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When choosing a savings account, a high annual percentage yield (APY) is a must-have. The CIT Platinum Savings has one of the highest APYs we've seen if you maintain a balance of $5,000 or more. Our in-depth review will cover all the important features so you can see if this account is right for you.
CIT Platinum Savings
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs on the market today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Minimum Deposit |
---|---|---|
CIT Platinum Savings | 5.00% APY for balances of $5,000 or more | $5,000 |
If you want this stellar APY, you'll need to deposit $5,000 or more into this CIT account. Unfortunately, for lower balances (you need at least $100 to open the account), you'll only earn 0.25%. There are other accounts that offer a higher APY for low balances.
The CIT Platinum Savings has several valuable features to help you manage and grow your savings. Let's take a look at its strengths and weaknesses.
APY up to 5.00% APY for balances of $5,000 or more: Even compared to other top online savings accounts, that's an extremely impressive rate. CIT measures your balance at the end of each day to check which APY tier you fall into.
FDIC insured: Just like the big banks, CIT is a member of the Federal Deposit Insurance Corporation (FDIC). Its accounts have FDIC insurance, which provides protection in the event of a bank failure for up to $250,000 per depositor, per bank.
No maintenance fees: The CIT Platinum Savings is available free of charge. The only requirement is a deposit of at least $100 to open an account.
Mobile app: You can access your CIT account through the CIT Bank app, which lets you check your balance, move money around, and deposit mobile checks.
Convenient setup process: If you've been holding off on opening any new bank accounts because of the time involved, you won't have to worry about that with CIT. You complete the entire process online, and it only takes about five minutes.
$5,000 balance requirement for highest APY tier: The most notable drawback with this account is that you need a balance of $5,000 or more to earn its maximum APY. If your balance is under $5,000, then you earn a pedestrian 0.25%. That means the account is really only useful for those who have a solid amount of savings already, and not consumers who are just getting started with their savings.
No ATM access: The CIT Platinum Savings doesn't come with a debit card or give you a way to withdraw money from ATMs. You'll need to transfer money to another account that allows ATM withdrawals first. However, CIT offers a checking account, which makes it quick and easy to transfer money from your savings to your checking.
Since CIT is an online bank, it doesn't have branches you can visit. It's still easy enough to access your money, though, and you can do it without paying any fees.
Here are all the ways you can make deposits to a CIT Platinum Savings account:
CIT doesn't charge a fee for any of these deposit methods. Its policy is to make funds available on the first business day after receiving the deposit. With electronic funds transfers, it may take up to two business days for the deposit to reach your account.
When you want to access your money, here are the withdrawal methods available with this savings account:
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
If you can maintain a balance of $5,000, you can earn the highest tier APY, which is extremely competitive. For balances between $0.01 and $4999.99, however, you'll earn a meager 0.25%.
This account is only worth it if you can keep a balance of $5,000. Otherwise, you'd be better off choosing another savings account that doesn't have a minimum balance requirement for a high APY.
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