CIT Bank vs. Varo Bank
CIT Bank and Varo Bank both offer 3.75% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
Who pays more interest on $10,000? CIT Bank pays $138 more than Varo Bank annually ($375 vs $237).
The CIT Bank and Varo Bank savings accounts are very similar. Choose CIT Bank if getting the best rate matters most, or you want a no-strings-attached account.
Important Considerations
Varo Bank's High-Yield Savings Account pays its top rate only if you also open a checking account with Varo Bank, while CIT Bank's Platinum Savings stands alone.
| Metric | CIT BankPlatinum Savings Sep 5, 2026 | Varo BankHigh-Yield Savings Account Sep 5, 2026 |
|---|---|---|
| APY | 0.25% - 3.75% | 1.00% - 3.75% |
Earns in a year | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$187 $10,000+$237 $25,000+$387 |
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. | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. |
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingStable Rate | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
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
CIT Bank and Varo Bank both offer competitive high-yield savings accounts with an APY of 3.75%. CIT Bank's Platinum Savings account requires a minimum balance of $5,000 to earn this rate, while Varo Bank's High-Yield Savings Account provides the same APY on balances up to $5,000, with a lower rate for higher amounts. However, Varo Bank requires a linked bank account and direct deposit to qualify for the higher APY. For those seeking simplicity without additional requirements, CIT Bank's Savings Connect offers a slightly lower APY of 3.65% without any bundling or direct deposit needs. Both banks are online-only and nationally available.
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
- Offers 2 different high-yield savings options
Why Varo Bank?
No distinct advantages found vs CIT Bank.
Key Feature Differences
Better Returns at $10,000
CIT BankCIT Bank's Platinum Savings earns more on smaller deposits (approx. $375 vs $237/yr).
Better Returns at $25,000
CIT BankCIT Bank's Platinum Savings pulls ahead with larger amounts (approx. $938 vs $387/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 $138 more interest on a $10,000 balance than Varo Bank's High-Yield Savings Account.
*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. Varo Bank Savings Calculator
You earn $137.5 more with CIT Bank than Varo 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
Varo Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
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 $232 a year in interest.
Both CIT Bank and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | CIT Bank | Varo Bank |
|---|---|---|
| APY | 3.75% Range: 0.25% - 3.75% Observed: 9/5/2026 Stable over 90 days | 3.75% Range: 1.00% - 3.75% Observed: 9/5/2026 1.25%90-day change |
| Product Name | Platinum Savings | High-Yield Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $5,000 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 1 (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 Requires history of qualifying direct deposits. |
| 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. | Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required. |
| Next Steps | Visit SiteVerify at CIT Bank Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | CIT Bank | Varo Bank | |
|---|---|---|---|
| Platinum Savings | Savings Connect | High-Yield Savings Account | |
Current APY | 3.75% | 3.65% | 3.75% |
Trend | Stable | Stable | Stable |
Speed of change | -0.04 | -0.04 | -0.07 |
Days Since Change | 289 | 289 | 65 |
12-Month High | 4.00% | 3.90% | 5.00% |
12-Month Low | 3.75% | 3.65% | 3.75% |
Changes per month | 0.17 | 0.17 | 0.08 |
Steadiness | 0.019 | 0.020 | 0.038 |
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 362-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.
Compare Similar Alternatives
Compare CIT Bank vs...
Comparing against Standard Savings
Compare Varo Bank vs...
Comparing against other Bundled Accounts