CIT Bank vs Citibank 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
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The banking landscape is ever-evolving, with traditional brick-and-mortar institutions like Citibank facing stiff competition from online-only counterparts like CIT Bank.

In this comparison, we put these two banking giants head-to-head to determine which one offers the better banking experience. Both institutions have unique strengths and features that make them stand out.

From savings rates to customer service, we’ll dissect every aspect to help you decide which bank aligns best with your financial needs and goals.

CIT Bank is Better for:Citibank is Better for:
Best for higher interest rates on savings accountsSuited for customers seeking a full-service bank with physical branches
Ideal for those seeking no monthly service feesExcellent for those wanting a wide range of financial products
Great for users who prefer online banking with competitive ratesIdeal for clients who require robust checking account options
Perfect for savers looking for innovative account options like Savings BuilderFavored by users who value global ATM access and banking convenience

Introducing the Platforms

CIT Bank

CIT Bank, an online-only bank, has carved a niche in offering some of the most competitive interest rates for savings accounts, without the burden of monthly service fees. Their high-yield savings accounts, such as Savings Builder and Savings Connect, are designed to maximize your earnings.

The bank’s focus on minimizing fees, coupled with a commitment to providing a straightforward and efficient online banking experience, makes it an attractive option for savers and digital natives. Learn more about what CIT Bank offers by checking out our CIT Bank review.


Citibank, a global banking giant, provides a comprehensive range of financial products, including various checking and savings account options, alongside a vast network of physical branches and ATMs worldwide. This makes it a go-to choice for customers who prefer the traditional banking experience and need a wide variety of banking services at their fingertips.

Citibank also excels in offering global banking solutions, which is a significant advantage for international travelers or those with global financial needs. Discover more about Citibank’s offerings here.

CIT Bank Logo Citibank Logo
Type of Service Online Banking Services Full-Service Banking with Physical Branches
Best Use High-Yield Savings and CDs Comprehensive Financial Services
Customer Support Online and Phone Support In-branch, Online, and Phone Support
Unique Feature Innovative Savings Accounts Full Range of Banking Products
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Modest Money Overall Rating
3.8 rating based on 5 ratings
3.5 rating based on 5 ratings

Factor 1: Savings Account Options

CIT Bank offers higher interest rates with innovative account types

  • Citibank provides traditional savings accounts with global access.
  • CIT Bank is preferred for its higher yield and savings account diversity.

CIT Bank stands out with its high-yield savings accounts like Savings Builder and Savings Connect, offering some of the best interest rates in the market. Their approach to savings accounts is tailored to encourage and reward consistent saving habits, making it an ideal choice for dedicated savers.

Citibank, while offering a range of savings account options, may not match CIT Bank’s interest rates. However, its traditional savings accounts provide the reliability and accessibility that some customers prefer, especially those who value in-person banking experiences.

Factor 2: Fee Structure

CIT Bank has minimal fees, with no monthly service charges

  • Citibank has various account options with different fee structures.
  • CIT Bank is preferred for its straightforward and low-fee approach.

CIT Bank’s no monthly service fee policy across its savings and checking accounts is a significant advantage for customers looking to avoid these common charges. This approach aligns with CIT Bank’s strategy to provide a more cost-effective banking solution.

Citibank, with its range of account options, tends to have more varied fee structures. Some accounts may require maintaining a minimum balance or meeting other criteria to waive monthly fees, which might not be ideal for all customers.

Factor 3: Accessibility and Convenience

Citibank offers extensive global access through its branches and ATMs

  • CIT Bank operates exclusively online, with no physical branches.
  • Citibank is preferred for its physical presence and global accessibility.

CIT Bank, as an online-only bank, provides a convenient and efficient banking experience for those comfortable with digital platforms. However, the lack of physical branches might be a limitation for customers who prefer face-to-face interactions.

Citibank’s extensive network of branches and ATMs, both nationally and internationally, offers unparalleled accessibility and convenience, especially for customers who travel frequently or prefer in-person banking services.

Factor 4: Customer Support

Citibank provides comprehensive support through branches, phone, and online

  • CIT Bank offers reliable online and phone support.
  • Citibank is favored for its multi-channel support system.

CIT Bank’s focus on online banking is complemented by its efficient customer support via phone and online channels. However, the absence of physical locations means in-person support is not available.

Citibank’s multi-channel support, including in-branch services, offers a more comprehensive support experience, catering to a broader range of customer preferences and needs.

Factor 5: Additional Banking Services

Citibank offers a full range of banking and financial services

  • CIT Bank focuses mainly on savings and CD accounts.
  • Citibank is preferred for its wide array of financial services and products.

CIT Bank, while excelling in savings and CD accounts, has a more limited offering in terms of the broader spectrum of financial services, such as extensive checking account options and a variety of loan products.

Citibank, being a full-service bank, provides a wide range of services, including various checking accounts, loans, investment products, and more. This makes it a one-stop shop for customers seeking comprehensive financial services.

The Verdict

In this close comparison, both CIT Bank and Citibank have their unique strengths. CIT Bank leads with its high-yield savings accounts and minimal fee structure, making it an excellent choice for online savers.

Citibank, on the other hand, offers the convenience of physical branches, a wide range of financial products, and a robust customer support system, catering to a broader clientele.

For customers prioritizing high interest rates and a simple fee structure, CIT Bank is a fantastic option. Conversely, those who prefer the traditional banking experience with a wide array of services may find Citibank more suitable.

All in all, we favor CIT Bank by a light margin – click here to get started today.

Learn More About CIT Bank

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.