Cit Bank vs Varo Money
High-Yield Savings Accounts Comparison
Last Updated: June 16, 2025
Summary of CIT Bank vs. Varo Bank
As of June 16, 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 CIT Bank's savings accounts.
- CIT Bank has a solid App Store rating of 4.8.
Potential Drawbacks
- CIT Bank's APY decreased from 4.10% to 4.00% in the last 30 days.
- CIT Bank's Platinum Savings requires a minimum balance of $5,000.
- CIT Bank accounts are not BBB Accredited.
Varo Bank
Strengths
- Varo Bank's High-Yield Savings Account offers a higher APY of 5.00%.
- Varo Bank has no minimum deposit requirement for its savings account.
- Varo Bank is BBB Accredited.
Potential Drawbacks
- Varo Bank requires direct deposit of at least $1,000/month for its APY.
- Varo Bank's APY is lower at 2.50% for amounts over $5,000.
- Varo Bank's Platinum Savings has no physical branches.
Summary: CIT Bank's Platinum Savings offers a 4.00% APY with a $5,000 minimum balance, while Varo Bank provides a higher 5.00% APY but requires a $1,000 monthly direct deposit. Both banks have no maintenance fees, but only Varo Bank is BBB Accredited. CIT Bank's APY has decreased recently, contrasting with Varo's stable rate. App ratings are also strong for both, with Varo slightly ahead.
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 6/16/2025) | 3.90% (as of 6/16/2025) | 2.50% - 5.00% (as of 6/16/2025) | |
| 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 | N/A | N/A | Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. Direct deposit required. | |
| Visit Bank | Platinum Savings | Savings Connect | High-Yield Savings Account | |
| 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 6 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) | -0.3 | -6.7 | 0.0 | |
| Rate Changes / Mo | 0.17 | 0.66 | 0.00 | |
| Days Since Last Change | 4 | 4 | 179 | |
| High (-6 m) | 4.00 % | 4.55 % | 5.00 % | |
| Low (-6 m) | 3.90 % | 4.00 % | 5.00 % | |
| Draw-down from High | -2.5 % | -12.1 % | 0.0 % | |
| Volatility (CV) | 0.004 | 0.028 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 181 days.
- Low (-6 m)
- Lowest APY in the last 181 days.
- Draw-down from High
- How far today sits below the 6-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: $40 (3.85%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.15%)
Your total balance
$1,040.00
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $1,040
Earnings: $40
Bank DetailsVaro Bank
APY: 5.00%
Total savings breakdown:
- Interest earned: $50 (4.76%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.24%)
Your total balance
$1,050.00
Effective APY: 5.00% (based on your deposit and contributions)
Total balance: $1,050
Earnings: $50
Bank DetailsAfter 1 year CIT Bank would earn you $10 less than Varo Bank.
More Comparisons
Compare CIT Bank's APY of 4.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| CIT Bank vs Ally Bank | 3.60% | $0 |
| CIT Bank vs American Express | 3.60% | $0 |
| CIT Bank vs Axos Bank | 4.66% | $0 |
| CIT Bank vs Bank of America | 0.01% | $100 |
| CIT Bank vs Barclays | 4.20% | $0 |
| CIT Bank vs Capital One | 3.60% | $0 |
| CIT Bank vs Chase Bank | 0.01% | $0 |
| CIT Bank vs Chime | 3.75% | $0 |
| CIT Bank vs Discover Bank | 3.60% | $0 |
| CIT Bank vs Fitness Bank | 5.00% | $100 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
Compare Varo Bank's APY of 5.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Varo Bank vs Ally Bank | 3.60% | $0 |
| Varo Bank vs American Express | 3.60% | $0 |
| Varo Bank vs Axos Bank | 4.66% | $0 |
| Varo Bank vs Bank of America | 0.01% | $100 |
| Varo Bank vs Barclays | 4.20% | $0 |
| Varo Bank vs Capital One | 3.60% | $0 |
| Varo Bank vs Chase Bank | 0.01% | $0 |
| Varo Bank vs Chime | 3.75% | $0 |
| Varo Bank vs Discover Bank | 3.60% | $0 |
| Varo Bank vs Fitness Bank | 5.00% | $100 |
| Varo Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Varo Bank vs SoFi Bank | 3.80% | $0 |
| Varo Bank vs Synchrony Bank | 3.80% | $0 |