CIT Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | CIT BankPlatinum Savings Jan 21, 2026 | SoFi BankSoFi Savings Jan 21, 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® Supported | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
As of CIT Bank offers an APY of 3.75% for its Platinum Savings account, with a minimum balance of $5,000, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
CIT Bank pays $10 more than SoFi Bank on a $10,000 balance after one year. CIT Bank pays $375, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for CIT Bank.
In addition, CIT Bank also offers 3.65% APY for the Savings Connect account, with a minimum balance of $0.
Why CIT Bank?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 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.
Executive Summary as of
SoFi Bank offers a competitive SoFi Savings account with a 4.00% APY, which includes a temporary 0.70% boost for six months, available with direct deposit or a $10/month subscription fee. This account comes bundled with a checking account that has a 0.50% APY. In contrast, CIT Bank's Savings Connect provides a 3.65% APY with no direct deposit requirement or maintenance fees, making it a simpler option. However, the higher yield from SoFi makes it the more attractive choice for savers looking for higher returns, despite the subscription condition.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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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.
| Feature | CIT Bank | SoFi Bank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 1/21/2026 ↘︎ 0.10%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change |
| Product Name | Platinum Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| 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 | iOS4.8 Android4.6 | iOS4.8 Android3.9 |
| 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) | -3.6 | -4.9 | 5.2 |
Days Since Change | 62 | 62 | 29 |
12-Month High | 4.00% | 4.35% | 4.50% |
12-Month Low | 3.65% | 3.75% | 3.80% |
Adjustments / Mo | 0.25 | 0.41 | 0.33 |
Volatility Score | 0.036 | 0.046 | 0.070 |
How to read these metrics(Click to expand)
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