Hey again, it’s Elijah, I’m a freelance writer specializing in personal finance. Today, I’ll be taking you through CIT Bank’s platinum savings review. CIT Bank is legit and is an online banking solution. The bank offers various CIT high-yield savings accounts.
This CIT Bank platinum savings review will help you to get more out of your money. With this account, you can support your family. It will also help you to understand CIT Bank savings builder. We chose this product because of its savings account rate.
Open a CIT Bank Platinum Savings Account
CIT Bank Platinum Savings Review
CIT Bank Hysa is one of the best high-yield savings accounts. When applying for a CIT Bank Platinum Savings account, you’ll need a small deposit of $100. You can deposit through a mail-in check, wire, or bank transfer. When you open an account, you’ll have to provide personal details.
This account is multi-tiered. This means that the balance tier is linked to the end-of-day balance on the account. Interest is paid on the total account balance according to the interest rate and APY in force that day.
CIT Savings Account Rates
According to the FDIC, 0.35% APY is the average interest rate on a savings account. This is as of the March account. Local brick-and-mortar banks have this average interest rate. This CIT Bank high-yield savings account offers higher rates above the national average. At the moment, it offers 5.05 APY. This is subject to change. It can increase or decrease.
CIT Bank Pros And Cons
As a depositor, CIT Bank has many perks and some downsides
Pros
- There are no monthly fees
- Insured by the FDIC
- CIT savings interest rates are high
Cons
- You need $5000 to enjoy high savings account interest rates
CIT Bank Platinum Savings Vs Savings Connect
The platinum savings account rivals the CIT Bank Savings Connect account. Here is what you need to know about the Savings Connect account.
Cit Bank Savings Connect account
CIT rates and savings are different depending on the account you have. For a CIT Bank Savings Connect account, you can earn APY on any amount of savings. You don’t have to maintain a balance of $5000 and above and this is why it is a solid savings option.
This account pays 4.65% APY on your balances at the moment. Savings Connect CIT Bank account requires a small deposit of $100 for you to open.
CIT Bank Savings ConnectIs There a Difference Between CIT Bank Savings Builder and Platinum Savings
Platinum savings account is almost the same as Savings Builder Account. But there is a slight difference. The difference is in CIT Bank’s high-yield savings rate. CIT Bank Platinum savings account is a high-yield savings account. The account requires you to maintain a balance of more than $5000. Platinum savings CIT Bank pays 5.05% APY on such balances.
CIT Bank savings builder pays a lower APY compared to other CIT Bank rates. This is because this is a tiered account interest account. With this account, you’ll get an APY of 0.40% to 1.00%.
How Long Does It Take For CIT Bank To Give Funds
It can take minutes to give you funds if you have a Zelle account. This is possible if your bank account personal details match your Zelle account. The personal details are your phone number and email address. CIT Bank does not only give you funds as soon as the same business day, but it also provides a way for you to pay bills via Bill Pay.
Apart from withdrawing funds online, you can also make other transfers. You can do an internal transfer between your CIT Bank accounts. They also have an Automated Clearing House(ACH) for you to make external transfers. This involves moving money to and from an account at another financial institution.
Can You Withdraw Money From CIT Platinum Savings?
Your CIT Bank savings are available for withdrawal at any time. You can make any amount of withdrawals or transfers you want each month. With a CIT platinum savings account, you have easy access to your funds. It is a good account for transferring and withdrawing money.
Final Thoughts On CIT Bank Platinum Savings Review
CIT Bank offers different high-yield savings account. This CIT Bank platinum savings review is helpful for your savings journey. You can start saving by signing in to their online banking or downloading the mobile app. The app is safe and secure for making transfers and putting any little money you get aside.
Remember, a CIT Bank savings account has no monthly fee. If something is not clear, please feel free to go through this CIT Bank platinum savings review again. You can contact me or my team if you have any more questions.
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