Cit Bank vs Everbank
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of CIT Bank vs. EverBank
As of September 5, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, with a minimum balance of $5,000, compared to EverBank's 4.30% APY for its Performance Savings account, with a minimum balance of $0.
EverBank yields $30 more than CIT Bank on a $10,000 balance after one year. CIT Bank pays $400, while EverBank pays $430 - an APY advantage for EverBank.
In addition, CIT Bank also offers 3.90% APY for the Savings Connect account.
CIT Bank
Strengths
- CIT Bank offers a high APY of 4.00% for the Platinum Savings account.
- CIT Bank has an excellent App Store rating of 4.8.
- CIT Bank's Platinum Savings account has no maintenance fees.
Potential Drawbacks
- CIT Bank has no physical branches for in-person banking.
- CIT Bank's BBB rating is A- and not BBB Accredited.
- CIT Bank requires a minimum balance of $5,000 for the Platinum Savings account.
EverBank
Strengths
- EverBank provides a competitive APY of 4.30% for the Performance Savings account.
- EverBank has 11 physical locations in Florida and California.
- EverBank has no minimum balance requirement for its savings account.
Potential Drawbacks
- EverBank has a low App Store rating of 2.3.
- EverBank's Google Play rating is only 2.6.
- EverBank is not BBB Accredited despite its A+ rating.
Summary: CIT Bank's Platinum Savings offers a 4.00% APY with no maintenance fees but requires a $5,000 minimum balance and lacks branches. In contrast, EverBank's Performance Savings provides a higher 4.30% APY with no minimum balance and has physical locations, but it suffers from low app ratings and is not BBB Accredited. Both banks have their strengths and weaknesses that may appeal to different customers.
Compare CIT Bank's vs EverBank's Savings Accounts
| CIT Bank | EverBank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | Performance Savings |
| APY | 0.25% - 4.00% (as of 9/5/2025) | 3.90% (as of 9/5/2025) | 4.30% (as of 9/5/2025) | |
| 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 | |
| App Store Rating | 4.8/5 | 2.3/5 | ||
| Google Play Rating | 4.6/5 | 2.6/5 | ||
| BBB Rating | A- | A+ | ||
Comparative Historical APY Insights (Last 9 Months)
| CIT Bank | EverBank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | Performance Savings |
| Latest APY | 3.90 % | 4.00 % | 4.30 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -1.8 | -5.3 | -0.6 | |
| Rate Changes / Mo | 0.11 | 0.46 | 0.23 | |
| Days Since Last Change | 85 | 85 | 231 | |
| High (-9 m) | 4.00 % | 4.55 % | 4.75 % | |
| Low (-9 m) | 3.90 % | 4.00 % | 4.30 % | |
| Draw-down from High | -2.5 % | -12.1 % | -9.5 % | |
| Volatility (CV) | 0.012 | 0.033 | 0.010 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 262 days.
- Low (-9 m)
- Lowest APY in the last 262 days.
- Draw-down from High
- How far today sits below the 9-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 EverBank
All calculations are based on APY.
CIT 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 OverviewEverBank
APY: 4.30%
Total savings breakdown:
- Interest earned: $2,629.4 (12.75%)
- Total contributions: $13,000 (63.02%)
- Initial deposit: $5,000 (24.24%)
Your total balance
$20,629.40
Effective APY: 4.30% (based on your deposit and contributions)
Total balance: $20,629.4
Earnings: $2,629.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $194.7 lower than EverBank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare CIT Bank's APY of 4.00% with other banks
| Bank Pair | Competitor 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 BrioDirect | 4.30% | $5,000 |
| CIT Bank vs Capital One | 3.50% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Chime | 3.75% | $0 |
| CIT Bank vs Discover Bank | 3.50% | $0 |
| CIT Bank vs Elevault | 4.60% | $0 |
| CIT Bank vs Fitness Bank | 4.75% | $100 |
| CIT Bank vs FVCbank | 4.35% | $500 |
| CIT Bank vs GO2bank | 4.50% | $0 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Neighbors Bank | 4.60% | $0 |
| CIT Bank vs Newtek Bank | 4.35% | $0 |
| CIT Bank vs Peak Bank | 4.35% | $100 |
| CIT Bank vs Pibank | 4.60% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs Santander Bank | 0.03% | $25 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs TIMBR | 4.40% | $1,000 |
| CIT Bank vs UFB Direct | 4.21% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
| CIT Bank vs Zynlo Bank | 4.35% | $10 |
Compare EverBank's APY of 4.30% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| EverBank vs Ally Bank | 3.50% | $0 |
| EverBank vs American Express | 3.50% | $0 |
| EverBank vs Axos Bank | 4.46% | $0 |
| EverBank vs Bank of America | 0.01% | $100 |
| EverBank vs Barclays | 4.10% | $0 |
| EverBank vs BrioDirect | 4.30% | $5,000 |
| EverBank vs Capital One | 3.50% | $0 |
| EverBank vs Chase Bank | 0.01% | $0 |
| EverBank vs Chime | 3.75% | $0 |
| EverBank vs Discover Bank | 3.50% | $0 |
| EverBank vs Elevault | 4.60% | $0 |
| EverBank vs Fitness Bank | 4.75% | $100 |
| EverBank vs FVCbank | 4.35% | $500 |
| EverBank vs GO2bank | 4.50% | $0 |
| EverBank vs Marcus by Goldman Sachs | 3.65% | $0 |
| EverBank vs Neighbors Bank | 4.60% | $0 |
| EverBank vs Newtek Bank | 4.35% | $0 |
| EverBank vs Peak Bank | 4.35% | $100 |
| EverBank vs Pibank | 4.60% | $0 |
| EverBank vs Presidential Bank | 4.50% | $5,000 |
| EverBank vs Santander Bank | 0.03% | $25 |
| EverBank vs SoFi Bank | 3.80% | $0 |
| EverBank vs Synchrony Bank | 3.80% | $0 |
| EverBank vs TIMBR | 4.40% | $1,000 |
| EverBank vs UFB Direct | 4.21% | $5000 |
| EverBank vs Varo Bank | 5.00% | $0 |
| EverBank vs Wells Fargo | 2.51% | $25 |
| EverBank vs Zynlo Bank | 4.35% | $10 |