Cit Bank vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: September 3, 2025

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Summary of CIT Bank vs. Wells Fargo

As of September 3, 2025 CIT Bank offers an APY of 4.00% for its Platinum Savings account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.

CIT Bank yields $395 more than Wells Fargo on a $10,000 balance after one year. CIT Bank pays $400, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for CIT Bank.

In addition, CIT Bank also offers 3.90% APY for the Savings Connect account, while Wells Fargo offers 0.01% APY for the Way2Save Savings account.

CIT Bank

Strengths

  • CIT Bank's Platinum Savings offers a high APY of 4.00%.
  • CIT Bank has no maintenance fees for its accounts.
  • CIT Bank has a strong App Store rating of 4.8.

Potential Drawbacks

  • CIT Bank has no physical branches for in-person banking.
  • CIT Bank's Platinum Savings requires a $5,000 minimum balance.

Wells Fargo

Strengths

  • Wells Fargo has physical branches and ATMs in 36 states.
  • Wells Fargo's Platinum Savings account offers a $25 minimum deposit.

Potential Drawbacks

  • Wells Fargo's Platinum Savings has a lower APY of 2.51% for high balances.
  • Wells Fargo has a poor BBB rating of F.
Summary: CIT Bank offers a significantly higher APY of 4.00% for its Platinum Savings account compared to Wells Fargo's 2.51%. While CIT Bank lacks physical branches, it has no maintenance fees, whereas Wells Fargo charges $12 unless a balance requirement is met. Additionally, CIT Bank has a better App Store rating of 4.8 compared to Wells Fargo's 4.9, but Wells Fargo provides branch access across 36 states.

Compare CIT Bank's vs Wells Fargo's Savings Accounts

CIT BankWells Fargo
ProductPlatinum SavingsSavings ConnectvsWay2Save SavingsPlatinum Savings
APY
0.25% - 4.00% (as of 9/3/2025)3.90% (as of 9/3/2025)0.01% (as of 9/3/2025)0.05% - 2.51% (as of 9/3/2025)
Bundled Account
NoNoNoYes
FDIC-insured
YesYesYesYes
Online OnlyYesYesNoNo
Compound Frequency
DailyDailyDailyDaily
Minimum Deposit$100$100$25$25
Minimum Balance for APY$5,000$0$0$1,000,000
Maintenance Fee$0$0$5. Waived under some circumstances.$12. Waived with $3,500 minimum daily balance.
Direct Deposit Required
NoNoNoNo
NoteThis is a tiered savings account where rates vary based on the balance. The 2.51% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details.
App Store Rating4.8/54.9/5
Google Play Rating4.6/54.8/5
BBB RatingA-F

Comparative Historical APY Insights (Last 2 Months)

CIT BankWells Fargo
ProductSavings ConnectPlatinum SavingsvsPlatinum SavingsWay2Save Savings
Latest APY3.90 %4.00 %2.51 %0.01 %
TrendSidewaysSidewaysSidewaysSideways
Slope (bps/mo)-0.00.00.00.0
Rate Changes / Mo0.000.000.000.00
Days Since Last Change49495049
High (-2 m)3.90 %4.00 %2.51 %0.01 %
Low (-2 m)3.90 %4.00 %2.51 %0.01 %
Draw-down from High0.0 %0.0 %0.0 %0.0 %
Volatility (CV)0.0000.0000.0000.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 2 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 (-2 m)
Highest APY in the last 50 days.
Low (-2 m)
Lowest APY in the last 50 days.
Draw-down from High
How far today sits below the 2-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 Wells Fargo

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 Overview

Wells Fargo

APY: 2.51%

⚠️The higher APY only applies once your balance reaches $1,000,000.

Total savings breakdown:

  • Interest earned: $28.6 (0.16%)
  • Total contributions: $13,000 (72.11%)
  • Initial deposit: $5,000 (27.73%)

Your total balance

$18,028.60

Effective APY: 0.05% (based on your deposit and contributions)

Total balance: $18,028.6

Earnings: $28.6

Bank Overview

With a $5,000 initial deposit and $13,000 in total contributions over 5 years, CIT Bank's total earnings would be $2,406.1 higher than Wells Fargo'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
Compare Wells Fargo's APY of 2.51% with other banks