CIT Bank vs. Openbank
Openbank edges out CIT Bank slightly at 3.80% vs 3.75% APY. On a $10,000 balance, the difference is just $5 per year, so other factors may matter more.
The Bottom Line
The CIT Bank and Openbank savings accounts are very similar. Choose CIT Bank if you want Zelle for quick transfers.
| Metric | CIT BankPlatinum Savings Sep 11, 2026 | OpenbankHigh-Yield Savings Account Sep 11, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 3.80% |
Earns in a year | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$190 $10,000+$380 $25,000+$950 |
Min. Deposit | $100 | $500 |
Snapshot view. Rates subject to change. | ||
Terms | 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 InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingStable Rate | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppStable 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.
Executive Summary
Openbank offers a High-Yield Savings Account with an APY of 3.80%, making it the highest-yielding option compared to CIT Bank's Platinum Savings account, which has an APY of 3.75% for balances of $5,000 or more. While CIT Bank also provides a Savings Connect account with a slightly lower APY of 3.65%, Openbank's account requires a minimum deposit of $50,000. Both banks are online-only and have no maintenance fees. CIT Bank boasts a better mobile app experience, with higher ratings for both iOS and Android apps.
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 rated Android app (4.7 vs 4.4)
- Offers 2 different high-yield savings options
- Fast transfers via Zelle®
Why Openbank?
No distinct advantages found vs CIT Bank.
Key Feature Differences
Better Mobile App Experience
CIT BankCIT Bank offers an iOS app rated 4.8 (vs. 4.7) and Android app rated 4.7 (vs. 4.4)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $5 more interest on a $10,000 balance than CIT Bank's Platinum 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
CIT Bank vs. Openbank Savings Calculator
You earn $5 more with Openbank than CIT Bank 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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$380.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,380.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still at a large branch bank?
A typical branch-bank savings rate is 0.05% APY. On a $10,000 balance, the gap to these two banks is at least $370 a year in interest.
Both CIT Bank and Openbank advertise far more than that typical branch-bank rate.
| Feature | CIT Bank | Openbank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Observed: 9/11/2026 Stable over 90 days | 3.80% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Platinum Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $500 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | Not reported |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Not Supported |
| BBB Rating | A+ | Not Rated |
| Important Notes | 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 CIT Bank Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | Openbank | |
|---|---|---|---|
| Platinum Savings | Savings Connect | High-Yield Savings Account | |
Current APY | 3.75% | 3.65% | 3.80% |
Trend | Stable | Stable | Stable |
Speed of change | -0.03 | -0.03 | -0.02 |
Days Since Change | 295 | 295 | 100 |
12-Month High | 4.00% | 3.90% | 4.20% |
12-Month Low | 3.75% | 3.65% | 3.80% |
Changes per month | 0.16 | 0.16 | 0.25 |
Steadiness | 0.017 | 0.018 | 0.013 |
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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High Rates (With Checking Bundle)
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