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|
|Pros||-Extended banking hours
-Low requirements to waive monthly fees
-No foreign transaction fees
-No monthly service fees
-Low opening deposits
|Cons||-No free checking
|-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
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
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
• Available online nationwide
• Earn up to 4.65% 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 4.15% 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
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
Which Bank is Better: Ally Bank or CIT Bank?
- 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.