Bank of America vs. CIT Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 12, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
CIT Bank
Platinum Savings
Up to3.75%APYDec 12, 2025FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppRange: 0.25% – 3.75%Show Fine Print & Trends Hide Details
CIT Bank
Platinum Savings
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Bank of America vs. CIT Bank Savings Calculator
You earn $374 more with CIT Bank than Bank of America on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
CIT Bank
Platinum Savings
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Bank of America vs. CIT Bank
Why Bank of America?
- ✓Higher rated Android app (4.6 vs 4.3)
Why CIT Bank?
- ✓Higher potential APY (3.65%-3.75% vs 0.01%)
- ✓No checking account or direct deposit required
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
CIT BankCIT Bank's Platinum Savings earns more on smaller deposits (approx. $375 vs $1/yr).
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $3/yr).
Best for Simplicity
CIT BankCIT Bank's Savings Connect offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, CIT Bank's Platinum Savings pays $374 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary
CIT Bank offers a clear advantage with its Platinum Savings account, boasting an impressive APY of 3.75%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. The Platinum Savings account requires a minimum deposit of $100 and a minimum balance of $5,000, but it has no maintenance fees, making it a cost-effective choice for savers. Additionally, CIT Bank's Savings Connect account provides a solid alternative with a 3.65% APY and no minimum balance requirement. In contrast, Bank of America's savings account may incur an $8 monthly fee unless certain conditions are met. Both banks are FDIC insured, but CIT Bank operates online only.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Bank of America and CIT Bank.
| Feature | Bank of America | CIT Bank |
|---|---|---|
| APY | 0.01% Verified: 12/12/2025 Stable (90d) | 3.75% Range: 0.25% - 3.75% Verified: 12/12/2025 ↘︎ 0.25%90d Change |
| Product Name | Advantage Savings | Platinum Savings |
| Minimum Deposit | $100 | $100 |
| Min. Balance for APY | N/A | $5,000 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.8 Android4.3 |
| BBB Rating | A+ | A- |
| Important Notes | 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. | - |
| Next Steps |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | CIT Bank | |
|---|---|---|---|
| Advantage Savings | Savings Connect | Platinum Savings | |
Current APY | 0.01% | 3.65% | 3.75% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.0 | -3.5 | -5.0 |
Days Since Change | 317 | 22 | 22 |
10-Month High | 0.01% | 4.00% | 4.35% |
10-Month Low | 0.01% | 3.65% | 3.75% |
Adjustments / Mo | 0.00 | 0.28 | 0.47 |
Volatility Score | 0.000 | 0.031 | 0.041 |
How to read these metrics(Click to expand)
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