CIT Bank vs. Varo Bank
Varo Bank edges out CIT Bank slightly at 5.00% vs 3.75% APY. On a $10,000 balance, the difference is just $0 per year—so other factors may matter more.
The Bottom Line
The CIT Bank and Varo Bank savings accounts are very similar. Choose CIT Bank if you want a no-strings-attached account.
Important Considerations
Watch out: Varo Bank's 5.00% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 3.75% APY ($375 annually).
At balances above $10,000, CIT Bank earns more due to Varo Bank's APY cap.
Varo Bank requires a checking account to unlock its top savings rate, while CIT Bank offers its savings account standalone.
| Metric | CIT BankPlatinum Savings Mar 24, 2026 | Varo BankHigh-Yield Savings Account Mar 24, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 2.50% - 5.00% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$250 $10,000+$375 $25,000+$750 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingStable Rate |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Executive Summary
CIT Bank offers two savings products, with the Platinum Savings account providing the highest APY of 3.75% for balances over $5,000, while lower balances earn 0.25%. Alternatively, the Savings Connect account offers a 3.65% APY with no balance requirements, making it a simpler choice. In comparison, Varo Bank's High-Yield Savings Account boasts a significantly higher APY of 5.00% on balances up to $5,000, but requires a Varo bank account and a minimum direct deposit of $1,000 per month. For those who can meet the requirements, Varo Bank is the clear winner.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why CIT Bank?
- ✓No checking account or direct deposit required
- ✓Offers 2 different high-yield savings options
Why Varo Bank?
- ✓Higher potential APY (5.00% vs 3.65%-3.75%) on balances up to $5,000 (requires checking bundle & direct deposit)
— Key Feature Differences —
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $750/yr).
Best for Simplicity
CIT BankCIT Bank's Savings Connect offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
* Secure link to our partner
Non-sponsored link to official site
Top Market Contenders
CIT Bank vs. Varo Bank Savings Calculator
Both accounts earn exactly the same amount.
CIT Bank
Platinum Savings
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
Varo Bank
High-Yield Savings Account
5.00% on first $5,000 and 2.50% thereafter.
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $374 per year in interest.
Both CIT Bank and Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | CIT Bank | Varo Bank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 3/24/2026 Stable (90d) | 5.00% Range: 2.50% - 5.00% Verified: 3/24/2026 Stable (90d) |
| Product Name | Platinum Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $5,000 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of First Citizens Bank's branches. | None |
| Direct Deposit Req. | None | RequiredMin. $1,000/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | A |
| Important Notes | This is a tiered savings account, where the 3.75% APY requires meeting the $5,000 balance requirement. Lower balances earn an APY of 0.25%. | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteGo to CIT Bank * Secure link to our partner | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | Varo Bank | |
|---|---|---|---|
| Savings Connect | Platinum Savings | High-Yield Savings Account | |
Current APY | 3.65% | 3.75% | 5.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -3.8 | -3.8 | 0.0 |
Days Since Change | 124 | 124 | 365 |
12-Month High | 4.00% | 4.10% | 5.00% |
12-Month Low | 3.65% | 3.75% | 5.00% |
Adjustments / Mo | 0.25 | 0.25 | 0.00 |
Volatility Score | 0.037 | 0.036 | 0.000 |
How to read these metrics(Click to expand)
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