Ally Bank vs. Cit Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 16, 2025
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Summary of Ally Bank vs. CIT Bank
Key Metrics at a Glance
| Feature | Ally Bank | CIT Bank |
|---|---|---|
| Top Savings APY | 3.30% Savings Account | 3.85% Platinum Savings |
| Minimum to Open | $0 | $100 |
| Minimum Balance for Top APY | $0 | $5,000 |
Ally Bank
Strengths
- Ally Bank offers a $0 minimum deposit and balance for its Savings Account.
- Ally Bank has an A+ BBB rating, indicating strong trustworthiness.
- Ally Bank's App Store rating is 4.7, reflecting positive user feedback.
Potential Drawbacks
- Ally Bank's current APY is 3.30%, down from 3.40% last month.
- Ally Bank does not have any physical branches.
- Ally Bank's Google Play rating is 4.3, lower than CIT Bank's.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a competitive APY of 3.85%.
- CIT Bank provides a second option with the Savings Connect account at 3.75%.
- CIT Bank's App Store rating is 4.8, higher than Ally Bank's.
Potential Drawbacks
- CIT Bank requires a $5,000 minimum balance for the Platinum Savings account.
- CIT Bank has an A- BBB rating, which is lower than Ally Bank's.
- CIT Bank has no branches, limiting in-person banking options.
→ As of November 16, 2025 Ally Bank offers an APY of 3.30% for its Savings Account, with a minimum balance of $0, compared to CIT Bank's 3.85% APY for its Platinum Savings account, with a minimum balance of $5,000.
→ CIT Bank yields $55 more than Ally Bank on a $10,000 balance after one year. Ally Bank pays $330, while CIT Bank pays $385 - an APY advantage for CIT Bank.
→ In addition, CIT Bank also offers 3.75% APY for the Savings Connect account.
Calculate Savings Growth for Ally Bank vs CIT Bank
Ally Bank - Savings Account
Total savings breakdown:
- Interest earned: $1,987.1 (9.94%)
- Total contributions: $13,000 (65.04%)
- Initial deposit: $5,000 (25.02%)
Your total balance
$19,987.10
Total balance: $19,987.1
Earnings: $1,987.1
Bank OverviewCIT Bank - Platinum Savings
Total savings breakdown:
- Interest earned: $2,338 (11.50%)
- Total contributions: $13,000 (63.92%)
- Initial deposit: $5,000 (24.58%)
Your total balance
$20,338.00
Total balance: $20,338
Earnings: $2,338
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Ally Bank's total earnings would be $350.9 lower than CIT Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Ally Bank's vs CIT Bank's Savings Accounts
| Ally Bank | CIT Bank | |||
|---|---|---|---|---|
| Product | Savings Account | vs | Platinum Savings | Savings Connect |
| APY | 3.30% (as of 11/16/2025) | 0.25% - 3.85% (as of 11/16/2025) | 3.75% (as of 11/16/2025) | |
| 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 | |
| App Store Rating | 4.7/5 | 4.8/5 | ||
| Google Play Rating | 4.3/5 | 4.3/5 | ||
| BBB Rating | A+ | A- | ||
Comparative Historical APY Insights (Last 10 Months)
| Ally Bank | CIT Bank | |||
|---|---|---|---|---|
| Product | Savings Account | vs | Savings Connect | Platinum Savings |
| Latest APY | 3.30 % | 3.75 % | 3.85 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | -4.2 | -3.0 | -4.8 | |
| Rate Changes / Mo | 0.51 | 0.21 | 0.41 | |
| Days Since Last Change | 16 | 54 | 54 | |
| High (-10 m) | 3.80 % | 4.00 % | 4.35 % | |
| Low (-10 m) | 3.30 % | 3.75 % | 3.85 % | |
| Draw-down from High | -13.2 % | -6.3 % | -11.5 % | |
| Volatility (CV) | 0.035 | 0.025 | 0.036 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 292 days.
- Low (-10 m)
- Lowest APY in the last 292 days.
- Draw-down from High
- How far today sits below the 10-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.