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.
While 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.
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.
 |
 |
|
| CIT Bank | Ally Bank | |
| Locations | Online-only bank | 1300 locations along the east cost (Locator) |
| ATMs | 1,300 ATMs throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida | |
| Savings | 4.5/5 | 3/5 |
| CD | 3.5/5 | |
| Checking | 4.5/5 | 4.5/5 |
| Money Market | 5/5 | 3.5/5 |
| Customer Service | 4/5 | 5/5 |
| Mobile App | 4.5/5 | 4.5/5 |
| Pros | -High yield -No monthly service fees -Low opening deposits |
-Extended banking hours -Low requirements to waive monthly fees -No foreign transaction fees |
| Cons | -No physical locations -Check writing not available |
-No free checking -Low APY -Only on East Coast |
| Bottom Line | CIT Bank is a good online bank that offers a good eChecking account and savings options.| | Ally Bank is an online only based banking that offers full service with the most competitive rates. |
CIT Bank Promotions
Ally Bank Promotions
Compare to Other Banks
- CIT Bank vs US Bank
- CIT Bank vs Wells Fargo
- CIT Bank vs KeyBank
- CIT Bank vs Regions Bank
- Ally Bank vs CIT Bank
- Chase vs CIT Bank
- Synchrony Bank vs CIT Bank
- 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
- Ally Bank vs Discover Bank
- TD Bank vs Ally Bank
 |
 |
Bottom Line
Which Bank is Better: CIT Bank or Ally Bank?
In summary:
- 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.
- Ally Bank offers good interest rates and no account minimum or service fees.
For other banking options, see our list of the best bank account bonuses & savings account offers.
More on CIT Bank:
- What Are CIT Bank’s Hours?
- CIT Bank Routing Number
- How to Open CIT Bank Account
- Why CIT Bank is Trustworthy
- How To Use and Find Your CIT Bank Login
More on Ally Bank:
- How To Open an Ally Bank Account
- What Are Ally Bank’s Hours?
- How To Find and Use Your Ally Bank Login
- Ally Bank Routing Number
Leave a Reply