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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 Bonus Offer: $300 for New and Existing Customers - Learn More

Read CIT Bank Review

SPECIAL OFFER
Discover Online Savings - $200 Cash Bonus - Learn More

Read Discover Bank Review

 

Benefits and Features

SavingsSavings Builder up to 1.75% APY with $25,000+ balance or $100 monthly deposit.
1.50% APY
CDTerm CDs up to 1.86% APY. $1,000 minimum opening deposit.0.35% to 1.80% APY. Terms of 3 months to 10 years. 12-month CD APY of 1.75%. Minimum deposit of $2,500 to open.
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market
1.80% APY
1.35% APY under $100,000; 1.40% APY $100,000 or more. $2,500 minimum deposit.
Customer ServiceMonday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
24/7
ATMs 
Over 60,000 no-fee ATMs
IRA CD 12-month CD APY of 1.75%. 24-month CD APY of 1.75%. 5-year CD APY of 1.80%.
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 CIT BankDiscover Bank
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • High yield
  • 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 02/20/2020

    Discover Bank: Pricing information from published website as of 3/12/2020

    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


    Articles on Discover Bank


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