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 BankCIT Bank
ProductSavings AccountvsPlatinum SavingsSavings 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
NoNoNo
FDIC-insured
YesYesYes
Online OnlyYesYesYes
Compound Frequency
DailyDailyDaily
Minimum Deposit$0$100$100
Minimum Balance for APY$0$5,000$0
Maintenance Fee$0$0$0
Direct Deposit Required
NoNoNo
Visit BankSavings AccountPlatinum SavingsSavings Connect
App Store Rating4.7/54.8/5
Google Play Rating4.4/54.6/5
BBB RatingA+A-

Comparative Historical APY Insights (Last 5 Months)

Ally BankCIT Bank
ProductSavings AccountvsSavings ConnectPlatinum Savings
Latest APY3.50 %3.90 %4.00 %
TrendSidewaysSidewaysFalling
Slope (bps/mo)-4.7-0.8-6.9
Rate Changes / Mo0.620.210.62
Days Since Last Change399
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)0.0200.0060.026
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 Details

CIT 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 Details

After 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
Compare CIT Bank's APY of 4.00% with other banks