CIT Bank vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | CIT BankPlatinum Savings Jan 7, 2026 | My Banking DirectHigh Yield Savings Account Jan 7, 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® Supported | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing CIT Bank vs. My Banking Direct
As of CIT Bank offers an APY of 3.75% for its Platinum Savings account, with a minimum balance of $5,000, compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $27 more than CIT Bank on a $10,000 balance after one year. CIT Bank pays $375, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
In addition, CIT Bank also offers 3.65% APY for the Savings Connect account, with a minimum balance of $0.
Why CIT Bank?
- ✓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.
Executive Summary as of
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the standout choice compared to CIT Bank's Platinum Savings account, which yields 3.75% APY but requires a minimum balance of $5,000 to earn that rate. While CIT Bank also provides a Savings Connect account with a lower APY of 3.65%, My Banking Direct's account is noted for its simplicity, requiring only a $500 minimum deposit and no direct deposit requirement. Both banks operate online only and have no maintenance fees.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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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.
| Feature | CIT Bank | My Banking Direct |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 1/7/2026 ↘︎ 0.10%90d Change | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change |
| Product Name | Platinum Savings | High Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | $5,000 | $1 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.4 | iOS4.7 Android4.3 |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A- | F |
| 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) | -3.5 | -5.0 | -3.9 |
Days Since Change | 48 | 48 | 53 |
12-Month High | 4.00% | 4.35% | 4.55% |
12-Month Low | 3.65% | 3.75% | 4.02% |
Adjustments / Mo | 0.25 | 0.41 | 0.49 |
Volatility Score | 0.035 | 0.047 | 0.035 |
How to read these metrics(Click to expand)
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