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.
Whereas, Regions Bank is located in 15 states in the South and Midwest with 1,500 branches. You can open a checking and savings account with as little as $50, plus they have lower requirements to waive fees.
To add on, the Now Banking solution offers prepaid Visa savings, and check cashing services with no account required.
See our table below for a side-by-side comparison between the two banks.
|CIT Bank Money Market||0.60% APY||Review|
|CIT Bank Savings Builder||0.55% APY||Review|
|CIT Bank CDs||Up to 0.50% APY CD||Review|
|CIT Bank No Penalty CD||0.35% APY||Review|
|CIT Bank||Regions Bank|
|Locations||Online-only bank||More than 1500 branches in 15 Southern and Midwestern US states.
|ATMs||More than 4,700 ATMs|
-No monthly service fees
-Low opening deposits
|-Virtual Wallet tools
-Relatively easy to waive fees
-Free student account
|Cons||-No physical locations
-No check writing
|-$50 to open checking account
-Relationship Rewards Program
-LifeGreen Savings annual bonus
|Bottom Line||CIT Bank is a good online bank that offers a good eChecking account and savings options.||Regions Bank offers a variety of deposit products, special reward programs, and more!|
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 0.55% 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 0.60% 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 0.35% 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 0.35% 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.
Compare to Other Banks
- CIT Bank vs US Bank
- CIT Bank vs Ally Bank
- CIT Bank vs Wells Fargo
- CIT Bank vs KeyBank
- Ally Bank vs CIT Bank
- Chase vs CIT Bank
- Synchrony Bank vs CIT Bank
Which Bank is Better: CIT Bank or Regions 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.
- Regions Bank’s CDs and savings account are another great way to save, but their rates may not be the best.
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 Regions Bank: