Chime vs Cit Bank
High-Yield Savings Accounts Comparison

Last Updated: July 15, 2025

Summary of Chime vs. CIT Bank

As of July 15, 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 minimum deposit of $0.
  • Chime has a high App Store rating of 4.8.
  • Chime has no maintenance fees or minimum balance requirements.

Potential Drawbacks

  • Chime's APY requires a direct deposit of $200 or more.
  • Chime has a lower BBB rating of B-.
  • Chime does not have physical branches.

CIT Bank

Strengths

  • CIT Bank offers a higher APY of 4.00% with a minimum deposit of $100.
  • CIT Bank has a better BBB rating of A-.
  • CIT Bank provides two savings account options with competitive rates.

Potential Drawbacks

  • CIT Bank requires a minimum balance of $5,000 for the Platinum Savings account.
  • CIT Bank has a lower Google Play rating of 4.6.
  • CIT Bank has no physical branches.
Summary: Chime offers a 3.75% APY with no minimum balance but requires a direct deposit. CIT Bank provides a higher 4.00% APY with a minimum deposit and balance requirement. CIT Bank has a better BBB rating but lacks physical branches like Chime. Both banks have strong App Store ratings, but Chime's Google Play rating is slightly higher.

Compare Chime's vs CIT Bank's Savings Accounts

ChimeCIT Bank
ProductChime Savings AccountvsSavings ConnectPlatinum Savings
APY
1.25% - 3.75% (as of 7/15/2025)3.90% (as of 7/15/2025)0.25% - 4.00% (as of 7/15/2025)
Bundled Account
YesNoNo
FDIC-insured
YesYesYes
Online OnlyYesYesYes
Compound Frequency
DailyDailyDaily
Minimum Deposit$0$100$100
Minimum Balance for APY$0.01$0$5,000
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 AccountSavings ConnectPlatinum Savings
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)43.2-1.7-6.4
Rate Changes / Mo0.180.180.54
Days Since Last Change1073434
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)0.2680.0100.027
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 167 days.
Low (-5 m)
Lowest APY in the last 167 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