Bank Of America vs Cit Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of Bank of America vs. CIT Bank

As of June 20, 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 lower maintenance fee of $8, which can be waived under certain conditions.
  • Bank of America offers a high App Store rating of 4.8.
  • Bank of America has a higher BBB rating of A.

Potential Drawbacks

  • Bank of America's current APY is only 0.01%, with no recent increase.
  • Bank of America requires a $100 minimum deposit for its Advantage Savings account.
  • Bank of America has a maintenance fee compared to CIT Bank's zero fees.

CIT Bank

Strengths

  • CIT Bank's Platinum Savings offers a competitive APY of 4.00%, though it decreased from 4.10%.
  • CIT Bank has no maintenance fees on its accounts.
  • CIT Bank's Savings Connect account provides a strong APY of 3.90%.

Potential Drawbacks

  • CIT Bank requires a $5,000 minimum balance for its Platinum Savings account.
  • CIT Bank is not BBB accredited and has a lower BBB rating of A-.
  • CIT Bank has no physical branches, limiting in-person banking options.
Summary: CIT Bank offers significantly higher APYs of 4.00% and 3.90% for its savings accounts, although it requires a $5,000 minimum balance for the higher rate. In contrast, Bank of America's Advantage Savings account has a minimal APY of 0.01% and a maintenance fee, but it benefits from a higher BBB rating and a more flexible fee structure. Both banks have similar App Store and Google Play ratings.

Compare Bank of America's vs CIT Bank's Savings Accounts

Bank of AmericaCIT Bank
ProductAdvantage SavingsvsPlatinum SavingsSavings Connect
APY
0.01% (as of 6/20/2025)0.25% - 4.00% (as of 6/20/2025)3.90% (as of 6/20/2025)
Bundled Account
NoNoNo
FDIC-insured
YesYesYes
Online OnlyNoYesYes
Compound Frequency
MonthlyDailyDaily
Minimum Deposit$100$100$100
Minimum Balance for APYN/A$5,000$0
Maintenance Fee$8$0$0
Direct Deposit Required
NoNoNo
NoteAPY 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.N/AN/A
Visit BankAdvantage SavingsPlatinum SavingsSavings Connect
App Store Rating4.8/54.8/5
Google Play Rating4.6/54.6/5
BBB RatingAA-

Comparative Historical APY Insights (Last 5 Months)

Bank of AmericaCIT Bank
ProductAdvantage SavingsvsSavings ConnectPlatinum Savings
Latest APY0.01 %3.90 %4.00 %
TrendSidewaysSidewaysFalling
Slope (bps/mo)-0.0-0.8-6.8
Rate Changes / Mo0.000.210.63
Days Since Last Change14399
High (-5 m)0.01 %4.00 %4.35 %
Low (-5 m)0.01 %3.90 %4.00 %
Draw-down from High0.0 %-2.5 %-8.0 %
Volatility (CV)0.0000.0060.026
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 144 days.
Low (-5 m)
Lowest APY in the last 144 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 Bank of America vs CIT Bank

All calculations are based on APY.

Bank of America

APY: 0.01%

Total savings breakdown:

  • Interest earned: $0.1 (0.01%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (99.99%)

Your total balance

$1,000.10

Effective APY: 0.01% (based on your deposit and contributions)

Total balance: $1,000.1

Earnings: $0.1

Bank Details

CIT 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 Details

After 1 year Bank of America would earn you $39.9 less than CIT Bank.

More Comparisons

Compare Bank of America's APY of 0.01% with other banks
Compare CIT Bank's APY of 4.00% with other banks