what is Ally bank and CIT bank have in common
both banks embody the best in online banking, as they ' raised APYs for all their account options and neither charge fees or daily minimum holding. They also exacerbate the daily interest and credit monthly. In addition, the two share similar access methods -. Ally Bank and CIT are accessible via their websites, by telephone or via their mobile applications
Where they differ
Despite both being direct banks high efficiency, both ally and CIT could not be more different. For starters, Ally offers a range of accounts, including savings, money market, certificate of deposits and checkings. Furthermore, CIT customers have no checking accounts or ATMs, as the institution is only designed to use either a savings account or certificate of deposit. Given its higher yields, CIT is extremely adept at this.
Price
CIT rate actually a APY on two levels. The standard rate of 1% applicable to accounts with balances from $ 1 to $ 24,999, and the second highest rate of 1.05% applies to bearing balances above $ 25,000, you need to keep if you want to keep the rate 1.05%. The second level also nets you a reward in the form of a royalty of canceled wire; transfers become free and your account will be virtually no other fees as long as you keep the $ 25,000 minimum balance. While the base level of CIT accounts do not require a daily operating balance to maintain, of $ 100 is required to open an account.
The online savings account Ally has an APY of 0.99%. The account does not require a minimum deposit to open and has no monthly maintenance fees or minimum balance to maintain. Its money market account does not earn the highest interest 0.85% APY, but it also has no minimum deposit, no monthly maintenance fees and requires no minimum balance.
access and availability
Although CIT Banking is available on the same platforms as Ally, CIT least many options to access its services. For example, mobile Ally is available for all major phones, Blackberry and Windows included, while the application of CIT is limited to the iPhone and Android. CIT app is fairly basic - you can view balances, transfer money and make deposits - while demand Ally sports a more complex interface and even includes a sensible voice virtual assistant who can handle your requests and and in the field simple questions. Ally also has 24/7 customer service by phone, which is extremely important because it is a remote banking service. Unfortunately CIT does not offer 24/7 customer service, which is a serious obstacle in this industry. At CIT credit, however, its most simplistic interfaces and less of tenders probably means you will not have to deal with the difficulties presented by a complete banking experience.
standing Bank
Ally is one of the largest banks insured by the FDIC in the US, and its total assets ($ 104 billion) puts it 22nd among the 50 banks in the US CIT is not among the top 50 banks, but it has a value of 21.46 billion and is insured by the FDIC. Ally is, in fact, a bigger bank and most established.
Bottom line
Ultimately, each bank is designed for a different type of clientele. Ally prioritizes support and ease of access, while CIT favors simplicity and independence. Since CIT only offers savings accounts and CDs, it is especially good for people who already know what they want. In other words, CIT allows you to record without distractions, and higher APYs on all its deposit rates, it is very easy to record. That said, if you are looking for a bank that offers all types of accounts you might need and the extra bells and whistles, Ally is the bank for you.
Still not sure which is best? Visit our online savings account reviews to find out more.