CIT Bank vs M&T Bank
CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to M&T Bank? 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 M&T Bank has 690 branches serving the Upper East Coast and Florida. Offers a no-fee checking, as well as interest checking but with heavier requirements to waive service fees. Select Promo CD offers high rates for terms up to 36 months with a $1,000 minimum opening deposit.
Compare CIT Bank with M&T Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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CIT Bank | M&T Bank | |
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CIT Bank Platinum Savings - | Personal Checking Account - Up to $200 Bonus - | |
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.60% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | 0.01% APY. Monthly service fee of $7.50 unless you 1) maintain a minimum daily balance of $500 or more or, 2) have a personal checking account with M&T Bank or, 3) make at least one deposit in your Relationship Savings account |
CD | Term CDs up to 5.00% APY. $1,000 minimum opening deposit. | 3.50% - 4.00% APY. Terms of 12 - 18 months. Minimum opening deposit $1,000. |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | |
Money Market | M&T MyChoice Money Market account Regular rate of 0.02% - 0.88% APY for qualifying customers. | |
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | Mon - Fri 8:00 am - 9:00 pm (ET); Sat - Sun 9:00 am - 5:00 pm (ET). |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | More than 1,800 M&T Bank ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. |
Locations | 690 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida | |
CreditDonkey® Reviews | ||
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Checking | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Money Market | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Customer Service | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
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CD | ![]() ![]() ![]() ![]() ![]() | |
Pros & Cons | Pros:
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Bottom Line | Solid online bank with excellent rates and no monthly fees... | Upper East Coast bank with free checking option and good promo CD rates... |
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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 05/09/2023. M&T Bank: Pricing information from published website as of 5/9/2023 based on 14203 zip code |
CIT Bank Platinum Savings - 4.85% APY
- 4.85% 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 - 4.60% APY
- Earn 11x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 5.00% APY
- Up to 5.00% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Term | CD Rates |
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6 Month | 5.00% APY |
1 Year | 0.30% APY |
13 Month | 4.65% APY |
18 Month | 4.60% APY |
2 Year | 0.40% APY |
3 Year | 0.40% APY |
4 Year | 0.50% APY |
5 Year | 0.50% APY |
Which is Better: CIT Bank or M&T Bank?
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 Chase.
In short: CIT Bank's savings and money market are notable. In particular, the savings is outstanding.