Updated May 29, 2024

CIT Bank Platinum Savings vs Savings Connect

By Katarina Rodriguez
Read more about CIT Bank
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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.

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.

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 3.85% 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 0.40% APY.[1]

  • Savings Connect: Currently, earn 3.75% APY on your entire balance. They have no monthly service fees or balance requirements. It's also $100 to open. Find out more.

Both accounts have their pros and cons. Learn about them below.

Because of CIT's merger with First Citizens Bank, you can now also bank at any First Citizens Bank location, ATM, digital platform, and by telephone. You get convenience, flexibility, and high interest rates.

Platinum Savings Pros and Cons

Pros

  • High 3.85% 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.

Is CIT Bank legit?
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).

Compare Savings Account Offers

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.

References

  1. ^ FDIC. National Rates and Rate Caps, Retrieved 01/29/24
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 3.85% APY

Learn More
  • 3.85% 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
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 September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% 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.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Get Deal
Expires 12/8/2025
  • Qualify for a $300 cash bonus with a minimum deposit of $50,000
  • This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
SoFi

Refinance Student Loans

Find Your Rate
Live Oak Bank
Member FDIC

High Yield Savings Account - 4.25% APY

Get Deal
  • $1 minimum deposit
  • No fees
  • 24/7 online access to funds
  • FDIC insured
UFB Direct
Member FDIC

UFB Portfolio Savings - Earn up to 3.90% APY

Learn More
  • Earn up to 3.90% APY.*
  • No monthly maintenance fees.
  • No minimum deposit required to open an account.
  • Access your funds 24/7 with easy-to-use digital banking tools.
  • Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.

Write to Katarina Rodriguez at [email protected]. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

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