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 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 Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. 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.
Visit Site | Visit Site | |
CIT Bank | Discover Bank | |
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CIT Bank Platinum Savings - | Discover® Online Savings - $200 Cash Bonus - | |
Benefits and Features | ||
Savings | Platinum Savings: 4.70% APY with a balance of $5,000 or more Savings Connect: 4.35% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | |
CD | Term CDs up to 3.50% APY. $1,000 minimum opening deposit. | 2.00% to 4.10% APY depending on terms |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details |
Money Market | 3.80% APY under $100,000; 3.85% APY $100,000 or more. | |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | |
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | |
IRA CD | 9-month CD APY of 4.00%. 12-month CD APY of 4.10%. 18-month CD APY of 3.80%. 24-month CD APY of 3.60%. 5-year CD APY of 3.40%. | |
Locations | ||
CreditDonkey® Reviews | ||
Savings | ||
Checking | ||
Money Market | ||
Mobile App | ||
Customer Service | ||
Pros & Cons | Pros:
| Pros:
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Bottom Line | Solid online bank with excellent rates and no monthly fees... | Solid online bank with high APY rates and good customer service... |
Visit Site | Visit Site | |
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 10/24/2024. Discover Bank: Pricing information and data points from published website as of 10/22/2024 |
CIT Bank Platinum Savings - 4.70% APY
- 4.70% 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 - 4.35% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Term | CD Rates |
---|---|
6 Month | 3.00% APY |
1 Year | 0.30% APY |
13 Month | 3.50% APY |
18 Month | 3.00% APY |
2 Year | 0.40% APY |
3 Year | 0.40% APY |
4 Year | 0.50% APY |
5 Year | 0.50% APY |
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Online Savings Account - Earn 4.00% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Which is Better: CIT Bank or Discover 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 Bank of America.
In short: Discover Bank's mobile app and customer service are outstanding.