Table Of Content
When CIT Bank Wins?
CIT Bank is in line with a conventional high street bank as it has multiple savings accounts, an eChecking account, CDs, mortgages, and home loans.
The only obvious gaps in the product line are a lack of a credit card option or personal loans.
CIT Bank can be a better choice than American Express if:
You want to have a savings account, checking account, and mortgage with the same bank.
You have the $1,000 minimum deposit and want a shorter term CD
You’re happy to link your checking account to obtain better savings rates
When American Express Bank Wins?
American Express began as a credit card company, but in recent years, it has developed a more complete banking product line.
In addition to its numerous credit card options, you can access savings accounts and personal loans. However, if you want a full service bank, American Express does lack a checking account or mortgage options.
American Express can be a better choice than CIT Bank if:
You are looking for good savings rates
You want access to far more credit card options to better tailor your choice to your spending preferences.
You want incentives for taking on a longer term CD
You have an Amex credit card
CIT Bank | American Express | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
CIT Bank has a few saving account options. Savings Connect is a two-tier account, with a higher rate – 4.20% APY. The other savings account option is Savings Builder which offers lower rate.
On the other hand, American Express has a high yield savings account with up to 9 withdrawals per month. Other than that there are no requirements or minimum deposits. Yet, you can earn 3.75% – 4.50%, as of March 2023.
This means that you don’t need to link any accounts or maintain a particular balance to earn similar rates to CIT Bank. You'll need to compare based on your own preferences to understand what's the right savings plan for your needs.
CIT Bank | American Express | |
|---|---|---|
APY | 4.20% | 3.75% – 4.50% |
Fees | $0 | $0 |
Minimum Deposit | $100 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
CIT Bank’s eChecking account is an interest bearing account offering 0.10% to 0.25%. The account is virtually fee free, as you’ll only incur any fees if you have returned items, stopped payments, or wire transfers. CIT Bank even offers up to $30 in fee reimbursements if you incur fees when using other bank’s ATMs.
On the other hand, American express has recently launched its checking account, and offers a couple of great features for its customers – 1.00% APY on your cash, no minimum deposit and no fees. If you already have a Membership Rewards card, your checking account is likely to be linked to your Rewards account immediately.
While the number of reward points you may earn with your Rewards Checking debit card is less than with many American Express credit cards, one unique benefit is that you can combine the points you earn with all of your American Express products. Also, much as with your Amex credit card, you may transfer your points to Amex travel partners to obtain the most value rewards.
CIT Bank | American Express | |
|---|---|---|
APY | 0.10% – 0.25% | 1.00% |
Fees | $0 | $0 |
Minimum Deposit | $100 | $0 |
Main Benefits |
|
|
Compare CDs
Amex has lower minimum deposit, but CIT rates are a bit higher than what you can get with American Express. Here's a comparison:
American Express | CIT Bank | |
|---|---|---|
Minimum Deposit | $0 | $1,000 |
APY Range | 1.15% – 4.50% | 0.30% – 4.65% |
APY 6 months | / | 4.15% |
APY 12 months | 4.50% | 4.65% (13 months) |
APY 24 months | 4.25% | 4.60% (18 months) |
APY 36 months | 1.15% | 0.40% |
No Penalty CD | 11 months, 4.15%
APY |
Mortgage Options
CIT Bank offers various mortgage deals, with fixed rate mortgages for up to 30 year terms, and portfolio interest only loans. Qualified borrowers may also secure a 30 year fixed rate interest only loan.
However, a nice touch is that CIT offers customers cash back when you close on a new home loan. You can receive up to $525 in cash back, and there are also relationship discounts of up to 0.20%.
However, American Express does not currently offer mortgage products.
Loan Options
In this area of comparison, the reverse is true. While CIT Bank does not offer personal loans, American Express offers personal loans of up to $40,000 for eligible Card Members.
These loans have fixed interest rates and have no prepayment penalties or origination fees. The application process is quick and you will receive a decision within seconds.
Credit Cards
American Express established its reputation as a credit card provider, so as you would expect the bank still offers an impressive choice of Amex card options.
There are a number of reward card options, with the most popular being the Platinum, Gold, and Green card that offer 5x, 4x, and 3x points respectively. Each card has an annual membership fee of $695, $250, and $150 respectively. However, there are other reward card options including Amex EveryDay, and Amex EveryDay Preferred.
American Express also has cash back cards including the Blue Card Preferred, which has no annual fee for the first year. There is also the Blue Cash EveryDay and Cash Magnet, which have no annual fee. Depending on the card choice, you can earn up to 6% in cash back.
The bank also has Hotel and SkyMiles cards, but for those with a less than perfect credit score, there is the prepaid Serve card. This card has no hidden fees or credit check. While there is a $6.95 monthly fee, you can have this waived if you have a $500+ direct deposit to your account during the statement period.
On the other hand, CIT Bank does not currently have a credit card option.
Customer Service
CIT Bank allows you to access customer support online or using its 24 hour automated telephone banking system. However, if you do want to speak to a customer service agent, the lines are only open 9 am to 9 pm Monday to Friday and 10 am to 6 pm on Saturdays.
American Express offers 24/7 customer support online or on the phone, so if you have a query or need help, you can easily access the customer service team.
However, the ratings on the consumer review platforms are more of a mixed bag. While CIT Bank has a great 3.8 out of 5 rating on Trustpilot, American Express has a 1.7 out of 5 rating.
Online/Digital Experience
Both CIT Bank and American Express have apps to enhance the customer’s digital experience. CIT’s app is rated 4.6/5 for Apple and 4.2/5 for Google. The AMEX app is available for iOS and Android with a rating of 4.9/5 and 4.2/5 respectively on the Apple Store and Google Play.
Both apps allow you more control over your account, with 24/7 access to manage your transactions, make transfers, lock your card and receive notifications.
The bank’s websites are helpful and enhance the customer’s digital experience. You can browse the available products and compare options, if you’re unsure which is the best choice for you.
Which Bank is The Winner?
With both banks offering similar products, we need to look a little more closely at which bank is better.
While CIT Bank lacks a credit card option, it does have a decent eChecking account, mortgages, and home loans. However, American Express has personal loans and an impressive choice of credit card options.
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|  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 4.20% | 3.75% – 4.50%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $0 | $0 | Compare Banking |
Mobile App Rating | 4.6/5 on iOS 2.5/5 on Android | 4.9/5 on iOS 4.1/5 on Android | Various Banks
|
on CIT website |
on Amex website |
on our website |
FAQs
How's American Express National Bank bonus promotion?
American expresss promotions are a but limited when it comes to banking promotions. However, there are many credit cards promotions available as well as very competitive rates on both savingsa and checking accounts.
Does CIT Bank offers a promotion?
As of March 2023, CIT Bank doesn't give new clients a bonus for opening a checking or savings account. If you're looking to get a bank promotion, check out our best banking bonus and promotions guide.
How's CIT Bank performs during a recession?
CIT Bank has a history dating back to 1908, but it has a checkered past when it comes to adverse economic times. During the 2007/2008 financial crisis, CIT Bank struggled. Despite receiving $2.3 billion in federal bail out funds, the company struggled to stay afloat. In fact, in 2009, the bank filed for bankruptcy. It took until 2017 for the bank to come out of the other side of Chapter 11.
The bank has now streamlined its product line and today has holdings of approximately $50 billion. So, it should be ready to handle the situation if we do slip into a recession.
Can you buy gold products via CIT Bank ?
CIT Bank does not offer investment products, including gold stock and other gold products. So, if you are looking for a bank that offers day to day banking facilities and investments, CIT Bank is not likely to be the best option for you.
You may be better suited to another bank or use CIT along with a third party investment platform.
How can I open American Express checking account?
Unfortunately, American express doesn't offer checking accounts at this moment. The main advantage is their savings account, since its rate is one of the highest in the market.
What's the best American Express credit card?
American Express offers a lot of options when it comes to credit cards. If you're looking for a travel rewards, the Platinum and the Gold cards can be a good option.
If you're not a big spender you can apply for the Everyday or the Blue Cash Preferred card, both provide nice rewards for the average customer.
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American Express vs Discover
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
American Express vs Capital One
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
American Express vs Chase
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
American Express vs Citi
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
CIT Bank vs Citi
CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.
Citibank has a credit card background, but that doesn't mean it has a limited banking product line. Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services.
Read Full Comparison: CIT Bank vs Citi: Which Bank Account Suits You Best?
CIT Bank vs Marcus
CIT Bank provides a variety of savings account options. If you link your checking account and make qualifying deposits, you can earn a higher rate on the two-tiered Savings Connect. The other savings option is the Savings Builder, which offers 0.399 percent if you keep a balance of $25k or more, or make at least $100 in monthly deposits. There is a six-transaction limit per statement cycle, but there are no account maintenance fees.
Marcus provides an impressive 0.50 percent without the CIT hoops. There is no required minimum deposit or balance. You can also make same-day transfers to and from the account of up to $100,000.
Read Full Comparison: CIT Bank vs Marcus: Compare Banking Options
CIT Bank vs Discover
The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.
While Discover's checking account does not pay interest, you can earn 1% cash back on debit card purchases. There are no fees, as with eChecking. If you need a replacement debit card, have insufficient funds, or have a deposit returned, you will not be charged a fee.
Read Full Comparison: CIT Bank vs Discover: Which Bank Account Wins?
CIT Bank vs Capital One
CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.
Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.
Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?
