Key Points
- Standard savings accounts at Chase, Bank of America and Wells Fargo pay 0.01% APY, and the FDIC national average is 0.38%.²
- CIT Bank Platinum Savings pays 4.35% APY on balances of $5,000 or more for six months with promo code BOOST60.*
- Each percentage point of APY is worth $1,000 a year on a $100,000 balance, so the rate gap adds up fast on large cash balances.
The three biggest banks in the country pay almost nothing on savings. A standard savings account at Chase, Bank of America or Wells Fargo earns 0.01% APY, which works out to $10 a year on $100,000. None of the three make our list of the best high-yield savings accounts for that reason.
In this article, we are partnering with CIT Bank to compare big-bank savings rates with its Platinum Savings promotion. CIT is paying 4.35% APY on balances of $5,000 or more for six months when you enroll with promo code BOOST60.* Our CIT Bank Platinum Savings review covers the account’s fees, features and transfer options.
Check out CIT Bank Platinum Savings here >>
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How Much Do Chase, Bank Of America And Wells Fargo Pay On Savings?
Chase Savings, Bank of America Advantage Savings and Wells Fargo Way2Save each pay a standard 0.01% APY. Those figures come from Bankrate’s published rates for Chase, Bank of America and Wells Fargo.
That rate is 1/38th of the FDIC national average, which already trails the top high-yield savings rates by a wide margin.²
Relationship pricing adds very little. Bank of America’s highest Advantage Savings tiers pay 0.04% APY, and Chase’s Premier relationship rate is 0.02%, according to Bankrate. Both require large combined balances or a premium checking account, while our CIT Bank review shows CIT’s top Platinum Savings tier only requires a $5,000 balance.¹
Big-bank savings accounts can also charge monthly fees. Wells Fargo charges $5 per fee period on Way2Save unless you meet a waiver such as a $300 minimum daily balance. Bank of America charges $8 a month on Advantage Savings unless you keep $500 in the account or qualify another way. Platinum Savings has no monthly service fee, as our Platinum Savings review notes.
What’s The Gap Between A Big Bank And CIT’s Promo?
The gap is more than four percentage points. Big-bank standard savings pays 0.01% APY, and CIT’s promo pays 4.35% APY on balances of $5,000 or more.* Even the FDIC’s 0.38% national average is less than a tenth of the promo rate.² We track how this offer stacks up against other top savings accounts as rates change.
The promo sits on top of CIT’s standard 3.75% APY for balances of $5,000 or more.¹ Promo code BOOST60 adds 0.60% for six months, and the promotion terms say the boost moves with the standard rate if CIT changes it.* That structure matters because Platinum Savings rates are variable and can change at any time.¹
The Federal Reserve held its benchmark rate at 3.75% to 4% on October 28, 2026, after raising it in September. Standard savings at the three biggest banks still pays 0.01% APY through both moves. Online banks on our list of the best high-yield savings accounts are where higher Fed rates show up for savers.
How Much Does $50,000 To $250,000 Earn At A Big Bank?
A $100,000 balance earns about $10 a year at 0.01% APY. The table below shows a year of interest at big-bank rates and at the FDIC national average. The last column shows what each percentage point of APY is worth, so you can size up any savings rate you’re comparing on your own balance.
| Balance | 0.01% APY (Big-bank Standard) | 0.04% APY (Top BofA Tier) | 0.38% APY (FDIC Average) | Each 1 Point Of APY |
|---|---|---|---|---|
| $50,000 | $5 | $20 | $190 | $500 |
| $100,000 | $10 | $40 | $380 | $1,000 |
| $250,000 | $25 | $100 | $950 | $2,500 |
To estimate what a move is worth, multiply the last column by the gap between your current rate and the rate you’re moving to. Because Platinum Savings is variable, run that number with CIT’s current Platinum Savings rate on the day you open the account.¹
Large balances also raise the question of insurance limits. A $250,000 balance sits right at the FDIC limit for one depositor in one ownership category, which is worth checking before you move it. Our CIT Bank review explains how CIT fits inside First Citizens Bank for insurance purposes.
Is Your Money Safe At CIT Bank?
Yes. CIT Bank deposits are FDIC insured up to $250,000 per depositor for each account ownership category. CIT is a division of First-Citizens Bank & Trust Company, so deposits at First Citizens and its other divisions count toward the same limit. Joint accounts and other ownership categories can raise your total coverage, which matters for savers spreading big balances across banks or credit unions.
How Do You Move Cash From A Big Bank To CIT?
You open Platinum Savings online. Use these steps to get the promo rate, and check our CIT promo deadline coverage for timing.
- Apply for Platinum Savings online with at least $100 and enter promo code BOOST60 during the application.*
- Fund the account by electronic transfer from your Chase, Bank of America or Wells Fargo account, by check or by wire.
- Keep at least $5,000 in the account, since smaller balances earn the 0.25% APY tier.¹
The promotion ends December 15, 2026, and customers who enroll before then keep the boost for six months.* After that, the account earns CIT’s standard APY. CIT can also end the promotion at any time without notice, so enrolling early is the safer play.*
Who Should Keep Money At A Big Bank?
Most people should keep enough in big-bank checking to cover bills and avoid fees. Some customers also keep balances at Bank of America or Chase to qualify for relationship perks, such as the fee waivers Bank of America lists for its higher Rewards tiers. Anything beyond that is cash that could be earning more, and our list of bank account bonus offers shows other ways banks compete for those deposits.
If you’re ready, open a CIT Bank Platinum Savings Account here >>
Frequently Asked Questions
Do Chase, Bank Of America Or Wells Fargo Offer High-Yield Savings?
Their standard savings accounts pay 0.01% APY, according to Bankrate. Relationship tiers add a few hundredths of a point at most. Online banks on our high-yield savings list pay far more.
How Long Does The CIT Bank Platinum Savings Promo Last?
The boost lasts six months from enrollment.* You need to enroll by December 15, 2026, and CIT can end the promotion earlier without notice. Our promo deadline coverage has the latest dates.
Will CIT’s 4.35% Rate Change?
It can. Platinum Savings rates are variable, and the promotion terms say the boost moves with the standard APY if CIT changes it.¹ Our Platinum Savings review tracks the current rate.
Disclosures
For complete list of account details and fees, see our Personal Account disclosures.
¹Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
²Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 21, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.60% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on November 3, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a “New Customer”) or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, Boost60. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost60.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost60.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost60.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a cash bonus promotion in the past 6 months.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.