Bank of America vs. CIT Bank
Bank of America's Advantage Savings pays 0.04% APY while CIT Bank's Platinum Savings pays 3.75% APY.
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 $371 more than Bank of America annually ($375 vs $4).
Choose CIT Bank if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Sep 4, 2026 | CIT BankPlatinum Savings Sep 4, 2026 |
|---|---|---|
| APY | 0.04% | 0.25% - 3.75% |
Earns in a year | $5,000+$2 $10,000+$4 $25,000+$10 | $5,000+$188 $10,000+$375 $25,000+$938 |
Min. Deposit | $100 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | This is a tiered savings account, where the stated APY requires meeting the $5,000 balance requirement. Lower balances earn a lower APY. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingStable Rate |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Comparison Analysis
Comparing Bank of America vs. CIT Bank
Executive Summary
CIT Bank offers significantly higher yields compared to Bank of America. The Platinum Savings account from CIT Bank provides an impressive APY of 3.75% for balances over $5,000, while Bank of America's Advantage Savings account yields only 0.04% across all balance tiers. For those seeking simplicity, CIT Bank's Savings Connect account offers a competitive APY of 3.65% with no direct deposit requirement or balance caps. Although Bank of America has additional savings products, their highest yield remains substantially lower than CIT Bank's offerings. Both banks require a minimum deposit of $10,000, but only CIT Bank's products are online-only.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
No distinct advantages found vs CIT Bank.
Why CIT Bank?
- Higher potential APY (3.65%-3.75% vs 0.01%-0.04%) on all balances
- No checking account or direct deposit required
Key Feature Differences
Better Returns at $10,000
CIT BankCIT Bank's Platinum Savings earns more on smaller deposits (approx. $375 vs $4/yr).
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $10/yr).
Better 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 $371 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. CIT Bank Savings Calculator
You earn $371 more with CIT Bank than Bank of America 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.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$4.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,004.00
CIT Bank
Platinum Savings
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | CIT Bank |
|---|---|---|
| APY | 0.04% Observed: 9/4/2026 Stable over 90 days | 3.75% Range: 0.25% - 3.75% Observed: 9/4/2026 Stable over 90 days |
| Product Name | Advantage Savings | Platinum Savings |
| Minimum Deposit | $100 | $100 |
| Min. Balance for APY | $0.01 | $5,000 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| In-Branch Access | Yes | No |
| Account Type | Online & Branches | Online Only |
| Physical Branches | 3,823 (AR, AZ, CA, CO, CT, DC, DE, FL (+31 more)) | Not reported |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Supported for eChecking users post-First Citizens merger. |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | This is a tiered savings account, where the stated APY requires meeting the $5,000 balance requirement. Lower balances earn a lower APY. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at CIT Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | CIT Bank | |||
|---|---|---|---|---|---|
| Advantage Relationship Banking | Business Advantage Savings | Advantage Savings | Platinum Savings | Savings Connect | |
Current APY | 0.02% | 0.01% | 0.04% | 3.75% | 3.65% |
Trend | Stable | Stable | Stable | Stable | Stable |
Speed of change | 0.00 | -0.00 | 0.00 | -0.04 | -0.04 |
Days Since Change | 98 | 107 | 102 | 288 | 288 |
12-Month High | 0.11% | 0.02% | 0.04% | 4.00% | 3.90% |
12-Month Low | 0.02% | 0.01% | 0.01% | 3.75% | 3.65% |
Changes per month | 0.33 | 0.33 | 0.25 | 0.16 | 0.16 |
Steadiness | 0.894 | 0.354 | 0.388 | 0.020 | 0.020 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 364-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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More Comparisons
Compare Bank of America's APY of 0.04% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.00% | $0 |
| Bank of America vs American Express | 3.00% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.65% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.40% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $100 |
| Bank of America vs Openbank | 3.80% | $500 |
| Bank of America vs Pibank | 4.10% | $0 |
| Bank of America vs SoFi Bank | 4.00% | $0 |
| Bank of America vs Synchrony Bank | 3.30% | $0 |
| Bank of America vs Varo Bank | 3.75% | $0 |
| Bank of America vs Wealthfront | 3.95% | $0 |