Cit Bank vs Santander Bank
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of CIT Bank vs. Santander Bank
As of September 5, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, with a minimum balance of $5,000, compared to Santander Bank's 0.03% APY for its Santander Savings account, with a minimum balance of $0.
CIT Bank yields $397 more than Santander Bank on a $10,000 balance after one year. CIT Bank pays $400, while Santander Bank pays $3 - an APY advantage for CIT Bank.
In addition, CIT Bank also offers 3.90% APY for the Savings Connect account.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a competitive APY of 4.00%.
- CIT Bank has no maintenance fees on savings accounts.
- CIT Bank's App Store rating is 4.8.
Potential Drawbacks
- CIT Bank has no physical branches for in-person banking.
- CIT Bank requires a minimum balance of $5,000 for Platinum Savings.
- CIT Bank's Google Play rating is lower at 4.6.
Santander Bank
Strengths
- Santander Bank has physical branches primarily in the Northeast and Miami.
- Santander Bank's minimum deposit for savings is only $25.
- Santander Bank's Google Play rating is 4.3.
Potential Drawbacks
- Santander Bank's APY is significantly lower at 0.03%.
- Santander Bank charges a $1 monthly maintenance fee.
- Santander Bank's App Store rating matches CIT Bank at 4.8.
Summary: CIT Bank offers a high-yield savings account with a 4.00% APY and no maintenance fees, but lacks physical branches. In contrast, Santander Bank has a lower APY of 0.03% and charges a monthly fee, but provides branch access and a lower minimum deposit requirement. Both banks have strong App Store ratings, but CIT Bank has a slight edge in Google Play ratings.
Compare CIT Bank's vs Santander Bank's Savings Accounts
| CIT Bank | Santander Bank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | Santander Savings |
| APY | 0.25% - 4.00% (as of 9/5/2025) | 3.90% (as of 9/5/2025) | 0.03% (as of 9/5/2025) | |
| Bundled Account | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | No | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $100 | $100 | $25 | |
| Minimum Balance for APY | $5,000 | $0 | $0 | |
| Maintenance Fee | $0 | $0 | $1 | |
| Direct Deposit Required | No | No | No | |
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.6/5 | 4.3/5 | ||
| BBB Rating | A- | A- | ||
Comparative Historical APY Insights (Last 7 Months)
| CIT Bank | Santander Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | Santander Savings |
| Latest APY | 3.90 % | 4.00 % | 0.03 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -1.9 | -5.1 | -0.0 | |
| Rate Changes / Mo | 0.13 | 0.40 | 0.00 | |
| Days Since Last Change | 85 | 85 | 225 | |
| High (-7 m) | 4.00 % | 4.35 % | 0.03 % | |
| Low (-7 m) | 3.90 % | 4.00 % | 0.03 % | |
| Draw-down from High | -2.5 % | -8.0 % | 0.0 % | |
| Volatility (CV) | 0.012 | 0.030 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 226 days.
- Low (-7 m)
- Lowest APY in the last 226 days.
- Draw-down from High
- How far today sits below the 7-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.
Calculate Savings Growth for CIT Bank vs Santander Bank
All calculations are based on APY.
CIT Bank
APY: 4.00%
Total savings breakdown:
- Interest earned: $2,434.7 (11.91%)
- Total contributions: $13,000 (63.62%)
- Initial deposit: $5,000 (24.47%)
Your total balance
$20,434.70
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $20,434.7
Earnings: $2,434.7
Bank OverviewSantander Bank
APY: 0.03%
Total savings breakdown:
- Interest earned: $17.2 (0.10%)
- Total contributions: $13,000 (72.15%)
- Initial deposit: $5,000 (27.75%)
Your total balance
$18,017.20
Effective APY: 0.03% (based on your deposit and contributions)
Total balance: $18,017.2
Earnings: $17.2
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $2,417.5 higher than Santander Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare CIT Bank's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| CIT Bank vs Ally Bank | 3.50% | $0 |
| CIT Bank vs American Express | 3.50% | $0 |
| CIT Bank vs Axos Bank | 4.46% | $0 |
| CIT Bank vs Bank of America | 0.01% | $100 |
| CIT Bank vs Barclays | 4.10% | $0 |
| CIT Bank vs BrioDirect | 4.30% | $5,000 |
| CIT Bank vs Capital One | 3.50% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Chime | 3.75% | $0 |
| CIT Bank vs Discover Bank | 3.50% | $0 |
| CIT Bank vs Elevault | 4.60% | $0 |
| CIT Bank vs EverBank | 4.30% | $0 |
| CIT Bank vs Fitness Bank | 4.75% | $100 |
| CIT Bank vs FVCbank | 4.35% | $500 |
| CIT Bank vs GO2bank | 4.50% | $0 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Neighbors Bank | 4.60% | $0 |
| CIT Bank vs Newtek Bank | 4.35% | $0 |
| CIT Bank vs Peak Bank | 4.35% | $100 |
| CIT Bank vs Pibank | 4.60% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs TIMBR | 4.40% | $1,000 |
| CIT Bank vs UFB Direct | 4.21% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
| CIT Bank vs Zynlo Bank | 4.35% | $10 |