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
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| 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
Learn more about CIT Bank Savings Builder from CIT Bank. Our full list of CIT Bank bonuses here.
Learn more about CIT Bank Money Market from CIT Bank. Our full list of CIT Bank bonuses here.
Learn more about CIT Bank CD from CIT Bank. Our full list of CIT Bank bonuses here.
Learn more about CIT Bank No-Penalty CD from CIT Bank. Our full list of CIT Bank bonuses here.
Ally Bank Promotions
Learn more about Ally Bank Online Savings here. Our full list of Ally Bank Promotions here.
Learn more about Ally Invest here from Axos Bank. Our full list of Ally Invest Promotions here.
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
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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.
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