Cit Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of CIT Bank vs. SoFi Bank
As of July 15, 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 high APY of 4.00%.
- CIT Bank has a higher App Store rating of 4.8 compared to SoFi Bank's 4.8.
- No maintenance fees for all CIT Bank savings accounts.
Potential Drawbacks
- CIT Bank's Platinum Savings requires a minimum balance of $5,000.
- CIT Bank is not BBB Accredited, rated A-.
- CIT Bank's lower APY is 0.25%, significantly lower than the current APY.
SoFi Bank
Strengths
- SoFi Bank's savings account has no minimum deposit or balance requirements.
- SoFi Bank has a higher BBB rating of A+.
- SoFi Bank's current APY is 3.80%, consistent over the past 30 days.
Potential Drawbacks
- SoFi Bank's APY requires direct deposit or qualifying deposits to avoid a lower rate.
- SoFi Bank has a slightly lower App Store rating of 4.8 compared to CIT Bank.
- SoFi Bank's Google Play rating is lower at 4.5 than CIT Bank's 4.6.
Summary: CIT Bank offers a higher APY of 4.00% with no maintenance fees but requires a $5,000 minimum balance. In contrast, SoFi Bank has no minimum requirements and an A+ BBB rating, but its APY of 3.80% is contingent on direct deposits or qualifying deposits. Both banks have strong App Store ratings, but CIT Bank slightly outperforms SoFi in Google Play ratings.
Compare CIT Bank's vs SoFi Bank's Savings Accounts
| CIT Bank | SoFi Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | SoFi Savings |
| APY | 3.90% (as of 7/15/2025) | 0.25% - 4.00% (as of 7/15/2025) | 3.80% (as of 7/15/2025) | |
| 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 | $0 | $5,000 | $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 | N/A | N/A | 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. | |
| Visit Bank | Savings Connect | Platinum Savings | SoFi Savings | |
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.6/5 | 4.5/5 | ||
| BBB Rating | A- | A+ | ||
Comparative Historical APY Insights (Last 6 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) | -1.5 | -6.6 | -0.3 | |
| Rate Changes / Mo | 0.17 | 0.51 | 0.17 | |
| Days Since Last Change | 34 | 34 | 173 | |
| High (-6 m) | 4.00 % | 4.35 % | 4.00 % | |
| Low (-6 m) | 3.90 % | 4.00 % | 3.80 % | |
| Draw-down from High | -2.5 % | -8.0 % | -5.0 % | |
| Volatility (CV) | 0.010 | 0.029 | 0.007 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 175 days.
- Low (-6 m)
- Lowest APY in the last 175 days.
- Draw-down from High
- How far today sits below the 6-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: $40 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.15%)
Your total balance
$1,040.00
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $1,040
Earnings: $40
Bank DetailsSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsAfter 1 year CIT Bank would earn you $2 more than SoFi Bank.
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 | 3.60% | $0 |
| CIT Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 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 | 3.60% | $0 |
| SoFi Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |