Ally Bank vs CIT Bank: Which Is Better?

Ally Bank offers high interest rates on their savings as well as offering interest on their checking and CD account options.

There’s no minimum deposits or service fees on their banking products.

While CIT Bank offers accounts for savings and multiple CDs, including a no-penalty CD.

There are no monthly service fees, but both the savings and money market requires a $100 minimum deposit while term CDs require a $1,000 minimum.

Continue reading below to see a side-by-side comparison between the two banks, so you can see which one offers the services you need the most

	Ally Bank	CIT Bank
Locations	Online-only bank	Online-only bank
ATMs	Over 43,000 no-fee Allpoint ATMs
Savings	3/5	4.5/5
CD	3.5/5
Checking	4.5/5	4.5/5
Money Market	3.5/5	5/5
Customer Service	5/5	4/5
Mobile App	4.5/5	4.5/5
Pros	-Extended banking hours -Low requirements to waive monthly fees -No foreign transaction fees	-High yield -No monthly service fees -Low opening deposits
Cons	-No free checking -Low APY	-No physical locations -No check writing
Bottom Line	Ally Bank is an online only based banking that offers full service with the most competitive rates.	CIT Bank is a good online bank that offers a good eChecking account and savings options.

CIT Bank Promotions

CIT Bank Savings BuilderCIT Bank Money MarketCIT Bank CDCIT Bank No-Penalty CD

With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured Apply Now at CIT Bank

Learn more about CIT Bank Savings Builder from CIT Bank. Our full list of CIT Bank bonuses here.

With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily. • Earn 1.55% APY on your funds • One of the nation's top rates — several times the national average. • Get up to 6 digital transfers/withdrawals per statement cycle • Save smart and get more for your money • Higher rates than traditional banks • Get 24/7 Account Access • Secure banking features • Open with as little as $100 • FDIC insured Apply Now at CIT Bank

Learn more about CIT Bank Money Market from CIT Bank. Our full list of CIT Bank bonuses here.

• Available online nationwide • Earn 3.50% APY on a 13-Month CD Term • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! Apply Now at CIT Bank

Learn more about CIT Bank CD from CIT Bank. Our full list of CIT Bank bonuses here.

With the CIT Bank No-Penalty 11-Month CD: • Earn 2.75% APY on your funds with just a $1,000 minimum deposit. • The perfect balance between a great fixed rate and flexible money access. • Access funds, if needed. No penalty. • No opening or maintenance fees • Shorter 11-month timeframe and a great APY • If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them. Sign Up at CIT Bank

Learn more about CIT Bank No-Penalty CD from CIT Bank. Our full list of CIT Bank bonuses here.

Ally Bank Promotions

Open an Ally Invest account to enjoy all these benefits: • Earn up to $3,000 cash bonus with deposit amount requirement • Free Trades for 90 days (up to $500 in value) when you open a new Ally Invest Securities Individual, Joint or Retirement account. • 500+ commission-free ETFs • $4.95 per equity trade with no opening minimum & option trades 50¢ per contract • $3.95 per equity trade for high-balance/high-volume traders & option trades 50¢ per contract • LIVE Trading Platform & Mobile App: Stay on top of the market with live news/streaming quotes available across multiple devices the mobile app. • Get a wide variety of investment products built with the do-it-yourself investor in mind PLUS in-depth research & market analysis tools to support all types of investment strategies Apply Now at Ally Invest

Compare to Other Banks

• Ally Bank vs Bank of America
• Ally Bank vs Wealthfront
• Ally Bank vs Capital One
• Ally Bank vs Marcus by Goldman Sachs
• Ally Bank vs Axos Bank
• Ally Bank vs CIT Bank
• TD Bank vs Ally Bank

Bottom Line

Which Bank is Better: Ally Bank or CIT Bank?

In summary:

• Ally Bank offers good interest rates and no account minimum or service fees.
• CIT Bank’s money market account is outstanding. They offer high rates without the balance requirements, so this is a good choice if you aren’t able to commit saving a certain amount each month.

For more variety of options, see our list of the best bank account bonuses & savings account offers.

Chase Coupon Promo Codes: $100, $200, $300, $625, $1000, $2000 Checking Bonuses (September, 2022)

Huntington Bank Promotions for September 2022: $100, $300, $400, $750 Checking Bonuses

U.S. Bank Promotions for September 2022: $300, $400, $500 Personal Checking & Business Bonuses

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