CIT Bank Platinum Savings is an impressive high-yield savings account offering a competitive interest rate on qualifying balances. As a division of First-Citizens Bank & Trust Company CIT Bank provides customers with the reliability and security of a top 20 financial institution in the United States. This in-depth CIT Bank Platinum Savings Account review will examine the features .
Competitive Interest Rates and Minimum Balance Requirement
CIT Bank Platinum Savings stands out in the realm of high-yield savings accounts as it offers a substantial interest rate well above the national average. Currently the account features an impressive 4.95% APY on balances of $5,000 or more . However the balances below $5,000 earn a lower interest rate of 0.25% APY. As such this account is most beneficial for individuals who plan to maintain a minimum balance of $5,000 .
FDIC Insurance Coverage and Security
CIT Bank provides the peace of mind that comes with FDIC insurance as it protects deposits up to $250,000 per account holder per financial institution . Joint accounts may qualify for up to $500,000 in FDIC coverage. This government-backed insurance ensures the safety of deposited funds even in the event of a bank failure.
User-Friendly Mobile App and Website Experience
CIT Bank prioritizes a secure and user-friendly online banking experience. Their mobile app is available for both Android and iOS devices and enable convenient access to accounts. The app supports remote check deposits and facilitates seamless online transfers between CIT Bank accounts as well as accounts held at other banks. The website also offers a straightforward interface for managing accounts .
Ideal for Savers with $5,000 or More
CIT Bank Platinum Savings is an excellent choice for individuals with at least $5,000 to save for the future while earning a high interest rate and avoiding fees . As an online bank account signup is available to customers across the United States.
Consideration for Higher Balance Savers
For households with cash savings exceeding $250,000 CIT Bank can serve as a valuable second bank to maintain FDIC insurance coverage for the entire savings amount . It’s important to note that CIT Bank is a division of First Citizens Bank and FDIC insurance is aggregated under both brands. This means that the total FDIC coverage across First Citizens Bank and CIT Bank is $250,000 per depositor and not $250,000 each.
Accessibility and Nationwide Account Opening
As an online bank CIT Bank offers accessibility to customers nationwide. Individuals can open an account from anywhere within the United States which further expands the reach and convenience of CIT Bank Platinum Savings.
Limitations for Low-Balance Savers
Savers who struggle to meet the $100 minimum opening deposit requirement may find this account less accessible . Additionally if maintaining a balance of at least $5,000 is challenging the lower interest rate of 0.25% APY may render the account less attractive for some households . In such cases the Savings Connect account may be a more suitable alternative.