, FDIC insured savings