Bank of America vs. CIT Bank
Comparing Bank of America and CIT Bank for savings: Bank of America's Advantage Savings pays 0.01% APY while CIT Bank's Platinum Savings pays 3.75% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? CIT Bank pays $374 more than Bank of America annually ($375 vs $1).
Choose CIT Bank if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 20, 2026 | CIT BankPlatinum Savings Feb 20, 2026 |
|---|---|---|
| APY | 0.01% | 0.25% - 3.75% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$188 $10,000+$375 $25,000+$938 |
Min Deposit | $100 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | 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. | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing Bank of America vs. CIT Bank
Executive Summary
CIT Bank offers a competitive edge with its Platinum Savings account, providing a high APY of 3.75% for balances of $5,000 or more, while lower balances earn 0.25%. Additionally, the Savings Connect account yields a solid 3.65% APY with no maintenance fees or direct deposit requirements, making it a great option for those seeking simplicity. In contrast, Bank of America's Advantage Savings account offers a much lower APY of just 0.01%, with an $8 monthly fee that can be waived under certain conditions. Overall, CIT Bank stands out significantly in terms of returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
No distinct advantages found vs CIT Bank.
Why CIT Bank?
- ✓Higher potential APY (3.65%-3.75% vs 0.01%) on all balances
- ✓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.
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Top Market Contenders
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.
| Feature | Bank of America | CIT Bank |
|---|---|---|
| APY | 0.01% Verified: 2/20/2026 Stable (90d) | 3.75% Range: 0.25% - 3.75% Verified: 2/20/2026 Stable (90d) |
| Product Name | Advantage Savings | Platinum Savings |
| Minimum Deposit | $100 | $100 |
| Min. Balance for APY | N/A | $5,000 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | None. You cannot make use of First Citizens Bank's branches. |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Supported for eChecking users post-First Citizens merger. |
| 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. | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteGo to CIT Bank * Secure link to our partner |
📈 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 | -3.8 | -4.5 |
Days Since Change | 66 | 92 | 92 |
12-Month High | 0.03% | 4.00% | 4.30% |
12-Month Low | 0.01% | 3.65% | 3.75% |
Adjustments / Mo | 0.16 | 0.25 | 0.33 |
Volatility Score | 0.116 | 0.037 | 0.042 |
How to read these metrics(Click to expand)
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