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Opening a high-yield savings account is a relatively simple way to boost your savings. These powerful savings accounts are typically available through online banks, and offer much higher APYs than your local bank. 

CIT Bank Platinum Savings and UFB Direct Secure Savings Account are online high-yield savings accounts that offer competitive APYs with no monthly fees. We love both accounts, but there are some differences to consider if you're thinking about opening a new savings account. 

Quick Comparison

Account APY Minimum deposit required Learn More
UFB Direct logo

UFB Direct Secure Savings Account

5.25% More Info

UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

N/A
CIT Bank logo

CIT Bank Platinum Savings Account

5.00% More Info

Earn 5.00% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of May 6, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

$100

Keep reading to see how CIT Bank Platinum Savings and UFB Direct Secure Savings Account stack up side-by-side. 

What is CIT Bank Platinum Savings?

CIT Bank on laptop

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CIT Bank Platinum Savings is a high-yield savings account available through CIT Bank. The account offers interest rates of up to 5.00% APY based on your account balance. You must maintain a minimum account balance of $5,000 or more to earn the top rate tier. Account balances under $5,000 only earn 0.25% APY. 

CIT Bank Platinum Savings Account

Open Account

Member FDIC.

  • Our Rating 4.5/5 How our ratings work
  • APY5.00% More Info

    Earn 5.00% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of May 6, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

  • Minimum
    Deposit Required
    $100
  • Intro Bonus N/A

The CIT Bank Platinum Savings account offers one of the top APYs on the market right now, and CIT's flexible transfer options make it easy to access your money. So long as you're able to consistently maintain an account balance of $5,000 (the minimum amount required to earn this account's top APY) you'll likely find a lot of value in this account.

Overview

With the CIT Bank Platinum Savings Account, customers earn 5.00% APY on balances over $5,000. However, for accounts with less than $5,000, the APY falls to 0.25%. This account features a minimum opening deposit requirement of $100 and does not charge monthly maintenance fees. Accountholders also get free transfers to and from connected bank accounts, which even extends to non-CIT accounts.

Pros

  • Strong APY for balances over $5,000
  • No monthly service fee
  • Unlimited withdrawals (uncommon perk of savings accounts)
  • Free electronic bank transfers to checking accounts (even if it isn't a CIT checking account)

Cons

  • APY on lower balances is unimpressive
  • No fee-free ATM network
  • Minimum opening deposit required
  • No physical branches

The HYSA requires a $100 minimum opening deposit. CIT Bank Platinum Savings has no monthly service fee. 

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CIT Bank Platinum Savings Review: Earn 5.00% APY* for High Balances

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What is UFB Direct Secure Savings Account? 

UFB Direct Secure Savings Account is a high-yield savings account with no monthly fee or minimum balance requirements. Currently, UFB Direct Secure Savings Account earns an impressive 5.25% APY on all balance tiers. 

UFB Direct Secure Savings Account

Open Account

at UFB

  • Our Rating 5/5 How our ratings work
  • APY5.25% More Info

    UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

  • Minimum
    Deposit Required
    N/A
  • Intro Bonus N/A

The UFB Direct Secure Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% APY. Plus, there are no monthly fees and no minimum balance to open.

Overview

With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s Secure Savings Account is an extremely attractive package.

Pros

  • Strong interest rate
  • No maintenance fees or minimum monthly balances
  • Free complimentary ATM card
  • Mobile app and SMS banking

Cons

  • No signup bonus
  • No associated checking account

The savings account has a complimentary ATM card and access to approximately 91,000 fee-free ATMs nationwide. 

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UFB Direct Secure Savings: Earn 5.25% Interest With No Fees

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CIT Bank Platinum Savings vs. UFB Direct Secure Savings Account Features

Winner: UFB Direct Secure Savings Account

The accounts are available through online-only banks, and deposits at either bank are FDIC-insured up to the maximum limits. Both offer mobile banking apps to manage your account on the go, transfer funds and deposit checks remotely. 

UFB Direct Secure Savings Account comes with a free ATM Card and free access to a vast ATM network. UFB Direct Secure Savings Account has daily limits of $510 for ATM withdrawals and $500 for point-of-sale transactions. Like other CIT Bank savings accounts, CIT Bank Platinum Savings does not come with a debit card. CIT Bank eChecking is the only account offering that includes a debit card.  

CIT Bank Platinum Savings vs. UFB Direct Secure Savings Account Interest Rates

Winner: UFB Direct Secure Savings Account

UFB Direct Secure Savings Account is the winner when it comes to earning interest. The account currently earns an ultra-competitive rate of 5.25% APY on all account balances. 

CIT Bank Platinum Savings still earns an only slightly less impressive rate of 5.00% APY. The catch is that CIT Bank reserves this top rate tier for account balances of $5,000 or higher. If you plan to keep a balance below this threshold, you'll only earn 0.25% APY. 

While UFB Direct Secure Savings Account currently earns a higher APY without balance requirements, savings account interest rates can change anytime.

Recommended High-Yield Savings Accounts

Bank Account APY Features Learn More

BrioDirect High-Yield Savings Account

5.30% More Info

*Annual Percentage Yield (APY) is accurate as of 6/4/2024. Rate is subject to certain terms and conditions. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY. Rate and APY may change at any time. Fees may reduce earnings.

$5,000 min. deposit
No monthly fee

UFB Direct logo

UFB Direct Secure Savings Account

5.25% More Info

UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

No minimum deposit
No monthly fee

SoFi Checking and Savings

0.50% - 4.60% More Info

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

No minimum deposit
No monthly fee

CIT Bank logo

CIT Bank Platinum Savings Account

5.00% More Info

Earn 5.00% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of May 6, 2024. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice.

$100 minimum deposit
No monthly fee

CIT Bank Platinum Savings vs. UFB Direct Secure Savings Account Minimum Balance Requirements 

Winner: UFB Direct Secure Savings Account

UFB Direct Secure Savings Account has no minimum deposit requirement to open an account or earn interest. A $100 minimum deposit is required to open a CIT Bank Platinum Savings account. You earn interest on all balances of $0.01 or higher but must maintain a minimum of $5,000 or more to earn its higher rate tier. 

CIT Bank Platinum Savings vs. UFB Direct Secure Savings Account Fees

Winner: Tie

Neither bank charges a fee to open an account or monthly service fees to manage the savings account. CIT Bank Platinum Savings and UFB Direct Secure Savings Account do not charge other common bank fees. Because UFB's savings account comes with an ATM card, you may be charged a surcharge for out-of-network ATM use by the ATM owner. 

Who Is CIT Bank? 

CIT Bank is an online bank offering personal, business and commercial banking products and services. Its personal banking offerings include several savings accounts, a money market account, a checking account and CDs. CIT Bank is a division of North Carolina-based First Citizens Bank following a merger in 2022. 

Deposits to CIT Bank accounts are FDIC-insured up to allowable limits through First-Citizens Bank & Trust Company (FDIC Certificate #11063). 

Who Is UFB Direct? 

UFB Direct Push notification on smartphone

Unsplash/UFB Direct

UFB Direct is a division of Axos® Bank. The online bank focuses its efforts on savings through two account offerings — a high-yield savings account an a money market account. The bank also offers mortgages through Axos Bank

Deposits to UFB Direct accounts are FDIC-insured up to allowable limits through Axos Bank (FDIC Certificate #35546). 

Who Should Consider CIT Bank Platinum Savings?

CIT Bank Platinum Savings is for individuals who are comfortable banking digitally online or through a mobile device. Because it requires a $5,000 minimum balance to earn its highest APY, CIT Bank Platinum Savings is best for those who plan to keep at least that much in the account each month. It's also a good option if you want to avoid costly service fees charged by some banks. 

Who Should Consider UFB Direct Secure Savings Account?

UFB Direct Secure Savings Account is excellent for individuals who want to earn one of the highest APYs without monthly fees, or minimum opening or ongoing balance requirements. The high-yield savings account includes a free ATM card, giving you more ways to access your funds. With a large ATM footprint across the U.S., UFB Direct Secure Savings Account is a great option for consumers who enjoy digital banking but still want quick access to account funds. You can open an account with any deposit amount, so it's perfect for anyone wanting to try the account before transferring more funds. 

Bottom Line: Which Account Is Better? 

UFB Direct Secure Savings Account wins out based on our side-by-side comparison, but both high-yield savings accounts are a great option for consumers looking for higher APYs and fewer fees. The better account depends on how much you plan to keep in your account and whether you want ATM access with your savings account. 

UFB Direct Secure Savings Account

  • 5.25% APY
  • $0 Monthly
    Maintenance Fee
Open Account

at UFB

CIT Bank Platinum Savings Account

  • 5.00% APY
  • $0 Monthly
    Maintenance Fee
Open Account

Member FDIC.

As high-yield savings accounts, CIT Bank Platinum Savings and UFB Direct Secure Savings Account are excellent vehicles to maximize savings efforts, whether to build an emergency fund or pursue other short-term and medium-term savings goals. 

If you're looking for a high-yield savings account, shop around to find one that meets your banking needs. Compare factors like rates, fees, deposit requirements and account features to find the right savings account for you. 

FAQs

  • CIT Bank is a division of First Citizens Bank. Deposits to CIT Bank accounts are FDIC insured through First Citizens Bank up to $250,000 per depositor for each account ownership category.

  • Yes, CIT Bank is an online-only bank, and its accounts are managed digitally online or through its mobile app. 

  • UFB Direct is an online division of Axos Bank. Deposits to UFB Direct accounts are FDIC-insured through Axos Bank up to $250,000 per depositor for each account ownership category.

  • UFB Direct Secure Savings Account has no monthly fees or minimum deposit requirements. UFB Direct charges a $10 monthly service fee on its money market account. The bank waives the fee each month with a $5,000 minimum balance. A $5,000 minimum deposit is required to open a money market account with UFB.

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KP

Kevin Payne

Kevin Payne is a personal finance, credit card, and travel writer. He is the family travel and budget expert behind FamilyMoneyAdventure.com. Kevin lives in Cleveland, Ohio, with his wife and four kids. His work has appeared on several websites, including FinanceBuzz, Credit Karma, Millennial Money, Club Thrifty, Student Loan Planner and Slickdeals.