CIT Bank vs. Varo Bank
CIT Bank and Varo Bank both offer 3.75% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
Who pays more interest on $10,000? CIT Bank pays $138 more than Varo Bank annually ($375 vs $238).
The CIT Bank and Varo Bank savings accounts are very similar. Choose CIT Bank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Watch out: Varo Bank's 3.75% APY only applies to the first $5,000. With a $10,000 balance, your effective rate drops to 2.38% APY ($238 annually).
Varo Bank requires a checking account to unlock its top savings rate, while CIT Bank offers its savings account standalone.
| Metric | CIT BankPlatinum Savings Aug 6, 2026 | Varo BankHigh-Yield Savings Account Aug 6, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 1.00% - 3.75% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$188 $10,000+$238 $25,000+$388 |
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 3.75% APY on up to $5,000 and 1.00% 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 CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.10% APY.
Executive Summary
CIT Bank and Varo Bank both offer competitive high-yield savings options, with CIT Bank's Platinum Savings account leading with a 3.75% APY, contingent on maintaining a $5,000 balance; lower balances earn just 0.25%. Alternatively, CIT's Savings Connect provides a simpler option with a 3.65% APY and no balance requirements. Varo Bank also offers a 3.75% APY on its High-Yield Savings Account, but requires direct deposit of at least $1,000 per month and is capped at this rate for balances up to $5,000, with a lower rate of 1.00% for amounts above that. Both banks operate online only.
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?
No distinct advantages found vs CIT Bank.
— Key Feature Differences —
Better Returns at $10,000
CIT BankCIT Bank's Platinum Savings earns more on smaller deposits (approx. $375 vs $238/yr).
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $388/yr).
Best for Simplicity
CIT BankCIT Bank's Savings Connect offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, CIT Bank's Platinum Savings pays $138 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
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CIT Bank vs. Varo Bank Savings Calculator
You earn $137.5 more with CIT Bank than Varo Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
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
3.75% on first $5,000 and 1.00% thereafter.
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
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 $237 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: 8/6/2026 Stable (90d) | 3.75% Range: 1.00% - 3.75% Verified: 8/6/2026 ↘︎ 1.25%90d Change |
| 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 3.75% APY on up to $5,000 and 1.00% 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% | 3.75% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -1.7 | -1.7 | -1.9 |
Days Since Change | 259 | 259 | 8 |
12-Month High | 3.90% | 4.00% | 5.00% |
12-Month Low | 3.65% | 3.75% | 3.75% |
Adjustments / Mo | 0.16 | 0.16 | 0.08 |
Volatility Score | 0.021 | 0.021 | 0.039 |
How to read these metrics(Click to expand)
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