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Discover Bank vs CIT Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to CIT Bank? Read our comparison chart below.

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.

While 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.

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

 Discover BankCIT Bank
 Visit SiteVisit Site
 

Discover Bank

CIT Bank

SPECIAL OFFER
Online Savings Account - Earn 0.40% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
CIT Bank Money Market Account - 0.45% APY - Learn More

Read CIT Bank Review

 

Benefits and Features

Savings
0.40% APY
Savings Builder up to 0.40% APY with $25,000+ balance or $100 monthly deposit.
CD0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open.Term CDs up to 0.50% APY. $1,000 minimum opening deposit.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each montheChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
Money Market0.30% APY under $100,000; 0.35% APY $100,000 or more. $2,500 minimum deposit.
0.45% APY
Customer Service
24/7
Monday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
ATMs
Over 60,000 no-fee ATMs
 
IRA CD12-month CD APY of 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%. 
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 Discover BankCIT Bank
SavingsStarStarStarStarHalf StarStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarHalf Star
Money MarketStarStarStarStarHalf StarStarStarStarStarStar
Customer ServiceStarStarStarStarStarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
Pros & ConsPros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • High yield
  • No monthly service fees
  • Low opening deposits
Cons:
  • No physical locations
  • No check writing
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewSolid online bank with excellent rates and no monthly fees... Read full review
 Visit SiteVisit Site

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Discover Bank: Pricing information and data points from published website as of 01/28/2021

CIT Bank: Pricing information and data points from published website as of 02/16/2021

Which is Better: Discover Bank or CIT Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.

In short: Discover Bank's customer service is outstanding.


Articles on Discover Bank

Discover Savings Review

Discover offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Savings Account Review

Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account.

Discover Checking Account Review

With Discover Bank's Cashback Debit account, you'll pay no fees and earn money for purchases. Learn more about these benefits—and some downsides—in our guide.

Discover CD

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.

Articles on CIT Bank

CIT Bank Savings Review

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

CIT Bank Savings Builder Review

If you can save $100 per month, you can earn a high interest rate with CIT Bank Savings Builder. Find out if this bank is any good.

CIT Bank CD Rates

CIT Bank is trustworthy. But does CIT have the best CD rates right now? Find out how CIT Bank's interest rate compares.

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?

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 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.

Which Do You Think is Best?





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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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