CIT Bank vs Synchrony Bank
CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to Synchrony 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 Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.
Compare CIT Bank with Synchrony Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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CIT Bank | Synchrony Bank | |
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CIT Bank Platinum Savings - | High Yield Savings - 4.65% APY - | |
Benefits and Features | ||
Savings | Platinum Savings: 4.85% APY with a balance of $5,000 or more Savings Connect: 4.50% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit | 4.65% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle |
CD | Term CDs up to 3.50% APY. $1,000 minimum opening deposit. | 0.25% to 5.15% APY. Terms of 3 months to 5 years. No minimum deposit to open. |
Checking | eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000 | |
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | |
Mobile App | ||
ATMs | No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account) | Any ATMs with Plus or Accel logos |
Customer Service | Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) |
IRA CD | 0.25% to 5.15% APY. Terms of 3 months to 5 years. No minimum deposit to open. | |
IRA Money Market | 2.25% APY. | |
Locations | ||
CreditDonkey® Reviews | ||
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Savings | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Checking | ![]() ![]() ![]() ![]() ![]() | |
Money Market | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Mobile App | ![]() ![]() ![]() ![]() ![]() | |
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Pros & Cons | Pros:
| Pros:
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Bottom Line | Solid online bank with excellent rates and no monthly fees... | Good online bank offering high interest 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 09/04/2024. Synchrony Bank: Pricing information from published website as of 08/08/2024. |
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 - 4.50% 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 |
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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 |
Which is Better: CIT Bank or Synchrony Bank?
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