CIT Bank vs. My Banking Direct
Comparing CIT Bank and My Banking Direct for high-yield savings: CIT Bank's Platinum Savings pays 3.75% APY while My Banking Direct's High Yield Savings Account pays 4.02% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? My Banking Direct pays $27 more than CIT Bank annually ($402 vs $375).
Choose My Banking Direct if getting the best rate matters most.
| Metric | CIT BankPlatinum Savings Feb 21, 2026 | My Banking DirectHigh Yield Savings Account Feb 21, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 4.02% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $100 | $500 |
Snapshot view. Rates subject to change. | ||
Terms | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. | - |
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing CIT Bank vs. My Banking Direct
Executive Summary
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the clear winner for savers looking for higher returns. This account requires a minimum deposit of $500 and has no maintenance fees, while also being online-only. In comparison, CIT Bank's Platinum Savings account offers a slightly lower APY of 3.75%, but this rate is contingent on maintaining a balance of $5,000; lower balances earn only 0.25%. CIT Bank also provides a Savings Connect account with a 3.65% APY, but it is less favorable than My Banking Direct's offering. Both banks have no direct deposit requirements, making them accessible options.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why CIT Bank?
- ✓Higher rated Android app (4.7 vs 4.3)
- ✓Offers 2 different high-yield savings options
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 3.65%-3.75%) on all balances
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $375/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $938/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $27 more interest on a $10,000 balance than CIT Bank's Platinum Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
* Secure link to our partner
Non-sponsored link to official site
Top Market Contenders
CIT Bank vs. My Banking Direct Savings Calculator
You earn $27 more with My Banking Direct than CIT Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
CIT Bank
Platinum Savings
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both CIT Bank and My Banking Direct dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | CIT Bank | My Banking Direct |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 2/21/2026 Stable (90d) | 4.02% Verified: 2/21/2026 Stable (90d) |
| Product Name | Platinum Savings | High Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | $5,000 | $1 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | N/A |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of First Citizens Bank's branches. | None. You cannot make use of Flagstar Bank's branches. |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | Not Rated |
| Important Notes | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. | - |
| Next Steps | Visit SiteGo to CIT Bank * Secure link to our partner | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | My Banking Direct | |
|---|---|---|---|
| Savings Connect | Platinum Savings | High Yield Savings Account | |
Current APY | 3.65% | 3.75% | 4.02% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -3.8 | -4.4 | -4.1 |
Days Since Change | 93 | 93 | 98 |
12-Month High | 4.00% | 4.30% | 4.45% |
12-Month Low | 3.65% | 3.75% | 4.02% |
Adjustments / Mo | 0.25 | 0.33 | 0.41 |
Volatility Score | 0.037 | 0.042 | 0.037 |
How to read these metrics(Click to expand)
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More Comparisons
Compare CIT Bank's APY of 3.75% with other banks
Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Axos Bank | 4.21% | $0 |
| My Banking Direct vs Bank of America | 0.01% | $100 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Newtek Bank | 4.20% | $0.01 |
| My Banking Direct vs Openbank | 4.09% | $500 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs SoFi Bank | 4.00% | $0 |
| My Banking Direct vs Synchrony Bank | 3.50% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |