CIT Bank vs. Wells Fargo
Comparing CIT Bank and Wells Fargo for savings: CIT Bank's Platinum Savings pays 3.75% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
Note: Wells Fargo requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? CIT Bank pays $370 more than Wells Fargo annually ($375 vs $5).
Choose CIT Bank if getting the best rate matters most, or you want a no-strings-attached account. Choose Wells Fargo if you value in-person banking.
Important Considerations
Wells Fargo requires a checking account to unlock its top savings rate, while CIT Bank offers its savings account standalone.
| Metric | CIT BankPlatinum Savings Mar 7, 2026 | Wells FargoPlatinum Savings Mar 7, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 0.05% |
Est. Earnings | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $100 | $25 |
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%. | This is a tiered savings account where rates vary based on the balance. The 0.05% 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. |
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking 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 4.15% APY.
Comparison Analysis
Comparing CIT Bank vs. Wells Fargo
Executive Summary
CIT Bank offers a superior savings option with its Platinum Savings account, providing a competitive APY of 3.75% for balances of $5,000 or more, while lower balances earn just 0.25%. Alternatively, the Savings Connect account yields a solid 3.65% APY with no balance requirements, making it a straightforward choice for savers. In contrast, Wells Fargo's Way2Save Savings account offers a minimal APY of 0.01%, and its Platinum Savings account, which requires a $1,000,000 balance for a higher APY of 0.05%, necessitates linking to a Wells Fargo Premier checking account. Overall, CIT Bank's offerings significantly outperform Wells Fargo's savings products.
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?
- ✓Higher potential APY (3.65%-3.75% vs 0.01%-0.05%) on all balances
- ✓No checking account or direct deposit required
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
— Key Feature Differences —
Better Returns at $10,000
CIT BankCIT Bank's Platinum Savings earns more on smaller deposits (approx. $375 vs $5/yr).
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $13/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 $370 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
* Secure link to our partner
Non-sponsored link to official site
Top Market Contenders
CIT Bank vs. Wells Fargo Savings Calculator
You earn $370 more with CIT Bank than Wells Fargo 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
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | CIT Bank | Wells Fargo |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Verified: 3/7/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 3/7/2026 Stable (90d) |
| Product Name | Platinum Savings | Platinum Savings |
| Minimum Deposit | $100 | $25 |
| Min. Balance for APY | $5,000 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | None. You cannot make use of First Citizens Bank's branches. | Wells Fargo offers branches and ATMs in 36 states and Washington, D.C. |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| 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%. | This is a tiered savings account where rates vary based on the balance. The 0.05% 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. |
| Next Steps | Visit SiteGo to CIT Bank * Secure link to our partner | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | Wells Fargo | ||
|---|---|---|---|---|
| Savings Connect | Platinum Savings | Platinum Savings | Way2Save Savings | |
Current APY | 3.65% | 3.75% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.2 | -4.2 | -42.5 | 0.0 |
Days Since Change | 107 | 107 | 141 | 235 |
8-Month High | 3.90% | 4.00% | 2.51% | 0.01% |
8-Month Low | 3.65% | 3.75% | 0.05% | 0.01% |
Adjustments / Mo | 0.26 | 0.26 | 0.38 | 0.00 |
Volatility Score | 0.027 | 0.027 | 1.394 | 0.000 |
How to read these metrics(Click to expand)
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