Cit Bank vs. Newtek Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
We earn a commission if you open an account through some links on this page.
Summary of CIT Bank vs. Newtek Bank
Key Metrics at a Glance
| Feature | CIT Bank | Newtek Bank |
|---|---|---|
| Top Savings APY | 3.85% Platinum Savings | 4.35% Personal High Yield Savings |
| Minimum to Open | $100 | $0 |
| Minimum Balance for Top APY | $5,000 | $0.01 |
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a competitive APY of 3.85%.
- CIT Bank has a higher App Store rating at 4.8 compared to Newtek Bank's 4.5.
- CIT Bank charges no maintenance fees on its accounts.
Potential Drawbacks
- CIT Bank's Platinum Savings requires a minimum balance of $5,000.
- CIT Bank's APY decreased from 4.00% to 3.85% in the last 30 days.
- CIT Bank is not BBB accredited, with a rating of A-.
Newtek Bank
Strengths
- Newtek Bank's Personal High Yield Savings has an APY of 4.35%.
- Newtek Bank is BBB accredited with a top rating of A+.
- Newtek Bank has no minimum balance requirement for its savings account.
Potential Drawbacks
- Newtek Bank has a lower App Store rating at 4.5 compared to CIT Bank's 4.8.
- Newtek Bank has no recent APY changes, remaining at 4.35%.
- Newtek Bank does not offer a higher APY account option.
→ As of October 21, 2025 CIT Bank offers an APY of 3.85% 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 yields $50 more than CIT Bank on a $10,000 balance after one year. CIT Bank pays $385, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
→ In addition, CIT Bank also offers 3.75% APY for the Savings Connect account.
Calculate Savings Growth for CIT Bank vs Newtek Bank
CIT Bank - Platinum Savings
Total savings breakdown:
- Interest earned: $2,338 (11.50%)
- Total contributions: $13,000 (63.92%)
- Initial deposit: $5,000 (24.58%)
Your total balance
$20,338.00
Total balance: $20,338
Earnings: $2,338
Bank OverviewNewtek Bank - Personal High Yield Savings
Total savings breakdown:
- Interest earned: $2,662 (12.88%)
- Total contributions: $13,000 (62.92%)
- Initial deposit: $5,000 (24.20%)
Your total balance
$20,662.00
Total balance: $20,662
Earnings: $2,662
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $324 lower than Newtek Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare CIT Bank's vs Newtek Bank's Savings Accounts
| CIT Bank | Newtek Bank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | Personal High Yield Savings |
| APY | 0.25% - 3.85% (as of 10/21/2025) | 3.75% (as of 10/21/2025) | 4.35% (as of 10/21/2025) | |
| 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 | $0.01 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No | |
| App Store Rating | 4.8/5 | 4.5/5 | ||
| Google Play Rating | 4.3/5 | 4.2/5 | ||
| BBB Rating | A- | A+ | ||
Comparative Historical APY Insights (Last 10 Months)
| CIT Bank | Newtek Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | Personal High Yield Savings |
| Latest APY | 3.75 % | 3.85 % | 4.35 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -2.5 | -5.1 | -2.8 | |
| Rate Changes / Mo | 0.20 | 0.49 | 0.39 | |
| Days Since Last Change | 28 | 28 | 193 | |
| High (-10 m) | 4.00 % | 4.55 % | 4.90 % | |
| Low (-10 m) | 3.75 % | 3.85 % | 4.35 % | |
| Draw-down from High | -6.3 % | -15.4 % | -11.2 % | |
| Volatility (CV) | 0.020 | 0.038 | 0.023 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 307 days.
- Low (-10 m)
- Lowest APY in the last 307 days.
- Draw-down from High
- How far today sits below the 10-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.