Sofi vs CiT bank for savings account?
Hi, I am trying to open a new high yield savings account for my emergency fund. I’ve been doing a lot of research but can’t make up my mind.
On paper, CIT bank seems great. Great APY (4.10% for 6 months then down to 3.75%), it’s fdic insured. But they’re ranked at 4th across different rating sites.
Sofi on the other hand seems to have a lower 3.30% APY (I don’t want to pay a subscription fee for the extra 0.70% APY boost for 6months), but consistently ranked as the best high yield savings account across different websites.
What am I missing? Is Sofi the better option? If so, what makes it a better option?
If all else fails, I don’t mind putting my money in my Ally savings account (currently used for travel savings account, APY 3.10%), and use their bucket system to separate emergency fund vs travel. But I was hoping for a better return.
Thank you in advance for your help!