If you’re looking for bank accounts with higher earning potential, CIT Bank may be a great option. The combination of competitive rates and low minimum opening deposits makes CIT an attractive option for online banking.
If having access to live help at a local bank branch is desired, CIT Bank isn’t the right choice for you. Sometimes banking in person provides a better experience than sending messages or waiting on the phone for customer service help. However, not having brick-and-mortar locations allows CIT to save money on overhead costs, which is how they can offer the competitive rates they do.
Its money market account is not competitive with the best money market accounts, some of which earn 4.00% APY or more. CIT’s long-term CD rates also aren’t as competitive as their other account options. You may be able to find CDs that earn higher interest rates.
The CIT Platinum Savings account is a good option if you’re looking for somewhere to park a deposit of at least $5,000. Its 5.00% APY is competitive with some of the best high-yield savings accounts.
CIT Bank vs. Ally
CIT Bank and Ally Bank are both online-only banks without physical branches. Both banks offer interest-earning checking accounts with free debit cards. CIT Bank eChecking is a checkless checking account, while Ally offers check-writing privileges.
Ally customers have access to over 43,000 fee-free ATMs through the Allpoint ATM network. CIT Bank, on the other hand, has no ATM network but offers up to $30 in reimbursem*nts each month for ATM fees charged by other banks.
Neither bank charges overdraft fees, although Ally also provides additional overdraft coverage, which automatically transfers funds from another account as added protection against overspending. Both banks offer high-yield interest rates on savings accounts without charging monthly service fees.
Both of CIT Bank’s savings accounts require a minimum opening deposit. Ally Bank Savings Account has no minimum deposit requirement. Customers must keep a minimum balance of $25,000 or have $100 in deposits each month to earn the highest interest rate tier with CIT Bank’s Savings Builder accounts. Both banks offer savings accounts that don’t require jumping through hoops to earn competitive rates.
CIT Bank and Ally both offer money market accounts and several CD options for additional ways to maximize your savings. CIT’s products and services are mostly limited to bank accounts and home loans, while Ally is a full-service online bank offering customers credit cards, various lending products and investment and retirement solutions.
CIT Bank vs. Marcus
Marcus by Goldman Sachs is home to full-service online banking, while CIT Bank offers banking services and mortgage loans. The one account option missing with Marcus is a checking account, which CIT offers.
Both banks offer high-yield savings accounts with competitive rates and no monthly fees. Marcus online savings accounts have no minimum deposit requirement, while CIT’s savings accounts all require an initial minimum deposit to open.
Both banks offer high-yield CD options, although the Marcus by Goldman Sachs High-Yield Certificates of Deposit offer higher rates across the board. CIT Bank’s CD rates are high for short-term CDs but drop drastically for terms beyond six months. CIT Bank requires a $1,000 minimum deposit to open a CD, while Marcus only requires a $500 deposit.
CIT Bank vs. Synchrony
CIT Bank and Synchrony Bank are home to competitive online savings accounts, money market accounts and CDs. Synchrony imposes no deposit requirements on any of its savings products, while CIT requires a minimum deposit to open any account. Synchrony also offers several consumer credit card options but no online checking account.
CIT Bank CDs offer high rates on short-term CDs but considerably lower rates than Synchrony Bank on long-term CDs. Both banks offer no-penalty CDs, which allow you to withdraw funds before the maturity date without paying a penalty fee.
CIT Bank vs. Citizens Bank
While CIT Bank is online only, Citizens Bank has 1,100 branches in 14 states in the New England, mid-Atlantic and Midwest regions. So, if you want to bank in person, you might consider Citizens Bank.
CIT Bank generally offers far better savings rates than Citizens Bank, in addition to more account options. The One Deposit™ Savings from Citizens account only pays 0.01% APY, and the bank does not have a high-yield savings account. The Citizens Bank Personal Money Market Account account also pays just 0.01% APY on all balances.
Citizens Bank offers two online CD terms—eight months and 14 months—with a $1,000 or $25,000 minimum deposit requirement, while CIT Bank offers standard terms ranging from six months to five years as well as a no-penalty CD. Citizens Bank CD rates are competitive, but the eight-month CD requires the higher minimum opening deposit. Citizens Bank does provide more CD options when you visit a branch to open, but terms and rates may vary by location.
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