Table Of Content
When CIT Bank Wins?
CIT Bank has a banking product line that rivals high street banks. There are several saving account options, CDs, an eChecking account, home loans, and mortgages. The main gaps in this line up are a lack of personal loans and a credit card option.
CIT Bank can be a better choice than Citi one if:
You are looking for the best possible rates on your CDs
You are happy to link your checking account and savings for the best rates
You want to earn cash back on your mortgage
When Citi Bank Wins?
Citi bank has a background as a credit card company, but this doesn’t mean that it has a limited banking product line.
Citi provides access to home loans, personal loans, lines of credit, wealth management options and investments together with everyday and premium banking packages. This exemplifies Citi as a viable alternative to the conventional high street bank.
Citibank can be a better choice than CIT Bank if:
You want to have a savings account, checking account, and credit card with the same bank.
You want access to far more credit card options to better tailor your choice to your spending preferences.
You are confident that you can meet the requirements to have the account maintenance fees waived.
CIT Bank | Citi Bank | |
|---|---|---|
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 couple of savings accounts. Savings Connect has two tiers allowing access to a higher rate (4.20% APY) if you have qualifying deposits or link your checking account.
Alternatively, Savings Builder has no account fees, but you can only have six or fewer transactions during a statement period.
CIT Bank | Citi Bank | |
|---|---|---|
APY | 4.20% | 0.05% – 3.85% |
Fees | $0 | $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
|
Minimum Deposit | $100 | $0 |
Checking Needed? | No | Yes |
Main Benefits |
|
|
Checking Account
CIT Bank has an interesting eChecking account that offers low rates, depending on your balance. The account has virtually no fees, as the only charges are for returned items, wire transfers, or stopped payments. CIT also offers fee free ATM use, and you’ll even get up to $30 in fee reimbursements each month if you get a charge when using another bank’s machine.
The Citi checking account is quite a standard offering. The account does have a $12 fee, but this can be waived if you receive a qualifying deposit or make a qualified bill payment. There is also overdraft protection, which automatically transfers funds from your savings account to avoid incurring overdraft fees.
However, Citi also has account packages including everyday banking and premium banking. These add features include no foreign exchange fees and the potential to earn up to 0.03% on your checking account balance.
CIT Bank | Citi Bank | |
|---|---|---|
APY | 0.10% – 0.25% | 0.01% |
Fees | $0 | $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
|
Minimum Deposit | $100 | $0 |
Main Benefits |
|
|
CDs
This area of comparison is a little more tricky. While Citi has no minimum deposit compared to CIT Bank’s $1,000 minimum, its rates are far lower. Citi only offers the potential to earn up to 0.15%, which is the rate for its five year CD.
On the other hand, you can earn double this rate with only a one year CIT Bank CD, with the potential to earn as much as 0.50% if you commit to a longer CD.
CIT Bank | Citi Bank | |
|---|---|---|
Minimum Deposit | $1,000 | $500 – $2,500 |
APY Range | 0.30% – 4.65% | 0.05% – 4.21% |
Mortgage Options
CIT Bank has a variety of mortgage products including fixed rate with a term of up to 30 years, and portfolio interest only deals. If you’re a qualified borrower, you may also be able to secure an interest only, fixed rate 30 year loan.
CIT Bank does offer customers up to $525 in cash back when you close on your loan and relationship discounts for up to 0.20%.
Citi also has several home loan options including to purchase a home, refinance or access home equity. Citi also offers potential cash back towards your closing costs. However, you can take the $500 credit or instead enjoy special pricing with a lower interest rate.
Loan Options
This is an area where there is little comparison. Although CIT Bank does not offer personal loans, Citi has loans for up to $30,000. You can access a term of up to 60 months. Citi aims to make its personal loans accessible and quick.
The application process is simple and upon approval, a check will be mailed to you within five business days. If you sign up for Auto Deduct payments, you can qualify for a lower rate and Citi offers Thank You points if your loan is linked to an eligible checking account.
Credit Cards
This is another area where there is no comparison. Citi has a vast selection of credit cards, in categories including Rewards, Travel, Balance Transfer, Cash back, and 0% intro rate. Many cards have no annual fee, and you can earn up to 5% cash back. One of Citi’s most popular cards is Diamond Preferred, which offers 0% Intro APR for 12 months on purchases from date of account opening and 0% Intro APR for 21 months on balance transfers.
Citi also partners with some popular brands including AT&T, American Airlines, Expedia, and Costco, so you access the best rewards with your preferred brands.
Many of the cards offer welcome bonuses for new cardholders, but these often have spending minimums and time limits to qualify.
Customer Service
CIT Bank has a 24 hour automated telephone banking system or online support. If you want to speak to one of its customer service agents, you’ll need to call between 9 am and 9 pm on
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.
Citi’s customer service is a little more complicated. There are multiple phone lines to access the support team tailored to your product. For example for a credit card query, it is a different number than if you had a savings account question.
However, Citi also has a comprehensive help page. You can type in an inquiry and receive an answer, or message the customer service team via the website. You can even scan a QR code within the phone app to message the 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, Citi has a pitiful 1.4 out of 5.
Online/Digital Experience
Both CIT Bank and Citi have apps to enhance the customer’s digital experience. CIT’s app is rated 4.6/5 on Apple and 4.2/5 on Google. The Citi mobile app is rated 4.9/5 and 4.7/5 on Apple and Google. 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 also very helpful and enhance the customer’s digital experience. You can browse the products and compare options if you’re not sure 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.
If you’re looking for a more full service bank where you can have a savings account, current account, and credit card, then Citi is a better choice, since CIT Bank lacks a credit card option. However, CIT Bank does offer better CD rates if you have the minimum $1,000 deposit.
| |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 4.20% | 0.05% – 3.85%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $0 | $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
| Compare Banking |
Mobile App Rating | 4.6/5 on iOS 2.5/5 on Android | 4.9/5 on iOS 4.7/5 on Android | Various Banks
|
on CIT website |
on Citi website |
on our website |
FAQs
How's CitiBank checking account bonus promotion?
CitiBank offers checking account bonuses and sign-up bonuses on many credit cards. As of March 2023 , if you open a new Citi Personal Checking, you can get $200 – $2,000, based on your minimum deposit.
Can I get a promotion with CIT Bank?
Unfortenately, as of March 2023, there is no promotion for opening a new bank account with CIT Bank. The main benefit you can get is the high rates on its savings accounts.
Does CIT Bank work for Joint Accounts?
CIT Bank does allow co-ownership of various accounts. You will need to go through the ID verification phase for both parties in order for the names to appear on the account. Once the joint account is open, either party will be able to action requests. This is a great feature as many banks make it difficult to open a joint account, so if you are looking to combine finances with your partner, CIT Bank is certainly worthy of consideration.
What documents are required to open a CIT Bank account?
You will need to provide some personal information, such as a valid home address, your Social Security number, and contact information, as with all major banks, whether they are online or have a physical branch network.
You'll also need to show a government ID, such as a passport, driver's license, or state ID, to prove your identity.
Is CitiBank is ready for an inflationary recession?
Although Citi has a long track record, it does have a history of struggling during tough economic times. After the 2007/2008 financial crisis, Citi received a massive $517 billion federal bail out loan. It took until 2013 for the Government to sell the last of the bail out bonds from this fund.
However, today, Citi has holdings of $74 billion, so it should be prepared to weather any adverse economic times. Of course, Citi is FDIC insured, so for its customers, even if the bank starts to struggle, deposits of up to $250,000 are protected.
Is Citi worth it if I have bad credit?
Citi does have some basic accounts if you want to take control of your finances and start working on rebuilding your credit. However, one of the best products for those with bad credit is the Citi Secured Mastercard. You’ll need a security deposit of at least $200 and this refundable deposit will be used to determine your credit limit.
You can then use your card and make regular payments. Your card activity will be reported to the major credit bureaus to help start rebuilding your credit report. The card has no annual fee and account ownership provides access to your FICO score online, so you can monitor your progress.
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Citi Bank vs American Express
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?
Citi Bank vs Discover
Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.
Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Read Full Comparison: Discover vs Citi: Compare Banking Options
Citi Bank vs Chase
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
Citi Bank vs Bank of America
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Citi Bank vs Wells Fargo
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
Citi Bank vs Capital One
Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.
Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?
Citi Bank vs Barclays
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
CIT Bank vs American Express
CIT Bank is similar to a traditional high street bank in that it offers a variety of savings accounts, an eChecking account, CDs, mortgages, and home loans. The only obvious gaps in the product line are the absence of a credit card or personal loan option.
American Express began as a credit card company, but in recent years, it has expanded into a broader range of banking products. You can access savings accounts and personal loans in addition to its numerous credit card options. However, if you're looking for a full-service bank, American Express doesn't offer a checking account or mortgage options.
Read Full Comparison: CIT Bank vs American Express: Which Bank Account Is Better For You?
CIT Bank vs Marcus
CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.
Marcus provides an impressive 0.50 percent without the CIT hoops. There is no required minimum deposit or balance. You can also make same-day transfers to and from the account of up to $100,000.
Read Full Comparison: CIT Bank vs Marcus: Compare Banking Options
CIT Bank vs Capital One
CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.
Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.
Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?
CIT Bank vs Discover
The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.
While Discover's checking account does not pay interest, you can earn 1% cash back on debit card purchases. There are no fees, as with eChecking. If you need a replacement debit card, have insufficient funds, or have a deposit returned, you will not be charged a fee.
Read Full Comparison: CIT Bank vs Discover: Which Bank Account Wins?
