What's the Best Choice: Ally or CIT Bank?
Lily AldridgeWhat's the Best Choice: Ally or CIT Bank?
When it comes to choosing a bank to entrust your finances with, it can be overwhelming to sift through the options. Two popular choices foronline bankingare Ally Bank and CIT Bank. Both offer competitiveinterest ratesand convenient online services, but which one is the better choice for you? Let's take a closer look.
Interest Rates
One of the key factors to consider when choosing a bank is the interest rate they offer on their accounts. Ally Bank currently offers a 0.50% APY on their savings account, while CIT Bank offers a slightly higher 0.55% APY. However, it's important to note that these rates can fluctuate over time. Both banks also offer competitive rates on their CDs and money market accounts.
Fees
Another important factor to consider when choosing a bank is the fees they charge. Ally Bank prides itself on being a fee-free bank, meaning they don't charge monthly maintenance fees, minimum balance fees, or ATM fees. CIT Bank also doesn't charge monthly maintenance fees, but they do have a $100 minimum opening deposit requirement for their savings account.
Online Services
Both Ally Bank and CIT Bank offer convenient online services, including mobile banking apps, online bill pay, and eStatements. Ally Bank also offers a feature called "Ally eCheck Deposit," which allows customers to deposit checks remotely using their smartphone or computer scanner.
Customer Service
In the event that you encounter an issue with your account, it's important to have access to reliable customer service. Both Ally Bank and CIT Bank offer 24/7 customer service options, including phone, email, and online chat support.
Investment Options
If you're interested in investing your money, both Ally Bank and CIT Bank offerinvestment options. Ally Bank offers a robo-advisor service called Ally Invest Managed Portfolios, while CIT Bank offers a variety of CDs with different terms and interest rates.
Conclusion
Ultimately, the best choice between Ally Bank and CIT Bank will depend on your individual financial needs and preferences. If you prioritize low fees and a fee-free banking experience, Ally Bank may be the better choice for you. However, if you're looking for slightly higher interest rates and a variety of CD options, CIT Bank may be the way to go. It's important to compare all of the factors before making a decision and to remember that no bank is perfect – it's all about finding the one that best fits your needs.
Article review