American Express vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of American Express vs. CIT Bank
As of June 20, 2025 American Express offers an APY of 3.60% for its High Yield Savings Account account, compared to CIT Bank's 4.00% APY for its Platinum Savings account.
CIT Bank yields $40 more than American Express on a $10,000 balance after one year. American Express pays $360, 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.
American Express
Strengths
- American Express offers a competitive APY of 3.60%.
- No maintenance fees or minimum balance requirements.
- High App Store rating of 4.9.
Potential Drawbacks
- American Express has an F BBB rating and is not accredited.
- Only one savings account available.
- Google Play rating is lower at 3.8.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a higher APY of 4.00%.
- CIT Bank has an A- BBB rating, indicating better trustworthiness.
- Google Play rating is higher at 4.6.
Potential Drawbacks
- CIT Bank's Platinum Savings requires a minimum balance of $5,000.
- APY decreased from 4.10% in the last 30 days.
- Only the Platinum Savings and Savings Connect accounts available.
Summary: CIT Bank offers a higher APY of 4.00% for its Platinum Savings account compared to American Express's 3.60%. However, CIT Bank requires a $5,000 minimum balance. American Express has a higher App Store rating of 4.9 but an F BBB rating, while CIT Bank holds an A- rating. Both banks have no maintenance fees, but CIT Bank's APY has recently decreased.
Compare American Express' vs CIT Bank's Savings Accounts
| American Express | CIT Bank | |||
|---|---|---|---|---|
| Product | High Yield Savings Account | vs | Platinum Savings | Savings Connect |
| APY | 3.60% (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 | High Yield Savings Account | Platinum Savings | Savings Connect | |
| App Store Rating | 4.9/5 | 4.8/5 | ||
| Google Play Rating | 3.8/5 | 4.6/5 | ||
| BBB Rating | F | A- | ||
Comparative Historical APY Insights (Last 5 Months)
| American Express | CIT Bank | |||
|---|---|---|---|---|
| Product | High Yield Savings Account | vs | Savings Connect | Platinum Savings |
| Latest APY | 3.60 % | 3.90 % | 4.00 % | |
| Trend | Sideways | Sideways | Falling | |
| Slope (bps/mo) | -4.4 | -0.7 | -6.9 | |
| Rate Changes / Mo | 0.40 | 0.20 | 0.60 | |
| Days Since Last Change | 45 | 10 | 10 | |
| High (-5 m) | 3.80 % | 4.00 % | 4.35 % | |
| Low (-5 m) | 3.60 % | 3.90 % | 4.00 % | |
| Draw-down from High | -5.3 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.019 | 0.006 | 0.027 | |
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 151 days.
- Low (-5 m)
- Lowest APY in the last 151 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 American Express vs CIT Bank
All calculations are based on APY.
American Express
APY: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
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 American Express would earn you $4 less than CIT Bank.
More Comparisons
Compare American Express' APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.66% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.60% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs Discover Bank | 3.60% | $0 |
| American Express vs Fitness Bank | 5.00% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express 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 Ally Bank | 3.50% | $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 |