CIT Bank Minimum Balance Requirements: A Complete Guide
CIT Bank is known for offering competitive interest rates, low fees, and online banking convenience. But before opening an account, it’s important to understand the minimum balance requirements—both to open the account and to earn the best interest rates (APY).
Minimum to Open an Account
For most CIT Bank accounts, the minimum opening deposit is just $100. This low entry point applies to popular accounts like:
- Platinum Savings
- Savings Connect
- Savings Builder
- Money Market Account
- eChecking
Ongoing Minimum Balance Requirements
Not all accounts at CIT Bank require you to maintain a high balance—but some do if you want the highest interest rate. Here’s the breakdown:
| Account Type | Minimum to Open | Ongoing Balance Requirement for Best APY |
|---|---|---|
| Platinum Savings | $100 | $5,000 daily to earn top APY (e.g., 4.10%); lower rate if below $5,000 |
| Savings Connect | $100 | No ongoing minimum; all balances earn top APY |
| Savings Builder | $100 | Must either keep $25,000+ balance OR deposit $100 monthly to earn higher APY |
| Money Market Account | $100 | No ongoing minimum required |
| eChecking | $100 | No ongoing minimum required |
Why Minimum Balances Matter at CIT Bank
- Higher APY: Some accounts reward higher balances with significantly better interest rates.
- Flexibility: Products like the Savings Connect or Money Market account give you top rates without locking you into a large minimum balance.
- Account Fit: If you prefer flexibility, accounts with no ongoing minimum requirement may be better. If you can keep $5,000 or more in savings, the Platinum Savings may deliver the most value.
Tips for Choosing the Right CIT Bank Account
- Evaluate Your Savings Habits – If your balance often drops below $5,000, choose an account without an ongoing minimum to earn the best rate.
- Take Advantage of Automatic Deposits – For the Savings Builder, setting up a $100 monthly transfer ensures you keep the higher APY without needing a large balance.
- Watch for APY Changes – Interest rates can change, so keep an eye on your account and CIT Bank’s rate announcements.
Bottom Line
CIT Bank’s minimum opening deposit is just $100 for most accounts, making it accessible for many savers. However, to maximize your interest earnings, you’ll need to understand each account’s ongoing balance requirements. Whether you prefer high-yield savings with flexibility or don’t mind keeping a large balance for a higher APY, CIT Bank offers options to suit different financial strategies.
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