Live Oak and CIT Bank are two popular online banks that offer high-yield savings accounts with competitive interest rates and unique features.
In this article, we will compare Live Oak and CIT Bank savings accounts side by side to help you make an informed decision about which bank is the best fit for your saving needs.
We will analyze the key features of each account, including interest rates, fees, and account requirements to give you a comprehensive overview of these two banking options.
Compare Savings Account Rates
CIT Bank Savings | Live Oak Personal Savings | |
|---|---|---|
Savings Rate | Up to 4.35% | 4.20% |
Minimum Deposit | $100 | $0 |
Fees | $0 | $0 |
Promotion | None | None |
CD Range | 0.50% – 3.50% | 2.00% – 4.40% |
The table compares two online savings accounts from CIT Bank and Live Oak Bank. If you're looking for a high savings rate and don't mind the minimum deposit requirement, CIT Bank may be the better option. On the other hand, if you want a no-minimum account with a slightly lower interest rate, Live Oak Bank may be a better fit.
Here are some observations based on the table above:
- Savings Rate: CIT Bank Savings offers a higher interest rate of Up to 4.35%. This means that you can potentially earn more interest on your savings with CIT Bank.
- Minimum Deposit: CIT Bank requires a minimum deposit of $100 to open an account, while Live Oak Bank requires no minimum deposit. This makes Live Oak a more accessible option for people who want to start saving with a smaller initial deposit.
- Fees: Both CIT Bank and Live Oak Bank offer fee-free savings accounts, which means you won't have to worry about any monthly maintenance fees eating into your savings.
- Promotion: Neither bank currently offers any promotions for their savings accounts. However, it's worth noting that banks often run limited-time promotions, so it's a good idea to keep an eye out for any upcoming deals.
- CD Range: Both banks offer competitive CD rates, so if you're looking for an alternative to savings accounts – CDs may be a good idea.
Overall, the decision between CIT Bank Savings Connect and Live Oak Personal Savings may come down to your specific financial goals and preferences.
Compare Savings Account Features
CIT Bank Savings | Live Oak Personal Savings |
|---|---|
Highly Competitive Rate | High Transfer Limit |
Remote Check Deposit | Savings Tools |
Linked to e-Checking | Great User Interface |
- Linked to e-Checking
CIT's Savings account provides the best user experience when paired with their e-checking account, allowing you to enjoy the convenience of a checking account while earning high APY on your savings.
- Remote Check Deposit
CIT has included a remote check deposit feature in its app to make it easier for customers to deposit funds into their account, providing more convenience to manage their account on the go.
- Highly Competitive Rate
With CIT's Savings account, customers can enjoy one of the highest savings rates currently available on the market.
This rate is around 12 times higher than the national average savings rate, making it highly competitive compared to other online banks.
- High Transfer Limit
With Live Oak savings account, you can transfer up to $250,000 per day, providing you with the convenience of making large purchases without the need to spread the transfer over multiple days.
- Savings Calculators
Although Live Oak may not offer as many savings tools compared to other online banks, they do provide a useful savings calculator that allows you to determine the interest you can earn on different savings balances.
This helps you to see the potential growth of your savings fund.
- Great User Interface
Similar to CIT, Live Oak is an entirely online bank with an impressive website platform.
Additionally, the bank provides a mobile app that is available for both Android and iOS users, making it easy to manage your account using an intuitive interface for all your transactions.
Savings Calculator: Discover Your Savings Potential
Initial deposit
Monthly contribution
Period (years)
APY
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Interest earned
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Contributions
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Initial deposit
Total savings
* Make sure to adjust APY and deposit
Finding the Best Savings Account Rates
There are many options if you are looking for alternative savings accounts to Live Oak and CIT. By analyzing this data side by side, you can better understand which institutions offer the best rates and requirements to meet your individual savings needs.
Whether you prioritize high interest rates, specific banks or minimum deposit to your funds, our comparison table will provide valuable insights to help you make the best decision for your financial goals.
Bank/Institution | Savings APY | Min Deposit | Type |
|---|---|---|---|
5.00% | $0 | Online Bank | |
3.80% | $0 | Online Bank | |
3.80% | $0 | Traditional Bank | |
4.14% | $0 | Online Banking | |
3.90% | $0 | Online Banking | |
3.75%
| $0 | Online Bank | |
4.00% | $0 | Online Bank | |
4.75% | $100 | Online Banking | |
0.01% – 0.03%
The highest rates available with the Virtual Wallet with Performance Select (available only in specific regions & states)
| $0 | Traditional Bank | |
4.10% | $0 | Online Bank | |
3.85% | $100 | Online Bank | |
3.06% – 3.10% | $0 | Credit Union | |
3.80% | $0 | Online Bank | |
up to 4.00% | $1,000 – $5,000 | Online Bank | |
3.00% | $5 | Credit Union |
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Advertiser Disclosure
Compare CIT Savings
Compare CIT Bank Savings Connect and Amex Savings account rates, features, benefits, and limitations to determine which is the best for you.
CIT Bank Platinum Savings vs. American Express HYSA: Which Is Best?
Our Savings Accounts Comparison Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
