Cit Bank vs. Varo Money
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 2, 2025
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Summary of CIT Bank vs. Varo Bank
Key Metrics at a Glance
| Feature | CIT Bank | Varo Bank |
|---|---|---|
| Top Savings APY | 3.85% Platinum Savings | 5.00% High-Yield Savings Account |
| Minimum to Open | $100 | $0 |
| Minimum Balance for Top APY | $5,000 | $0.01 |
| Note | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. |
CIT Bank
Strengths
- CIT Bank offers a competitive APY of 3.85% on its Platinum Savings account.
- No maintenance fees for all CIT Bank savings accounts.
- CIT Bank has a strong App Store rating of 4.8.
Potential Drawbacks
- CIT Bank's Platinum Savings requires a minimum balance of $5,000.
- CIT Bank is not BBB Accredited, which may affect trust.
- CIT Bank does not offer direct deposit options.
Varo Bank
Strengths
- Varo Bank provides a high APY of 5.00% on its High-Yield Savings Account.
- Varo Bank has a higher Google Play rating of 4.6.
- Varo Bank is BBB Accredited, enhancing its credibility.
Potential Drawbacks
- Varo Bank requires a minimum direct deposit of $1,000/month to earn the top APY.
- Varo Bank's APY drops to 2.50% on amounts exceeding $5,000.
- Varo Bank has no physical branches.
→ As of November 2, 2025 CIT Bank offers an APY of 3.85% for its Platinum Savings account, with a minimum balance of $5,000, compared to Varo Bank's 5.00% APY for its High-Yield Savings Account, with a minimum balance of $0.01.
→ CIT Bank yields $10 more than Varo Bank on a $10,000 balance after one year. CIT Bank pays $385, while Varo Bank pays $375 (with an effective APY of 3.75%) - an APY advantage for CIT Bank.
→ In addition, CIT Bank also offers 3.75% APY for the Savings Connect account.
Calculate Savings Growth for CIT Bank vs Varo Bank
CIT Bank - Platinum Savings
Total savings breakdown:
- Interest earned: $2,338 (11.50%)
- Total contributions: $13,000 (63.92%)
- Initial deposit: $5,000 (24.58%)
Your total balance
$20,338.00
Total balance: $20,338
Earnings: $2,338
Bank OverviewVaro Bank - High-Yield Savings Account
ℹ️You earn 5.00% on the first $5,000 and 2.50% on the rest.
Total savings breakdown:
- Interest earned: $2,211.4 (10.94%)
- Total contributions: $13,000 (64.32%)
- Initial deposit: $5,000 (24.74%)
Your total balance
$20,211.40
Total balance: $20,211.4
Earnings: $2,211.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $126.6 higher than Varo Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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% - 3.85% (as of 11/2/2025) | 3.75% (as of 11/2/2025) | 2.50% - 5.00% (as of 11/2/2025) | |
| 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 | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |||
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.3/5 | 4.6/5 | ||
| BBB Rating | A- | A- | ||
Comparative Historical APY Insights (Last 10 Months)
| CIT Bank | Varo Bank | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | High-Yield Savings Account |
| Latest APY | 3.75 % | 3.85 % | 5.00 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -2.7 | -5.1 | 0.0 | |
| Rate Changes / Mo | 0.19 | 0.47 | 0.00 | |
| Days Since Last Change | 40 | 40 | 318 | |
| High (-10 m) | 4.00 % | 4.55 % | 5.00 % | |
| Low (-10 m) | 3.75 % | 3.85 % | 5.00 % | |
| Draw-down from High | -6.3 % | -15.4 % | 0.0 % | |
| Volatility (CV) | 0.023 | 0.039 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 320 days.
- Low (-10 m)
- Lowest APY in the last 320 days.
- Draw-down from High
- How far today sits below the 10-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.