Bank Of America vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: September 26, 2025
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Summary of Bank of America vs. CIT Bank
As of September 26, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to CIT Bank's 3.85% APY for its Platinum Savings account, with a minimum balance of $5,000.
CIT Bank yields $384 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, 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.
Bank of America
Strengths
- Bank of America has an A+ BBB rating, indicating strong trustworthiness.
- The Advantage Savings account has a low minimum deposit of $100.
Potential Drawbacks
- The current APY for Advantage Savings is only 0.01%, unchanged from 30 days ago.
- Bank of America charges an $8 monthly maintenance fee unless certain conditions are met.
CIT Bank
Strengths
- CIT Bank offers a high APY of 3.85% for the Platinum Savings account.
- Both savings accounts at CIT Bank have no monthly maintenance fees.
Potential Drawbacks
- CIT Bank's Platinum Savings requires a $5,000 minimum balance to avoid lower APY.
- CIT Bank is not BBB Accredited and has a lower A- BBB rating.
Summary: CIT Bank provides significantly higher APYs of 3.85% for its Platinum Savings account compared to Bank of America's 0.01%. However, CIT Bank requires a $5,000 minimum balance to avoid a lower APY. Bank of America has an A+ BBB rating, while CIT Bank's rating is A- and not BBB Accredited. Both banks have no monthly maintenance fees for their savings accounts, but Bank of America charges $8 unless certain conditions are met.
Compare Bank of America's vs CIT Bank's Savings Accounts
| Bank of America | CIT Bank | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Platinum Savings | Savings Connect |
| APY | 0.01% (as of 9/26/2025) | 0.25% - 3.85% (as of 9/26/2025) | 3.75% (as of 9/26/2025) | |
| Bundled Account | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | No | Yes | Yes | |
| Compound Frequency | Monthly | Daily | Daily | |
| Minimum Deposit | $100 | $100 | $100 | |
| Minimum Balance for APY | N/A | $5,000 | $0 | |
| Maintenance Fee | $8 | $0 | $0 | |
| Direct Deposit Required | No | No | No | |
| Note | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | |||
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.6/5 | 4.6/5 | ||
| BBB Rating | A+ | A- | ||
Comparative Historical APY Insights (Last 8 Months)
| Bank of America | CIT Bank | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Savings Connect | Platinum Savings |
| Latest APY | 0.01 % | 3.75 % | 3.85 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -2.1 | -4.6 | |
| Rate Changes / Mo | 0.00 | 0.25 | 0.50 | |
| Days Since Last Change | 241 | 4 | 4 | |
| High (-8 m) | 0.01 % | 4.00 % | 4.35 % | |
| Low (-8 m) | 0.01 % | 3.75 % | 3.85 % | |
| Draw-down from High | 0.0 % | -6.3 % | -11.5 % | |
| Volatility (CV) | 0.000 | 0.015 | 0.030 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 241 days.
- Low (-8 m)
- Lowest APY in the last 241 days.
- Draw-down from High
- How far today sits below the 8-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 Bank of America vs CIT Bank
All calculations are based on APY.
Bank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewCIT Bank
APY: 3.85%
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
Effective APY: 3.85% (based on your deposit and contributions)
Total balance: $20,338
Earnings: $2,338
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,332.3 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 Bank of America's APY of 0.01% with other banks
Compare CIT Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| CIT Bank vs Ally Bank | 3.40% | $0 |
| CIT Bank vs American Express | 3.50% | $0 |
| CIT Bank vs Axos Bank | 4.46% | $0 |
| CIT Bank vs Barclays | 4.10% | $0 |
| CIT Bank vs BrioDirect | 4.30% | $5,000 |
| 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 Elevault | 4.34% | $0 |
| CIT Bank vs EverBank | 4.05% | $0 |
| CIT Bank vs Fitness Bank | 4.75% | $100 |
| CIT Bank vs FVCbank | 4.10% | $500 |
| CIT Bank vs GO2bank | 4.50% | $0 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Neighbors Bank | 4.60% | $0 |
| CIT Bank vs Newtek Bank | 4.35% | $0 |
| CIT Bank vs Peak Bank | 4.35% | $100 |
| CIT Bank vs Pibank | 4.60% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs Santander Bank | 0.01% | $25 |
| CIT Bank vs SoFi Bank | 4.50% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs TIMBR | 4.40% | $1,000 |
| CIT Bank vs UFB Direct | 4.10% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
| CIT Bank vs Zynlo Bank | 4.35% | $10 |