CIT Bank and Synchrony both post top-tier APYs, but they part ways on conditions and cash access. CIT Bank Platinum Savings pays its highest rate only on balances of $5,000 or more — fall below that and the rate drops sharply. Synchrony High Yield Savings pays its published APY on any balance, no minimum, and is one of the few pure online savings accounts that offers an optional ATM card for direct cash withdrawals. Pick CIT Bank if you'll consistently hold $5K+ and want the higher ceiling rate; pick Synchrony if your balance is smaller, variable, or you want ATM access without waiting on an ACH transfer. Both are FDIC-insured up to $250,000 per depositor (fdic.gov).
First-Citizens Bank & Trust Company
Highest APY in market — at a $5,000 minimum balance.
Pros
Synchrony Bank
Strong APY with ATM card access — uncommon for online savings.
Pros
| Spec | CIT Bank Platinum Savings | Synchrony Bank High Yield Savings |
|---|---|---|
| Best for | Savers with $5K+ to park who want the absolute maximum APY available. | Online savings users who want ATM-card access for cash withdrawals when needed. |
◈ marks the stronger option for that row.
Pick CIT Bank Platinum Savings if: Savers with $5K+ to park who want the absolute maximum APY available.
Pick Synchrony Bank High Yield Savings if: Online savings users who want ATM-card access for cash withdrawals when needed.
Apply at First-Citizens Bank & Trust Company →Apply at Synchrony Bank →
See all picks, methodology, and side-by-side comparison in Best High-Yield Savings Accounts 2026.
Yes. CIT Bank Platinum Savings pays its highest APY tier only on balances of $5,000 or more; balances below that threshold earn a noticeably lower rate. Synchrony High Yield Savings has no minimum balance requirement — it pays its published APY on any balance from $0.01. Verify current tiers and thresholds at citbank.com and synchronybank.com, as both change without notice.
Yes. Synchrony High Yield Savings includes an optional ATM card for direct cash withdrawals, plus a limited ATM-fee reimbursement per statement cycle (verify current terms at synchronybank.com) — unusual for a pure online savings account. CIT Bank Platinum Savings does not offer its own debit or ATM card; cash access runs through CIT Bank's eChecking account or an ACH transfer to an external bank.
It depends on your balance. Above the $5,000 threshold, CIT Bank Platinum Savings has historically posted one of the highest published APYs in the market, often ahead of Synchrony. Below $5,000, CIT Bank's rate drops to a much lower tier and Synchrony's no-minimum rate typically wins. Both are variable and move with the Federal Reserve's benchmark rate. The Federal Reserve publishes national average deposit rates at federalreserve.gov as a reference. Verify current rates at citbank.com and synchronybank.com before opening, since rates change without notice.
Yes. CIT Bank is a division of First Citizens Bank, a federally chartered bank; Synchrony Bank is also an FDIC-member institution. Both insure deposits up to $250,000 per depositor, per ownership category, per institution. Holding accounts at both banks gives up to $500,000 in combined coverage for individually-owned funds, since FDIC insurance applies separately per bank. Verify FDIC membership for either at fdic.gov/bank/individual.
CIT Bank offers a checking account (CIT Bank eChecking) alongside its savings products, giving customers a single institution for both everyday spending and high-yield savings. Synchrony does not offer a checking account as of mid-2026 — its consumer lineup is high-yield savings, a money market account with check-writing, and CDs. For a saver who wants one bank for checking and savings, CIT Bank is the more complete ecosystem; Synchrony savers typically pair it with a checking account held elsewhere.
Standard ACH transfers from either bank to an external account typically take 1–3 business days. Synchrony's optional ATM card gives same-day cash access at an ATM without waiting for an ACH transfer to settle. CIT Bank's eChecking pairs with its savings for faster internal transfers, but doesn't offer direct ATM access to the savings balance itself. If occasional physical cash access matters and you don't hold a companion checking account, Synchrony's ATM card is the more direct route.
Both do. CIT Bank's CD lineup includes a High Yield CD, a No-Penalty CD, and a RampUp CD (rate-bump option). Synchrony offers CDs across multiple fixed terms with competitive rates and no minimum deposit on most terms. Both are FDIC-insured up to $250,000 per depositor. Verify current CD terms and rates at citbank.com and synchronybank.com before opening, as rates and term availability change.
Synchrony, for most sub-$5,000 savers — its published APY has no balance floor, so a saver building from $500 or $1,000 still earns the full rate. CIT Bank's below-threshold tier pays noticeably less until the balance clears $5,000. If you expect to cross that threshold soon, compare both banks' current below- and above-threshold rates directly at citbank.com and synchronybank.com, since neither tier structure is fixed indefinitely.
Independent editorial comparison. ClearValue Lending is not the issuer of any product compared here; affiliate links may pay a referral commission at no cost to you — selection is independent of compensation.