Bank Of America vs. Cit Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 11, 2025
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Summary of Bank of America vs. CIT Bank
Key Metrics at a Glance
| Feature | Bank of America | CIT Bank |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 3.85% Platinum Savings |
| Minimum to Open | $100 | $100 |
| Minimum Balance for Top APY | $5,000 | |
| 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. |
Bank of America
Strengths
- Bank of America has a high App Store rating of 4.8.
- Bank of America offers an Advantage Savings account with a low minimum deposit of $100.
- Bank of America has a strong BBB rating of A+.
Potential Drawbacks
- The current APY for Bank of America's Advantage Savings account is only 0.01%.
- Bank of America charges an $8 maintenance fee unless conditions are met.
CIT Bank
Strengths
- CIT Bank's Platinum Savings account offers a competitive APY of 3.85%.
- CIT Bank has no maintenance fees for its accounts.
- CIT Bank's Savings Connect account also offers a solid APY of 3.75%.
Potential Drawbacks
- CIT Bank has a lower BBB rating of A- and is not BBB Accredited.
- CIT Bank requires a $5,000 minimum balance for its Platinum Savings account.
→ As of November 11, 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.
Calculate Savings Growth for Bank of America vs CIT Bank
Bank of America - Advantage Savings
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
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewCIT Bank - Platinum Savings
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
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.
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 11/11/2025) | 0.25% - 3.85% (as of 11/11/2025) | 3.75% (as of 11/11/2025) | |
| 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 | 4.3/5 | ||
| BBB Rating | A+ | A- | ||
Comparative Historical APY Insights (Last 9 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 | -3.0 | -4.8 | |
| Rate Changes / Mo | 0.00 | 0.21 | 0.42 | |
| Days Since Last Change | 286 | 49 | 49 | |
| High (-9 m) | 0.01 % | 4.00 % | 4.35 % | |
| Low (-9 m) | 0.01 % | 3.75 % | 3.85 % | |
| Draw-down from High | 0.0 % | -6.3 % | -11.5 % | |
| Volatility (CV) | 0.000 | 0.024 | 0.036 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 286 days.
- Low (-9 m)
- Lowest APY in the last 286 days.
- Draw-down from High
- How far today sits below the 9-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.