CIT Bank Review (2026)
CIT Bank Platinum Savings suits savers who will keep at least $5,000 in the account at all times. The one thing to know: the rate has a cliff, 3.75% APY on balances of $5,000 or more but only 0.25% below that, applied to the whole balance (rates CIT dates July 1, 2026, still shown on October 19, 2026; variable). It takes $100 to open and has no monthly fee.
By Wealthy Pot Editorial · Facts checked October 19, 2026
Facts checked October 19, 2026 against CIT Bank's own rate page, account disclosures and fee schedule (3 sources, listed below). We re-check prices about once a month. We do not earn a commission from CIT Bank.
CIT Bank at a glance
| APY, $5,000 or more | 3.75%; CIT dates the rate July 1, 2026, and it was still shown on October 19, 2026; variable [1] |
|---|---|
| APY, under $5,000 | 0.25% [1] |
| How tiers work | The tier rate applies to the entire end-of-day balance [1] |
| Minimum to open | $100 [1] |
| Monthly fee | $0 [2] |
| Interest | Compounded daily, paid monthly [3] |
| Number of transactions | Unlimited per month [3] |
| Outgoing wire | Free with an available balance of $25,000 or more, otherwise $10; $1,000 minimum; account open 30 days first [2] |
| Card access | None on Platinum Savings; eChecking comes with a debit card [3] |
| Checking | Yes, eChecking ($100 to open, no monthly fee) [3] |
| Mobile check deposit | Yes, in the CIT Bank app [3] |
| Customer service | Contact Center 855-462-2652; secure messages in online banking [3] |
CIT Bank in official federal data
Rate compared with the national average
CIT Bank's savings APY of 3.75% (as of October 19, 2026) is about 9.9 times the FDIC's national average for savings accounts, 0.38% (as of October 19, 2026). On $10,000 kept for a year, that is about $375 in interest against $38 at the national average, before tax and assuming the rate stays the same (variable savings rates rarely do).
Who holds your money
- Deposits are held by First-Citizens Bank & Trust Company, FDIC certificate #11063, based in Raleigh, NC, established January 1, 1898 according to the FDIC. CIT Bank is a division of First-Citizens Bank & Trust Company.
- FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. Money held at the same bank under another brand name counts toward the same limit.
- Size: $174 billion in deposits and $236 billion in total assets (June 30, 2026 call report). Primary federal regulator: FDIC.
Customer complaints filed with the CFPB
From October 2025 through September 2026, consumers sent the Consumer Financial Protection Bureau 185 complaints about checking or savings accounts at FIRST CITIZENS BANCSHARES, INC., about 1.06 per $1 billion of deposits; the company responded on time to 100%. Complaint counts grow with the number of customers and cover the whole company, including checking accounts, and the CFPB does not verify each complaint, so treat them as a rough signal. Read the complaints.
Sources: FDIC BankFind (certificate, deposits and assets), FDIC national deposit rates (October 19, 2026), CFPB Consumer Complaint Database (product "Checking or savings account"). Updated monthly.
How CIT Bank works
CIT Bank is a division of First-Citizens Bank & Trust Company. Platinum Savings has two tiers, and the rate for your tier applies to the whole end-of-day balance. On October 19, 2026 CIT's page showed 3.75% APY on balances of $5,000 or more and 0.25% below $5,000, with a footnote dating those rates to July 1, 2026. Interest is compounded daily and paid monthly, and there is no limit on the number of transactions. The federal data block on this page compares the top tier with the FDIC national average.
The cliff is what to plan around. A hypothetical with the current rates held for a year: $5,000 earns about $5,000 x 0.0375 = $187.50, while $4,999 earns about $4,999 x 0.0025 = $12.50. One dollar less in the account cuts the year's interest by about $175. If you keep $5,500 and take out $600, the balance of $4,900 earns 0.25% for every day it stays under $5,000. Keeping a cushion above $5,000, or holding smaller amounts elsewhere, avoids that.
The savings account has no card. For cash access, CIT offers eChecking with a debit card and up to $30 of ATM fee reimbursement per statement cycle. If you are still building toward $5,000, our emergency fund calculator can help you set a target, and our savings comparison lists accounts with no balance tier.
Pros
- Unlimited number of transactions per month
- No monthly service fee
- eChecking with a debit card and ATM fee reimbursement at the same bank
- Free outgoing domestic wires with an available balance of $25,000 or more
Cons
- Only 0.25% APY on balances under $5,000
- $100 minimum to open
- No card on the savings account itself
- CIT deposits share one FDIC limit with First Citizens
Who CIT Bank fits, and who should skip it
A good fit if
- You will keep $5,000 or more in savings at all times.
- You want checking at the same bank, with ATM fee reimbursement on the checking side.
- You move money often: there is no limit on the number of transactions.
Look elsewhere if
- Your balance is under $5,000 or swings around it: Synchrony pays one rate on every balance with no minimum.
- You want the highest flat rate: Bread Savings paid 4.05% on our last check.
- You want no opening deposit: Marcus has no minimum.
Limitations to know
- Balances under $5,000 earn 0.25% APY, and the tier rate applies to the whole end-of-day balance. [1]
- The minimum to open a Platinum Savings account is $100. [1]
- Outgoing wires are domestic only, with a $1,000 minimum, and cost $10 when the available balance is under $25,000. [2]
- An account must be open for at least 30 days before it can send a wire. [3]
- There is no debit or ATM card on Platinum Savings; the card comes with eChecking. [3]
CIT Bank compared with alternatives
| Account | APY | Monthly fee | To open | For the APY | Insurance |
|---|---|---|---|---|---|
| CIT Bank | 3.75% APY (Platinum Savings, $5k+ balance; 0.25% below $5k) | $0 | $100 | $5,000 | FDIC-insured (CIT Bank, div. of First Citizens) |
| Synchrony Bank | 3.55% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured |
| Bread Savings | 4.05% APY (Oct 2026) | $0 | $100 | $100 | FDIC-insured (Comenity Capital Bank) |
| Ally Bank | 3.10% APY on all balances (Oct 2026) | $0 | $0 | $0 | FDIC-insured |
| Marcus | 3.50% APY (Oct 2026) | $0 | $0 | $0 | FDIC-insured (Goldman Sachs Bank USA) |
- Pick Synchrony Bank if your balance is under $5,000 and you want one rate on every dollar.
- Pick Bread Savings if you want a higher flat APY and do not need checking.
- Pick Ally Bank if you want checking, savings buckets and no minimum.
- Pick Marcus if you want no opening deposit and no balance tier.
Security and privacy
- CIT Bank is a division of First-Citizens Bank & Trust Company, the FDIC-insured bank. Deposits held under First Citizens and its divisions are not separately insured, so the $250,000 per depositor, per bank, per ownership category limit covers them together. [1]
- Joint accounts are titled as joint tenants with right of survivorship. [3]
- Wires require you to opt in and the account to be at least 30 days old. [3]
Recent changes
| Date | What changed |
|---|---|
| Jul 1, 2026 | Current rates dated: 3.75% APY on $5,000 or more, 0.25% below. Unchanged at our September and October 2026 checks. [1] |
CIT Bank FAQ
Is CIT Bank FDIC insured?
Yes, through First-Citizens Bank & Trust Company, of which CIT Bank is a division. Deposits at CIT and First Citizens are added together for the $250,000 per depositor, per bank, per ownership category limit.
What is the CIT Bank savings rate today?
On October 19, 2026 CIT showed 3.75% APY on Platinum Savings balances of $5,000 or more and 0.25% below $5,000, rates it dates to July 1, 2026. Rates are variable.
Does CIT Bank have a minimum?
Yes. It takes $100 to open Platinum Savings, and you need a balance of $5,000 or more to earn the 3.75% tier.
What happens if my CIT balance drops below $5,000?
The whole balance earns 0.25% APY for each day the end-of-day balance is under $5,000, then returns to 3.75% once it is back at $5,000 or more.
Does CIT Platinum Savings have a debit card?
No. The debit card comes with CIT eChecking, which also reimburses up to $30 in ATM fees per statement cycle.
How we researched this review
We did not get paid for this page. On October 19, 2026 we read CIT Bank's own rate page, account disclosures, fee schedule and help pages, quoted each fact and link every one below. FDIC and CFPB figures come straight from the agencies' public data. We did not open an account to test it, and we do not rate banks with stars. Savings rates are variable; we re-check them about once a month.
Sources
- CIT Bank, Platinum Savings account, checked October 19, 2026.
- CIT Bank, Fee schedule (Rev. 2/26), checked October 19, 2026.
- CIT Bank, Agreement for personal accounts (Rev. 6/12/26), checked October 19, 2026.
Head-to-head comparisons
This review is for general information, not financial advice. Savings rates are variable and can change at any time; confirm the current APY with the bank before opening an account.