Table Of Content
When CIT Bank Wins?
CIT Bank offers a variety of banking products. You can access an eChecking account, multiple savings accounts, CDs, home loans, and mortgages.
However, there are some obvious gaps in this product line. Currently, you cannot obtain a credit card or personal loan through CIT Bank.
CIT Bank can be a better choice than Capital one if:
You have the funds to access the higher tier rates
You want a mortgage with your checking and savings account provider
You don’t need a credit card
When Capital One Bank Wins?
Capital One began as a credit card company, but over the years, it has developed quite an impressive selection of traditional banking products.
In addition to its great selection of credit cards, you can access checking and saving accounts, loan refinancing, auto finance and kids’ accounts. This makes Capital One more inline for those looking for a traditional banking experience.
Capital One can be a better choice than CIT Bank if:
You want access to a massive selection of credit card options
You want access to higher CD rates
You need loan products
CIT Bank | Capital One | |
|---|---|---|
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 several savings accounts. Savings Connect has two tiers with a higher rate of 5.05% if you have qualifying deposits. While there are no account maintenance fees, you are limited to six transactions per statement cycle.
Capital One has a high-yield savings account that has a slightly lower rate than the top rates offered by CIT Bank. However, you don’t need to jump through any requirement hoops. The account allows six withdrawals in a calendar month, but you don’t need a minimum deposit or minimum balance to maintain your account.
However, you do need to be aware that if you continue to exceed the withdrawal maximum number, you could incur a fee or possibly face account closure.
CIT Bank | Capital One | |
|---|---|---|
APY | 5.05% | 4.30% |
Fees | $0 | $0 |
Minimum Deposit | $100 | $0 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
The CIT Bank checking account option is its eChecking account. This is an interest bearing account that allows you to earn up to 0.10% to 0.25%, which is potentially higher than the 0.10% offered by Capital One.
The eChecking account is virtually fee free. You’ll only incur fees if you have stopped payments, returned items or wire transfers. You can even enjoy free ATM use. You’ll get up to $30 per month in ATM fee reimbursements if you incur fees from using other bank’s machines.
Capital One’s checking account option has some great features. You can access your paycheck up to two days early and choose your overdraft options. The Capital One account is also fee free, so again, you don’t need to worry about account minimums.
CIT Bank | Capital One | |
|---|---|---|
APY | 0.10% – 0.25% | 0.10% |
Fees | $0 | $0 |
Minimum Deposit | $100 | $50 |
Main Benefits |
|
|
CDs
In this comparison, there is no clear winner. Capital One minimum deposit is lower, as opposed to the $1,000 needed for CIT Bank, but you the rates are quite similar with a small advantage to CIT Bank.
Capital One | CIT Bank | |
|---|---|---|
Minimum Deposit | $0 | $1,000 |
APY Range | 3.90% – 5.15% | 0.30% – 5.00% |
APY 6 months | 4.30% | 5.00% |
APY 12 months | 5.00% | 4.65% (13 months) |
APY 24 months | 4.40% | 4.60% (18 months) |
APY 36 months | 4.30% | 0.40% |
No Penalty CD | / | 11 months, 4.90%
APY |
Mortgage Options
CIT offers a variety of mortgage deals. There are fixed rate mortgages with terms of 10 to 30 years. There are also portfolio interest only loans and qualified borrowers can secure a fixed interest only 30 year loan. CIT also offers its customers $525 in cash back after you close on your new home loan. The bank also has relationship discounts of up to 0.20%.
However, Capital One does not currently offer any mortgage packages.
Loan Options
In this area of comparison, it is Capital One that has the edge. Although CIT Bank offers business and commercial finance, there are currently no personal loans in its banking product line.
On the other hand, Capital One has several loan options. Although it doesn’t offer a conventional personal loan, you can access auto loans or refinance loans through Capital One. The bank also offers business lending products.
Credit Cards
This is another area where there is no comparison. Capital One has an extensive variety of credit cards. You can browse the card options on its website by category, credit rating and rate. If you have excellent credit, the VentureOne Rewards offers 1.25 miles per dollar with no annual fee. Alternatively, the QuickSilver Rewards card offers unlimited 1.5% cash back on all purchases. However, if you don’t mind an annual fee, Spark Cash Plus offers 2% unlimited cash back with an annual fee of $150.
For those with fair credit, there are still great options including the QuickSilverOne Rewards offering 1.5% unlimited cash back. There are also student cards such as the SavorOne Rewards with tiered rewards up to 3% or if you’re looking to rebuild your credit, Capital One has the Platinum Secured card, which has a $200 initial credit limit from a deposit of $39+. You will also be considered for an increase to your credit limit within 6 months. For students, Capital one offers the Journey card that provides unlimited 1% cash back.
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.
Capital One’s support is a little more complicated. The bank has numerous dedicated phone lines according to your specific issue. So, if you have a credit card query, you’ll need a different line compared to those with a savings account issue.
However, this does mean that you won’t be put on hold while you’re transferred to the relevant department. You can access the support page on the Capital One website and click on the appropriate link to access the phone number and details about when the service team is available. There is also a mailing address or you can tweet @AskCapitalOne.
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, Capital One has a paltry 1.3 out of 5 rating.
Online/Digital Experience
Both CIT Bank and Capital One have apps to enhance the customer’s digital experience. CIT’s app is rated 4.6/5 and 4.2/5 on Apple and Google respectively, while the Capital One mobile app is rated 4.8/5 and 4.9/5 on Apple and Google.
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.
As we touched on above, Capital One has an impressive website that allows you to not only compare card and account options but also access resources to help you improve your finances and discover the best products for your specific needs and circumstances.
Which Bank is The Winner?
With both banks offering similar products, we need to look a little more closely at which bank is better.
Both banks offer a decent selection of banking products, but there are some key differences. While Capital One has a variety of credit card options, CIT Bank does not have a single one.
Both banks offer high yield savings accounts and CDs, but while you can access mortgages with CIT Bank, Capital One does not have any mortgages. Likewise, while Capital One has loan options, CIT does not offer loans. So, which bank is better will depend on your specific needs and preferences.
FAQs
Which checking account promotion available with Capital One?
As of September 2023 , there is no Capital One checking account promotions. The main benefit with opening a new Capital Bank account is the high rates you can get on their savings products.
Is CIT Bank worth it if I have bad credit?
CIT Bank does not really have any products that are specifically designed for those with bad credit. There is one checking account option and no credit cards including a lack of a secured credit card. This may make this bank a little challenging for those who are struggling with their credit rating and need help to rebuild their credit score.
If you have bad credit, there are other banks that have a better product line that is better suited to your specific needs. Another bank may be a better option for you and when you have rebuilt your score, you could then consider CIT.
Can you close CIT Bank bank account over the phone/online?
You can call the customer support line to close your CIT Bank, but the easiest way is through your account dashboard. You should see an option to close the account under the drop down menu and this will walk you through the process.
You will need to have a zero balance with no outstanding transactions. You will need to confirm that you do want to close the account. CIT Bank will then send you an email verification.
Is Capital One a good bank for Millenials?
Capital One, as a major bank, takes care of your banking needs with minimal fuss. Millennials are also likely to value the accounts' convenience and functionality.
Many of the accounts are fee-free, and you can get good rates on savings and CDs. There is also a great app for both Android and iOS devices that can help you manage your money while you're on the go.
Is it worthwhile to use Capital One if I have bad credit?
If you have bad credit, Capital One may reject your application for a checking account.
However, the bank does provide a number of products that can assist you in building your credit. Savings accounts offer competitive rates, allowing you to begin accumulating an emergency fund with no account fees or minimum balance requirements.
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Compare More
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 American Express
CIT Bank is similar to a traditional high street bank in that it offers a variety of savings accounts, an eChecking account, CDs, mortgages, and home loans. The only obvious gaps in the product line are the absence of a credit card or personal loan option.
American Express began as a credit card company, but in recent years, it has expanded into a broader range of banking products. You can access savings accounts and personal loans in addition to its numerous credit card options. However, if you're looking for a full-service bank, American Express doesn't offer a checking account or mortgage options.
Read Full Comparison: CIT Bank vs American Express: Which Bank Account Is Better For You?
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 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
Capital One 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.
Capital One began as a credit card company, but it has grown to offer a diverse range of traditional banking services over the years. In addition to credit cards, it offers checking and savings accounts, loan refinancing, auto finance, and children's accounts. As a result, Capital One is more appealing to those seeking a traditional banking experience.
Read Full Comparison: Discover vs Capital One: Which Bank Account Wins?
Capital One vs American Express
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?
Capital One vs Chase
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Capital One vs Wells Fargo
Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.
Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Capital One vs Credit One
Capital One made its name as a credit card company, but in recent years, it has developed a decent banking product line that rivals that of a traditional bank. Capital One offers loan refinancing, kids' accounts, and auto finance in addition to checking and savings accounts.
Credit One remains primarily a credit card company, but it does offer a limited range of banking products, including CDs.
Read Full Comparison: Capital One vs Credit One: Which Bank Account Is Better?
Capital One vs Bank of America
Bank of America has an impressive product lineup, as one would expect from a large banking institution. There are various checking and savings accounts, as well as numerous credit card options, auto loans, home loans, and investments. This makes switching from your current bank a breeze.
Capital One began as a credit company, but it has recently expanded its product line. You can now access checking and savings accounts, auto finance, refinancing, and children's accounts in addition to an impressive selection of credit cards.
Read Full Comparison: Bank of America vs Capital One: Which Bank Wins?
Capital One vs Ally
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
Read Full Comparison: Ally vs Capital One: Compare Banking Options
Capital One vs Citi
Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.
Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?
