CIT Bank vs. SoFi Bank
Comparing CIT Bank and SoFi Bank for high-yield savings: CIT Bank's Platinum Savings pays 3.75% APY while SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost).
Note: SoFi Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? CIT Bank pays $10 more than SoFi Bank annually ($375 vs $365).
Choose CIT Bank if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). CIT Bank's 3.75% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while CIT Bank offers its savings account standalone.
| Metric | CIT BankPlatinum Savings Mar 7, 2026 | SoFi BankSoFi Savings Mar 7, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 3.30% - 4.00% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $100 | $0 |
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%. | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate 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
SoFi Bank offers a competitive savings product with a 4.00% APY through its SoFi Savings account, which includes a temporary 0.70% boost for the first six months. This account requires either a direct deposit of regular income or a $10/month subscription fee, and it comes bundled with a checking account that yields 0.50%. In comparison, CIT Bank's Platinum Savings account provides a slightly lower APY of 3.75%, but this rate is contingent on maintaining a $5,000 balance, with lower balances earning just 0.25%. CIT Bank's Savings Connect account offers a straightforward 3.65% APY with no balance requirements or fees, making it a simpler alternative.
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?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.7 vs 3.9)
- ✓Offers 2 different high-yield savings options
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
- ✓Higher potential APY (4.00% vs 3.65%-3.75%) for a duration of 6 months (requires checking bundle)
— Key Feature Differences —
Best for Simplicity
CIT BankCIT Bank's Savings Connect offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, CIT Bank's Platinum Savings pays $10 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet CIT Bank's standard rate still yields a higher 1-year return.
* Secure link to our partner
Non-sponsored link to official site
Top Market Contenders
CIT Bank vs. SoFi Bank Savings Calculator
You earn $10.1 more with CIT Bank than SoFi 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
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
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 $364 per year in interest.
Both CIT Bank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | CIT Bank | SoFi Bank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 3/7/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 3/7/2026 ↘︎ 0.30%90d Change |
| Product Name | Platinum Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of First Citizens Bank's branches. | N/A |
| Direct Deposit Req. | None | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Available Native support added in 2024 for banking members. |
| 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%. | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Next Steps | Visit SiteGo to CIT Bank * Secure link to our partner | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | SoFi Bank | |
|---|---|---|---|
| Savings Connect | Platinum Savings | SoFi Savings | |
Current APY | 3.65% | 3.75% | 4.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -3.8 | -4.1 | 3.7 |
Days Since Change | 107 | 107 | 74 |
12-Month High | 4.00% | 4.30% | 4.50% |
12-Month Low | 3.65% | 3.75% | 3.80% |
Adjustments / Mo | 0.25 | 0.33 | 0.25 |
Volatility Score | 0.037 | 0.039 | 0.066 |
How to read these metrics(Click to expand)
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