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
| Chime | CIT Bank | |||
|---|---|---|---|---|
| Product | Chime Savings Account | vs | Platinum Savings | Savings 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 | 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%. | N/A | N/A | |
| Visit Bank | Chime Savings Account | Platinum Savings | Savings Connect | |
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.7/5 | 4.6/5 | ||
| BBB Rating | B- | A- | ||
Comparative Historical APY Insights (Last 5 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) | 53.6 | -0.9 | -6.8 | |
| Rate Changes / Mo | 0.21 | 0.21 | 0.63 | |
| Days Since Last Change | 82 | 9 | 9 | |
| High (-5 m) | 3.75 % | 4.00 % | 4.35 % | |
| Low (-5 m) | 2.00 % | 3.90 % | 4.00 % | |
| Draw-down from High | 0.0 % | -2.5 % | -8.0 % | |
| Volatility (CV) | 0.286 | 0.006 | 0.025 | |
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 DetailsCIT 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 DetailsAfter 1 year Chime would earn you $2.5 less than CIT Bank.
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 | 3.60% | $0 |
| Chime vs Axos Bank | 4.66% | $0 |
| Chime vs Bank of America | 0.01% | $100 |
| Chime vs Barclays | 4.10% | $0 |
| Chime vs Capital One | 3.60% | $0 |
| Chime vs Chase Bank | 0.01% | $0 |
| Chime vs Discover Bank | 3.60% | $0 |
| Chime vs Fitness Bank | 5.00% | $100 |
| Chime vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chime vs SoFi Bank | 3.80% | $0 |
| Chime vs Synchrony Bank | 3.80% | $0 |
| Chime vs Varo Bank | 5.00% | $0 |
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 | 3.60% | $0 |
| CIT Bank vs Axos Bank | 4.66% | $0 |
| CIT Bank vs Bank of America | 0.01% | $100 |
| CIT Bank vs Barclays | 4.10% | $0 |
| CIT Bank vs Capital One | 3.60% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Discover Bank | 3.60% | $0 |
| CIT Bank vs Fitness Bank | 5.00% | $100 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs Varo Bank | 5.00% | $0 |