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CIT Bank is an online division of First-Citizens Bank & Trust Company (FDIC certificate 11063), a Raleigh bank with about $236 billion in assets. Platinum Savings is a good fit if you can keep at least $5,000 in the account every day, since that balance earns 3.75% APY with no monthly fee. Below $5,000 the whole balance drops to 0.25% APY, so smaller savers do better at banks that pay one rate on every dollar. Deposits at CIT and First Citizens count together toward the $250,000 FDIC limit.
- APY
- 3.75% on balances of $5,000 or more; 0.25% on $0.01 to $4,999.99; rates as of July 1, 2026, the date on CIT's rate page, variable1
- Minimum to open
- $100, by electronic transfer, mailed check or wire1
- Fees
- No account opening or monthly service fees; other charges are in CIT's Fee Schedule1
- How the tier works
- Interest is paid on the entire balance at the tier that matches your end-of-day balance, checked daily1
- Bank behind it
- First-Citizens Bank & Trust Company, Raleigh, NC; FDIC certificate 11063; about $236.3 billion in assets as of June 30, 20262
- FDIC insurance
- $250,000 per depositor, per ownership category, combined across CIT Bank, First Citizens Bank and its other divisions1
- Access
- Online and mobile only for CIT accounts; Zelle and mobile check deposit available1
Pros
- 3.75% APY on balances of $5,000 or more
- No monthly service or opening fees
- Low $100 minimum to open
- Backed by First Citizens, a bank founded in 1898
- Zelle, mobile deposit and a 4.8-star app
Cons
- Only 0.25% APY on the whole balance under $5,000
- No branches for CIT accounts
- Deposits combine with First Citizens for the $250,000 FDIC limit
- 1.4 Trustpilot score, with complaints about lockouts and transfers
Best for: Savers who will keep at least $5,000 in the account at all times and want a no-fee online account backed by a large bank.
Skip it if: Your balance may dip below $5,000, you already hold close to $250,000 at First Citizens, or you want the highest rate on small balances.
CIT Bank Platinum Savings vs. competitors
| Company | APY (October 2026) | Minimum to open | Balance for top rate | Insured by | Next step |
|---|---|---|---|---|---|
| CIT Bank Platinum Savings | 3.75% ($5,000+); 0.25% below | $100 | $5,000 | First-Citizens Bank & Trust (cert 11063) | |
| EverBank Performance Savings | 4.20% for new accounts | $0 | None | EverBank, N.A. (cert 34775) | Read review |
| Openbank High Yield Savings | Up to 4.15% for 6 months, then 3.80% | $500 | None | Santander Bank, N.A. (cert 29950) | Read review |
| Marcus by Goldman Sachs | 3.50% | $0 | None | Goldman Sachs Bank USA (cert 33124) | Read review |
High-yield savings accounts we reviewed
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CIT Bank Platinum Savings This review BestGuide rating: 4.6 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who will keep at least $5,000 in the account at all times and want a no-fee online account backed by a large bank. -
Openbank High Yield Savings BestGuide rating: 4.5 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who want a high, fee free rate on cash they move in and out by transfer, and who are comfortable banking only through an app. -
EverBank BestGuide rating: 4.7 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who want a high rate on every dollar with no fees and like keeping savings, CDs and checking at one FDIC-insured bank. -
Marcus by Goldman Sachs BestGuide rating: 4.3 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who want a simple, fee-free place for an emergency fund or CD ladder at a large FDIC-insured bank.
CIT Bank Platinum Savings pricing at a glance
CIT Platinum Savings rates and terms, as listed October 20261
| Balance | APY | What it means |
|---|---|---|
| $0.01 to $4,999.99 | 0.25% | Every dollar earns 0.25% on any day you end below $5,000 |
| $5,000 or more | 3.75% | Every dollar earns 3.75%, not just the amount above $5,000 |
| Minimum to open | $100 | Fund by transfer, check or wire |
| Monthly service fee | $0 | No opening fee either |
Rates as of July 1, 2026, the date on CIT's rate page and variable. On $10,000 kept all year at 3.75% APY you would earn about $375; at 0.25% the same $10,000 would earn about $25. Fees for wires and other services are listed in CIT's Fee Schedule.
CIT Bank Platinum Savings, step by step
Apply online
Give your address, phone, email and SSN or ITIN; CIT says the application takes about five minutes.
Fund with at least $100
Use an electronic transfer, a mailed check or a wire; you need $5,000 or more to earn the top rate.
Keep the balance at $5,000 or above
CIT checks your end-of-day balance daily, so a withdrawal that takes you below $5,000 drops the whole balance to 0.25% for that day.
Move money in and out
Link an external account for transfers, use mobile check deposit, or send money with Zelle.
Watch the rate
The APY is variable; compare it with other online banks every few months and move your money if CIT falls behind.
CIT Bank legitimacy and licensing
Yes. CIT Bank is a division of First-Citizens Bank & Trust Company, a Raleigh, North Carolina bank that the FDIC dates to 1898 and that reported about $236.3 billion in assets as of June 30, 2026. First Citizens acquired CIT Group in 2022. Your deposits are FDIC insured up to $250,000 per depositor, for each ownership category.
One detail matters for larger savers: CIT is not a separate bank for insurance purposes. Money you hold at CIT Bank, First Citizens Bank and its other divisions is added together toward the $250,000 limit.
CIT Platinum Savings rates explained
Platinum Savings has two tiers, as of July 1, 2026, the date on CIT’s rate page: 3.75% APY (annual percentage yield). The yearly return on a deposit including compounding, the standard number for comparing savings accounts. Compare high-yield savings accounts when your end-of-day balance is $5,000 or more, and 0.25% APY when it is $0.01 to $4,999.99. The tier applies to the entire balance, so $5,000 earns 3.75% on all $5,000, while $4,999 earns 0.25% on all of it.
CIT checks the tier every day and compounds interest daily, crediting it monthly. Earlier reviews, including ours, described a CITBOOST promotion paying up to 4.10% for six months. CIT’s Platinum Savings page did not show that promotion when we checked in October 2026, so do not count on it. The rate is variable and can change at any time.
Other CIT Bank accounts
CIT also lists Savings Connect, Savings Builder, a Money Market account, eChecking and several CDs (Term, No-Penalty 11-month, Jumbo and RampUp). Savings Builder uses variable tiers like Platinum Savings. We could not load current rates for those accounts from CIT’s site in October 2026, so check CIT’s Products and Rates page before choosing one.
What customers say about CIT Bank Platinum Savings
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- A competitive rate once the balance is over $5,000
- No monthly fees and a low $100 opening deposit
- A well rated mobile app
- The backing of a large, long-established bank
Common complaints
- Account lockouts and identity verification holds
- Slow or failed external transfers
- Hard-to-reach customer service and website outages
- Problems opening or closing accounts
Complaints and how to avoid problems
CIT’s reviews split sharply. Its app averages 4.8 stars, but its Trustpilot page scores 1.4 out of 5, and the CFPB logged 272 complaints about First Citizens BancShares in the last 12 months across all its brands. Over 3 years, most complaints were about checking or savings, led by managing an account, closing an account and opening an account.
- Link your external bank before you fund, and start with a small test transfer.
- Expect identity checks on large transfers; respond quickly to document requests.
- Keep a buffer above $5,000 so a single withdrawal does not drop your rate.
- If a problem is not fixed, file with the CFPB at consumerfinance.gov or the FDIC, which supervises First Citizens.
Rules that protect your savings
FDIC insurance. Federal protection for deposits at insured banks, at least $250,000 per depositor, per ownership category, per bank. Compare high-yield savings accounts covers up to $250,000 per depositor, per ownership category, at First Citizens and all its divisions combined. You can raise coverage by using different ownership categories, such as joint or trust accounts. Electronic transfers are covered by the Electronic Fund Transfer Act, so report unauthorized transfers within 2 business days of learning about them to limit your liability. Interest is taxable, and CIT sends a 1099-INT when required.
Who should look elsewhere
If your savings balance is under $5,000, or will fall below it when you pay bills, Platinum Savings will usually pay you 0.25%, far less than banks that pay one rate on every dollar. If you already keep a lot at First Citizens, the shared FDIC limit is a reason to bank elsewhere. And if you want money you will not touch for several months, Treasury bills bought free through TreasuryDirect avoid state income tax.
Alternatives to CIT Bank Platinum Savings
-
EverBank
Pays a higher rate on every balance with no minimum, better if you have less than $5,000.
-
Marcus by Goldman Sachs
A flat rate on all balances with no opening deposit and no transfer fees.
-
Treasury bills through TreasuryDirect
Free to buy directly from the US Treasury, backed by the federal government and exempt from state income tax, if you can leave money untouched for weeks or months.
CIT Bank Platinum Savings reviews
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Frequently asked questions
Is CIT Bank FDIC insured?
Yes, through First-Citizens Bank & Trust Company, FDIC certificate 11063. Coverage is $250,000 per depositor, per ownership category, combined with any money you hold at First Citizens or its other divisions.
What is the CIT Platinum Savings rate?
CIT lists 3.75% APY on balances of $5,000 or more and 0.25% APY below $5,000, with rates dated July 1, 2026 and still shown in October 2026. The rate is variable.
What happens if my balance drops below $5,000?
Your entire balance earns 0.25% APY for every day it ends below $5,000. The 3.75% rate returns once your end-of-day balance is $5,000 or more.
Does CIT Bank still offer CITBOOST?
We did not see a CITBOOST promotion on CIT's Platinum Savings page in October 2026. Check the current offer terms before opening if a bonus matters to you.
What is the minimum deposit for CIT Platinum Savings?
You need $100 to open. To earn the top rate you need $5,000 or more in the account.
Does CIT Bank charge monthly fees?
No. Platinum Savings has no account opening or monthly service fees. Some services, such as outgoing wires, may carry fees listed in CIT's Fee Schedule.
Who owns CIT Bank?
First Citizens BancShares owns it. CIT Bank operates as a division of First-Citizens Bank & Trust Company, which acquired CIT Group in 2022.
Does CIT Bank have branches?
CIT Bank accounts are online and mobile only. First Citizens has its own branch network, but CIT accounts are managed digitally.
Does CIT Bank have Zelle?
Yes. CIT says you can send money with Zelle, which requires a US bank account.
Is CIT Bank a good place for savings?
It is a solid choice if you can keep $5,000 or more in the account, with a 3.75% APY and no fees. Savers with smaller or fluctuating balances will usually earn more at a bank that pays one rate on all balances.
Sources (8)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- CIT Bank: Platinum Savings (rates as of July 1, 2026) (accessed October 12, 2026)
- FDIC BankFind API: First-Citizens Bank & Trust Company (cert 11063) (accessed October 12, 2026)
- CIT Bank: Agreement for Personal Accounts (rev. 6/12/26) (accessed October 12, 2026)
- BBB: CIT Bank business profile (accessed October 12, 2026)
- Trustpilot: CIT reviews (accessed October 12, 2026)
- CFPB: Consumer complaint database, First Citizens BancShares, Inc. (accessed October 12, 2026)
- Apple App Store: CIT Bank (accessed October 12, 2026)
- TreasuryDirect: Treasury bills (accessed October 12, 2026)
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