Chime vs Cit Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of Chime vs. CIT Bank

As of June 20, 2025 Chime offers an APY of 3.75% for its Chime Savings Account account, compared to CIT Bank's 4.00% APY for its Platinum Savings account.

CIT Bank yields $25 more than Chime on a $10,000 balance after one year. Chime pays $375, 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.

Chime

Strengths

  • Chime offers a competitive APY of 3.75%, unchanged from 30 days ago.
  • No maintenance fees or minimum balance requirements for Chime's savings account.
  • Chime has a high App Store rating of 4.8.

Potential Drawbacks

  • Chime's APY requires a qualifying direct deposit of $200 or more.
  • Chime has a lower BBB rating of B- compared to CIT Bank.
  • Chime requires opening a checking account to access its savings account.

CIT Bank

Strengths

  • CIT Bank's Platinum Savings account offers a higher APY of 4.00%, though down from 4.10%.
  • CIT Bank has a better BBB rating of A-.
  • CIT Bank provides two savings accounts with competitive APYs.

Potential Drawbacks

  • CIT Bank requires a minimum deposit of $100 and a minimum balance of $5,000 for the Platinum Savings account.
  • CIT Bank has no branches available for in-person banking.
  • CIT Bank's Google Play rating is lower at 4.6.
Summary: Chime offers a 3.75% APY with no fees but requires direct deposit and a checking account. CIT Bank provides a higher 4.00% APY but with minimum deposit and balance requirements. CIT also has a better BBB rating of A- compared to Chime's B-. Both banks have high App Store ratings, but CIT lacks branch access, while Chime is online-only.

Compare Chime's vs CIT Bank's Savings Accounts

ChimeCIT Bank
ProductChime Savings AccountvsPlatinum SavingsSavings Connect
APY
1.25% - 3.75% (as of 6/20/2025)0.25% - 4.00% (as of 6/20/2025)3.90% (as of 6/20/2025)
Bundled Account
YesNoNo
FDIC-insured
YesYesYes
Online OnlyYesYesYes
Compound Frequency
DailyDailyDaily
Minimum Deposit$0$100$100
Minimum Balance for APY$0.01$5,000$0
Maintenance Fee$0$0$0
Direct Deposit Required
Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 daysNoNo
NoteChime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. To open a savings account you must first open a checking account. To qualify for Chime+ with the 3.75% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.25%.N/AN/A
Visit BankChime Savings AccountPlatinum SavingsSavings Connect
App Store Rating4.8/54.8/5
Google Play Rating4.7/54.6/5
BBB RatingB-A-

Comparative Historical APY Insights (Last 5 Months)

ChimeCIT Bank
ProductChime Savings AccountvsSavings ConnectPlatinum Savings
Latest APY3.75 %3.90 %4.00 %
TrendRisingSidewaysFalling
Slope (bps/mo)53.6-0.9-6.8
Rate Changes / Mo0.210.210.63
Days Since Last Change8299
High (-5 m)3.75 %4.00 %4.35 %
Low (-5 m)2.00 %3.90 %4.00 %
Draw-down from High0.0 %-2.5 %-8.0 %
Volatility (CV)0.2860.0060.025
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 142 days.
Low (-5 m)
Lowest APY in the last 142 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 Chime vs CIT Bank

All calculations are based on APY.

Chime

APY: 3.75%

Total savings breakdown:

  • Interest earned: $37.5 (3.61%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.39%)

Your total balance

$1,037.50

Effective APY: 3.75% (based on your deposit and contributions)

Total balance: $1,037.5

Earnings: $37.5

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 Chime would earn you $2.5 less than CIT Bank.

More Comparisons

Compare Chime's APY of 3.75% with other banks
Compare CIT Bank's APY of 4.00% with other banks