CIT Bank Platinum Savings vs Savings Connect
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CIT Platinum Savings is CIT Bank's newest savings account. It advertises a higher APY. Check out how it compares to Savings Connect. Get a higher rate now.
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Get the most from your savings. With already high savings rates, CIT now offers even more options.
CIT just released the Platinum Savings account. A new way to save at a higher APY. But how is this really different from the popular Savings Connect account?
Read on to find out more about both accounts and the pros and cons of each.
Empower Personal Cash
- 4.70% APY
- $0 monthly fee
- Withdraw up to $100k per day
CIT Platinum Savings vs Savings Connect
CIT's Platinum Savings account is a new product from CIT. They advertise higher APY, but what are the requirements? Check out how the two accounts work:
- Platinum Savings: This option is best if you keep at least $5,000 in your savings. You get 4.55% APY with a balance of $5,000 or more. You only need $100 to open. Find out more.
If you have less than $5,000, your account will still earn APY but only at 0.25%. This rate is actually even lower than the current national average of 0.45% APY.[1]
- Savings Connect: Currently, earn 4.20% APY on your entire balance. They have no monthly service fees or balance requirements. It's also $100 to open. Find out more.
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| Get Deal | Get Deal | |
CIT Bank Platinum Savings - 4.55% APY | CIT Bank Savings Connect - 4.20% APY | |
|---|---|---|
CIT Bank Platinum Savings - | CIT Bank Savings Connect - | |
| APY | 4.55% APY with a balance of $5,000 or more | |
| How to Get Highest APY | Maintain a balance of $5,000 or more | |
| Minimum Deposit to Open | ||
| Get Deal | Get Deal |
Both accounts have their pros and cons. Learn about them below.
Platinum Savings Pros and Cons
Pros
- High 4.55% APY with a balance of $5,000 or more
- No monthly fee
- Daily compounding interest
Cons
- Requires high balance to get highest APY
- No ATM card
Learn more about Platinum Savings
Savings Connect Pros and Cons
Pros
- No minimum balance to get highest APY
- No monthly maintenance fees
- Daily compounding interest
Cons
- Lower APY than Platinum Savings
- No ATM card
Learn more about Savings Connect
Which Is Best for Me?
If you have at least $5,000 to save and can maintain that balance, CIT Platinum Savings will grow your money more. It has a slightly higher APY to help you make the most of your savings.
But if you think you may need to use that money, then go with Savings Connect. The interest rate is just a little bit lower, but it's on your whole account. You won't have to worry about keeping a certain balance.
Whether you're saving for long-term or short-term goals, you can't go wrong with either account. Both are secure, FDIC-insured accounts that will keep your money safe.
Yes, CIT Bank is a division of First Citizens Bank, the largest family-controlled bank in the US. Since First Citizens is a member of the FDIC, CIT is also a member. Your funds are FDIC insured (FDIC# 11063) for up to $250,000 (across both banks).
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CFBank National Association:
High-Yield Savings Account - 4.50% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.26% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY
Bottom line
Both CIT Platinum Savings and Savings Connect are solid savings options and have great offers.
If you're looking for the highest interest possible and can maintain $5,000, Platinum Savings is the best option. But if you're looking for a high APY with fewer restrictions, Savings Connect might be for you. It has no minimum earning balance.
Whichever one you choose, you're sure to earn a higher APY than if you put your money into a traditional bank. Just make sure to choose the one that fits your needs.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
References
- ^ FDIC. National Rates and Rate Caps, Retrieved 01/29/24
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
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