Cit Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: September 18, 2025
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Summary of CIT Bank vs. Varo Bank
As of September 18, 2025 CIT Bank offers an APY of 4.00% 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 $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 offers a Platinum Savings account with a competitive APY of 4.00%.
- CIT Bank has no maintenance fees for its accounts.
- CIT Bank's Platinum Savings account does not require direct deposit.
Potential Drawbacks
- CIT Bank has no physical branches available for in-person banking.
- CIT Bank's Platinum Savings account requires a minimum balance of $5,000 to earn the APY.
- CIT Bank's BBB rating is A- but is not accredited.
Varo Bank
Strengths
- Varo Bank provides a High-Yield Savings Account with an APY of 5.00%.
- Varo Bank has no maintenance fees and a low minimum balance requirement.
- Varo Bank is BBB Accredited, enhancing customer trust.
Potential Drawbacks
- Varo Bank's High-Yield Savings Account requires direct deposit of at least $1,000/month.
- Varo Bank has no physical branches for banking services.
- Varo Bank's APY is lower at 2.50% for amounts over $5,000.
Summary: CIT Bank offers a high APY of 4.00% without direct deposit requirements, but has a higher minimum balance. Varo Bank leads with a 5.00% APY, requiring direct deposit and offering lower rates for higher balances. Both banks lack physical branches and have similar BBB ratings, but Varo is accredited, which may influence trust for potential customers.
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 9/18/2025) | 3.90% (as of 9/18/2025) | 2.50% - 5.00% (as of 9/18/2025) | |
| 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 | 4.6/5 | ||
| BBB Rating | A- | A- | ||
Comparative Historical APY Insights (Last 9 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 | Sideways | Sideways | |
| Slope (bps/mo) | -1.7 | -5.0 | 0.0 | |
| Rate Changes / Mo | 0.11 | 0.44 | 0.00 | |
| Days Since Last Change | 98 | 98 | 273 | |
| High (-9 m) | 4.00 % | 4.55 % | 5.00 % | |
| Low (-9 m) | 3.90 % | 4.00 % | 5.00 % | |
| Draw-down from High | -2.5 % | -12.1 % | 0.0 % | |
| Volatility (CV) | 0.012 | 0.033 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 275 days.
- Low (-9 m)
- Lowest APY in the last 275 days.
- Draw-down from High
- How far today sits below the 9-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 | Competitor 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 BrioDirect | 4.30% | $5,000 |
| 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 Elevault | 4.60% | $0 |
| CIT Bank vs EverBank | 4.30% | $0 |
| CIT Bank vs Fitness Bank | 4.75% | $100 |
| CIT Bank vs FVCbank | 4.35% | $500 |
| CIT Bank vs GO2bank | 4.50% | $0 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Neighbors Bank | 4.60% | $0 |
| CIT Bank vs Newtek Bank | 4.35% | $0 |
| CIT Bank vs Peak Bank | 4.35% | $100 |
| CIT Bank vs Pibank | 4.60% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs Santander Bank | 0.03% | $25 |
| CIT Bank vs SoFi Bank | 4.50% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs TIMBR | 4.40% | $1,000 |
| CIT Bank vs UFB Direct | 4.10% | $5000 |
| CIT Bank vs Wells Fargo | 2.51% | $25 |
| CIT Bank vs Zynlo Bank | 4.35% | $10 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Competitor 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 BrioDirect | 4.30% | $5,000 |
| 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 Elevault | 4.60% | $0 |
| Varo Bank vs EverBank | 4.30% | $0 |
| Varo Bank vs Fitness Bank | 4.75% | $100 |
| Varo Bank vs FVCbank | 4.35% | $500 |
| Varo Bank vs GO2bank | 4.50% | $0 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs Neighbors Bank | 4.60% | $0 |
| Varo Bank vs Newtek Bank | 4.35% | $0 |
| Varo Bank vs Peak Bank | 4.35% | $100 |
| Varo Bank vs Pibank | 4.60% | $0 |
| Varo Bank vs Presidential Bank | 4.50% | $5,000 |
| Varo Bank vs Santander Bank | 0.03% | $25 |
| Varo Bank vs SoFi Bank | 4.50% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |
| Varo Bank vs TIMBR | 4.40% | $1,000 |
| Varo Bank vs UFB Direct | 4.10% | $5000 |
| Varo Bank vs Wells Fargo | 2.51% | $25 |
| Varo Bank vs Zynlo Bank | 4.35% | $10 |