CreditDonkey is a bank comparison and reviews website. This website is made possible through financial relationships with card issuers and some of the products and services mentioned on this site. Advertiser Disclosure†

Bank of America vs CIT Bank

Bank of America is a national bank with widespread accessibility and wide range of services. How does it compare to CIT Bank? Read our comparison chart below.

Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

While 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.

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

 CIT Bank
 Learn MoreVisit Site
 

Bank of America

CIT Bank

SPECIAL OFFER
Advantage Plus Banking Checking Account - $100 Bonus - Learn More

Read Bank of America Review

SPECIAL OFFER
CIT Savings Builder - Earn 0.95% APY - Learn More

Read CIT Bank Review

 

Benefits and Features

Savings0.01% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.Savings Builder up to 0.95% APY with $25,000+ balance or $100 monthly deposit.
CDStandard Term CD: 0.03% - 0.08% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.10% APY. Terms of 7, 10, 13, 25, and 37 months. Minimum deposit of $10,000.Term CDs up to 1.05% APY. $1,000 minimum opening deposit.
Checking eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
Money Market 
1.00% APY
Customer ServiceMon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
Monday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
ATMsOver 16,000 ATMs around the country. 
IRA CDStandard Term CD: 0.03% - 0.08% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.10% APY. Terms of 7, 10, 13, 25, and 37 months. Minimum deposit of $2,000. 
Locations4600 retail financial centres around the country and brances in more than 40 other countries.
Online Only
 

CreditDonkey® Reviews

 CIT Bank
Savings
CD
Checking
Customer Service
Mobile App
Money Market
Pros & ConsPros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. banking fees
Pros:
  • High yield
  • No monthly service fees
  • Low opening deposits
Cons:
  • No physical locations
  • No check writing
Bottom LineNational bank with widespread accessibility and wide range of services... Read full reviewSolid online bank with excellent rates and no monthly fees... Read full review
 Learn MoreVisit Site
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.

    Bank of America: Pricing information from published website as of 07/04/2020 based on 91107 zip code.

    CIT Bank: Pricing information from published website as of 06/03/2020

    Which is Better: Bank of America or CIT Bank?

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

    In short: CIT Bank's savings and checking are notable.


    Articles on Bank of America


    Articles on CIT Bank


    Which Do You Think is Best?

    Name
    Email (won't be published)


    You Might Also Like


    Compare Bank of America to:


    You might also be interested in

    Chase Total Checking Bonus

    Need a new checking account? You can get $200 from Chase Bank for signing up for a Total Checking account with direct deposit. Here's how to do it.

    Compare CIT Bank to:


    About CreditDonkey®
    CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

    Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

    †Advertiser Disclosure: Many of the card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

    *See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

    CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.