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CIT Bank is the online division of First Citizens Bank (Member FDIC). Along with its other bank accounts, CIT offers four options for savings: three high-yield savings accounts and a money market account.
The best online banks offer low fees and high interest rates, and CIT Bank offers both: All of its savings options have zero monthly fees, and the CIT Bank Platinum Savings account pays up to 5.05% APY (Annual Percentage Yield).
CIT Bank Savings Accounts Rates
CIT Bank Platinum Savings Rates
CIT Bank Platinum Savings pays 5.05% APY on balances of $5,000 or more, which is significantly higher than the average interest rate on savings accounts. You can open an account with just $100, but you’ll only earn 0.25% APY on balances under $5,000.
CIT Bank Savings Connect Rates
The CIT Bank Savings Connect Account pays 4.65% APY. This is slightly lower than the Platinum’s highest rate — but there are no balance requirements to earn the rate, making it the better choice if you’re stashing less than $5,000. Like all CIT Bank savings accounts, there is no monthly service fee, and you’ll need just $100 to get started.
CIT Bank Savings Builder Rates
The CIT Bank Savings Builder Account is a tiered-rate account that offers two ways to earn the best APY: maintain a minimum balance or meet monthly deposit requirements. Otherwise, you’ll earn a lower rate.
This account might incentivize you to save because you’ll need to maintain a high balance or make regular deposits to earn the higher rate. Still, the interest rate is much lower than the Savings Connect account, which has no requirements to earn its rate. It makes sense to park your cash in a different CIT savings account unless you need the motivation to save and are comfortable with missing out on interest.
CIT Bank Money Market Account Rates
The CIT Bank Money Market Account pays 1.55% APY, which is much higher than the national average but lower than you can find with the best money market accounts.
Unlike many money market accounts, this one doesn’t come with checks, a debit card, or an ATM card. However, you can access your cash via electronic transfers, wire transfers, online bill pay, and mobile check deposit through the CIT Bank app.
Still, with the lower rate, most savers will be better off stashing their cash in CIT’s Platinum Savings or Savings Connect account.
CIT Bank Savings Pros and Cons
CIT Bank Savings Rates FAQs
CIT Bank has a $100 minimum deposit to open any of its savings accounts.
The Savings Builder, Savings Connect, and Money Market Aacounts have a limit of six withdrawals or transfers per statement cycle. The Platinum Savings account has unlimited transfers and withdrawals.
How CIT Bank Savings Rates Compare
CIT Bank Savings Rates vs. Ally Savings Rates
CIT Bank and Ally are both online-only banks. The Ally savings rate is 4.35% APY. You can earn more with the CIT Bank Savings Connect Account, or with CIT Bank Platinum Savings if you maintain a large balance.
CIT savings accounts have a $100 minimum opening deposit, while Ally’s is $0.
The Ally Money Market Account comes out ahead with a 4.40% APY versus CIT’s 1.55% APY. The Ally account comes with checks and a debit card, while the CIT account offers neither.
If getting the highest rate is your top priority, you might choose the CIT Bank Savings Connect Account or CIT Bank Platinum Savings (if you can maintain a $5,000 balance). Otherwise, most savers will do better banking with Ally because it offers easier cash access and top-rated 24/7 customer service.
Ally Bank Review
CIT Bank Savings Rates vs. Synchrony Savings Rates
The CIT Bank Savings Connect Account and Synchrony High Yield Savings Account pay similar rates — 4.65% APY versus 4.75% APY, respectively — so the interest rate alone likely won’t be enough to sway you one way or the other. You can earn 5.05% APY with CIT Bank Platinum Savings, but only if you keep at least $5,000 in your account.
Synchrony’s money market account comes out ahead with a 2.25% APY on all balances, compared to CIT’s 1.55% APY.
CIT Bank might make sense if your priority is earning the highest savings rate. However, for a higher money market account rate or access to an extensive network of free ATMs, Synchrony is the better choice.
Synchrony Bank Review
Why You Should Trust Us: How We Reviewed CIT Bank Savings Accounts
We rate banks and credit unions on a scale from zero to five stars, with five being the most favorable. We used Insider’s rating methodology for checking, savings, and money market accounts for our CIT Bank savings review.
We look at customer support, mobile app ratings, and the company’s ethics, including recent public scandals and Better Business Bureau (BBB) ratings. Other factors we examine depend on the type of account we’re reviewing. For example, we consider interest rates and monthly fees for all types of savings accounts — but we also look at ways to access your cash (like a debit card or checks) for money market accounts.
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