Table Of Content
When CIT Bank Wins?
CIT Bank is in line with a conventional high street bank as it has multiple savings accounts, an eChecking account, CDs, mortgages, and home loans.
The only obvious gaps in the product line are a lack of a credit card option or personal loans.
CIT Bank can be a better choice than American Express if:
You want to have a savings account, checking account, and mortgage with the same bank.
You have the $1,000 minimum deposit and want a shorter term CD
You’re happy to link your checking account to obtain better savings rates
When American Express Bank Wins?
American Express began as a credit card company, but in recent years, it has developed a more complete banking product line.
In addition to its numerous credit card options, you can access savings accounts and personal loans. However, if you want a full service bank, American Express does lack a checking account or mortgage options.
American Express can be a better choice than CIT Bank if:
You are looking for good savings rates
You want access to far more credit card options to better tailor your choice to your spending preferences.
You want incentives for taking on a longer term CD
You have an Amex credit card
CIT Bank | American Express | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
CIT Bank has a few saving account options. Savings Connect is a two-tier account, with a higher rate – Up to 4.10% APY. The other savings account option is Savings Builder which offers lower rate.
On the other hand, American Express has a high yield savings account with up to 9 withdrawals per month. Other than that there are no requirements or minimum deposits. Yet, you can earn 3.70%, as of April 2025.
This means that you don’t need to link any accounts or maintain a particular balance to earn similar rates to CIT Bank. You'll need to compare based on your own preferences to understand what's the right savings plan for your needs.
CIT Bank | American Express | |
|---|---|---|
APY | Up to 4.10% | 3.70% |
Fees | $0 | $0 |
Minimum Deposit | $100 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
CIT Bank offers an eChecking account with interest rates ranging from 0.10% to 0.25%.
The account is nearly fee-free, with charges only for returned items, stopped payments, or wire transfers. It also provides up to $30 in ATM fee reimbursements for out-of-network withdrawals.
American Express recently launched its checking account, featuring a competitive APY, no fees, and no minimum deposit requirements.
If you’re a Membership Rewards cardholder, your checking account links seamlessly to your rewards.
While debit card rewards are modest, you can combine points across all Amex products and transfer them to travel partners for maximum value.
CIT Bank | American Express | |
|---|---|---|
APY | 0.10% – 0.25% | 1.00% |
Fees | $0 | $0 |
Minimum Deposit | $100 | $0 |
Main Benefits |
|
|
Compare CDs
Amex has lower minimum deposit, but CIT rates are a bit higher than what you can get with American Express. Here's a comparison:
American Express | CIT Bank | |
|---|---|---|
Minimum Deposit | $0 | $1,000 |
APY Range | Up to 4.00% | 0.30% – 3.50% |
APY 6 months | / | 3.00% |
APY 12 months | 3.85% | 3.50% (13 months) |
APY 24 months | 4.00% | 3.00% (18 months) |
APY 36 months | 3.60% | 0.40% |
No Penalty CD | 11 months, 3.50%
APY |
Mortgage Options
CIT Bank offers various mortgage deals, with fixed rate mortgages for up to 30 year terms, and portfolio interest only loans. Qualified borrowers may also secure a 30 year fixed rate interest only loan.
However, a nice touch is that CIT offers customers cash back when you close on a new home loan. You can receive up to $525 in cash back, and there are also relationship discounts of up to 0.20%.
However, American Express does not currently offer mortgage products.
Loan Options
In this area of comparison, the reverse is true. While CIT Bank does not offer personal loans, American Express offers personal loans of up to $40,000 for eligible Card Members.
These loans have fixed interest rates and have no prepayment penalties or origination fees. The application process is quick and you will receive a decision within seconds.
Credit Cards
American Express established its reputation as a credit card provider, so as you would expect the bank still offers an impressive choice of Amex card options.
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On the other hand, CIT Bank does not currently have a credit card option.
Customer Service
CIT Bank allows you to access customer support online or using its 24 hour automated telephone banking system. However, if you do want to speak to a customer service agent, the lines are only open 9 am to 9 pm Monday to Friday and 10 am to 6 pm on Saturdays.
American Express offers 24/7 customer support online or on the phone, so if you have a query or need help, you can easily access the customer service team.
However, the ratings on the consumer review platforms are more of a mixed bag. While CIT Bank has a great 3.8 out of 5 rating on Trustpilot, American Express has a 1.7 out of 5 rating.
Online/Digital Experience
Both CIT Bank and American Express have apps to enhance the customer’s digital experience. CIT’s app is rated 4.6/5 for Apple and 4.2/5 for Google. The AMEX app is available for iOS and Android with a rating of 4.9/5 and 4.2/5 respectively on the Apple Store and Google Play.
Both apps allow you more control over your account, with 24/7 access to manage your transactions, make transfers, lock your card and receive notifications.
The bank’s websites are helpful and enhance the customer’s digital experience. You can browse the available products and compare options, if you’re unsure which is the best choice for you.
Which Bank is The Winner?
With both banks offering similar products, we need to look a little more closely at which bank is better.
While CIT Bank lacks a credit card option, it does have a decent eChecking account, mortgages, and home loans. However, American Express has personal loans and an impressive choice of credit card options.
FAQs
How's American Express National Bank bonus promotion?
American expresss promotions are a but limited when it comes to banking promotions. However, there are many credit cards promotions available as well as very competitive rates on both savingsa and checking accounts.
Does CIT Bank offers a promotion?
As of April 2025, CIT Bank doesn't give new clients a bonus for opening a checking or savings account. If you're looking to get a bank promotion, check out our best banking bonus and promotions guide.
How's CIT Bank performs during a recession?
CIT Bank has a history dating back to 1908, but it has a checkered past when it comes to adverse economic times. During the 2007/2008 financial crisis, CIT Bank struggled. Despite receiving $2.3 billion in federal bail out funds, the company struggled to stay afloat. In fact, in 2009, the bank filed for bankruptcy. It took until 2017 for the bank to come out of the other side of Chapter 11.
The bank has now streamlined its product line and today has holdings of approximately $50 billion. So, it should be ready to handle the situation if we do slip into a recession.
Can you buy gold products via CIT Bank ?
CIT Bank does not offer investment products, including gold stock and other gold products. So, if you are looking for a bank that offers day to day banking facilities and investments, CIT Bank is not likely to be the best option for you.
You may be better suited to another bank or use CIT along with a third party investment platform.
How can I open American Express checking account?
Unfortunately, American express doesn't offer checking accounts at this moment. The main advantage is their savings account, since its rate is one of the highest in the market.
What's the best American Express credit card?
American Express offers a lot of options when it comes to credit cards. If you're looking for a travel rewards, the Platinum and the Gold cards can be a good option.
If you're not a big spender you can apply for the Everyday or the Blue Cash Preferred card, both provide nice rewards for the average customer.
CIT Bank vs American Express: Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked at CIT Bank and American Express in five main areas:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare American Express Bank
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
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