Banking » Compare Banks » Live Oak Personal Savings vs CIT Bank Platinum Savings: Compare Side By Side
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Live Oak Personal Savings vs CIT Bank Platinum Savings: Compare Side By Side

Live Oak and CIT offer online only savings accounts with several benefits - and some requirements. Here's our full comparison
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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 5.00%
4.40%
Minimum Deposit
$100
$0
Fees
$0
$0
Promotion
None
None
CD Range
0.30% – 3.50%
2.00% – 5.00%

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 5.00%. 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

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.

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.

 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.

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.

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.

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.

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
4.25%
$0
Online Bank
4.25%
$0
Online Bank
4.35%
$0
Traditional Bank
5.21%
$0
Online Banking
4.40%
$0
Online Banking
4.25%
$0
Online Bank
4.35%
$0
Online Bank
5.00%
$100
Online Banking
4.65% The PNC High Yield Savings℠ account is only available to residents of Arizona, California, Colorado, New Mexico and Texas.
$0
Traditional Bank
4.75%
$0
Online Bank
4.50%
$100
Online Bank
3.06% – 3.10%
$0
Credit Union
4.2%
$0
Online Bank
up to 4.60%
$1,000 – $5,000
Online Bank
3.00%
$5
Credit Union

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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.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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