CIT Bank Review: 11-Month No-Penalty CD at 3.75% APY, Platinum Savings 3.75% APY

Rate hike for No-Penalty CD. CIT Bank (not to be confused with Citi Bank) is an online-only bank that has a multi-year history of competitive rates, although they do like to start up new product lines while keeping low rates on their older product lines. Here are the current noteworthy accounts:

• 11-Month No-Penalty CD at 3.75% APY***. $1,000 minimum balance and no monthly fees.
• Platinum Savings Account at 3.75% APY* if you maintain a $5,000 daily balance or higher. 0.25% APY if your daily balance is under $5,000. No monthly fees. If you have any other savings accounts at CIT and can meet the minimum balance, you should consider moving funds over to this account. You can also open this new account without having to open another bank or credit union account.
• Savings Connect Account at 3.65% APY** if you open with $100. No minimum balance and no monthly fees.
• Member FDIC.

Check out my rate chaser calculator to see if it makes sense for you to move money over.

New customer? Opening process overview. Here’s my review of the opening process if you are a new customer.

• The application process was completely online. You provide the usual personal information.
• You must submit to a credit check, but in my experience it was a “soft” pull which did not harm my credit. None of my various credit monitoring services showed it was a hard pull.
• You may fund via (1) electronic ACH transfer, (2) wire transfer, (3) mobile check deposit via CIT Bank mobile app (iOS and Android), and (4) mailing in a paper check. There was no option for credit card funding. I picked online ACH funding and you need to provide routing and account numbers, followed by manual verification via micro-deposits after a day or two. There was no instant linking option via login information.

After deposit verification, then your funding will go through.

You have successfully verified your external account. Please allow up to 5 business days for your funds to appear in your CIT Bank account.
No further action is required for this account. Thank you!

Existing savings or money market customer? Check your rate. If you already have an existing High Yield Savings account, it may remain at a lower interest rate than the currently-promoted accounts. If so, take a minute and upgrade yourself to the better interest rate.

Bottom line. CIT Bank is a lean bank offering targeted products for folks looking to get higher interest rates on their cash balances. They don’t maintain physical bank branches or fancy apps. However, I have been pleasantly satisfied with their customer service on my accounts with them.

* Here are the disclosures for the Platinum Savings:

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

** Here are the disclosures for the Savings Connect:

APY — Annual Percentage Yield is accurate as of January 9, 2026. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.

For complete list of account details and fees, see the CIT Bank Personal Account disclosures.

*** Here is the fine print (disclosures) for the 11-month No-Penalty CD:

APY — Annual Percentage Yield is accurate as of January 9, 2026. $1,000 minimum to open the account.
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.