CIT Bank Platinum Savings Account is better for users who can maintain a balance of $5,000 or more to take advantage of the higher APY and need unlimited withdrawals. Marcus by Goldman Sachs High-Yield Savings Account is better for users with lower balances, who value 24/7 customer service, and don't mind the withdrawal limitations.
| Attribute | Marcus by Goldman Sachs High-Yield Savings Account | CIT Bank Platinum Savings Account |
|---|---|---|
| Account Name | Marcus by Goldman Sachs High-Yield Savings Account | CIT Bank Platinum Savings Account |
| Annual Percentage Yield (APY) | 3.65% as of July 2025 (may change) | 4.00% APY on balances of $5,000 or more, 0.25% APY on balances below $5,000, variable and subject to change |
| Minimum deposit to open | $0 (account may be closed if not funded within 60 days) | $100 |
| Compounding frequency | Daily | Daily |
| FDIC Insurance | Yes, up to $250,000 | Yes, up to $250,000 per depositor, per account ownership category |
| Mobile app availability | Yes | Yes |
| Online banking access | Yes | Yes |
| Customer service availability (hours) | 24/7 | Not specified in the provided context |
| Balance tiers for APY | Not specified | $0.01 to $4,999.99: 0.25% APY, $5,000.00 or more: 4.00% APY |
| Fees (monthly, transfer, etc.) | No monthly fees, no transfer fees. No wire transfer fees from Marcus, but external bank may charge. | No monthly maintenance fees, no account opening fees, $10 fee for outgoing domestic wire transfers for balances under $25,000 |
| Interest payment frequency | Monthly | Monthly |
| Withdrawal limitations | Limit of 6 withdrawals/transfers per monthly statement period. No limitations on the number of monthly transactions allowed. | Unlimited withdrawals and transfers |
| Account access methods (ATM, online, etc.) | Online, Mobile app, Phone, Electronic transfer (ACH), Wire transfer, Check (by requesting it) | Online, Mobile app, ACH transfers, Wire transfers, Mobile check deposit, Mailing checks |
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