Cit Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: August 1, 2025
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Summary of CIT Bank vs. Varo Bank
As of August 1, 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 all accounts at CIT Bank.
- CIT Bank has a solid App Store rating of 4.8.
Potential Drawbacks
- CIT Bank requires a minimum balance of $5,000 for the Platinum Savings account.
- CIT Bank is not BBB accredited, which may affect trust.
- CIT Bank has no branches for in-person banking.
Varo Bank
Strengths
- Varo Bank's High-Yield Savings Account offers a higher APY of 5.00%.
- Varo Bank has a lower minimum balance requirement of $0.01.
- Varo Bank is BBB accredited, enhancing its reputation.
Potential Drawbacks
- Varo Bank requires direct deposit of at least $1,000/month to earn the high APY.
- Varo Bank has no branches for in-person banking.
- Varo Bank's APY drops to 2.50% for amounts over $5,000.
Summary: CIT Bank offers a 4.00% APY with no maintenance fees but requires a $5,000 minimum balance. In contrast, Varo Bank provides a higher 5.00% APY with a $0.01 minimum balance, though it requires a direct deposit of $1,000/month. Both banks lack physical branches, but Varo Bank's BBB accreditation may enhance its credibility compared to CIT Bank.
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 8/1/2025) | 3.90% (as of 8/1/2025) | 2.50% - 5.00% (as of 8/1/2025) | |
| 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 | 4.6/5 | 4.7/5 | ||
| BBB Rating | A- | A- | ||
Comparative Historical APY Insights (Last 8 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) | -1.7 | -6.1 | 0.0 | |
| Rate Changes / Mo | 0.13 | 0.52 | 0.00 | |
| Days Since Last Change | 52 | 52 | 227 | |
| High (-8 m) | 4.00 % | 4.55 % | 5.00 % | |
| Low (-8 m) | 3.90 % | 4.00 % | 5.00 % | |
| Draw-down from High | -2.5 % | -12.1 % | 0.0 % | |
| Volatility (CV) | 0.011 | 0.032 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 229 days.
- Low (-8 m)
- Lowest APY in the last 229 days.
- Draw-down from High
- How far today sits below the 8-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: $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 OverviewVaro Bank
APY: 5.00%
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
Effective APY: 3.65% (based on your deposit and contributions)
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 $223.3 higher than Varo 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 Synchrony Bank | 3.80% | $0 |
| CIT Bank vs UFB Direct | 4.21% | $5000 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
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 | 3.50% | $0 |
| Varo Bank vs Axos Bank | 4.46% | $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 | 4.85% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs UFB Direct | 4.21% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |