CIT Bank vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | CIT BankPlatinum Savings Jan 21, 2026 | Newtek BankPersonal High Yield Savings Jan 21, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 4.35% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
Min Deposit | $100 | $0.01 |
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 InsuredNo MinimumsGreat iOS AppGreat Android App |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing CIT Bank vs. Newtek Bank
As of CIT Bank offers an APY of 3.75% for its Platinum Savings account, with a minimum balance of $5,000, compared to Newtek Bank's 4.35% APY for its Personal High Yield Savings account, with a minimum balance of $0.01.
Newtek Bank pays $60 more than CIT Bank on a $10,000 balance after one year. CIT Bank pays $375, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
In addition, CIT Bank also offers 3.65% APY for the Savings Connect account, with a minimum balance of $0.
Why CIT Bank?
- ✓Higher rated iOS app (4.8 vs 4.5)
- ✓Higher rated Android app (4.6 vs 4.0)
- ✓Offers 2 different high-yield savings options
- ✓Fast transfers via Zelle®
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 3.65%-3.75%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $375/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $938/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.35% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
CIT BankCIT Bank offers an iOS app rated 4.8 (vs. 4.5) and Android app rated 4.6 (vs. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $60 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
Newtek Bank offers a clear advantage with its Personal High Yield Savings account, providing a competitive APY of 4.35%. This account has no minimum deposit requirement and does not necessitate direct deposit, making it accessible and straightforward for customers. In comparison, CIT Bank's highest-yielding product is the Platinum Savings account, which offers an APY of 3.75% but requires a minimum balance of $5,000 to earn that rate. While CIT Bank also features a Savings Connect account with a 3.65% APY, Newtek Bank's higher rate and lower entry barriers position it as the more favorable option.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
* Secure link to our partner
Non-sponsored link to official site
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CIT Bank vs. Newtek Bank Savings Calculator
You earn $60 more with Newtek Bank 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
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$435.00(4.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,435.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | CIT Bank | Newtek Bank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 1/21/2026 ↘︎ 0.10%90d Change | 4.35% Verified: 1/21/2026 Stable (90d) |
| Product Name | Platinum Savings | Personal High Yield Savings |
| Minimum Deposit | $100 | $0.01 |
| Min. Balance for APY | $5,000 | $0.01 |
| 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 Android4.6 | iOS4.5 Android4.0 |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Not Supported |
| BBB Rating | A- | A+ |
| 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 Newtek Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | Newtek Bank | |
|---|---|---|---|
| Savings Connect | Platinum Savings | Personal High Yield Savings | |
Current APY | 3.65% | 3.75% | 4.35% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -3.6 | -4.9 | -1.1 |
Days Since Change | 62 | 62 | 285 |
12-Month High | 4.00% | 4.35% | 4.55% |
12-Month Low | 3.65% | 3.75% | 4.35% |
Adjustments / Mo | 0.25 | 0.41 | 0.16 |
Volatility Score | 0.036 | 0.046 | 0.013 |
How to read these metrics(Click to expand)
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