Cit Bank vs. Sofi Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of CIT Bank vs. SoFi Bank
Key Metrics at a Glance
| Feature | CIT Bank | SoFi Bank |
|---|---|---|
| Top Savings APY | 3.85% Platinum Savings | 4.50% SoFi Savings |
| Minimum to Open | $100 | $0 |
| Minimum Balance for APY | $5,000 | $0 |
CIT Bank
Strengths
- CIT Bank's Platinum Savings has a competitive APY of 3.85%.
- CIT Bank offers a high App Store rating of 4.8.
- CIT Bank has no maintenance fees for its savings accounts.
Potential Drawbacks
- CIT Bank's APY decreased from 4.00% to 3.85% in the last 30 days.
- CIT Bank's BBB rating is A- and not accredited.
- CIT Bank requires a $5,000 minimum balance for the highest APY.
SoFi Bank
Strengths
- SoFi Bank offers a higher APY of 4.50% with no minimum balance.
- SoFi Bank has an A+ BBB rating, indicating higher trustworthiness.
- SoFi Bank provides a bundled checking account with its savings account.
Potential Drawbacks
- SoFi Bank's APY is contingent on direct deposit or qualifying deposits.
- SoFi Bank has a slightly lower Google Play rating of 4.2.
- SoFi Bank's APY has remained unchanged at 4.50% over the last 30 days.
Summary: CIT Bank offers a solid APY of 3.85% but requires a $5,000 minimum balance, while SoFi Bank provides a higher APY of 4.50% without a balance requirement. SoFi Bank also boasts an A+ BBB rating compared to CIT Bank's A-. However, SoFi's APY depends on direct deposits or qualifying deposits, which may limit some users. Both banks have high App Store ratings, with CIT Bank slightly ahead.
→ As of October 14, 2025 CIT Bank offers an APY of 3.85% for its Platinum Savings account, with a minimum balance of $5,000, compared to SoFi Bank's 4.50% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $65 more than CIT Bank on a $10,000 balance after one year. CIT Bank pays $385, while SoFi Bank pays $450 - an APY advantage for SoFi Bank.
→ In addition, CIT Bank also offers 3.75% APY for the Savings Connect account.
Calculate Savings Growth for CIT Bank vs SoFi Bank
All calculations are based on APY.
CIT Bank
APY: 3.85%
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
Effective APY: 3.85% (based on your deposit and contributions)
Total balance: $20,338
Earnings: $2,338
Bank OverviewSoFi Bank
APY: 4.50%
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Effective APY: 4.50% (based on your deposit and contributions)
Total balance: $20,760.1
Earnings: $2,760.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $422.1 lower than SoFi 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 SoFi Bank's Savings Accounts
| CIT Bank | SoFi Bank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | SoFi Savings |
| APY | 0.25% - 3.85% (as of 10/14/2025) | 3.75% (as of 10/14/2025) | 4.50% (as of 10/14/2025) | |
| Bundled Account | No | No | Yes | |
| 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 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. This requires either 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. | |||
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.3/5 | 4.2/5 | ||
| BBB Rating | A- | A+ | ||
Comparative Historical APY Insights (Last 9 Months)
| CIT Bank | SoFi Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | SoFi Savings |
| Latest APY | 3.75 % | 3.85 % | 4.50 % | |
| Trend | Sideways | Sideways | Rising | |
| Slope (bps/mo) | -2.4 | -4.9 | 5.0 | |
| Rate Changes / Mo | 0.23 | 0.45 | 0.23 | |
| Days Since Last Change | 22 | 22 | 34 | |
| High (-9 m) | 4.00 % | 4.35 % | 4.50 % | |
| Low (-9 m) | 3.75 % | 3.85 % | 3.80 % | |
| Draw-down from High | -6.3 % | -11.5 % | 0.0 % | |
| Volatility (CV) | 0.019 | 0.034 | 0.060 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 266 days.
- Low (-9 m)
- Lowest APY in the last 266 days.
- Draw-down from High
- How far today sits below the 9-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.
More Comparisons
Compare CIT Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| CIT Bank vs Ally Bank | 3.40% | $0 |
| CIT Bank vs American Express | 3.50% | $0 |
| CIT Bank vs Axos Bank | 4.51% | $0 |
| CIT Bank vs Bank of America | 0.01% | $100 |
| CIT Bank vs Barclays | 4.10% | $0 |
| CIT Bank vs BrioDirect | 4.20% | $5,000 |
| CIT Bank vs Capital One | 3.40% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Chime | 3.75% | $0 |
| CIT Bank vs Discover Bank | 3.40% | $0 |
| CIT Bank vs Elevault | 4.34% | $0 |
| CIT Bank vs EverBank | 4.05% | $0 |
| CIT Bank vs Fitness Bank | 4.75% | $100 |
| CIT Bank vs FVCbank | 4.10% | $500 |
| CIT Bank vs GO2bank | 4.50% | $0 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Neighbors Bank | 4.50% | $0 |
| CIT Bank vs Newtek Bank | 4.35% | $0 |
| CIT Bank vs Peak Bank | 4.20% | $100 |
| CIT Bank vs Pibank | 4.60% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs Santander Bank | 0.01% | $25 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs TIMBR | 4.40% | $1,000 |
| CIT Bank vs UFB Direct | 3.96% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 0.05% | $25 |
| CIT Bank vs Zynlo Bank | 4.20% | $10 |
Compare SoFi Bank's APY of 4.50% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.40% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.51% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs BrioDirect | 4.20% | $5,000 |
| SoFi Bank vs Capital One | 3.40% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs Discover Bank | 3.40% | $0 |
| SoFi Bank vs Elevault | 4.34% | $0 |
| SoFi Bank vs EverBank | 4.05% | $0 |
| SoFi Bank vs Fitness Bank | 4.75% | $100 |
| SoFi Bank vs FVCbank | 4.10% | $500 |
| SoFi Bank vs GO2bank | 4.50% | $0 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Neighbors Bank | 4.50% | $0 |
| SoFi Bank vs Newtek Bank | 4.35% | $0 |
| SoFi Bank vs Peak Bank | 4.20% | $100 |
| SoFi Bank vs Pibank | 4.60% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Santander Bank | 0.01% | $25 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs TIMBR | 4.40% | $1,000 |
| SoFi Bank vs UFB Direct | 3.96% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 0.05% | $25 |
| SoFi Bank vs Zynlo Bank | 4.20% | $10 |