Bank Of America vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: August 11, 2025
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Summary of Bank of America vs. CIT Bank
As of August 11, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, compared to CIT Bank's 4.00% APY for its Platinum Savings account.
CIT Bank yields $399 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, 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.
Bank of America
Strengths
- Bank of America has a higher App Store rating at 4.8.
- Bank of America offers an account with no minimum balance requirement for waiving fees.
Potential Drawbacks
- Bank of America's Advantage Savings has a low APY of 0.01%.
- Bank of America charges an $8 maintenance fee.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a high APY of 4.00%.
- CIT Bank has no maintenance fees on its accounts.
Potential Drawbacks
- CIT Bank requires a $5,000 minimum balance for its Platinum Savings account.
- CIT Bank has a lower BBB rating of A- and is not accredited.
Summary: CIT Bank offers significantly higher APYs, with 4.00% for its Platinum Savings account, compared to Bank of America's 0.01%. However, CIT Bank requires a $5,000 minimum balance to avoid fees, while Bank of America has an $8 maintenance fee. Both banks have the same App Store and Google Play ratings, but Bank of America has a better BBB rating of A compared to CIT Bank's A-.
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 8/11/2025) | 0.25% - 4.00% (as of 8/11/2025) | 3.90% (as of 8/11/2025) | |
| 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 6 Months)
| Bank of America | CIT Bank | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Savings Connect | Platinum Savings |
| Latest APY | 0.01 % | 3.90 % | 4.00 % | |
| Trend | Sideways | Sideways | Falling | |
| Slope (bps/mo) | -0.0 | -2.0 | -5.7 | |
| Rate Changes / Mo | 0.00 | 0.15 | 0.46 | |
| Days Since Last Change | 194 | 60 | 60 | |
| High (-6 m) | 0.01 % | 4.00 % | 4.35 % | |
| Low (-6 m) | 0.01 % | 3.90 % | 4.00 % | |
| Draw-down from High | 0.0 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.000 | 0.012 | 0.029 | |
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 195 days.
- Low (-6 m)
- Lowest APY in the last 195 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 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: 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, Bank of America's total earnings would be $2,429 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
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.50% | $0 |
| Bank of America vs Axos Bank | 4.46% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs Discover Bank | 3.50% | $0 |
| Bank of America vs Fitness Bank | 4.85% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Presidential Bank | 4.50% | $5,000 |
| Bank of America vs SoFi Bank | 3.80% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America vs UFB Direct | 4.21% | $5000 |
| Bank of America vs Varo Bank | 5.00% | $0 |
| Bank of America 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 American Express | 3.50% | $0 |
| CIT Bank vs Axos Bank | 4.46% | $0 |
| 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 |