CIT Bank Platinum Savings Review
CIT Bank recently launched a new savings account called: Platinum Savings. This account is very similar to the old Savings Builder account.
The CIT Platinum Savings Account is a two-tier savings account. This means you must meet certain requirements to get the higher advertised interest rate on your savings. If you do not meet the conditions, you opt by default for the lowest rate.
Let’s dive in and learn more about how the CIT Platinum Savings Account works.
How CIT Platinum Savings Works
CIT Platinum Savings is a two-tier savings account. To take advantage of the highest savings rate, you must maintain a minimum balance of $5,000.
The savings account pays out up to 4.40% APY on your money.
It has two levels – a lower level of 0.25% APY, and an upper level of 4.40% APY.
If the daily balance is $5,000 or more, the APY for the entire balance is 4.40%. However, if the daily balance falls below $5,000, the APY drops to 0.25%. The daily balance is measured at the end of each day. See the CIT Bank website for more details.
You can open an account with just $100, but remember that you need to reach $5,000 or more to get the highest interest rate.
Why we love the product
In today’s banking and savings environment, CIT Bank is a recognized leader in online savings accounts. They have a long track record, consistently pay above average interest on their savings accounts, and, of course, those accounts are FDIC insured.
Since March 2023, the FDIC reports that the average interest rate on savings accounts nationwide is just 0.35% APY.
This count is well above the national average, and it consistently makes our list of best savings accounts as well.
CIT Bank also facilitates depositing and withdrawing money from this account. You can deposit and withdraw electronically, and they have a solid mobile app where you can manage your funds.
Important fine print?
As with most financial products, there are always fine print. Luckily, it’s quite simple with CIT Platinum Savings.
You need a minimum deposit of $100 to open the account. After that, there is no minimum balance requirement.
However, to get the highest rate, you must maintain a daily balance of $5,000 or more. Otherwise, you will default back to the lower interest rate.
We love this new Platinum Savings Account from CIT Bank. If you are looking for a new savings account, this should be a primary consideration.