Cit Bank vs Discover Bank
High-Yield Savings Accounts Comparison

Last Updated: July 15, 2025

Summary of CIT Bank vs. Discover Bank

As of July 15, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, compared to Discover Bank's 3.50% APY for its Online Savings Account account.

CIT Bank yields $50 more than Discover Bank on a $10,000 balance after one year. CIT Bank pays $400, while Discover Bank pays $350 - 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 competitive APY of 4.00%.
  • CIT Bank has a higher App Store rating at 4.8 compared to Discover Bank's 4.9.
  • No maintenance fees for both accounts at CIT Bank.

Potential Drawbacks

  • CIT Bank's Platinum Savings requires a $5,000 minimum balance.
  • CIT Bank is not BBB Accredited, rated A-.
  • CIT Bank's current APY is unchanged from 30 days ago.

Discover Bank

Strengths

  • Discover Bank's Online Savings Account has no minimum deposit requirement.
  • Discover Bank is BBB Accredited with an A+ rating.
  • Discover Bank's APY is competitive at 3.50%.

Potential Drawbacks

  • Discover Bank's current APY decreased from 3.60% in the last 30 days.
  • Discover Bank's App Store rating is slightly lower at 4.9.
  • Discover Bank has no physical branches.
Summary: CIT Bank offers a higher APY of 4.00% on its Platinum Savings account, but requires a $5,000 minimum balance and is not BBB Accredited. In contrast, Discover Bank has a lower APY of 3.50%, but is BBB Accredited with an A+ rating and no minimum deposit requirement. Both banks have no maintenance fees, but CIT Bank has a slightly higher App Store rating.

Compare CIT Bank's vs Discover Bank's Savings Accounts

CIT BankDiscover Bank
ProductSavings ConnectPlatinum SavingsvsOnline Savings Account
APY
3.90% (as of 7/15/2025)0.25% - 4.00% (as of 7/15/2025)3.50% (as of 7/15/2025)
Bundled Account
NoNoNo
FDIC-insured
YesYesYes
Online OnlyYesYesYes
Compound Frequency
DailyDailyDaily
Minimum Deposit$100$100$0
Minimum Balance for APY$0$5,000$0
Maintenance Fee$0$0$0
Direct Deposit Required
NoNoNo
Visit BankSavings ConnectPlatinum SavingsOnline Savings Account
App Store Rating4.8/54.9/5
Google Play Rating4.6/54.3/5
BBB RatingA-A+

Comparative Historical APY Insights (Last 6 Months)

CIT BankDiscover Bank
ProductSavings ConnectPlatinum SavingsvsOnline Savings Account
Latest APY3.90 %4.00 %3.50 %
TrendSidewaysFallingSideways
Slope (bps/mo)-1.5-6.6-4.5
Rate Changes / Mo0.170.510.51
Days Since Last Change343420
High (-6 m)4.00 %4.35 %3.75 %
Low (-6 m)3.90 %4.00 %3.50 %
Draw-down from High-2.5 %-8.0 %-6.7 %
Volatility (CV)0.0100.0290.022
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 6 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 (-6 m)
Highest APY in the last 175 days.
Low (-6 m)
Lowest APY in the last 175 days.
Draw-down from High
How far today sits below the 6-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 Details

Discover Bank

APY: 3.50%

Total savings breakdown:

  • Interest earned: $35 (3.38%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.62%)

Your total balance

$1,035.00

Effective APY: 3.50% (based on your deposit and contributions)

Total balance: $1,035

Earnings: $35

Bank Details

After 1 year CIT Bank would earn you $5 more than Discover Bank.

More Comparisons

Compare CIT Bank's APY of 4.00% with other banks
Compare Discover Bank's APY of 3.50% with other banks