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|
-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
-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
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 0.70% 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
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 0.85% 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
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $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!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 1.40% 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.
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 65¢ 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
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
Which Bank is Better: CIT Bank or Ally Bank?
- 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.
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