Ally Bank vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Ally Bank vs. CIT Bank
As of June 20, 2025 Ally Bank offers an APY of 3.50% for its Savings Account account, compared to CIT Bank's 4.00% APY for its Platinum Savings account.
CIT Bank yields $50 more than Ally Bank on a $10,000 balance after one year. Ally Bank pays $350, while CIT Bank pays $400 - an APY advantage for CIT Bank.
In addition, CIT Bank also offers 3.90% APY for the Savings Connect account.
Ally Bank
Strengths
- Ally Bank offers a $0 minimum deposit and balance for its Savings Account.
- Ally Bank has a higher App Store rating of 4.7 compared to CIT Bank's 4.8.
- Ally Bank's BBB rating is A+.
Potential Drawbacks
- Ally Bank's current APY is lower at 3.50% compared to CIT Bank's 4.00%.
- Ally Bank's APY decreased from 3.60% in the last 30 days.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a higher APY of 4.00%.
- CIT Bank has a Google Play rating of 4.6, higher than Ally Bank's 4.4.
- CIT Bank has a lower minimum balance requirement of $5,000 for its Platinum Savings.
Potential Drawbacks
- CIT Bank's current APY decreased from 4.10% in the last 30 days.
- CIT Bank is not BBB Accredited and has a lower BBB rating of A-.
Summary: CIT Bank offers a higher APY of 4.00% for its Platinum Savings account compared to Ally Bank's 3.50%. However, Ally Bank has a better BBB rating of A+ and no minimum balance requirement. Both banks lack branches and have a direct deposit requirement. CIT Bank's APY has decreased recently, while Ally Bank's has also declined. Ally Bank has slightly lower app ratings compared to CIT Bank.
Compare Ally Bank's vs CIT Bank's Savings Accounts
| Ally Bank | CIT Bank | |||
|---|---|---|---|---|
| Product | Savings Account | vs | Platinum Savings | Savings Connect |
| APY | 3.50% (as of 6/20/2025) | 0.25% - 4.00% (as of 6/20/2025) | 3.90% (as of 6/20/2025) | |
| Bundled Account | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $100 | $100 | |
| Minimum Balance for APY | $0 | $5,000 | $0 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No | |
| Visit Bank | Savings Account | Platinum Savings | Savings Connect | |
| App Store Rating | 4.7/5 | 4.8/5 | ||
| Google Play Rating | 4.4/5 | 4.6/5 | ||
| BBB Rating | A+ | A- | ||
Comparative Historical APY Insights (Last 5 Months)
| Ally Bank | CIT Bank | |||
|---|---|---|---|---|
| Product | Savings Account | vs | Savings Connect | Platinum Savings |
| Latest APY | 3.50 % | 3.90 % | 4.00 % | |
| Trend | Sideways | Sideways | Falling | |
| Slope (bps/mo) | -4.7 | -0.8 | -6.9 | |
| Rate Changes / Mo | 0.62 | 0.21 | 0.62 | |
| Days Since Last Change | 3 | 9 | 9 | |
| High (-5 m) | 3.80 % | 4.00 % | 4.35 % | |
| Low (-5 m) | 3.50 % | 3.90 % | 4.00 % | |
| Draw-down from High | -7.9 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.020 | 0.006 | 0.026 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-5 m)
- Highest APY in the last 145 days.
- Low (-5 m)
- Lowest APY in the last 145 days.
- Draw-down from High
- How far today sits below the 5-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Ally Bank vs CIT Bank
All calculations are based on APY.
Ally Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsCIT Bank
APY: 4.00%
Total savings breakdown:
- Interest earned: $40 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.15%)
Your total balance
$1,040.00
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $1,040
Earnings: $40
Bank DetailsAfter 1 year Ally Bank would earn you $5 less than CIT Bank.
More Comparisons
Compare Ally Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Ally Bank vs American Express | 3.60% | $0 |
| Ally Bank vs Axos Bank | 4.66% | $0 |
| Ally Bank vs Bank of America | 0.01% | $100 |
| Ally Bank vs Barclays | 4.10% | $0 |
| Ally Bank vs Capital One | 3.60% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs Chime | 3.75% | $0 |
| Ally Bank vs Discover Bank | 3.60% | $0 |
| Ally Bank vs Fitness Bank | 5.00% | $100 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs SoFi Bank | 3.80% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
Compare CIT Bank's APY of 4.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| CIT Bank vs American Express | 3.60% | $0 |
| CIT Bank vs Axos Bank | 4.66% | $0 |
| CIT Bank vs Bank of America | 0.01% | $100 |
| CIT Bank vs Barclays | 4.10% | $0 |
| CIT Bank vs Capital One | 3.60% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Chime | 3.75% | $0 |
| CIT Bank vs Discover Bank | 3.60% | $0 |
| CIT Bank vs Fitness Bank | 5.00% | $100 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs Varo Bank | 5.00% | $0 |