CIT Bank vs M&T Bank

CIT Bank is a solid online bank with excellent rates and no monthly fees. How does it compare to M&T Bank? Read our comparison chart below.

CIT Bank is an online division of First Citizens Bank. It's known for high interest rates on its savings accounts and CDs. In addition, it offers an eChecking account. All accounts have no monthly service fees.

While M&T Bank has 690 branches serving the Upper East Coast and Florida. Offers a no-fee checking, as well as interest checking but with heavier requirements to waive service fees. Select Promo CD offers high rates for terms up to 36 months with a $1,000 minimum opening deposit.

Compare CIT Bank with M&T Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

	Member FDIC	M&T BankUFB DirectDiscover BankChaseKeyBankBank of America
	Visit Site	Learn More
	CIT Bank	M&T Bank
	SPECIAL OFFER CIT Bank Platinum Savings - Learn More Read CIT Bank Review	SPECIAL OFFER Referral Program - Up to $500 Bonus - Learn More Read M&T Bank Review
	Benefits and Features
Savings	Platinum Savings: 4.30% APY with a balance of $5,000 or more Savings Connect: 4.00% APY Savings Builder up to 1.00% APY with $25,000+ balance or $100 monthly deposit	0.01% APY. Monthly service fee of $7.50 unless you 1) maintain a minimum daily balance of $500 or more or, 2) have a personal checking account with M&T Bank or, 3) make at least one deposit in your Relationship Savings account
CD	Term CDs up to 3.50% APY. $1,000 minimum opening deposit.	Terms from 32 days to 120 months. Minimum opening deposit $1,000.
Checking	eChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,000
Money Market	1.55% APY
Mobile App	iOS & Android
ATMs	No ATM fees from CIT Bank. Up to $30 in other banks' ATM fees reimbursed per month (for eChecking Account)	More than 1,800 M&T Bank ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.
Customer Service	Mon - Fri: 9 am - 9 pm ET Sat: 10 am - 6 pm ET Sunday: Closed	Mon - Fri 8:00 am - 9:00 pm (ET); Sat - Sun 9:00 am - 5:00 pm (ET).
Locations	Online Only	700 bank branches located throughout New York, New Jersey, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida
	CreditDonkey® Reviews
Savings
Checking
Money Market
Mobile App
Customer Service
CD
Pros & Cons	Pros: High savings APY No monthly fees Low opening deposits Cons: No check writing	Pros: Free checking option High APY for Promo CD Free savings with checking Cons: Fee heavy Subpar savings APY Limited branches
Bottom Line	Solid online bank with excellent rates and no monthly fees... Read full review	Upper East Coast bank with free checking option and good promo CD rates... Read full review
	Visit Site	Learn More
	CIT Bank Platinum Savings CIT Bank Savings Connect CIT Bank Term CDs - Up to 3.50% APY	Referral Program - Up to $500 Bonus Personal Checking Account - $200 Bonus Personal Checking Account - $150 Bonus
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. CIT Bank: Pricing information and data points from published website as of 0217/2025. M&T Bank: Pricing information from published website as of 02/18/2025 based on 14203 zip code

Member FDIC

CIT Bank Platinum Savings - $300 Bonus

Get Deal

• Transfer a one-time deposit of $50,000+ for a Bonus of $300
• 4.30% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• No monthly maintenance fee
• Member FDIC

Terms and Conditions

• There are is no period of time where the customer will be required to maintain the funds.
  
• Account must be open when bonus is credited
  
• Promotion is available per account and Primary customer
  
• Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement
  
• Funding can be deposited in one-deposit or incrementally
  
• Promotion Period will be 3 months or until CIT's goals are met, whichever comes first

Member FDIC

CIT Bank Platinum Savings - $225 Bonus

Get Deal

• Transfer a one-time deposit of $25,000 - $49,999.99 for a Bonus of $225
• 4.30% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• No monthly maintenance fee
• Member FDIC

Terms and Conditions

• There are is no period of time where the customer will be required to maintain the funds.
  
• Account must be open when bonus is credited
  
• Promotion is available per account and Primary customer
  
• Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement
  
• Funding can be deposited in one-deposit or incrementally
  
• Promotion Period will be 3 months or until CIT's goals are met, whichever comes first

Member FDIC

CIT Bank Platinum Savings - 4.30% APY

Learn More

• 4.30% APY with a balance of $5,000 or more
• 0.25% APY with a balance of less than $5,000
• $100 minimum opening deposit
• No monthly maintenance fee
• Member FDIC

Which is Better: CIT Bank or M&T Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing CIT Bank or UFB Direct.

In short: CIT Bank's savings and money market are notable. In particular, the savings is outstanding.

Articles on CIT Bank

CIT Bank Review

CIT Bank offers a high interest rate. But how reliable is this online bank? Read this review to find out if what you heard is true.

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CIT Bank Savings Connect vs Platinum Savings

CIT Platinum Savings is CIT Bank's newest savings account. It advertises a higher APY. Check out how it compares to Savings Connect. Get a higher rate now.

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CIT Bank Complaints

CIT Bank offers a high APY. But there are some downsides, too. Read on to learn more about CIT Bank common complaints and possible solutions.

CIT Bank Locations

CIT Bank is an online bank that offers a variety of savings products. Find out how to manage your account, reach customer service, and the bank's current offers.

CIT Platinum Savings

CIT Platinum Savings Account boasts a higher APY than its other savings accounts. But there's a catch. Read on to learn how to get the highest APY.

CIT Bank No Penalty CD

CIT Bank offers a CD account that has no penalty for early withdrawal. Read on to learn about the APY and any requirements or fees that come with it.

CIT Bank High Yield Savings Review

CIT Bank savings accounts offer some of the highest APYs with minimal requirements. Read on to learn how CIT can help you grow your money.

What is CIT Bank

In the modern world, there are some things you just don't have to do anymore. Like drawing water from a well. Or paying fees just to keep your bank account open.

CIT Bank Login

Forgot your CIT Bank username? We'll show you how to login your online bank account.

CIT Bank Routing Number

Want to transfer money in or out of your CIT Bank account? Read this review to find your ABA routing number.

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M&T Bank Review

If you are on the upper East Coast, you probably see M&T Bank frequently. With a free checking option and a range of deposit accounts, does it meet your needs?

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Which Do You Think is Best?