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: 5.36%*. 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 5.00% 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

SoFi Checking and Savings APY up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. Min. to earn $0 Open Account for SoFi Checking and Savings Member FDIC.	APY up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.	Min. to earn $0
Synchrony Bank High Yield Savings APY 4.75% Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC Min. to earn $0 Open Account for Synchrony Bank High Yield Savings Member FDIC.	APY 4.75% Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC	Min. to earn $0
Capital One 360 Performance Savings APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 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 Member FDIC.	APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0

CIT Bank: Get it for more flexibility 

Let's start with the deets: The CIT Platinum Savings has a 5.00% 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.