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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 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
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Bank of America

CIT Bank

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

Read Bank of America Review

SPECIAL OFFER
CIT Bank Savings Builder - Up to $300 Bonus - Learn More

Read CIT Bank Review

 

Benefits and Features

Savings0.03% 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 1.85% APY with $25,000 minimum balance or $100 monthly deposit. $100 minimum opening deposit.
CDStandard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.60% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.Term CDs up to 1.85% APY. $1,000 minimum opening deposit. No monthly maintenance fee.
Checking eChecking: 0.25% APY with $25,000 minimum balance and 0.10% APY on balances under $25,000
Money Market 1.85% APY. $100 minimum deposit. No monthly maintenance fee.
Customer ServiceMon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
Monday - Friday: 8:00 am - 9:00 pm (ET)
Saturday: 9:00 am - 5:00 pm (ET)
Sunday: 11:00 am - 4:00 pm (ET)
ATMsApproximately 15,900 ATMs around the country. 
IRA CDStandard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.60% APY. Terms of 12, 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 APY
  • No monthly service fees
  • Low opening deposits
Cons:
  • No physical locations
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

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    Bank of America: Pricing information from published website as of 11/21/2019 based on 91107 zip code.

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

    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

      CIT Bank Review

      Want a higher interest rate at a good FDIC insured bank? CIT is tempting, but there are downsides you should not ignore. Read this review before you open an account.

      CIT Bank Login

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

      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 CD Rates

      CIT Bank is known for competitive interest rates on savings products. How are their CD rates? Find out the current rates and how they compare.

      CIT Bank Savings Builder Review

      If you can save just $100 per month, you can earn a high APY with CIT Bank's Savings Builder. Find out if this bank is good for you.

      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.

      CIT Bank Locations

      CIT Bank is an online only bank with no physical branches. Find out how to manage your account, reach customer service, and the bank's current offers.

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