Savings accounts: CIT Bank Platinum Savings Account vs. Marcus by Goldman Sachs High-Yield Savings Account

Quick Verdict

CIT Bank Platinum Savings is a better choice for customers who can maintain a balance of $5,000 or more to take advantage of the higher APY. Marcus by Goldman Sachs is a better option for those who want to start saving with no minimum deposit and prefer 24/7 customer service.

CIT Bank Platinum Savings offers a higher APY for balances of $5,000 or more, while Marcus by Goldman Sachs offers a slightly lower but still competitive APY for all balances.
Marcus by Goldman Sachs provides 24/7 customer service, whereas CIT Bank has limited customer service hours.
CIT Bank requires a minimum deposit of $100 to open, while Marcus has no minimum deposit requirement.
Neither account offers direct ATM access, but CIT Bank provides ATM fee reimbursement through its eChecking account.
Both accounts offer user-friendly mobile apps with high ratings and easy linking to external accounts.

Key features – Side-by-Side

Attribute	CIT Bank Platinum Savings Account	Marcus by Goldman Sachs High-Yield Savings Account
Annual Percentage Yield (APY)	4.00% APY on balances of $5,000 or more; 0.25% APY on balances below $5,000	3.65% as of June 2025 (variable and may change)
Minimum deposit to open	$100	$0
Monthly maintenance fee	$0	$0
FDIC insurance coverage	Up to $250,000 per depositor	FDIC insured up to $250,000 per depositor, per insured bank, for each account ownership category
Compounding frequency	Daily. Interest is credited monthly	Daily. Interest is credited monthly.
Online and mobile banking access	Yes	Yes, both online and mobile app access are available
Availability of ATM access	No direct ATM access with Platinum Savings account. However, ATM access is available through the CIT eChecking account, with CIT Bank reimbursing up to $30 in ATM fees per statement period	No. Marcus does not offer ATM cards for savings accounts.
Customer service availability (hours, channels)	Monday through Friday from 9 a.m. to 9 p.m. ET; Saturday from 10 a.m. to 6 p.m. ET; Unavailable on Sundays; 24/7 mobile banking access	24/7 via phone and chat. Chat is available on the web only. The phone number is 1-855-730-7283.
Mobile app rating (iOS and Android)	Both iOS and Android apps receive high ratings	High ratings on both iOS and Android.
Number of tiers for interest rates	Two	One. The same rate applies to all balances.
Balance requirements to earn stated APY	$5,000 or more to earn the higher APY; Balances below $5,000 earn a lower APY	$0
Ease of linking to external accounts	Easy to transfer funds electronically	Easy to link to checking or savings accounts at other banks for transfers.

Overall Comparison

CIT Bank Platinum Savings offers 4.00% APY on balances of $5,000+, while Marcus by Goldman Sachs offers 3.65% APY with no minimum balance. CIT Bank requires a $100 minimum deposit, while Marcus has no minimum deposit requirement.

Pros and Cons

CIT Bank Platinum Savings Account

Pros:

Competitive APY, especially for balances of $5,000 or more
No monthly maintenance fees
User-friendly mobile app with high ratings
FDIC insured up to $250,000
Easy to deposit and withdraw funds electronically
Online platform uses SSL/AES encryption and supports two-factor and biometric authentication
Interest is calculated daily

Cons:

Lower APY for balances below $5,000
No direct ATM access
Limited customer service hours; unavailable on Sundays
CIT Bank does not accept cash deposits

Marcus by Goldman Sachs High-Yield Savings Account

Pros:

Competitive APY
No monthly service fees
Easy to deposit and withdraw funds
Responsive and helpful customer service (24/7)
User-friendly and reliable mobile app
No minimum balance required to earn the stated APY
Secure online banking platform
Interest compounded daily and credited monthly
No penalties for withdrawals
Tools and resources to help with savings goals

Cons:

APY is competitive but not always the highest available
No ATM access
Mobile check deposit is not available

User Experiences and Feedback

CIT Bank Platinum Savings Account

What Users Love

Easy to deposit funds through electronic transfer, mail-in check, or wire
Withdrawals can be made via electronic transfer
Mobile app is user-friendly and reliable
Easy to transfer funds electronically
Provides calculators to help estimate interest earnings

Common Complaints

Customer service is available by phone during limited hours on weekdays and Saturdays. There is no customer service available on Sunday
The APY may be lower than some other high-yield savings accounts

Value Perception

The APY is competitive, especially for balances of $5,000 or more
No monthly maintenance fees or hidden charges

Marcus by Goldman Sachs High-Yield Savings Account

What Users Love

Customer service ranked first in J.D. Power's 2024 Direct Banking Satisfaction Study
Mobile app allows you to schedule transfers, review transactions, track interest earned, and use Marcus Insights tools
Online banking is backed by over 150 years of financial expertise of Goldman Sachs
Same-day transfers up to $100,000 are available
Marcus app includes tools and trackers to help you see your money clearly and make strategic decisions
High-yield savings calculator available

Common Complaints

No major complaints reported.

Value Perception

No value feedback reported.