CIT Bank vs Marcus High-Yield Savings (October 2026): 3.75% vs 3.50% APY
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Rates read on cit.com and marcus.com on October 13, 2026 · Last reviewed 2026-10-13
Short answer
CIT Bank vs Marcus: which savings account is better?
For most savers, Marcus is the simpler pick: no minimum balance, no monthly fee, and 3.50% APY on Marcus Online Savings (marcus.com, October 13, 2026). CIT Bank fits people who want savings and checking at one bank, since Marcus has no checking account, but CIT pays its top Platinum Savings rate, 3.75% APY, only on balances of $5,000 or more, and 0.25% below that (cit.com, read October 13, 2026; CIT dates the rate July 1, 2026). Both are FDIC insured to $250,000 per depositor, and ACH transfers take 1 to 3 business days at either.
Check both banks for today's APY before moving money; online savings rates change often.
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Savings account vs MYGA, after tax
What $100,000 earns in 5 years: savings account vs MYGA, after tax
Rates used: Savings account 3.75%, CIT Platinum Savings on $5,000 and up (cit.com, read October 13, 2026); savings rates can change any day; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Savings account, interest taxed every year | $115,506 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the savings account, after tax | $10,630 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Side-by-side comparison
| Feature | CIT Bank | Marcus |
|---|---|---|
| APY (read Oct 13, 2026) | 3.75% on $5,000+; 0.25% under $5,000 (Platinum Savings; CIT dates the rate July 1, 2026) | 3.50% on any balance |
| Minimum to open | $100 to open Platinum Savings; $5,000 min balance for top APY tier | $0 |
| Monthly fee | $0 | $0 |
| FDIC Cert # | 11063 | 33124 |
| FDIC coverage | $250K/depositor | $250K/depositor |
| ACH transfer speed | 1-3 business days | 1-3 business days |
| Mobile app rating | 4.6/5 (iOS) / 4.4/5 (Android) | 4.7/5 (iOS) / 4.6/5 (Android) |
| ATM access | No ATM access | No ATM access (online-only savings) |
| Checking integration | Yes: eChecking with 0.10-0.25% APY | No checking account integration |
| Parent / strength | First Citizens Bank: A3 Moody's, BBB+ S&P, ~$220B assets (acquired Silicon Valley Bank 2023) | Goldman Sachs Bank USA: A1 Moody's, A+ S&P, $560B+ assets |
Quick verdict
With $5,000 or more, CIT Platinum Savings pays more today (3.75% vs 3.50%, read October 13, 2026); under $5,000, Marcus pays far more. APY at every online bank moves often. The right pick depends on whether you need ATM access, checking integration, or are using this purely as a parking lot for cash.
- Higher APY on $5,000+: CIT Bank (3.75% vs 3.50%, Oct 13, 2026)
- Higher APY under $5,000: Marcus (3.50% vs 0.25%)
- Best for ATM access: Neither (both online-only)
- Best for integrated checking: CIT Bank
- Best for zero minimums: Marcus
When CIT Bank wins
Pick CIT Bank if you want:
- Tiered APY: Platinum Savings needs a $5,000 balance to earn 3.75%; below that it pays 0.25%
- No ATM access
- Yes: eChecking with 0.10-0.25% APY
- Backing by First Citizens BancShares (NASDAQ: FCNCA)
CIT Bank is the better choice when you want a full-service online bank ecosystem (checking + savings + CDs in one app).
CIT Bank pros
- APY: 3.75% on $5,000+ (Oct 13, 2026)
- Minimum: $100 to open Platinum Savings; $5,000 min balance for top APY tier
- Fees: $0
- Tiered APY: Platinum Savings needs a $5,000 balance to earn 3.75%; below that it pays 0.25%
CIT Bank cons
- Top APY gated by $5K minimum balance; no ATM
- Variable APY: rate resets monthly based on Fed policy + bank discretion
- FDIC limit of $250K per depositor per insured bank
When Marcus wins
Pick Marcus if you want:
- Same-day transfers to other Marcus customers; no-penalty CDs; clean app UX
- No ATM access (online-only savings)
- No checking account integration
- Backing by Goldman Sachs Bank USA
Marcus is the better choice when you want a simple, high-APY savings account from a recognized brand without trying to consolidate your checking too.
Marcus pros
- APY: 3.50% on any balance (Oct 13, 2026)
- Minimum: $0
- Fees: $0
- Same-day transfers to other Marcus customers; no-penalty CDs; clean app UX
Marcus cons
- No ATM access, no checking, no physical branches
- Variable APY: rate resets monthly
- FDIC limit of $250K per depositor per insured bank
Worked example: $50,000 parked for 1 year
| Scenario | CIT Bank (3.75% APY) | Marcus (3.50% APY) |
|---|---|---|
| Starting balance | $50,000 | $50,000 |
| One year of interest at the APY | $1,875 | $1,750 |
| Ending balance | $51,875 | $51,750 |
| Difference | $125 a year more at CIT Bank | |
The math: $50,000 times 3.75% is $1,875 and $50,000 times 3.50% is $1,750 (rates read October 13, 2026, if both held all year; CIT dates the rate July 1, 2026). Under $5,000 it flips: $4,000 earns about $10 at CIT's 0.25% and $140 at Marcus. Read the caveat: both rates float. The bank paying more this month may pay less in 6 months. Online HYSAs typically stay within 20-40 bps of each other over time; the leader rotates.
Quick answers (October 2026)
Does CIT Bank or Marcus pay more on savings?
With $5,000 or more, CIT. CIT Platinum Savings showed 3.75% APY (CIT dates the rate July 1, 2026) and Marcus Online Savings 3.50% APY when read on October 13, 2026.
What if I have less than $5,000?
Marcus wins. CIT Platinum Savings pays 0.25% APY on balances under $5,000, while Marcus pays 3.50% on any balance.
What do you need to open each account?
CIT Platinum Savings needs $100 to open. Marcus Online Savings has no minimum. Neither charges a monthly fee.
Are CIT Bank and Marcus FDIC insured?
Yes. CIT Bank is a division of First Citizens Bank and Marcus is part of Goldman Sachs Bank USA. Both are FDIC insured up to $250,000 per depositor, per ownership category.
Related: CIT Platinum Savings review · Marcus savings review · Barclays vs Marcus savings · best HYSA rates 2026 · Today's MYGA rates
Both banks: rate history reality check
In 2021, the top online HYSAs paid 0.40-0.55% APY. By late 2023 they were paying 4.50-5.30%. As the Fed cut its target from 5.25-5.50% to 3.50-3.75% between September 2024 and December 2025, top HYSAs fell with it. The Fed then raised the target to 3.75-4.00% on September 16, 2026 (FOMC statement). Whatever CIT Bank or Marcus pays today is not what you'll earn three years from now.
If you want a rate locked, that's not what these accounts do. Read the MYGA section below.
If you want better than either: a MYGA
Both HYSAs above are variable rate. They were paying 0.50% in 2021. They might be paying 2.00% in 2027. You don't lock the rate. You take whatever the bank chooses to credit each month.
If you have cash you genuinely don't need for 3+ years (emergency fund excluded), the closest fixed-rate equivalent is a multi-year guaranteed annuity (MYGA):
- 5-year MYGAs, A-rated carriers: about 5.50% to 6.05%, locked for the term (public carrier rate sheets, October 14, 2026)
- 3, 7 and 10-year MYGAs: priced carrier by carrier and state by state; get a current rate sheet before you compare
Trade-offs vs. an HYSA:
- FDIC ($250K/bank) vs. state guaranty fund ($250K-$300K/carrier: varies by state)
- Withdraw anytime vs. 10% free withdrawal/year + surrender charges in years 1-N
- Taxable interest each year (1099-INT) vs. tax-deferred until withdrawal (1099-R)
- Variable rate (resets monthly) vs. fixed rate (locked for entire term)
MYGAs don't replace your emergency fund. They replace the excess cash sitting in an HYSA that you know you won't touch for 3-10 years.
Compare current MYGA rates · Full MYGA-vs-HYSA breakdown
Frequently Asked Questions
Is CIT Bank or Marcus better for a 65-year-old retiree?
For pure HYSA use (emergency fund + short-term cash), the bank with the higher APY today wins on dollars and the bank with better ATM access wins on convenience. With $5,000 or more, CIT Platinum Savings pays 3.75% APY and Marcus 3.50% (read October 13, 2026; CIT dates the rate July 1, 2026). Under $5,000, CIT pays 0.25%. If the retiree has $200K+ sitting in cash they won't touch for 3-5 years, neither HYSA is the right product. A MYGA is. A-rated 5-year MYGAs paid about 5.50% to 6.05% on October 14, 2026 (public carrier rate sheets). HYSAs are right for cash you might need in 0-24 months.
Are CIT Bank and Marcus both FDIC-insured?
Yes. CIT Bank is FDIC-insured under cert #11063. Marcus is FDIC-insured under cert #33124. Both are covered up to $250,000 per depositor, per ownership category, per insured bank. If you hold a joint account, coverage doubles to $500,000 on that account.
Can I have accounts at both CIT Bank and Marcus?
Yes. There's no rule limiting you to one HYSA. Many savers split deposits across 2-3 banks for FDIC coverage above $250K, or to chase the highest APY without closing accounts. CIT Bank and Marcus are separate FDIC-insured institutions, so $250K at each = $500K of insured deposits.
How long do CIT Bank and Marcus transfers take?
CIT Bank ACH transfers settle in 1-3 business days. Marcus ACH transfers settle in 1-3 business days. Same-day wires are available at most banks for a fee ($15-30 outbound). Mobile check deposit usually clears next business day with a hold on amounts over $5K.
Which bank has the better mobile app: CIT Bank or Marcus?
CIT Bank: 4.6/5 (iOS) / 4.4/5 (Android). Marcus: 4.7/5 (iOS) / 4.6/5 (Android). Both are well-rated. The differences come down to UX preferences (transfer screens, statement export, biometric login). Both support mobile check deposit, external account linking, and goal-based saving features.
Do CIT Bank or Marcus charge any hidden fees?
Neither bank charges monthly maintenance fees or transaction fees on the standard savings account. CIT Bank: $0 monthly fee. Marcus: $0 monthly fee. Watch for outbound wire fees ($15-30), expedited check delivery fees, and overdraft fees if you link the savings to a checking account that overdrafts (rare on savings).
What's a better option than CIT Bank or Marcus for $100K+ I won't touch for 5 years?
A multi-year guaranteed annuity (MYGA) locked for 5 years from an A-rated carrier; A-rated 5-year MYGAs paid about 5.50% to 6.05% on October 14, 2026 (public carrier rate sheets). HYSAs are variable; MYGAs are fixed. On $100K over 5 years, a 5.50% MYGA grows to about $130,700 before tax, and a savings account would have to hold 5.50% for five straight years to match it. Trade-off: MYGAs have surrender charges in years 1-5 and only allow ~10% free withdrawals per year. Right for parked cash; wrong for an emergency fund.
A multi-year guaranteed annuity (MYGA) is the insurance version of a CD: one fixed rate for a set term. As of October 14, 2026, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs. The best nationally available 5-year CDs paid about 4.70% to 5.00% APY, and big-institution 5-year CDs less (as of September 24, 2026: Capital One 360 60-month 3.60%, Navy Federal 5-year 3.85 to 3.90%). A MYGA also defers the tax, where a CD or money market fund is taxed every year on interest you have not spent.
The trade is liquidity: breaking a MYGA early costs a surrender charge, not a few months of interest, and it is backed by the insurer and your state guaranty association rather than the FDIC. See the side-by-side · Current MYGA rates
Sources: public carrier rate sheets (MYGAs, as of October 14, 2026; rates vary by state, premium and carrier); Bankrate 5-year CD table (as of October 14, 2026); capitalone.com; navyfederal.org (as of September 24, 2026). Rates change often; confirm before you buy.
Want a fixed rate locked for 3-10 years instead of a variable HYSA?
Compare your HYSA APY against current MYGA rates. Free and independent.
HYSA rates move every month with the Fed. If you want a rate locked for 3, 5, 7, or 10 years on cash you won't touch, a MYGA (multi-year guaranteed annuity) is the closest equivalent. A-rated 5-year MYGAs topped out around 5.50% to 6.05% on October 14, 2026 (public carrier rate sheets), fixed for the term. Tax-deferred. State guaranty fund backed.
Send your details. Within one business day, you'll get current MYGA rates side-by-side with your HYSA, surrender schedules, carrier ratings, and a 15-minute call if you want one.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Related reading
This page is general information for educational purposes; it is not a personalized recommendation, solicitation, or offer of any specific bank product. APYs change frequently (typically monthly), and the rates shown here are approximations as of the date above. Always confirm current rates and fees directly on the bank's website before opening an account. Hans Goldstein is an independent licensed insurance producer (NPN 20602398); he does not receive compensation from any bank discussed on this page. FDIC insurance limits apply ($250,000 per depositor, per ownership category, per insured bank). Annuity products mentioned on this page are insurance contracts with surrender charges and are regulated by state insurance commissioners; they are not FDIC-insured. Always read the actual contract and consult a licensed advisor before purchasing any annuity product.