Chime vs Cit Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of Chime vs. CIT Bank
As of August 29, 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 3.75% APY with a qualifying direct deposit of $200.
- Chime has a higher App Store rating of 4.8 compared to CIT Bank's 4.8.
- Chime has no minimum balance requirement for its savings account.
Potential Drawbacks
- Chime requires a direct deposit to achieve the 3.75% APY.
- Chime's lower APY is 1.25%, which is significantly lower than CIT Bank's options.
- Chime does not have physical branches.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a higher 4.00% APY without direct deposit requirements.
- CIT Bank's Savings Connect account provides a competitive 3.90% APY.
- CIT Bank has no maintenance fees on its accounts.
Potential Drawbacks
- CIT Bank requires a $100 minimum deposit to open an account.
- CIT Bank requires a $5,000 minimum balance for its Platinum Savings account.
- CIT Bank is not BBB Accredited.
Summary: Chime offers a 3.75% APY but requires a direct deposit, while CIT Bank provides a higher 4.00% APY without any direct deposit requirement. CIT Bank's accounts have minimum deposit and balance requirements, whereas Chime has none. Both banks have similar App Store ratings, but CIT Bank is not BBB Accredited, unlike Chime. Overall, CIT Bank's savings options may be more appealing for those not wanting direct deposit stipulations.
Compare Chime's vs CIT Bank's Savings Accounts
| Chime | CIT Bank | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Platinum Savings | Savings Connect |
| APY | 1.25% - 3.75% (as of 8/29/2025) | 0.25% - 4.00% (as of 8/29/2025) | 3.90% (as of 8/29/2025) | |
| Bundled Account | Yes | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | |
| 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 days | No | No | |
| Note | Chime® 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%. | |||
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.7/5 | 4.6/5 | ||
| BBB Rating | A- | A- | ||
Comparative Historical APY Insights (Last 7 Months)
| Chime | CIT Bank | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Savings Connect | Platinum Savings |
| Latest APY | 3.75 % | 3.90 % | 4.00 % | |
| Trend | Rising | Sideways | Falling | |
| Slope (bps/mo) | 29.4 | -2.0 | -5.1 | |
| Rate Changes / Mo | 0.14 | 0.14 | 0.42 | |
| Days Since Last Change | 152 | 80 | 80 | |
| High (-7 m) | 3.75 % | 4.00 % | 4.35 % | |
| Low (-7 m) | 2.00 % | 3.90 % | 4.00 % | |
| Draw-down from High | 0.0 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.241 | 0.012 | 0.028 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 213 days.
- Low (-7 m)
- Lowest APY in the last 213 days.
- Draw-down from High
- How far today sits below the 7-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: $2,273.8 (11.22%)
- Total contributions: $13,000 (64.12%)
- Initial deposit: $5,000 (24.66%)
Your total balance
$20,273.80
Effective APY: 3.75% (based on your deposit and contributions)
Total balance: $20,273.8
Earnings: $2,273.8
Bank OverviewCIT Bank
APY: 4.00%
Total savings breakdown:
- Interest earned: $2,434.7 (11.91%)
- Total contributions: $13,000 (63.62%)
- Initial deposit: $5,000 (24.47%)
Your total balance
$20,434.70
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $20,434.7
Earnings: $2,434.7
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Chime's total earnings would be $160.9 lower than CIT Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Chime's APY of 3.75% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chime vs Ally Bank | 3.50% | $0 |
| Chime vs American Express | 3.50% | $0 |
| Chime vs Axos Bank | 4.46% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.50% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs Discover Bank | 3.50% | $0 |
| Chime vs Fitness Bank | 4.85% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs Presidential Bank | 4.50% | $5,000 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs UFB Direct | 4.21% | $5000 |
| Chime vs Varo Bank | 5.00% | $0 |
| Chime 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 | 3.50% | $0 |
| CIT Bank vs Axos Bank | 4.46% | $0 |
| CIT Bank vs Bank of America | 0.01% | $100 |
| 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 Discover Bank | 3.50% | $0 |
| CIT Bank vs Fitness Bank | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |