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CIT Bank vs Discover Bank

CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to Discover 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 Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

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

 CIT BankDiscover Bank
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CIT Bank

Discover Bank

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

Read CIT Bank Review

SPECIAL OFFER
Online Savings Account - Earn 1.70% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

SavingsSavings Builder up to 1.85% APY with $25,000 minimum balance or $100 monthly deposit. $100 minimum opening deposit.1.70% APY. No fees and no minimum deposit.
CDTerm CDs up to 1.85% APY. $1,000 minimum opening deposit. No monthly maintenance fee.0.35% to 2.20% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.00%. Minimum deposit of $2,500 to open.
CheckingeChecking: 0.25% APY with $25,000 minimum balance and 0.10% APY on balances under $25,000Earn 1% cashback on up to $3,000 in debit card purchases each month. No fees and no minimum deposit.
Money Market1.85% APY. $100 minimum deposit. No monthly maintenance fee.1.55% APY under $100,000; 1.60% APY $100,000 or more. No fees. $2,500 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)
24/7
ATMs 
Over 60,000 no-fee ATMs
IRA CD 12-month CD APY of 2.00%. 24-month CD APY of 2.05%. 5-year CD APY of 2.10%.
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 CIT BankDiscover 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:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineSolid online bank with excellent rates and no monthly fees... Read full reviewSolid online bank with high APY rates and good customer service... 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

    Discover Bank: Pricing information from published website as of 10/31/2019

    Which is Better: CIT Bank or Discover 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: Discover Bank's customer service is outstanding.


    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 online savings products. How are their CD rates? Check out the current rates and how they compare below.

      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.

    Articles on Discover Bank


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