5% Savings Accounts: Is CIT or Western Alliance Better?

Interest rates on savings accounts have been creeping upward month after month, often without us even noticing. In fact, if someone had told me in January that I could earn 5% in a savings account, I would have had all my money moved there by February. Now, if you bragged about an account that earns 5%, my first response would be, "What else it got?" 

Such is the case with two pretty great savings accounts on my radar: the CIT Platinum Savings and the Western Alliance Bank High-Yield Savings Premier. Both offer APYs above 5%, and If it was all about APY, there would be a clear winner. But it's not all about APY, right? Whether you agree or not, let's take a look at which one might be better for you. 

Western Alliance Bank: Get it for APY and a low minimum

Between the two, the Western Alliance Bank High-Yield Savings Premier has the higher APY: 4.40%*. While it has a minimum opening deposit of $500, you can earn the maximum APY with a balance as little as $0.01. It has no account activity or maintenance fees, no BS, just a high APY that can help your savings grow. 

In comparison, you'll need $100 to open the CIT Platinum Savings account, plus you'll earn a 4.35% APY for balances of $5,000 or more. That's not a great offering if you have less than $5,000 right now. 

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 8, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 8, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

CIT Bank: Get it for more flexibility 

Let's start with the deets: The CIT Platinum Savings has a 4.35% APY for balances of $5,000 or more. If you don't maintain $5,000, your APY drops to a punishing 0.25%. That's right. You can either earn at a competitive rate or go back two years into the past and grow your money at a snail's pace. 

Putting aside those cons for a second, this account does have a leg up on the Western Alliance version in its flexibility. Unlike that account, you can link a CIT Bank eChecking account to your CIT Platinum Savings. This lets you move money seamlessly back and forth. So if you need money fast, you can transfer it from your CIT Platinum Savings to your eChecking, then withdraw it from an ATM or spend it with your debit card. 

The difference is important 

Now, don't get me wrong -- earning high interest is important. But don't make the mistake of thinking APY is your only consideration. If you're comfortable with a longer withdrawal process, the Western Alliance Bank High-Yield Savings Premier might be right for you. Otherwise, consider a high-yield savings account that has both high APY and more flexibility.

Of course, these aren't the only two options you have for high APYs. If you'd like to compare more accounts, take a look at our list of today's best high-yield savings accounts.