CIT Bank Platinum Savings Review: Pros And Cons

CIT Bank recently launched a new savings account called: Platinum Savings. This account is very similar to the old Savings Builder account previously had.

The CIT Platinum Savings account is a two-tiered savings account. This means you have to meet certain requirements to get the higher advertised interest rate on your savings. If you don’t meet the requirements, you default to the lower rate.

Let’s dive in and learn more about how CIT Platinum Savings account works. 

Open a CIT Platinum Savings account here >>

How CIT Platinum Savings Works

CIT Platinum Savings is a two-tiered savings account. To enjoy the top savings rate, you must maintain a minimum $5,000 balance.
The savings account pays up to 3.75% APY* on your money.

It has two tiers – a low tier of 0.25% APY, and an upper tier of 3.75% APY*.

If the daily balance is $5,000 or more, then the APY for entire balance is 3.75%. However, if the daily balance drops below $5,000, then the APY falls to 0.25%. Daily balance is measured at the end of each day. See CIT Bank’s website for details.

You can open an account with just $100, but remember – you have to reach $5,000 or more to earn the higher interest rate.

Bonus: You can qualify for up to a $300 cash bonus when you open a new CIT Bank Platinum Savings Account and complete qualifying activities. You can early $225 cash with a minimum deposit of $25,000, or $300 cash with a minimum deposit of $50,000. Use promo code PS2025 when opening the account. See CIT Bank for full promotion details.

Why We Like The Product

In the current savings and banking environment, CIT Bank is a proven leader when it comes to online savings account. They have a long track record, consistently pay above-average interest on their savings accounts, and of course, these accounts are FDIC-insured. 

As of November 2025, the FDIC reports that the average interest rate on savings accounts nationwide is just 0.40% APY.

This account is well above the national average, and it consistently makes our list of the best savings accounts as well.

CIT Bank also makes it really easy to deposit and withdrawal money from this account. You can deposit and withdrawal electronically, and they have a solid mobile app where you can manage your funds. 

Any Important Fine Print?

As with most financial products, there’s always fine print. Luckily, it’s pretty straightforward with CIT Platinum Savings.
You need a $100 minimum deposit to open the account. After that, there’s no minimum balance requirement.

However, to earn the highest tier rate, you need to maintain a $5,000 or more daily balance. Otherwise you’ll default back to the lower tier interest rate.

Final Thoughts

We love this new Platinum Savings account from CIT Bank. If you’re looking for a new savings account, this needs to be a top consideration.
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.