CIT Bank recently launched a new savings account called Platinum Savings. This account is very similar to the old Savings Builder account I had before.
The CIT Platinum Savings Account is a two-tier savings account. This means that certain requirements must be met in order for the posted interest rate on savings to be high. If you do not meet the requirements, a lower rate will be applied by default.
Learn more about how the CIT Platinum Savings Account works.
Open a CIT Platinum Savings Account here >>
How CIT Platinum Savings Works
CIT Platinum Savings is a two-tier savings account. To enjoy the highest savings rate, you must maintain a minimum balance of $5,000.
Ordinary savings account 4.40% APY to your money.
It has two layers. 0.25% APY, and upper layers 4.40% APY.
If your daily balance is $5,000 or more, APY for your entire balance is 4.40%However, if the daily balance falls below $5,000, APY will 0.25%Your daily balance is measured at the end of each day. For more information, see his website at CIT Bank.
Remember, you can open an account with as little as $100, but you need to reach $5,000 or more to get higher interest rates.
why i like the product
In today’s savings and banking environment, CIT Bank is a proven leader when it comes to online savings accounts. They have a long track record and consistently pay above average interest on their savings accounts. Of course, these accounts are insured by the FDIC.
As of March 2023, FDIC report The average interest rate for savings accounts nationwide is just 0.35% on APY.
This account far exceeds the national average and is also consistently on our list of the best savings accounts.
Also, CIT Bank makes it very easy to deposit and withdraw from this account. You can deposit and withdraw electronically and have a robust mobile app to manage your funds.
Are there important fine print?
As with most financial instruments, there are always rules. Luckily, CIT Platinum Savings makes it very easy.
A minimum deposit of $100 is required to open an account. After that, there are no minimum balance requirements.
However, you need to maintain a balance of at least $5,000 per day to get the best tier rates. Otherwise, it will default back to a lower interest rate.
final thoughts
I love this new platinum savings account from CIT Bank. If you are looking for a new savings account, this should be your first consideration.
Open a CIT Platinum Savings Account here >>