Cit Bank vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of CIT Bank vs. Discover Bank
As of June 20, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, compared to Discover Bank's 3.60% APY for its Online Savings Account account.
CIT Bank yields $40 more than Discover Bank on a $10,000 balance after one year. CIT Bank pays $400, while Discover Bank pays $360 - an APY advantage for CIT Bank.
In addition, CIT Bank also offers 3.90% APY for the Savings Connect account.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a high APY of 4.00%.
- CIT Bank has a higher App Store rating of 4.8 compared to Discover Bank's 4.9.
- CIT Bank has no maintenance fees on its accounts.
Potential Drawbacks
- CIT Bank's APY decreased from 4.10% to 4.00% in the last 30 days.
- CIT Bank requires a $5,000 minimum balance for its highest APY account.
- CIT Bank is not BBB Accredited, with a rating of A-.
Discover Bank
Strengths
- Discover Bank's Online Savings Account has no minimum balance requirement.
- Discover Bank is BBB Accredited with a higher rating of A+.
- Discover Bank's APY is stable at 3.60%.
Potential Drawbacks
- Discover Bank's highest APY is lower than CIT Bank's at 3.60%.
- Discover Bank has a lower App Store rating of 4.9 compared to CIT Bank's 4.8.
- Discover Bank has no branches available.
Summary: CIT Bank offers a higher APY of 4.00% for its Platinum Savings account but requires a $5,000 minimum balance. Discover Bank provides a more stable APY of 3.60% with no minimum balance and is BBB Accredited with an A+ rating. While CIT Bank has a slightly higher App Store rating, its APY has decreased recently, making Discover Bank a more stable choice despite its lower APY.
Compare CIT Bank's vs Discover Bank's Savings Accounts
| CIT Bank | Discover Bank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | Online Savings Account |
| APY | 0.25% - 4.00% (as of 6/20/2025) | 3.90% (as of 6/20/2025) | 3.60% (as of 6/20/2025) | |
| Bundled Account | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $100 | $100 | $0 | |
| Minimum Balance for APY | $5,000 | $0 | $0 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No | |
| Visit Bank | Platinum Savings | Savings Connect | Online Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.6/5 | 4.3/5 | ||
| BBB Rating | A- | A+ | ||
Comparative Historical APY Insights (Last 5 Months)
| CIT Bank | Discover Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | Online Savings Account |
| Latest APY | 3.90 % | 4.00 % | 3.60 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -0.7 | -6.9 | -4.0 | |
| Rate Changes / Mo | 0.20 | 0.60 | 0.40 | |
| Days Since Last Change | 9 | 9 | 60 | |
| High (-5 m) | 4.00 % | 4.35 % | 3.75 % | |
| Low (-5 m) | 3.90 % | 4.00 % | 3.60 % | |
| Draw-down from High | -2.5 % | -8.0 % | -4.0 % | |
| Volatility (CV) | 0.006 | 0.027 | 0.017 | |
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 151 days.
- Low (-5 m)
- Lowest APY in the last 151 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 CIT Bank vs Discover Bank
All calculations are based on APY.
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 DetailsDiscover Bank
APY: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsAfter 1 year CIT Bank would earn you $4 more than Discover Bank.
More Comparisons
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 Chime | 3.75% | $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 |
Compare Discover Bank's APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs American Express | 3.60% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $0 |
| Discover Bank vs Bank of America | 0.01% | $100 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.60% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs Chime | 3.75% | $0 |
| Discover Bank vs Fitness Bank | 5.00% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |