CIT Bank vs BMO
CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to BMO? Read our comparison chart below.
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.
While BMO has over 900 branches and is the 8th largest bank in North America by assets. Smart Advantage checking has no fee and no minimum balance if you opt for eStatements. Savings need just $100 to open with easy ways to waive fees. Special Rate CDs require a $5,000 minimum opening deposit.
Compare CIT Bank with BMO, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
Visit Site | Visit Site | |
CIT Bank | BMO | |
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CIT Bank Platinum Savings - | BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus* - | |
Benefits and Features | ||
Savings | Platinum Savings: 4.55% APY with a balance of $5,000 or more Savings Connect: 4.20% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | 0.01% APY. $5 reward every month you save $200 or more, for the first year. |
CD | Term CDs up to 3.50% APY. $1,000 minimum opening deposit. | 0.05% - 4.00% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit. |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | Smart Advantage, Smart Money, Relationship |
Money Market | 1.00% APY. $25 minimum opening deposit. $10 monthly fee, waived with a $5,000 minimum daily balance. | |
Mobile App | ||
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: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | Mon-Fri: 7am - 10pm (CT); Sat-Sun 8am - 8pm |
IRA CD | 0.05% - 2.00% APY. Terms of 3 months to 5 years. $1,000 minimum opening deposit | |
IRA Money Market | IRA Premium Savers: $100 minimum opening deposit. No monthly maintenance fee | |
Locations | ||
CreditDonkey® Reviews | ||
Savings | ||
Checking | ||
Money Market | ||
Mobile App | ||
Customer Service | ||
CD | ||
Pros & Cons | Pros:
| Pros:
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Bottom Line | Solid online bank with excellent rates and no monthly fees... | Midwest bank with options for low and high-balance customers... |
Visit Site | Visit Site | |
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 and data points from published website as of 11/20/2024. BMO: Pricing information from published website as of 11/25/2024 based on 60603 zip code. |
CIT Bank Platinum Savings - 4.55% APY
- 4.55% 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 Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Term | CD Rates |
---|---|
6 Month | 3.00% APY |
1 Year | 0.30% APY |
13 Month | 3.50% APY |
18 Month | 3.00% APY |
2 Year | 0.40% APY |
3 Year | 0.40% APY |
4 Year | 0.50% APY |
5 Year | 0.50% APY |
BMO Smart Advantage Checking Account and BMO Smart Money Checking Account - Earn $300 Cash Bonus*
$300 Cash Bonus* when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. *Conditions Apply. Available in the U.S. BMO Bank N.A. Member FDIC
Which is Better: CIT Bank or BMO?
Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing CIT Bank or Discover Bank.
In short: CIT Bank's savings and money market are notable. In particular, the savings is outstanding.