Both Ally Bank and CIT Bank Platinum Savings offer competitive features, but Ally Bank is better for those with smaller balances and who value easy ATM access, while CIT Bank is better for those who can maintain a higher balance and need unlimited withdrawals.
| Attribute | Ally Bank Online Savings Account | CIT Bank Platinum Savings Account |
|---|---|---|
| Annual Percentage Yield (APY) | 3.50% APY (variable, may change after account opening), applicable to all balance tiers | 0.25% for balances between $0.01 to $4,999.99 and 4.00% for balances of $5,000 or more as of June 12, 2025. APY is variable and subject to change. |
| Minimum deposit to open | $0 | $100 |
| Monthly maintenance fee | $0 | None |
| FDIC insurance coverage | Up to $250,000 per depositor, per insured bank, for each ownership category | Deposits are insured up to $250,000 per depositor for each account ownership category. CIT Bank is a division of First Citizens Bank, and deposits held under both names are combined to determine if the depositor exceeds the federal insurance deposit limit. |
| Compounding frequency | Daily | Interest is calculated daily and credited monthly. |
| Mobile app availability | Yes, iOS app 4.7-star rating, Android app 2.3-star rating | Yes |
| Online banking access | Yes | Yes |
| Customer service availability | 24/7 via phone, live chat on website or mobile app | 24/7 via phone |
| Number of penalty-free withdrawals per statement cycle | Limited to 10 outgoing transactions per statement cycle | Unlimited |
| ATM access | Not directly available from savings account, available with Ally Bank checking account. Access to over 43,000 Allpoint ATMs. Reimbursement up to $10 per statement cycle for fees charged at other ATMs in the U.S. | No ATM card is included |
| Availability of linked checking accounts | Yes | CIT Bank offers an eChecking account. |
| Tools for goal setting and tracking | Yes, Ally Bank offers 'buckets' for organizing savings goals | A savings goal tool might be available. |