CIT Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | CIT BankPlatinum Savings Jan 21, 2026 | Wells FargoPlatinum Savings Jan 21, 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® Supported | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing CIT Bank vs. Wells Fargo
As of CIT Bank offers an APY of 3.75% for its Platinum Savings account, with a minimum balance of $5,000, compared to Wells Fargo's 0.05% APY for its Platinum Savings account, with a minimum balance of $1,000,000.
CIT Bank pays $370 more than Wells Fargo on a $10,000 balance after one year. CIT Bank pays $375, while Wells Fargo pays $5 - an APY advantage for CIT Bank.
In addition, CIT Bank also offers 3.65% APY for the Savings Connect account, with a minimum balance of $0, while Wells Fargo offers 0.01% APY for the Way2Save Savings account, with a minimum balance of $0.
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.
Executive Summary as of
CIT Bank offers a competitive Savings Connect account with a 3.65% APY, which is notable for its simplicity, as it does not require direct deposit or a minimum balance. Alternatively, their Platinum Savings account provides a higher APY of 3.75%, but it requires a minimum balance of $5,000 to earn that rate, with lower balances yielding only 0.25%. In contrast, Wells Fargo's Way2Save Savings account offers a minimal 0.01% APY, while their Platinum Savings account yields just 0.05%, contingent on maintaining a $1,000,000 balance and linking to a Premier checking account. Overall, CIT Bank's products significantly outperform those of Wells Fargo.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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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: 1/21/2026 ↘︎ 0.10%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 1/21/2026 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. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.9 Android4.8 |
| 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- | D- |
| 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) | -5.3 | -5.3 | -56.6 | 0.0 |
Days Since Change | 62 | 62 | 96 | 189 |
6-Month High | 3.90% | 4.00% | 2.51% | 0.01% |
6-Month Low | 3.65% | 3.75% | 0.05% | 0.01% |
Adjustments / Mo | 0.32 | 0.32 | 0.47 | 0.00 |
Volatility Score | 0.027 | 0.027 | 1.163 | 0.000 |
How to read these metrics(Click to expand)
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