Cit Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of CIT Bank vs. Wells Fargo
As of July 15, 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.
CIT Bank
Strengths
- CIT Bank's Platinum Savings offers a high APY of 4.00%.
- CIT Bank has no maintenance fees on its savings accounts.
- CIT Bank has a strong App Store rating of 4.8.
Potential Drawbacks
- CIT Bank has no physical branches available.
- CIT Bank's BBB rating is A-, but it's not BBB accredited.
- CIT Bank requires a minimum balance of $5,000 for its Platinum Savings.
Wells Fargo
Strengths
- Wells Fargo has physical branches and ATMs in 36 states.
- Wells Fargo's Platinum Savings account has an App Store rating of 4.9.
- Wells Fargo's Platinum Savings allows for a lower minimum deposit of $25.
Potential Drawbacks
- Wells Fargo's Platinum Savings has a lower APY of 2.51%.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 balance is maintained.
- Wells Fargo has a BBB rating of F and is not BBB accredited.
Summary: CIT Bank offers a significantly higher APY of 4.00% on its Platinum Savings account compared to Wells Fargo's 2.51%. However, CIT Bank lacks physical branches, while Wells Fargo provides access to numerous locations. Additionally, CIT Bank has no maintenance fees, whereas Wells Fargo charges $12 unless a minimum balance is maintained. CIT Bank's BBB rating is A-, while Wells Fargo has a poor F rating.
Compare CIT Bank's vs Wells Fargo's Savings Accounts
| CIT Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | Savings Connect | Platinum Savings | vs | Platinum Savings |
| APY | 3.90% (as of 7/15/2025) | 0.25% - 4.00% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | No | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $100 | $100 | $25 | |
| Minimum Balance for APY | $0 | $5,000 | $1,000,000 | |
| Maintenance Fee | $0 | $0 | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | No | No | |
| Note | N/A | N/A | This 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. | |
| Visit Bank | Savings Connect | Platinum Savings | Platinum Savings | |
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.6/5 | 4.8/5 | ||
| BBB Rating | A- | F | ||
No historical data available.
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: $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 DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year CIT Bank would earn you $14.9 more than Wells Fargo.
More Comparisons
Compare CIT Bank's APY of 4.00% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| CIT Bank vs Ally Bank | 3.50% | $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 | 4.10% | $0 |
| 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 Fitness Bank | 5.00% | $100 |
| CIT Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| CIT Bank vs Presidential Bank | 4.50% | $5,000 |
| CIT Bank vs SoFi Bank | 3.80% | $0 |
| CIT Bank vs Synchrony Bank | 3.80% | $0 |
| CIT Bank vs Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 5.00% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |