Cit Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of CIT Bank vs. Synchrony Bank
As of August 29, 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 a higher App Store rating at 4.8 compared to Synchrony Bank's 4.8.
- CIT Bank's Savings Connect account has no minimum balance requirement.
Potential Drawbacks
- CIT Bank has no branches for in-person banking.
- CIT Bank is not BBB Accredited, rated A-.
- CIT Bank's lower APY is 0.25%, which is higher than Synchrony Bank's.
Synchrony Bank
Strengths
- Synchrony Bank offers a High Yield Savings account with no minimum deposit.
- Synchrony Bank has a competitive APY of 3.80%.
- Synchrony Bank has a lower maintenance fee structure with no fees.
Potential Drawbacks
- Synchrony Bank's App Store rating is slightly lower at 4.5.
- Synchrony Bank is not rated by the BBB.
- Synchrony Bank's APY has not changed in the last 30 days.
Summary: CIT Bank offers a higher APY of 4.00% with its Platinum Savings account, while Synchrony Bank provides a competitive 3.80% with no minimum deposit. Both banks have similar App Store ratings, but CIT Bank is rated A- by the BBB, whereas Synchrony Bank is unrated. CIT Bank's Savings Connect account has no minimum balance, while Synchrony Bank has a straightforward fee structure with no fees.
Compare CIT Bank's vs Synchrony Bank's Savings Accounts
| CIT Bank | Synchrony Bank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | High Yield 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 | 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 | $5,000 | $0 | $0 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No | |
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.6/5 | 4.5/5 | ||
| BBB Rating | A- | Not Rated | ||
Comparative Historical APY Insights (Last 7 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) | -1.9 | -5.2 | -4.4 | |
| Rate Changes / Mo | 0.14 | 0.41 | 0.27 | |
| Days Since Last Change | 79 | 79 | 88 | |
| High (-7 m) | 4.00 % | 4.35 % | 4.10 % | |
| Low (-7 m) | 3.90 % | 4.00 % | 3.80 % | |
| Draw-down from High | -2.5 % | -8.0 % | -7.3 % | |
| Volatility (CV) | 0.012 | 0.030 | 0.027 | |
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 220 days.
- Low (-7 m)
- Lowest APY in the last 220 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 Synchrony 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 OverviewSynchrony 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 Synchrony 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 SoFi 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 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 | 3.50% | $0 |
| Synchrony Bank vs Axos Bank | 4.46% | $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 | 4.85% | $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 UFB Direct | 4.21% | $5000 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |
| Synchrony Bank vs Wells Fargo | 2.51% | $25 |