CIT Bank vs Novo

CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to Novo? 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 Novo offers all-in-one banking for digital businesses. It includes up to 20 Reserves, free unlimited invoicing, and over a thousand business app integrations. But there's no cash deposits. There is no monthly fee.

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

	Member FDIC
	Visit Site	Visit Site
	CIT Bank	Novo
	SPECIAL OFFER CIT Bank Platinum Savings - Learn More Read CIT Bank Review	SPECIAL OFFER Free Business Checking - Learn More Read Novo Review
	Benefits and Features
Savings	Platinum Savings: 4.10% APY with a balance of $5,000 or more Savings Connect: 4.00% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit	No savings account, but you add up to 20 Reserves
CD	Term CDs up to 3.50% APY. $1,000 minimum opening deposit.
Checking	eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000	No monthly fees; no balance requirements
Monthly Fee		$0
Money Market	1.55% APY
APY		N/A
Minimum Deposit to Open		$50 to access all Novo's features
Mobile App	iOS & Android
ACH Transfer Fee		$0
ATMs	No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account)	up to $7 per month reimbursement of ATM fees worldwide
Balance Requirement		None
Cash Deposit Fee		N/A
Customer Service	Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed	Phone, email, or in-app messaging: Monday - Friday, 9 am - 6 pm EST
Incoming Wire Transfer Fee		$0
Locations	Online Only	Online only
Out of Network ATM Fee		up to $7 per month ATM fee reimbursement
Outgoing Wire Transfer Fee		N/A
Overdraft Fee		$0
	CreditDonkey® Reviews
Savings
Checking
Money Market
Mobile App
Customer Service
Pros & Cons	Pros: High savings APY No monthly fees Low opening deposits Cons: No check writing	Pros: No monthly fees ATM refunds up to $7 per month Lots of software integrations Cons: No cash deposits Can't send wires
Bottom Line	Solid online bank with excellent rates and no monthly fees... Read full review	Fee-free online business checking with lots of good features... Read full review
	Visit Site	Visit Site
	CIT Bank Platinum Savings CIT Bank Savings Connect CIT Bank Term CDs - Up to 3.50% APY	Free Business Checking
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 04/17/2025. Novo: Pricing information from published website as of 09/27/2024.

Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Get Deal

• Transfer a one-time deposit of $50,000+ for a Bonus of $300
• 4.10% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• No monthly maintenance fee
• Member FDIC

Terms and Conditions

• There are is no period of time where the customer will be required to maintain the funds.
  
• Account must be open when bonus is credited
  
• Promotion is available per account and Primary customer
  
• Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement
  
• Funding can be deposited in one-deposit or incrementally
  
• Promotion Period will be 3 months or until CIT's goals are met, whichever comes first

Member FDIC

CIT Bank Platinum Savings - $225 Bonus

Get Deal

• Transfer a one-time deposit of $25,000 - $49,999.99 for a Bonus of $225
• 4.10% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• No monthly maintenance fee
• Member FDIC

Terms and Conditions

• There are is no period of time where the customer will be required to maintain the funds.
  
• Account must be open when bonus is credited
  
• Promotion is available per account and Primary customer
  
• Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement
  
• Funding can be deposited in one-deposit or incrementally
  
• Promotion Period will be 3 months or until CIT's goals are met, whichever comes first

Member FDIC

CIT Bank Platinum Savings - 4.10% APY

Learn More

• 4.10% 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

Free Business Checking

• $0 monthly service fee
• $50 deposit to unlock all features
• ATM fee refunds up to $7 per month

Banking services provided by Middlesex Federal Savings F.A., Member FDIC

Learn More

Free Business Checking

• $0 monthly service fee
• ATM fee refunds up to $7 per month
• Free ACHs, incoming wires, and mailed checks
• Up to 20 Reserves to manage multiple budgets
• Thousands of app integrations

Banking services provided by Middlesex Federal Savings F.A., Member FDIC

Learn More

Which is Better: CIT Bank or Novo?

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 UFB Direct.

In short: CIT Bank's savings is outstanding. Novo's mobile app is outstanding.

Articles on CIT Bank

CIT Bank Review

CIT Bank offers a high interest rate. But how reliable is this online bank? Read this review to find out if what you heard is true.

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CIT Bank CD Rates

CIT Bank is a well-known online bank with high savings interest rates. Find out how CIT Bank's CD rates compares to other trustworthy banks.

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Who is CIT Bank

CIT Bank offers accounts with high interest rates and low fees. But just who is CIT Bank? And should you trust them with your money?

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CIT Bank Savings Connect vs Platinum Savings

CIT Platinum Savings is CIT Bank's newest savings account. It advertises a higher APY. Check out how it compares to Savings Connect. Get a higher rate now.

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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 Locations

CIT Bank is an online bank that offers a variety of savings products. Find out how to manage your account, reach customer service, and the bank's current offers.

CIT Bank Platinum Savings

CIT Platinum Savings Account boasts a higher APY than its other savings accounts. But there's a catch. Read on to learn how to get the highest APY.

CIT Bank No Penalty CD

CIT Bank offers a CD account that has no penalty for early withdrawal. Read on to learn about the APY and any requirements or fees that come with it.

CIT Bank High Yield Savings

CIT Bank savings accounts offer some of the highest APYs with minimal requirements. Read on to learn how CIT can help you grow your money.

What is CIT Bank

In the modern world, there are some things you just don't have to do anymore. Like drawing water from a well. Or paying fees just to keep your bank account open.

CIT Bank Login

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

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.

Articles on Novo

Novo Review

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Is Novo Safe

Novo is a platform offering banking services for small businesses and freelancers. But is it safe and legit? Read on to find out.

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Which Do You Think is Best?