Banking » Compare Banks » CIT Bank vs Discover: Which Bank Account Wins?
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CIT Bank vs Discover: Which Bank Account Wins?

Both banks offer fee free accounts, but CIT does have some requirements to qualify for the best rates. However, while Discover offers a wide variety of credit cards, CIT Bank doesn’t have one. Additionally, CIT Bank does not offer loans. Here's our comparison.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

When CIT Bank Wins?

CIT Bank has a decent choice of banking products. In addition to its eChecking account, there are multiple savings accounts, home loans, mortgages, and CDs.

The only real gaps in the CIT Bank line is a lack of a credit card or personal loans.

CIT Bank can be a better choice than Discover if:

  • You have the funds to qualify for the higher rates

  • You want a lower minimum deposit for your CDs

  • You want an interest bearing checking account

CIT-Bank-Logo
CIT-Bank-Logo

When Discover Bank Wins?

Discover has come a long way since it was established as a credit card provider.

Of course, there is a wide selection of credit card options, but you can also access home loans, personal loans, and a selection of checking and savings products including retirement accounts, CDs and a money market account.

discover logo

Discover can be a better choice than CIT Bank if:

  • You want access to a variety of credit card options

  • You are looking for loans

  • You want to access great savings rates without needing to meet account requirements

discover logo
CIT Bank
Discover Bank
Savings Accounts
Checking Accounts
CDs
Money Market Account
Debit Card
Credit Cards
Personal Loans
Mortgage
Government Mortgage
Business Loans
Investing Capabilities

Savings Account

CIT has a couple of saving account options. The Savings Connect has two tiers, with higher rates for customers who can link their checking accounts and have qualifying deposits. The accounts have no maintenance fees.  Alternatively, you can choose the Savings Builder account, but the interest rate is lower.

Discover has a more straightforward savings account, but the rates are a bit lower. There are no minimum deposits or account fees. However, you can earn 4.25% while CIT savings connect offers higher rates as of As of [month-year].

CIT Bank
Discover Bank
APY
5.00%
4.25%
Fees
$0
$0
Minimum Deposit
$100
$0
Checking Needed?
No
No
Main Benefits
  • Other saving account options available
  • Daily compounding interest
  • Easy to use app
  • No fees for maintenance, insufficient funds, stop payments or account closure.

Checking Account

The CIT Bank eChecking account is interest bearing offering 0.10% to 0.25%. The account is also virtually fee free. You’ll only incur a fee if you have a stopped payment, returned item, or want to make a wire transfer. There is also free ATM use, with up to $30 a month in ATM fee reimbursements if you incur any fees when using another bank’s machine.

While Discover’s checking account is not interest bearing, you can earn 1% cash back on your debit card purchases. Like eChecking, there are minimal fees. You won’t incur a fee if you need a replacement debit card, have insufficient funds, or have a deposit returned.

CIT Bank
Discover Bank
APY
0.10% – 0.25%
0% (1% cash back on up to $3,000 in debit card purchases each month)
Fees
$0
$0
Minimum Deposit
$100
$0
Main Benefits
  • Interest rate goes up to 0.25% if you exceed the $25k tier
  • No ATM/maintenance fees
  • Mobile check deposits
  • Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple
  • Earn 1% cashback on your account debit card
  • No overdraft fees
  • ATM network with 60,000+ machines with no fees
  • Discover Zelle allows you to quickly move money or send or receive money with no fees

CDs

The CD comparison is a little more tricky.  CIT Bank has a lower minimum deposit at $1,000, compared to the $2,500 needed for Discover.

When comparing the CD rates, it depends – CIT offers higher rates overall, but Discover wins when it comes to some specific terms such as 36 or 48 months.

So, if you have the additional funds to invest, Discover is certainly a more appealing option. However, if you have less to invest, you can still get a decent rate with CIT Bank.

Discover
CIT Bank
Minimum Deposit
$2,500
$1,000
APY Range
2.00% – 4.70%
0.30% – 3.50%
APY 6 months
4.25%
3.00%
APY 12 months
4.70%
3.50% (13 months)
APY 24 months
4.00%
3.00% (18 months)
APY 36 months
3.75%
0.40%
No Penalty CD
/
11 months, 3.50% APY

Mortgage Options

CIT has a variety of mortgage products. You can access fixed rate mortgages with terms of up to 30 years, and portfolio interest only loans. Additionally, qualified borrowers can get a fixed interest loan with a term of 30 years. CIT has an additional incentive. You can get $525 cash back upon closing your new home loan. There are also relationship discounts of up to 0.20%

Discover has home equity loans for up to $200,000 and mortgage refinancing. You can apply online or over the phone to expedite the process. However, what makes this bank stand apart is that there are zero closing costs, including application fees, origination fees or appraisal fees.

Loan Options

This is an area with a one sided comparison. While CIT Bank offers commercial finance, currently there are no personal loans available.

However, Discover aims to design its personal loans around you. There are flexible repayment terms and you can lock in your rate, so your monthly repayments will not change. There are no origination fees with any Discover loan.

Credit Cards

This is another area with no comparison.

Discover began operating as a credit card company and has expanded its banking services over time. So, it stands to reason that Discover would provide a good selection of credit cards. All Discover cards offer rewards with a maximum of 5% (with the Discover Cash Back card), but there are also tiered reward cards, like the Gas & Restaurant card and a Travel card offering miles.

Discover also offers a secured card that allows you to build your credit while earning rewards. Even students can earn rewards with the Student Cash Back and Student Chrome card. What’s really attractive is that all of these cards offer Unlimited Cashback Match. Discover will match your first year’s cash back dollar for dollar with no minimum spend or maximum rewards.

However, CIT Bank does not currently offer 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.

On the other hand, Discover offers 24/7 access to customer support. This means that if you have any queries or questions or have a banking emergency, you can quickly access the support team.

Unfortunately, Discover has a rather poor 2.0 out of 5 rating on Trustpilot, while CIT Bank has a far more impressive 3.8 out of 5 rating

Online/Digital Experience

Both CIT Bank and Discover have easy to use websites allowing you to explore the products and the help center for the various financial topics. This provides a great user experience even if you are unfamiliar with which banking services would be best for you.

Both banks also have highly rated apps. Discover’s is rated 4.9/5 on the Apple Store and 4.6/5 on Google Play, while CIT’s app is rated 4.6/5 and 4.2/5 on Apple and Google respectively

The apps allow you to not only manage your transactions, but access support and transfer funds.

Which Bank is The Winner?

To determine which bank is better, we will need to consider your needs. Both banks offer fee free accounts, but CIT does have some requirements to qualify for the best rates.

However, while Discover offers a wide variety of credit cards, CIT Bank doesn’t have one. Additionally, CIT Bank does not offer loans. So, if these are a priority for you, CIT Bank is not the right choice for you.

CIT-Bank-Logo
discover logo
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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.
5.00%
4.25%
Up to 5.02%
Checking Fee The monthly fee on checking account
$0
$0
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Mobile App Rating
4.6/5 on iOS
2.5/5 on Android
4.9/5 on iOS
4.7/5 on Android
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FAQs

Yes, Discover offers bank promotions for new accounts as well as on a variety of credit cards. As of May 2024 , Discover Online Savings offers $150 – $200 bonus promotion based on your minimum deposit. There are also promotions on Discover Cashback Debit Account

CIT Bank does not offer dedicated student accounts, but that does not make it a bad bank for students.  The eChecking account is mostly fee-free, and you can take advantage of excellent savings rates. 

However, if you're looking for credit cards, loans, or other student-friendly products, CIT Bank may disappoint you.

CIT Bank is an online bank, so opening an account online is your only option. Fortunately, this is a straightforward procedure that CIT has broken down into three easy steps. When you click the “Open Account” button on the product page, you will be taken to a form where you can enter your information.

Following that, you must fund your account for the required minimum, and CIT will send you a confirmation email to notify you that your account is now active.

Discover is one of the best online banks with no branch support, so the primary way to open an account is through the website. The website is easy to use and will guide you through the application process for your preferred product including a checking account.

If you’re already a Discover customer, you can simply log in and apply, but even new customers should find the process only takes approximately five minutes

Discover does not have specific car loans, but you can apply for a personal loan for any reason. You can borrow for up to 84 months with no origination fees. The rates are fixed at 5.99% to 24.99% depending on your credit history, with a same day decision in most cases.

CIT Bank vs Discover: Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked at CIT Bank and Discover in five main areas:

  1. Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  2. Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  3. Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  4. Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  5. Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Banking Reviews

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Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.

Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.

Read Full Comparison: Discover vs Bank of America: Compare Bank

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?

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?

The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.

Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.

Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?

Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.

Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.

Read Full Comparison: Discover vs Citi: Compare Banking Options

Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.

Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.

Read Full Comparison: Discover vs Ally: Which Bank Wins?

Axos Bank is still committed to providing a “100% digital” experience, as evidenced by the absence of branches. When there are no branches, customers benefit from higher rates of return on financial products. Axos Bank is also a full-service bank, providing individuals and businesses with deposit accounts and loans.

Discover Bank, while not a full-service bank, is part of the Discover Group, which provides a wide range of loan products. If you have a Discover Bank account, you will be in their system if you ever need a loan or a credit card. With the exception of Delaware, Discover Bank does not have bank branches.

Read Full Comparison: Axos vs Discover: Which Bank Account Is Better?

SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.

Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?

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 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 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?

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?

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Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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