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 Feb 6, 2026 | Varo BankHigh-Yield Savings Account Feb 6, 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
Varo Bank offers a compelling High-Yield Savings Account with a 5.00% APY on balances up to $5,000, making it the highest-yielding option compared to CIT Bank's Platinum Savings, which provides an APY of 3.75% but requires a minimum balance of $5,000 to earn that rate. Varo's account requires direct deposit of at least $1,000 per month, while CIT's Savings Connect allows for a 3.65% APY without any direct deposit requirement. Both banks operate online and have no maintenance fees, but Varo's higher yield positions it as the winner for those eligible for direct deposit.
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: 2/6/2026 ↘︎ 0.10%90d Change | 5.00% Range: 2.50% - 5.00% Verified: 2/6/2026 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) | -3.7 | -4.7 | 0.0 |
Days Since Change | 78 | 78 | 365 |
12-Month High | 4.00% | 4.30% | 5.00% |
12-Month Low | 3.65% | 3.75% | 5.00% |
Adjustments / Mo | 0.25 | 0.33 | 0.00 |
Volatility Score | 0.037 | 0.044 | 0.000 |
How to read these metrics(Click to expand)
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