Cit Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: July 7, 2025
Summary of CIT Bank vs. Varo Bank
As of July 7, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account account.
CIT Bank yields $25 more than Varo Bank on a $10,000 balance after one year. CIT Bank pays $400, while Varo Bank pays $375 (with an effective APY of 3.75%) - 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%.
- No maintenance fees for both accounts at CIT Bank.
- CIT Bank has a solid App Store rating of 4.8.
Potential Drawbacks
- CIT Bank's APY decreased from 4.10% to 4.00% in 30 days.
- CIT Bank requires a $5,000 minimum balance for the highest APY.
- CIT Bank is not BBB Accredited.
Varo Bank
Strengths
- Varo Bank offers a higher APY of 5.00% for its High-Yield Savings Account.
- Varo Bank is BBB Accredited, enhancing its trustworthiness.
- Varo Bank has an impressive App Store rating of 4.9.
Potential Drawbacks
- Varo Bank requires a direct deposit of $1,000/month to earn the highest APY.
- Varo Bank's APY is lower at 2.50% for amounts over $5,000.
- Varo Bank has no physical branches.
Summary: CIT Bank offers a competitive APY of 4.00% on its Platinum Savings, but requires a $5,000 minimum balance and is not BBB Accredited. In contrast, Varo Bank provides a higher APY of 5.00% but mandates a direct deposit of $1,000/month. Both banks are online-only, with Varo Bank holding a slight edge in App Store ratings and BBB Accreditation.
Compare CIT Bank's vs Varo Bank's Savings Accounts
| CIT Bank | Varo Bank | |||
|---|---|---|---|---|
| Product | Platinum Savings | Savings Connect | vs | High-Yield Savings Account |
| APY | 0.25% - 4.00% (as of 7/7/2025) | 3.90% (as of 7/7/2025) | 2.50% - 5.00% (as of 7/7/2025) | |
| 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 | $0.01 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | Yes. Min. $1,000/month | |
| Note | N/A | N/A | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| Visit Bank | Platinum Savings | Savings Connect | High-Yield Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.7/5 | 4.7/5 | ||
| BBB Rating | A- | A- | ||
Comparative Historical APY Insights (Last 7 Months)
| CIT Bank | Varo Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | High-Yield Savings Account |
| Latest APY | 3.90 % | 4.00 % | 5.00 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -1.2 | -6.7 | 0.0 | |
| Rate Changes / Mo | 0.15 | 0.59 | 0.00 | |
| Days Since Last Change | 25 | 25 | 200 | |
| High (-7 m) | 4.00 % | 4.55 % | 5.00 % | |
| Low (-7 m) | 3.90 % | 4.00 % | 5.00 % | |
| Draw-down from High | -2.5 % | -12.1 % | 0.0 % | |
| Volatility (CV) | 0.008 | 0.031 | 0.000 | |
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 202 days.
- Low (-7 m)
- Lowest APY in the last 202 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 Varo 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 DetailsVaro Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsAfter 1 year CIT Bank would earn you $10 less than Varo 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 SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.50% | $0 |
| Varo Bank vs American Express | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.10% | $0 |
| Varo Bank vs Capital One | 3.50% | $0 |
| Varo Bank vs Chase Bank | 0.01% | $0 |
| Varo Bank vs Chime | 3.75% | $0 |
| Varo Bank vs Discover Bank | 3.50% | $0 |
| Varo Bank vs Fitness Bank | 5.00% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |