Bank Of America vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Bank of America vs. CIT Bank
As of July 15, 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
Potential Drawbacks
- Advantage Savings has a low APY of 0.01%.
- Monthly maintenance fee of $8 unless waived.
- No high-yield options compared to competitors.
CIT Bank
Strengths
- Platinum Savings offers a competitive APY of 4.00%.
- Savings Connect provides a solid APY of 3.90%.
- No maintenance fees for both accounts.
Potential Drawbacks
- CIT Bank has no physical branches available.
- Platinum Savings requires a $5,000 minimum balance.
- Not BBB Accredited.
Summary: CIT Bank offers significantly higher APYs with 4.00% for Platinum Savings and 3.90% for Savings Connect, while Bank of America's Advantage Savings only provides 0.01%. Additionally, CIT Bank has no maintenance fees, while Bank of America charges $8 unless waived. However, CIT Bank lacks physical branches and is not BBB Accredited, whereas Bank of America has an A rating from the BBB.
Compare Bank of America's vs CIT Bank's Savings Accounts
| Bank of America | CIT Bank | |||
|---|---|---|---|---|
| Product | Advantage Savings | vs | Savings Connect | Platinum Savings |
| APY | 0.01% (as of 7/15/2025) | 3.90% (as of 7/15/2025) | 0.25% - 4.00% (as of 7/15/2025) | |
| 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 | $0 | $5,000 | |
| 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. | N/A | N/A | |
| Visit Bank | Advantage Savings | Savings Connect | Platinum Savings | |
| 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 | -1.7 | -6.5 | |
| Rate Changes / Mo | 0.00 | 0.18 | 0.54 | |
| Days Since Last Change | 168 | 34 | 34 | |
| 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 | 0.010 | 0.028 | |
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 168 days.
- Low (-6 m)
- Lowest APY in the last 168 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: $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 DetailsCIT 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 DetailsAfter 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
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.60% | $0 |
| Bank of America vs Axos Bank | 4.66% | $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 | 5.00% | $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 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 | 3.60% | $0 |
| CIT Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |