Cit Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
We earn a commission if you open an account through some links on this page.
Summary of CIT Bank vs. SoFi Bank
As of August 29, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
CIT Bank yields $20 more than SoFi Bank on a $10,000 balance after one year. CIT Bank pays $400, while SoFi Bank pays $380 - 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 a higher App Store rating of 4.8 compared to SoFi Bank's 4.8.
- CIT Bank has no maintenance fees for its accounts.
Potential Drawbacks
- CIT Bank's Platinum Savings requires a minimum balance of $5,000.
- CIT Bank is not BBB Accredited, rated A- by the BBB.
- CIT Bank has no branch access.
SoFi Bank
Strengths
- SoFi Bank has a higher BBB rating of A+.
- SoFi Bank has no minimum balance requirement for its savings account.
- SoFi Bank's APY of 3.80% is accessible with a lower threshold of $5,000 in qualifying deposits.
Potential Drawbacks
- SoFi Bank's APY of 3.80% requires direct deposit or qualifying deposits.
- SoFi Bank has a lower App Store rating of 4.8 compared to CIT Bank's 4.8.
- SoFi Bank has no branch access.
Summary: CIT Bank offers a higher APY of 4.00% for its Platinum Savings account but requires a $5,000 minimum balance, while SoFi Bank provides a 3.80% APY without a minimum balance but requires direct deposit or qualifying deposits. CIT Bank has an A- BBB rating, whereas SoFi Bank boasts an A+ rating. Both banks are online-only with no branch access.
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% - 4.00% (as of 8/29/2025) | 3.90% (as of 8/29/2025) | 3.80% (as of 8/29/2025) | |
| 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 | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | |||
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.6/5 | 4.4/5 | ||
| BBB Rating | A- | A+ | ||
Comparative Historical APY Insights (Last 7 Months)
| CIT Bank | SoFi Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | SoFi Savings |
| Latest APY | 3.90 % | 4.00 % | 3.80 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -1.9 | -5.2 | -0.2 | |
| Rate Changes / Mo | 0.14 | 0.41 | 0.14 | |
| Days Since Last Change | 80 | 80 | 218 | |
| High (-7 m) | 4.00 % | 4.35 % | 4.00 % | |
| Low (-7 m) | 3.90 % | 4.00 % | 3.80 % | |
| Draw-down from High | -2.5 % | -8.0 % | -5.0 % | |
| Volatility (CV) | 0.012 | 0.030 | 0.006 | |
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 221 days.
- Low (-7 m)
- Lowest APY in the last 221 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 SoFi 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 OverviewSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $128.8 higher than SoFi 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 | Best 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 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 Fitness Bank | 4.85% | $100 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs UFB Direct | 4.21% | $5000 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
Compare SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.50% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.46% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs Capital One | 3.50% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs Discover Bank | 3.50% | $0 |
| SoFi Bank vs Fitness Bank | 4.85% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs UFB Direct | 4.21% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |