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CIT Bank vs Synchrony Bank

CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to Synchrony Bank? Read our comparison chart below.

CIT Bank offers savings accounts and multiple CDs, including a no-penalty CD. Savings and Money Market account requires $100 minimum deposit, while term CDs require $1,000 minimum deposit. There are no monthly service fees.

While Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.

Compare CIT Bank with Synchrony Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 CIT Bank
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CIT Bank

Synchrony Bank

SPECIAL OFFER
CIT Bank Bonus Offer: $200 for New and Existing Customers - Learn More

Read CIT Bank Review

SPECIAL OFFER
High Yield Savings - 1.70% APY - Learn More

Read Synchrony Bank Review

 

Benefits and Features

SavingsSavings Builder up to 1.75% APY with $25,000+ balance or $100 monthly deposit.1.70% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
CDTerm CDs up to 1.85% APY. $1,000 minimum opening deposit.0.75% to 2.15% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 
Money Market
1.80% APY
1.20% APY. No monthly service fee and no minimum deposit.
Customer ServiceMonday - Friday: 8:00 am - 9:00 pm (ET)
Saturday: 9:00 am - 5:00 pm (ET)
Sunday: 11:00 am - 4:00 pm (ET)
Mon-Fri 7am - 12am (ET); Sat-Sun 8am - 5pm (ET)
ATMs Any ATMs with Plus or Accel logos
IRA CD 0.75% to 2.15% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
IRA Money Market 1.20% APY.
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 CIT Bank
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • High APY
  • No monthly service fees
  • Low opening deposits
Cons:
  • No physical locations
  • No check writing
Pros:
  • Savings with ATM card
  • High APY
  • All balance tiers receive same rate
Cons:
  • No checking account
  • $2,000 minimum deposit for CDs
  • Limited customer service hours
Bottom LineSolid online bank with excellent rates and no monthly fees... Read full reviewGood online bank offering high interest rates... Read full review
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What Others View

    Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

    CIT Bank: Pricing information from published website as of 10/1/2019

    Synchrony Bank: Pricing information from published website as of 02/15/2020.

    Which is Better: CIT Bank or Synchrony Bank?

    Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing CIT Bank or Chase.

    In short: CIT Bank's money market is outstanding.


    Articles on CIT Bank


    Articles on Synchrony Bank


    Which Do You Think is Best?


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