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CIT Bank Platinum Savings: High-Yield Savings Account Review (2024)
Looking for a high-yield savings account that actually helps your money grow? CIT Bank's Platinum Savings account has been turning heads with its competitive annual percentage yield (APY) and minimal fees. In this comprehensive review, we'll examine whether this savings account deserves a spot in your financial portfolio.
What Is CIT Bank Platinum Savings?
CIT Bank Platinum Savings is a high-yield online savings account that offers significantly higher interest rates than traditional brick-and-mortar banks. As a division of First Citizens Bank, CIT Bank combines the security of an established financial institution with the competitive rates typically associated with online banks.
Key Features:
- High APY on all balance tiers
- No monthly maintenance fees
- FDIC insurance up to $250,000
- User-friendly mobile banking app
- Quick and easy online account opening process
- No minimum balance requirements after initial deposit
CIT Bank Platinum Savings Pros & Cons
Let's break down the advantages and disadvantages of this savings account:
Pros:
- Competitive APY that consistently ranks among the highest in the industry
- No monthly maintenance fees or hidden charges
- Low minimum opening deposit of $100
- Secure online and mobile banking experience
- Daily compounding interest
- FDIC insurance protection
- No minimum balance requirements after initial deposit
Cons:
- No physical branch locations
- No ATM card access
- External transfers can take 2-4 business days
- Limited customer service hours compared to traditional banks
- Mobile check deposit limits may be lower than some competitors
Who Is the CIT Bank Platinum Savings Account For?
The CIT Bank Platinum Savings account is ideally suited for:
Digital-Savvy Savers:
- People comfortable with online banking
- Those who prefer managing finances through mobile apps
- Individuals who rarely need in-person banking services
Goal-Oriented Savers:
- Emergency fund builders
- Future home down payment savers
- Wedding or vacation planners
- Those saving for major purchases
Rate-Conscious Consumers:
- Individuals looking to maximize their interest earnings
- People frustrated with low rates at traditional banks
- Savers with substantial balances seeking better returns
Comparing CIT Bank Platinum Savings With Other High-Yield Savings Accounts
How does CIT Bank Platinum Savings stack up against other popular high-yield savings options?
Marcus by Goldman Sachs:
- Similar APY
- No minimum deposit requirement
- Slightly better mobile app ratings
Ally Bank:
- Comparable interest rates
- More comprehensive banking services
- Better ATM access
Capital One 360:
- Lower APY
- Physical branch access
- More integrated banking ecosystem
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Our Expert Takeaway
CIT Bank Platinum Savings stands out as a solid choice for digital-savvy savers looking to maximize their interest earnings without paying monthly fees. While the lack of physical branches and ATM access might deter some traditional banking customers, the competitive APY and user-friendly online platform make it an excellent option for most modern savers.
The account's minimal fees and strong interest rates, combined with FDIC insurance and reliable online banking features, make it a worthy consideration for your emergency fund or long-term savings goals.
CIT Bank Platinum Savings FAQ
Is CIT Bank Platinum Savings FDIC insured?
Yes, CIT Bank is FDIC insured up to $250,000 per depositor, per ownership category, through First Citizens Bank.
What's the minimum opening deposit?
The minimum opening deposit is $100, but there's no minimum balance requirement after that.
Are there any monthly fees?
No, CIT Bank Platinum Savings has no monthly maintenance fees or hidden charges.
How often does interest compound?
Interest compounds daily and is credited to your account monthly.
Can I link external accounts?
Yes, you can link external bank accounts for transfers, though transfers typically take 2-4 business days to process.
How do I access my money?
You can access your funds through online transfers to linked external accounts, wire transfers, or by requesting a check.
Is mobile check deposit available?
Yes, CIT Bank offers mobile check deposit through their mobile banking app, though deposit limits may apply.
Can I open a joint account?
Yes, CIT Bank Platinum Savings accounts can be opened as individual or joint accounts.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
