CIT Bank vs. SoFi Bank
CIT Bank's Platinum Savings pays 3.75% APY while SoFi Bank's SoFi Savings pays 4.00% APY.
Note: SoFi Bank's SoFi Savings also needs 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 $20 more than SoFi Bank annually ($375 vs $355).
Choose CIT Bank if getting the best rate matters most, you want a no-strings-attached account, or you're an Android user.
Important Considerations
SoFi Bank's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while CIT Bank's Platinum Savings stands alone.
| Metric | CIT BankPlatinum Savings Sep 4, 2026 | SoFi BankSoFi Savings Sep 4, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 3.10% - 4.00% |
Earns in a year | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$178 $10,000+$355 $25,000+$888 |
Min. Deposit | $100 | $0 |
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. | Limited offer: The stated APY includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with an interest-bearing checking account. |
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingStable Rate | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Prefer In-Person Banking?
Both of these institutions are online-only. If you need in-branch access, check out our list of savings accounts with brick-and-mortar locations.
Executive Summary
CIT Bank's Platinum Savings account offers a competitive APY of 3.75%, requiring a minimum balance of $5,000 to earn this rate, while lower balances yield only 0.25%. This account is online-only and does not require direct deposit. In comparison, SoFi Bank's savings account provides a slightly higher promotional APY of 3.80% for the first six months, contingent on maintaining eligible direct deposits or $5,000 in qualifying deposits every 31 days. However, after this period, the rate drops to 3.10%. SoFi's account also requires a direct deposit and comes bundled with a checking account. Overall, CIT Bank's Platinum Savings is the better choice for those looking for a straightforward savings option without direct deposit requirements.
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?
- No checking account or direct deposit required
- Higher rated Android app (4.7 vs 3.8)
- Offers 2 different high-yield savings options
Why SoFi Bank?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Higher potential APY (4.00% vs 3.65%-3.75%) for a duration of 6 months (requires checking bundle & direct deposit)
Key Feature Differences
Better Returns at $10,000
CIT BankCIT Bank's Platinum Savings earns more on smaller deposits (approx. $375 vs $355/yr).
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $888/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 $20 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet CIT Bank's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
CIT Bank vs. SoFi Bank Savings Calculator
You earn $20.1 more with CIT Bank than SoFi 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
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$354.90(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,354.90
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 $350 a year in interest.
Both CIT Bank and SoFi Bank advertise far more than that typical branch-bank rate.
| Feature | CIT Bank | SoFi Bank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Observed: 9/4/2026 Stable over 90 days | 4.00% Range: 3.10% - 4.00% Observed: 9/4/2026 0.20%90-day change |
| Product Name | Platinum Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 4 (CA, UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Supported for eChecking users post-First Citizens merger. | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| 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. | Limited offer: The stated APY includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with an interest-bearing checking account. |
| Next Steps | Visit SiteVerify at CIT Bank Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | SoFi Bank | |
|---|---|---|---|
| Platinum Savings | Savings Connect | SoFi Savings | |
Current APY | 3.75% | 3.65% | 4.00% |
Trend | Stable | Stable | Stable |
Speed of change | -0.04 | -0.04 | -0.08 |
Days Since Change | 288 | 288 | 0 |
12-Month High | 4.00% | 3.90% | 4.50% |
12-Month Low | 3.75% | 3.65% | 3.80% |
Changes per month | 0.16 | 0.16 | 0.41 |
Steadiness | 0.020 | 0.020 | 0.051 |
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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