American Express vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of American Express vs. CIT Bank
As of August 29, 2025 American Express offers an APY of 3.50% for its High Yield Savings Account account, compared to CIT Bank's 4.00% APY for its Platinum Savings account.
CIT Bank yields $50 more than American Express on a $10,000 balance after one year. American Express 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.
American Express
Strengths
- American Express offers a High Yield Savings Account with a competitive APY of 3.50%.
- No minimum deposit or balance requirement for American Express's High Yield Savings Account.
- American Express has a high App Store rating of 4.9.
Potential Drawbacks
- American Express has a BBB rating of F and is not BBB Accredited.
- American Express does not offer any branches for in-person banking.
- American Express's Google Play rating is lower at 3.8.
CIT Bank
Strengths
- CIT Bank's Platinum Savings account offers a higher APY of 4.00%.
- CIT Bank's Savings Connect account provides a solid APY of 3.90%.
- CIT Bank has a strong BBB rating of A-.
Potential Drawbacks
- CIT Bank requires a minimum deposit of $100 and a minimum balance of $5,000 for the Platinum Savings account.
- CIT Bank does not have any branches for in-person banking.
- CIT Bank's App Store rating is slightly lower at 4.8.
Summary: CIT Bank offers higher APYs at 4.00% and 3.90% for its Platinum and Savings Connect accounts, respectively, compared to American Express's 3.50%. However, CIT Bank has minimum deposit and balance requirements. American Express has a higher App Store rating but a poor BBB rating of F. Both banks operate online only, lacking branch access.
Compare American Express' vs CIT Bank's Savings Accounts
| American Express | CIT Bank | |||
|---|---|---|---|---|
| Product | High Yield Savings Account | vs | Platinum Savings | Savings Connect |
| APY | 3.50% (as of 8/29/2025) | 0.25% - 4.00% (as of 8/29/2025) | 3.90% (as of 8/29/2025) | |
| 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 | 4.9/5 | 4.8/5 | ||
| Google Play Rating | 3.8/5 | 4.6/5 | ||
| BBB Rating | F | A- | ||
Comparative Historical APY Insights (Last 7 Months)
| American Express | CIT Bank | |||
|---|---|---|---|---|
| Product | High Yield Savings Account | vs | Savings Connect | Platinum Savings |
| Latest APY | 3.50 % | 3.90 % | 4.00 % | |
| Trend | Sideways | Sideways | Falling | |
| Slope (bps/mo) | -4.2 | -1.9 | -5.2 | |
| Rate Changes / Mo | 0.41 | 0.14 | 0.41 | |
| Days Since Last Change | 38 | 79 | 79 | |
| High (-7 m) | 3.80 % | 4.00 % | 4.35 % | |
| Low (-7 m) | 3.50 % | 3.90 % | 4.00 % | |
| Draw-down from High | -7.9 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.026 | 0.012 | 0.030 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 221 days.
- Low (-7 m)
- Lowest APY in the last 221 days.
- Draw-down from High
- How far today sits below the 7-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: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewCIT Bank
APY: 4.00%
Total savings breakdown:
- Interest earned: $2,434.7 (11.91%)
- Total contributions: $13,000 (63.62%)
- Initial deposit: $5,000 (24.47%)
Your total balance
$20,434.70
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $20,434.7
Earnings: $2,434.7
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, American Express's total earnings would be $320.6 lower than CIT Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare American Express' APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.46% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.50% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs Discover Bank | 3.50% | $0 |
| American Express vs Fitness Bank | 4.85% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs Presidential Bank | 4.50% | $5,000 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs UFB Direct | 4.21% | $5000 |
| American Express vs Varo Bank | 5.00% | $0 |
| American Express 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 Ally Bank | 3.50% | $0 |
| CIT Bank vs Axos Bank | 4.46% | $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 | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |