CIT Bank Platinum Savings

CIT Bank Platinum Savings Review

CIT Bank Platinum Savings is offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT Bank Platinum Savings are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 5.05%*, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. This account does not charge any monthly account fees.
• $100 minimum opening deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.

CIT Bank Platinum Savings Pros & Cons

CIT Bank Platinum Savings FAQ

Are savings accounts from CIT Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #58978). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does CIT Bank offer a signup bonus?

CIT Bank Platinum Savings doesn't offer a signup bonus.

What is the minimum initial deposit for CIT Bank Platinum Savings?

What APY* does CIT Bank Platinum Savings offer?

CIT Bank Platinum Savings offers a variable APY* starting at 0.25% and ranging up to 5.05% (APY stands for annual percentage yield, rates may change).

What fees does CIT Bank Platinum Savings charge?

CIT Bank Platinum Savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $10 fee.
• An overdraft on your account will trigger a $30 fee per item.

Does CIT Bank Platinum Savings charge overdraft fees?

CIT Bank Platinum Savings offers overdraft protection at a cost of $5 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.

What features and perks does CIT Bank Platinum Savings offer?

This savings account includes the following features:

• Fraud monitoring - CIT Bank Platinum Savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - CIT Bank Platinum Savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to CIT Bank Platinum Savings?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for CIT Bank Platinum Savings?

The customer support email for CIT Bank Platinum Savings is custserv@cit.com.

How do people rate the customer service and user experience of CIT Bank Platinum Savings?

Overall, CIT Bank Platinum Savings is strongly recommended based on community reviews that rate customer service and user experience.