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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 approximately 4,300 locations and 17,000 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 is an online division of First Citizens Bank. It's known for high interest rates on its savings accounts and CDs. In addition, it offers an eChecking account. All accounts have 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.

 Bank of America
Member FDIC
CIT Bank
Member FDIC
 Learn MoreVisit Site
 

Bank of America

CIT Bank

OFFER
Bank of America Advantage Banking - $200 Bonus Offer

Read Bank of America Review

SPECIAL OFFER
CIT Bank Platinum Savings - Learn More

Read CIT Bank Review

 

Benefits and Features

SavingsBank of America Advantage Savings Standard Rate: 0.01% APYPlatinum Savings: 5.00% APY with a balance of $5,000 or more
Savings Connect: 4.65% APY
Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit
CD
Check
Term CDs up to 3.50% APY. $1,000 minimum opening deposit.
Checking
Check
eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
Money Market 
1.55% APY
Mobile App 
iOS & Android
ATMs
Approximately 16,000+ ATMs
No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account)
Customer Service
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
Mon - Fri: 9 am - 9 pm ET
Sat: 10 am - 6 pm ET
Sunday: Closed
IRA CD
Check
 
Locations
3,922 financial centers
Online Only
 

CreditDonkey® Reviews

 Bank of AmericaCIT Bank
SavingsStarStarEmpty StarEmpty StarEmpty StarStarStarStarStarStar
CDStarStarStarHalf StarEmpty Star
CheckingStarStarStarStarEmpty StarStarStarStarStarHalf Star
Mobile AppStarStarStarStarHalf StarStarStarStarStarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Money MarketStarStarStarStarHalf Star
Pros & ConsPros:
  • Large branch network
  • Extended service hours
  • Full service banking
Cons:
  • Monthly fees
  • Low interest rates
  • Many misc. banking fees
Pros:
  • High savings APY
  • No monthly fees
  • Low opening deposits
Cons:
  • 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

    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 06/13/2024 based on 91107 zip code.

    CIT Bank: Pricing information and data points from published website as of 06/14/2024.

    Bank of America
    Member FDIC

    Bank of America Advantage Banking - $200 Bonus Offer

    Expires 9/30/2024
    • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
    • The offer is for new checking customers only.
    • Offer expires 9/30/2024.
    • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
    • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
    • Additional terms and conditions apply. See offer page for more details.
    • Bank of America, N.A. Member FDIC.
    Bank of America
    Member FDIC

    Bank of America Business Advantage Checking Account - $200 Bonus Offer

    Expires 6/30/2024
    Earn a cash bonus in three steps:
    1. Open a new eligible business checking account by June 30, 2024
    2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
    3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
    *Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
    **The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
    Member FDIC
    Bank of America
    Member FDIC

    Bank of America Advantage SafeBalance Banking®

    • Banking that helps you stay within your balance.
    • No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
    • Bank of America, N.A. Member FDIC.
    CIT Bank
    Member FDIC

    CIT Bank Platinum Savings - 5.00% APY

    • 5.00% APY with a balance of $5,000 or more
    • 0.25% APY with a balance of less than $5,000
    • $100 minimum opening deposit
    • No monthly maintenance fee
    • Member FDIC
    CIT Bank
    Member FDIC

    CIT Bank Savings Connect - 4.65% APY

    • Earn 11x the national average
    • $100 minimum opening deposit
    • No monthly maintenance fee
    • Member FDIC
    CIT Bank
    Member FDIC

    CIT Bank No Penalty CD - 3.50% APY

    • 3.50% APY
    • Option to withdraw full balance and interest after 7 days of CD funding date
    • $1,000 minimum to open an account
    • 11 months
    • No monthly maintenance fee
    • Member FDIC

    Which is Better: Bank of America or CIT Bank?

    Still need help deciding which bank reviews & deals 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 is outstanding.


    Articles on Bank of America

    Bank of America Review

    Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

    Bank of America Savings Account Interest Rate

    Bank of America's Advantage Savings has a standard APY way below the national average. Read on to find out more.

    Bank of America High Yield Savings

    Bank of America offers various banking products and services. But does it have a high-yield savings account? Find out here.

    Bank of America Problems

    Bank of America may be one of the biggest banks, but many customers find a lot of issues with their banking services. What are they? Keep reading.

    Bank of America CD Rates

    Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.

    How to Close a Bank of America Account

    Want to close your Bank of America account? Learn how and what you need to do before you close your account.

    Bank of America Hours

    Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

    Bank of America Routing Number

    Find your Bank of America routing number and learn about money transfers in our guide.

    Articles on CIT Bank

    CIT Bank Review

    CIT Bank offers a high interest rate. But how reliable is this online bank? Read this review to find out if what you heard is true.

    CIT Bank CD Rates

    CIT Bank is a well-known online bank with high savings interest rates. Find out how CIT Bank's CD rates compares to other trustworthy banks.

    Who is CIT Bank

    CIT Bank offers accounts with high interest rates and low fees. But just who is CIT Bank? And should you trust them with your money?

    CIT Bank Savings Connect vs Platinum Savings

    CIT Platinum Savings is CIT Bank's newest savings account. It advertises a higher APY. Check out how it compares to Savings Connect. Get a higher rate now.

    CIT Bank Savings Connect vs Savings Builder

    CIT Bank has even more ways to save now. Savings Connect and Savings Builder both offer competitive rates. Find out the bank account that is best for you.

    CIT Bank Complaints

    CIT Bank offers a high APY. But there are some downsides, too. Read on to learn more about CIT Bank common complaints and possible solutions.

    CIT Bank Locations

    CIT Bank is an online bank that offers a variety of savings products. Find out how to manage your account, reach customer service, and the bank's current offers.

    CIT Platinum Savings

    CIT Platinum Savings Account boasts a higher APY than its other savings accounts. But there's a slight catch. Read on to learn how to get the highest APY.

    CIT Bank No Penalty CD

    CIT Bank offers a CD account that has no penalty for early withdrawal. Read on to learn about the APY and any requirements or fees that come with it.

    CIT Bank High Yield Savings

    CIT Bank savings accounts offer some of the highest APYs with minimal requirements. Read on to learn how CIT can help you grow your money.

    CIT Bank Money Market vs Savings Builder

    CIT Bank offers both money market and savings accounts. But which is better to keep your money safe? Find out how to choose between the two.

    What is CIT Bank

    In the modern world, there are some things you just don't have to do anymore. Like drawing water from a well. Or paying fees just to keep your bank account open.

    CIT Bank Login

    Forgot your CIT Bank username? We'll show you how to login your online bank account.

    CIT Bank Savings Builder

    If you can save $100 per month, you can earn a high interest rate with CIT Bank Savings Builder. Find out if this bank is any good.

    CIT Bank Routing Number

    Want to transfer money in or out of your CIT Bank account? Read this review to find your ABA routing number.

    Which Do You Think is Best?





    Which Bank Account is Right for You?


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

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