CIT Bank vs Marcus 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
 

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In an age where traditional brick-and-mortar banks are gradually being overshadowed by their online counterparts, choosing the right online bank has become a critical decision for savvy savers. In this in-depth comparison, we put two leading online banks, CIT Bank and Marcus by Goldman Sachs, under the microscope.

While both are heavyweights in the digital banking arena, offering a range of products from high-yield savings accounts to certificates of deposit, there are nuances in their offerings that could sway a customer’s choice.

In this analysis, we will be highlighting the strengths and unique features of both – ultimately deciding on a winner.

For more detailed analysis of CIT Bank check out our full CIT Bank review.
CIT Bank is Better for:Marcus is Better for:
Best for higher interest rates on savings accounts.Suitable for easy-to-use mobile apps
Ideal for those seeking no monthly service feesExcellent for Goldman Sachs-backed security
Great for users who prefer online banking with competitive ratesBest for competitive interest rates
Perfect for savers looking for innovative account options like Savings BuilderIdeal for simple, fee-free online savings accounts

Introducing the Platforms

CIT Bank

cit.com bank website

At the forefront of online banking, CIT Bank stands out with its diverse array of financial products that cater to a broad spectrum of banking needs. Renowned for its high-yield savings accounts, CIT Bank goes beyond the norm by offering products such as the CIT Bank Savings Connect and CIT Bank Platinum Savings, which combine the benefits of competitive savings rates with the flexibility and convenience of online banking.

Moreover, CIT Bank distinguishes itself by not imposing monthly service fees, a feature that resonates with cost-conscious customers. Their commitment to providing value through various banking services, including savings accounts, checking accounts, and CDs, positions them as a robust player in online banking.

For a closer look at CIT Bank, check out our comprehensive review of the platform.

Marcus by Goldman Sachs

Marcus by Goldman Sachs brings the expertise and reputation of a longstanding financial institution into the realm of online banking. Marcus distinguishes itself with its streamlined, user-friendly services, primarily focusing on online savings accounts, personal loans, and CDs.

The platform is particularly noted for its easy-to-navigate mobile apps, making banking an effortless task for its users. Marcus takes pride in offering a no-fee structure across its products, ensuring transparency and simplicity in its dealings.

This Goldman Sachs division effectively marries the reliability of a traditional bank with the efficiency and accessibility of modern online banking, making it an attractive choice for those who value ease and straightforwardness in their financial transactions.

CIT Bank Logo Marcus Logo
Type of Service Online Banking Services Savings accounts, personal loans, CDs
Best Use High-Yield Savings and CDs Simple, fee-free savings and personal loans
Customer Support Online and Phone Support 24/7 phone support, online help center
Unique Feature Innovative Savings Accounts No fees, competitive interest rates
Current Promotion

More Info

More Info

Modest Money Overall Rating
4.3 rating based on 5 ratings
3.5 rating based on 5 ratings
CIT Bank Logo
Type of Service Online Banking Services
Best Use High-Yield Savings and CDs
Customer Support Online and Phone Support
Unique Feature Innovative Savings Accounts
Current Promotion

More Info

Modest Money Overall Rating
4.3 rating based on 5 ratings
Marcus Logo
Type of Service Savings accounts, personal loans, CDs
Best Use Simple, fee-free savings and personal loans
Customer Support 24/7 phone support, online help center
Unique Feature No fees, competitive interest rates
Current Promotion

More Info

Modest Money Overall Rating
3.5 rating based on 5 ratings

CIT Bank vs Marcus Videos

Factor 1: High-Yield Savings Accounts

CIT Bank is lauded for its superior high-yield savings accounts

  • Marcus competes with its own set of competitive interest rates.
  • CIT Bank edges out due to its comprehensive savings account offerings and higher rates.

CIT Bank’s high-yield savings accounts stand at the pinnacle of the market, not just for their competitive rates, but also for the flexibility and variety they offer. Their flagship products, like the Savings Builder, cater to different savers’ needs, whether it’s those starting with smaller balances or seasoned savers looking for higher returns.

The absence of monthly service fees coupled with the ease of digital banking makes CIT Bank’s high-yield savings accounts an attractive choice for those seeking to maximize their savings potential.

Marcus by Goldman Sachs, while offering competitive interest rates in their high-yield savings accounts, maintains a simpler product line. Their approach is less about variety and more about straightforward, fee-free savings.

Marcus’s accounts are free from the complications of tiers and minimum balance requirements, making them a go-to option for users who appreciate simplicity and clarity in their banking experience.

Factor 2: Customer Service and Support

CIT Bank provides comprehensive customer support, including phone and online assistance

  • Marcus offers 24/7 customer support, setting a high standard of customer service.
  • For its broader range of support options, CIT Bank takes the lead in this category.

CIT Bank’s approach to customer service encompasses a range of options. Customers can access support via phone, email, or through their extensive online FAQs, which cover a wide array of topics. This multichannel support system ensures that customers can seek assistance in a manner that suits them best, whether it’s a quick query online or a more in-depth discussion over the phone.

CIT Bank’s commitment to accessible and responsive customer service enhances the overall banking experience, especially important in the realm of online banking where face-to-face interactions are absent.

Marcus by Goldman Sachs, on the other hand, excels in providing round-the-clock customer service. Their 24/7 phone support is a testament to their commitment to being available for their customers at any time.

This continuous availability is particularly appealing to those who may have time constraints or prefer dealing with queries outside of regular business hours. Despite the lack of a broader range of contact options compared to CIT Bank, Marcus’s customer support is highly effective and user-friendly.

Factor 3: Mobile and Online Banking Experience

Marcus is renowned for its intuitive and efficient mobile banking app

  • CIT Bank offers a robust online banking platform and a user-friendly mobile app.
  • Marcus gains an edge in this area due to its superior mobile banking experience.

CIT Bank’s online banking platform is designed for ease of use and functionality, offering customers a seamless experience whether they are accessing their accounts on a computer or via the mobile app.

The app includes features like mobile check deposits, electronic transfers, and account management tools, making it a reliable and convenient option for those who prefer banking on the go.

Marcus by Goldman Sachs, however, stands out in the realm of mobile banking. Their app is not only intuitive and easy to navigate but also incorporates features that enhance the overall user experience.

The simplicity and efficiency of the Marcus app make it an ideal choice for users who prioritize mobile banking. It’s this focus on a streamlined and user-friendly mobile experience that gives Marcus a slight advantage over CIT Bank in this category.

Factor 4: Fees and Rates

CIT Bank offers competitive interest rates and no monthly service fees

  • Marcus also provides attractive rates with a no-fee promise.
  • CIT Bank edges ahead with its slightly better interest rates and fee structure.

In the landscape of online banking, fees, and interest rates are crucial factors for customers. CIT Bank excels in this area by offering some of the most competitive interest rates in the market, especially with its high-yield savings accounts.

Additionally, the lack of monthly service fees makes CIT Bank an even more attractive option for cost-conscious savers who want to maximize their returns without worrying about recurring charges.

Marcus by Goldman Sachs also adopts a no-fee approach, which includes no monthly service fees and competitive interest rates on savings accounts. While their rates are attractive, they are slightly outpaced by CIT Bank. Marcus’s commitment to transparency and simplicity in their fee structure is commendable, but when it comes to the combination of rates and fees, CIT Bank takes a marginal lead.

Factor 5: Product Variety and Innovation

CIT Bank offers a wide range of products, including savings accounts, CDs, and loans

  • Marcus focuses mainly on savings accounts, personal loans, and CDs.
  • CIT Bank’s broader product range and innovation in banking services give it the upper hand.

CIT Bank demonstrates its strength in the variety of financial products it offers. From high-yield savings accounts to a range of CD options and even home loans, CIT Bank caters to a diverse set of banking needs.

This variety is not just about the number of products but also about the innovation they bring to the table, such as the Savings Builder account, which incentivizes regular saving habits.

Marcus by Goldman Sachs, while offering a more focused range of products, does so with a high degree of excellence. Their savings accounts, personal loans, and CD offerings are streamlined and tailored to meet the needs of modern savers and borrowers. However, when compared to the broader spectrum of products and innovative solutions offered by CIT Bank, Marcus needs to catch up.

Factor 6: External Customer Reviews & Ratings

External CIT Bank Reviews & Ratings

SiteRating
Bankrate4.6
Apple App Store4.6 from 10,900 reviews
Credit Monkey4.4
Financer5

External Marcus Reviews & Ratings

SiteRating
Bankrate4.1
Consumer Affairs2.8
Trustpilot2.6 from 294 reviews
Deposit Accounts2.5 from 314 reviews

The Winner is…

In this close competition between CIT Bank and Marcus, both platforms demonstrate their strengths in different areas. CIT Bank stands out with its variety of products, competitive rates, and comprehensive customer service.

Marcus, with its user-friendly mobile experience and straightforward, no-fee approach, appeals to those seeking simplicity and efficiency in their online banking experience.

While Marcus offers an excellent platform, especially for mobile banking and user experience, CIT Bank ultimately edges out as the overall winner in this comparison.

With its combination of high-yield savings accounts, diverse product range, and competitive rates, CIT Bank represents an excellent choice for those seeking a comprehensive online banking solution. Click here to get started with CIT Bank 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.