Banking » Compare Banks » CIT Bank vs Marcus: Compare Banking Options
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CIT Bank vs Marcus: Compare Banking Options

Both CIT Bank and Marcus offer fee free savings accounts, but while CIT has requirements to access higher rates, Marcus offers a very good rate with no minimum deposits.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

When CIT Bank Wins?

CIT Bank has a variety of banking products including multiple savings accounts, CDs, and an eChecking account. You can also access home loans and mortgages.

However, there are some glaring gaps in the CIT product line. Currently, CIT Bank does not offer a personal loan or credit card.

CIT Bank can be a better choice than  Marcus if:

  • You need a checking account

  • You want a mortgage with the same bank as your checking and savings

  • You want a choice of savings accounts

CIT-Bank-Logo
CIT-Bank-Logo

When Marcus Wins?

Marcus is a subsidiary of Goldman Sachs and this is reflected in the type of banking products available. There are a number of high yield savings products including CDs and a no penalty CD. Customers can also access personal loans, debt consolidation loans, and home improvement loans.

Where Marcus really has an edge is in its investment options. Marcus Invest allows you to explore IRA options, account types, and portfolios. This makes it a good choice for new investors who want to learn more or more experienced investors who enjoy the convenience of having funds on hand in a high yield savings account.

Marcus can be a better choice than CIT Bank if:

  • You want to access better rates on your CDs

  • You’re interested in investment products

  • You want a higher savings rates with no qualification requirements

Marcus logo
Marcus logo
CIT Bank
Marcus
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 offers several saving account options. The two-tiered Savings Connect offers a higher rate if you link your checking account and have qualifying deposits. The other savings option is the Savings Builder, which offers lower APY for savers. You are limited to six transactions per statement cycle, but there are no account maintenance fees.

As of [month-year], Marcus offers an impressive 4.40% without any of the hoops of CIT. There is no minimum deposit and no balance requirements. You can also enjoy same day transfers up to $100k to and from the account.

CIT Bank
Marcus
APY
5.00%
4.40%
Fees
$0
$0
Minimum Deposit
$100
$0
Checking Needed?
No
No
Main Benefits
  • Other saving account options available
  • Daily compounding interest
  • No fees or minimum deposits
  • Same day transfers up to $100,000 to and from other banks
  • Access to 24/7 support and learning resources

Checking Account

There is no comparison in this area. CIT Bank has its eChecking account. This is a fee free account. The only exception is that there are fees for returned items, stopped payments and wire transfers. The account has free ATM usage. You can even get up to $30 in reimbursements per month if you incur fees from other bank’s ATMs.

While this is becoming less unusual, CIT eChecking does not allow paper checks, and you will need to pay if you need a replacement debit card.

On the other hand, Marcus does not currently offer a checking account.

CIT Bank
APY
0.10% – 0.25%
Fees
$0
Minimum Deposit
$100
Main Benefits
  • Interest rate goes up to 0.25% if you exceed the $25k tier
  • No ATM/maintenance fees
  • Mobile check deposits
  • Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple

CDs

This is one area where Marcus has a clear edge. Marcus’s minimum deposit is $500 compared to the $1,000 needed for CIT Bank. Additionally, Marcus’s rates are more attractive.

There is the potential to earn 0.55% to 0.80% depending on the term, while the maximum you can earn with CIT Bank is 0.50%. So, even if you can only commit to a one year CD, you’ll get more than the maximum possible rate with CIT.

Marcus
CIT Bank
Minimum Deposit
$500
$1,000
APY Range
4.00% – 5.05%
0.30% – 3.50%
APY 6 months
4.80%
3.00%
APY 12 months
4.90%
3.50% (13 months)
APY 24 months
4.90%
3.00% (18 months)
APY 36 months
4.15%
0.40%
No Penalty CD
13 months, 4.15% APY
11 months, 3.50% APY

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Mortgage Options

CIT Bank has a variety of mortgage packages. You can get a fixed rate mortgage with a term of 10, 15, 20, 25, or even 30 years. Additionally, qualified borrowers can secure a 30 year fixed interest only loan. CIT also offers portfolio interest only loans.

What is nice about CIT is that customers can receive $525 in cash back deposited into your CIT bank account after you close your new home loan. There are also relationship discounts of 0.10% with 10% of the loan or 0.20% with 25% of the loan.

However, Marcus does not currently offer any mortgage products.

Loan Options

In this comparison, the situation is reversed. While CIT Bank does offer commercial and business finance, there are currently no personal loans available.

This is radically different compared to Marcus, which offers personal loans up to $40,000. Marcus loans have no late fees, prepayment fees or sign up fees. The fixed rate loans have rates of 6.99% to 19.99% APR, but you’ll get a rate discount of 0.25% if you sign up for auto pay. Additionally, make on time, in full payments each month for a year and Marcus allows you to skip a month with no additional fees or interest charges.

Marcus also offers home improvement and debt consolidation loans.

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.

Marcus has a number of toll free numbers, according to your query area, but none of them are 24/7. Most of the lines are open from 8 am or 9 am to 10 pm ET.

However, when you look at the ratings on consumer review platforms, there is a massive difference. While Marcus has a poor 2.6 out of 5 rating on Trustpilot, CIT Bank has a great 3.8 out of 5 rating

Online/Digital Experience

Both CIT Bank and Marcus have nice websites to help you explore products and access support on a variety of finance topics. This ensures a great user experience, particularly if you’re not sure what banking services and products you need.

Both banks also have highly rated apps. The Marcus app is rated 4.9/5 on the Apple Store and 4 out of 5 on Google, while CIT is rated 4.6/5 and 4.2/5 on Apple and Google respectively.

These apps allow you to not only transfer funds and manage your transactions, but you can access support and manage your card. You can even locate the nearest fee free ATM through the app, making it highly convenient if you’re in an unfamiliar neighborhood.

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Which Bank is The Winner?

These banks offer different products and services, but does this mean one is a better bank? We’ll need to look a little closer to make that determination.

Both CIT Bank and Marcus offer fee free savings accounts, but while CIT has requirements to access higher rates, Marcus offers a very good rate with no minimum deposits.

Both banks also offer CDs, but again Marcus’s products are better with higher rates and a lower minimum deposit. While CIT has a checking account and offers mortgages, Marcus offers personal loans. So, which bank is better will depend on your needs and preferences.

CIT-Bank-Logo
Marcus logo
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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.
5.00%
4.40%
Up to 5.02%
Checking Fee The monthly fee on checking account
$0
Not Available
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Mobile App Rating
4.6/5 on iOS
2.5/5 on Android
4.9/5 on iOS
3.9/5 on Android
Various Banks
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FAQs

CIT Bank offers only one type of checking account: the eChecking account. This account, on the other hand, is mostly fee-free. There are no monthly maintenance fees, and CIT Bank reimburses ATM fees up to $30 per statement period.

Stop payments, returned items, and excessive transactions are the only fees that apply to this account. As a result, if you keep your account in good standing, you should avoid incurring any fees.

CIT Bank does not have any products designed specifically for people with bad credit. There is only one checking account option and no credit cards available, including no secured credit card. This may make this bank difficult for those who are struggling with their credit rating and need assistance in rebuilding their credit score.

If you have poor credit, there are other banks with better product lines that are better suited to your specific needs. Another bank may be a better fit for you, and once you've rebuilt your credit, you could consider CIT.

The Marcus product line is designed for those who are interested in investments, so the bank is not really a good option for teens.

The general trend among millennials is an interest in nontraditional banks. Marcus has a specialized product line that may assist customers in becoming acquainted with investments. The bank has a fantastic app that can help you manage your money while you're on the go.

However, if you need a checking account to manage your day-to-day transactions, this is may not the bank for you.

CIT Bank vs Marcus: Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked at CIT Bank and Marcus in five main areas:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Banking Reviews

Compare More

Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.

Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.

Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?

Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.

In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.

Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?

Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing. 

Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.

Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?

Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.

Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.

Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?

Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.

SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.

Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?

CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.

Citibank has a credit card background, but that doesn't mean it has a limited banking product line. Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services.

Read Full Comparison: CIT Bank vs Citi: Which Bank Account Suits You Best?

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?

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 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?

Compare Marcus With Other Banks

Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.

Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.

Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?

Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing. 

Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.

Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?

Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.

Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.

Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?

Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.

SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.

Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?

Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.

In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.

Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?

Both Barclays and Marcus bank offer great savings rates for depositors who are interested in CDs or savings accounts. How they compare? Barclays Bank vs. Marcus

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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