CIT Bank vs. Openbank
Comparing CIT Bank and Openbank for high-yield savings: CIT Bank's Platinum Savings pays 3.75% APY while Openbank's High-Yield Savings Account pays 4.00% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $25 more than CIT Bank annually ($400 vs $375).
Choose CIT Bank if mobile app quality matters, or you want Zelle for quick transfers. Choose Openbank if getting the best rate matters most.
| Metric | CIT BankPlatinum Savings Apr 7, 2026 | OpenbankHigh-Yield Savings Account Apr 7, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 4.00% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
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 MinimumsRate 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.
Executive Summary
Openbank offers a competitive High-Yield Savings Account with an APY of 4.00%, making it the clear winner compared to CIT Bank's highest APY of 3.75% from its Platinum Savings account, which requires a $5,000 minimum balance for that rate. While CIT Bank also provides a Savings Connect account with a 3.65% APY, Openbank's account is notable for its simplicity, requiring only a $500 minimum deposit and having no maintenance fees or direct deposit requirements. Both banks operate online only and are FDIC insured.
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 iOS app (4.8 vs 3.1)
- ✓Higher rated Android app (4.7 vs 2.5)
- ✓Offers 2 different high-yield savings options
- ✓Fast transfers via Zelle®
Why Openbank?
- ✓Higher potential APY (4.00% vs 3.65%-3.75%) on all balances
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $375/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $938/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
CIT BankCIT Bank offers an iOS app rated 4.8 (vs. 3.1) and Android app rated 4.7 (vs. 2.5)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $25 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. Openbank Savings Calculator
You earn $25 more with Openbank 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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | CIT Bank | Openbank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 4/7/2026 Stable (90d) | 4.00% Verified: 4/7/2026 ↘︎ 0.20%90d Change |
| Product Name | Platinum Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of First Citizens Bank's branches. | None |
| 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. | Not Supported |
| 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 Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | Openbank | |
|---|---|---|---|
| Savings Connect | Platinum Savings | High-Yield Savings Account | |
Current APY | 3.65% | 3.75% | 4.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -3.7 | -3.7 | -2.5 |
Days Since Change | 138 | 138 | 7 |
12-Month High | 4.00% | 4.10% | 4.40% |
12-Month Low | 3.65% | 3.75% | 4.00% |
Adjustments / Mo | 0.25 | 0.25 | 0.33 |
Volatility Score | 0.036 | 0.035 | 0.023 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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