Ally Bank vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Ally Bank vs. CIT Bank
As of July 15, 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 for its Savings Account.
- Ally Bank has a strong BBB rating of A+.
Potential Drawbacks
- Ally Bank's current APY is lower at 3.50% compared to CIT Bank's offerings.
- Ally Bank's APY decreased from 3.60% over the last 30 days.
CIT Bank
Strengths
- CIT Bank's Platinum Savings has a higher APY at 4.00%.
- CIT Bank's App Store rating is slightly higher at 4.8.
Potential Drawbacks
- CIT Bank requires a $100 minimum deposit for its accounts.
- CIT Bank has a lower BBB rating of A- and is not accredited.
Summary: CIT Bank offers a higher APY of 4.00% for its Platinum Savings account compared to Ally Bank's 3.50%. However, CIT Bank requires a $100 minimum deposit, while Ally Bank has none. Ally Bank has a better BBB rating of A+, while CIT Bank's rating is A- and not accredited. Both banks have no branch access, but CIT Bank's App Store rating is slightly higher.
Compare Ally Bank's vs CIT Bank's Savings Accounts
| Ally Bank | CIT Bank | |||
|---|---|---|---|---|
| Product | Savings Account | vs | Savings Connect | Platinum Savings |
| APY | 3.50% (as of 7/15/2025) | 3.90% (as of 7/15/2025) | 0.25% - 4.00% (as of 7/15/2025) | |
| 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 | $0 | $5,000 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No | |
| Visit Bank | Savings Account | Savings Connect | Platinum Savings | |
| 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 6 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) | -4.9 | -1.6 | -6.5 | |
| Rate Changes / Mo | 0.53 | 0.18 | 0.53 | |
| Days Since Last Change | 28 | 34 | 34 | |
| High (-6 m) | 3.80 % | 4.00 % | 4.35 % | |
| Low (-6 m) | 3.50 % | 3.90 % | 4.00 % | |
| Draw-down from High | -7.9 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.024 | 0.010 | 0.028 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 169 days.
- Low (-6 m)
- Lowest APY in the last 169 days.
- Draw-down from High
- How far today sits below the 6-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 | 3.50% | $0 |
| Ally Bank vs Chase Bank | 0.01% | $0 |
| Ally Bank vs Chime | 3.75% | $0 |
| Ally Bank vs Discover Bank | 3.50% | $0 |
| Ally Bank vs Fitness Bank | 5.00% | $100 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs SoFi Bank | 3.80% | $0 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 2.51% | $25 |
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 | 3.50% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Chime | 3.75% | $0 |
| CIT Bank vs Discover Bank | 3.50% | $0 |
| CIT Bank vs Fitness Bank | 5.00% | $100 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |