How to Choose Between CIT Bank and Ally: A Comparison

How to Choose Between CIT Bank and Ally: A Comparison

When it comes toonline banking, CIT Bank and Ally are two of the most popular choices. Both offer competitiveinterest rates, easy-to-navigate websites, and a wide range of banking products. But how do you decide which one is right for you? In this article, we will compare CIT Bank and Ally across several key factors to help you make an informed decision.

Interest Rates

One of the main reasons people choose online banks is for the higher interest rates. Both CIT Bank and Ally offer competitive rates, but the specific products and terms vary. CIT Bank's Savings Builder account allows you to earn a higher rate by maintaining a minimum balance or making regular deposits. Meanwhile, Ally's Online Savings account offers a consistently high rate with no balance requirements. For CD accounts, CIT Bank generally offers higher rates, but Ally has a no-penalty CD option that allows you to withdraw your funds early without penalty.

Fees

Another important factor to consider is fees. Both CIT Bank and Ally have no monthly maintenance fees, but there may be other fees for services such as wire transfers or overdrafts. CIT Bank's eChecking account offers unlimited ATM fee reimbursements, while Ally reimburses up to $10 per statement cycle. Overall, it's important to review each bank's fee schedule to determine which one aligns with your banking needs.

Mobile App

In today's digital age, having a user-friendlymobile appis crucial. Both CIT Bank and Ally have mobile apps that allow you to manage your accounts, deposit checks, and transfer funds. However, Ally's app has been consistently ranked higher in user satisfaction and features such as fingerprint login and customizable notifications. CIT Bank's app is still functional, but may not be as robust as Ally's.

Customer Service

In the event that you encounter an issue with your account, having reliable customer service is essential. Both CIT Bank and Ally offer 24/7 customer support via phone, email, and chat. However, Ally has consistently received higher ratings for their customer service, with shorter wait times and more knowledgeable representatives. CIT Bank's customer service has received mixed reviews, with some customers reporting long wait times and difficulty resolving issues.

Investment Options

If you're interested in investing your money, both CIT Bank and Ally offer investment products. CIT Bank has a range of CDs and savings accounts with higher rates for longer terms. They also offer a Money Market account and IRA CDs. Ally, on the other hand, offers a full range ofinvestment optionsincluding stocks, ETFs, options, and bonds through their Ally Invest platform. If investment options are a priority for you, Ally may be the better choice.

Conclusion

In the end, choosing between CIT Bank and Ally comes down to your specific banking needs. If you're looking for higher interest rates and a range of savings and CD options, CIT Bank may be the right choice. However, if you prioritize strong customer service, a top-rated mobile app, and a full range of investment options, Ally may be the better fit. Regardless of which bank you choose, both CIT Bank and Ally offer competitive rates and user-friendly online banking experiences.