Cit Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of CIT Bank vs. Synchrony Bank
As of July 15, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, compared to Synchrony Bank's 3.80% APY for its High Yield Savings account.
CIT Bank yields $20 more than Synchrony Bank on a $10,000 balance after one year. CIT Bank pays $400, while Synchrony 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 an A- BBB rating, indicating good trustworthiness.
- 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.
- CIT Bank has no physical branches.
Synchrony Bank
Strengths
- Synchrony Bank offers a low minimum deposit of $0 for its High Yield Savings.
- Synchrony Bank has no minimum balance requirement for its accounts.
- Synchrony Bank has no maintenance fees for its accounts.
Potential Drawbacks
- Synchrony Bank's High Yield Savings has a lower APY of 3.80%.
- Synchrony Bank is not rated by the BBB.
- Synchrony Bank has no physical branches.
Summary: CIT Bank offers a higher APY of 4.00% for its Platinum Savings account compared to Synchrony Bank's 3.80%. However, CIT Bank requires a minimum balance of $5,000, while Synchrony Bank has no minimum balance or deposit requirements. Both banks have no maintenance fees and lack physical branches, but CIT Bank has an A- BBB rating, while Synchrony Bank is not rated.
Compare CIT Bank's vs Synchrony Bank's Savings Accounts
| CIT Bank | Synchrony Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | High Yield 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 | No | |
| 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 | |
| Visit Bank | Savings Connect | Platinum Savings | High Yield Savings | |
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.6/5 | 4.6/5 | ||
| BBB Rating | A- | Not Rated | ||
Comparative Historical APY Insights (Last 6 Months)
| CIT Bank | Synchrony Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | High Yield Savings |
| Latest APY | 3.90 % | 4.00 % | 3.80 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -1.5 | -6.6 | -4.6 | |
| Rate Changes / Mo | 0.17 | 0.51 | 0.34 | |
| Days Since Last Change | 34 | 34 | 43 | |
| High (-6 m) | 4.00 % | 4.35 % | 4.10 % | |
| Low (-6 m) | 3.90 % | 4.00 % | 3.80 % | |
| Draw-down from High | -2.5 % | -8.0 % | -7.3 % | |
| Volatility (CV) | 0.010 | 0.029 | 0.024 | |
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 Synchrony 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 DetailsSynchrony 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 Synchrony 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 SoFi Bank | 3.80% | $0 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
Compare Synchrony Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Synchrony Bank vs Ally Bank | 3.50% | $0 |
| Synchrony Bank vs American Express | 3.60% | $0 |
| Synchrony Bank vs Axos Bank | 4.66% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.50% | $0 |
| Synchrony Bank vs Chase Bank | 0.01% | $0 |
| Synchrony Bank vs Chime | 3.75% | $0 |
| Synchrony Bank vs Discover Bank | 3.50% | $0 |
| Synchrony Bank vs Fitness Bank | 5.00% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs Presidential Bank | 4.50% | $5,000 |
| Synchrony Bank vs SoFi Bank | 3.80% | $0 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |
| Synchrony Bank vs Wells Fargo | 2.51% | $25 |