Carver Bank vs. CIT Bank
Comparing Carver Bank and CIT Bank for high-yield savings: Carver Bank's High Yield Savings pays 4.00% 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? Carver Bank pays $25 more than CIT Bank annually ($400 vs $375).
Choose Carver Bank if getting the best rate matters most.
| Metric | Carver BankHigh Yield Savings Feb 21, 2026 | CIT BankPlatinum Savings Feb 21, 2026 |
|---|---|---|
| APY | 4.00% | 0.25% - 3.75% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$188 $10,000+$375 $25,000+$938 |
Min Deposit | $5,000 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingStable Rate | 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 Carver Bank vs. CIT Bank
Executive Summary
Carver Bank offers a High Yield Savings account with a competitive APY of 4.00%, requiring a minimum deposit and balance of $5,000, with no maintenance fees if the balance is maintained. This account is beneficial for those looking for higher returns on savings without the need for direct deposit or bundling. In contrast, CIT Bank's Savings Connect account provides a lower APY of 3.65% with a minimum deposit of $100 and no balance requirement, alongside a Platinum Savings account that yields 3.75% for balances of $5,000 or more. Overall, Carver Bank's offering stands out as the better choice for higher yields.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Carver Bank?
- ✓Higher potential APY (4.00% vs 3.65%-3.75%)
Why CIT Bank?
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
Carver BankCarver Bank's High Yield Savings earns more on smaller deposits (approx. $400 vs $375/yr).
Better Returns at $25,000
Carver BankCarver Bank's High Yield Savings pulls ahead with larger amounts (approx. $1000 vs $938/yr).
Best for Simplicity
Carver BankCarver Bank's High Yield Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
CIT BankCIT Bank offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.7 (vs. 4.5)
Shared Benefits
Over a 1-year period, Carver Bank's High Yield Savings pays $25 more interest on a $10,000 balance than CIT Bank's Platinum Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
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* Secure link to our partner
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Carver Bank vs. CIT Bank Savings Calculator
You earn $25 more with Carver Bank than CIT Bank 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.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both Carver Bank and CIT Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Carver Bank | CIT Bank |
|---|---|---|
| APY | 4.00% Verified: 2/21/2026 Stable (90d) | 3.75% Range: 0.25% - 3.75% Verified: 2/21/2026 Stable (90d) |
| Product Name | High Yield Savings | Platinum Savings |
| Minimum Deposit | $5,000 | $100 |
| Min. Balance for APY | $5,000 | $5,000 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | 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 Full native integration in digital banking. | Available Supported for eChecking users post-First Citizens merger. |
| BBB Rating | A+ | A+ |
| Important Notes | - | 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 Carver Bank Non-sponsored link to official site | Visit SiteGo to CIT Bank * Secure link to our partner |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Carver Bank | CIT Bank | |
|---|---|---|---|
| High Yield Savings | Savings Connect | Platinum Savings | |
Current APY | 4.00% | 3.65% | 3.75% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.3 | -3.8 | -4.4 |
Days Since Change | 354 | 93 | 93 |
12-Month High | 4.25% | 4.00% | 4.30% |
12-Month Low | 4.00% | 3.65% | 3.75% |
Adjustments / Mo | 0.08 | 0.25 | 0.33 |
Volatility Score | 0.010 | 0.037 | 0.042 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Carver Bank's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Carver Bank vs Ally Bank | 3.20% | $0 |
| Carver Bank vs American Express | 3.30% | $0 |
| Carver Bank vs Axos Bank | 4.21% | $0 |
| Carver Bank vs Bank of America | 0.01% | $100 |
| Carver Bank vs Barclays | 3.85% | $0 |
| Carver Bank vs Capital One | 3.30% | $0 |
| Carver Bank vs Chase Bank | 0.01% | $0 |
| Carver Bank vs Chime | 3.00% | $0 |
| Carver Bank vs Citibank | 3.20% | $0 |
| Carver Bank vs Discover Bank | 3.30% | $0 |
| Carver Bank vs EverBank | 3.90% | $0 |
| Carver Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Carver Bank vs Newtek Bank | 4.20% | $0.01 |
| Carver Bank vs Openbank | 4.09% | $500 |
| Carver Bank vs Pibank | 4.60% | $0 |
| Carver Bank vs SoFi Bank | 4.00% | $0 |
| Carver Bank vs Synchrony Bank | 3.50% | $0 |
| Carver Bank vs Varo Bank | 5.00% | $0 |
| Carver Bank vs Wealthfront | 3.95% | $0 |
| Carver Bank vs Wells Fargo | 0.05% | $25 |