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We may earn money from links on this page, but commission does not influence what we write or the products we recommend. AOL upholds a rigorous editorial process to ensure what we publish is fair, accurate and trustworthy.
CIT Bank vs. SoFi: Higher rates or smoother experience? Here's my expert take on two digital banks
Yahia Barakah October 18, 2025 at 12:07 AM
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CIT Bank vs. SoFi (Kathrin Ziegler via Getty Images)
As traditional banks continue offering rock-bottom interest rates, online banks like CIT Bank and SoFi have emerged with attractive alternatives that deliver significantly higher yields. But which one delivers the best combination of rates, features and customer experience for your financial goals?
With CIT Bank, you can earn an impressive 3.85% APY on Platinum Savings accounts for balances over $5,000, slightly beating SoFi's top savings rate of 3.80% APY. However, this rate advantage comes with tradeoffs. I've had accounts at both institutions, and I've noticed CIT's higher yields come alongside a sometimes frustrating customer experience, with extended hold times and a more complicated digital platform. Meanwhile, SoFi offers a smoother, more integrated experience with quicker fund access but slightly lower interest rates.
The choice between these two online banks boils down to a fundamental question: do you prioritize squeezing out every last bit of interest, or would you rather trade a small percentage point for convenience and peace of mind? Personally, I find it challenging to choose one over the other since both offer compelling benefits.
Let's explore both options to help you decide which online bank better fits your financial needs.
At a glance: CIT Bank vs. SoFi
CIT Bank
SoFi
Checking
• eChecking ($0 monthly fee): 0.10% APY for balances under $25,000, 0.25% APY for balances of $25,000+
• SoFi Checking ($0 monthly fee): 0.50% APY for all balances
Savings
• Platinum Savings ($0 monthly fee): 0.25% APY for balances under $5,000, 3.85% APY for balances of $5,000+
• Savings Connect ($0 monthly fee): 3.75% APY
• Savings Builder ($0 monthly fee): Up to to 1.00% APY, depending on balance and monthly deposits
• SoFi Savings ($0 monthly fee): 3.80% APY with direct deposit, 1.00% APY without
CDs
• 6 months to 5 years: 0.30% to 3.35% APY
• 11-month no-penalty: 3.35% APY
• Not offered
ATM access and fees
• No ATM network
• Up to $30 per month in ATM fee reimbursements for eChecking account
• 55,000+ fee-free Allpoint ATMs
• $0 fee for out-of-network ATMs (no reimbursement for ATM owner fees)
Branches
• None — online only
• None — online only
Additional products and features
• Money market accounts
• Home loans
• Auto loans
• Mortgages and home loans
• Self-directed and actively managed investing
• Credit cards
• Business banking
• Wealth management and estate planning
Features
• Mobile check deposits
• Zelle, Apple Pay and Samsung Pay integration
• Mobile check deposits
• Early direct deposit
• No overdraft fees
• Vaults for savings goals
• Round-up saving feature
• Budgeting, credit monitoring and financial tracking with SoFi Relay
What is CIT Bank?
With over 100 years of financial history, today's CIT Bank serves as an online banking platform delivering competitive high-yield savings products and certificates of deposit with minimal fees. CIT weathered significant financial turbulence during the 2008 economic crisis. However, after several transformative moves, CIT was acquired in 2022 by First Citizens BancShares, the 15th largest bank in the United States.
Despite the name, CIT is no longer a standalone bank. Instead, it's the online banking division of First Citizens Bank. All CIT accounts are technically First Citizens Bank products, simply marketed under the CIT Bank brand. This digital-only structure significantly reduces overhead expenses for these accounts, enabling First Citizens to offer substantially higher interest rates through its CIT division.
According to J.D. Power's 2025 direct banking satisfaction study, CIT Bank falls below the industry average in customer satisfaction. This places CIT Bank behind online-banking leaders like Capital One, Discover and even SoFi. Customer reviews reveal a mixed experience, with many praising the competitive interest rates while expressing frustration with other aspects of service.
A common complaint among CIT Bank clients is its deposit hold policies, with many experiencing frustrating delays when funding their accounts. CIT typically places a 5-business-day hold on electronic transfers, significantly longer than its competitors. Additionally, CIT Bank doesn't accept cash deposits at all — requiring customers to first deposit cash at another bank and then transfer it electronically to CIT.
$0 monthly fee and up to 3.85% APY on balances of $5,000+CIT Bank Platinum SavingsSign up at CIT Bank
CIT Bank disclosure statement
Expand
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. Annual percentage yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Interest Rates for the Savings Connect Account are variable and may change at any time without notice. APY — Annual Percentage Yield is accurate as of September 23, 2025. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
CIT Bank benefits -
Competitive savings rates. CIT Bank consistently offers some of the highest savings rates in the industry. Its Platinum Savings account pays 3.85% APY on balances over $5,000, significantly outperforming the national average of 0.38% and surpassing most competitors, including SoFi's max APY of 3.80%. A $50,000 deposit would earn approximately $2,000 in a year at CIT versus $1,900 at SoFi.
ATM fee reimbursements. CIT Bank's eChecking account provides up to $30 in monthly ATM fee reimbursements. This means you never have to worry about finding in-network ATMs, giving you the freedom to use virtually any ATM nationwide.
Multiple high-yield account options. CIT offers various savings vehicles tailored to different financial situations and goals. Its Platinum Savings provides the highest rate at 3.85% APY for larger balances over $5,000, while Savings Connect offers a competitive 3.75% APY with no minimum balance requirement.
Unique no-penalty CD option. The bank's 11-Month no-penalty CD offers a happy medium between the higher rates of a traditional CD and the liquidity you may need for unexpected expenses as you can withdraw your funds without penalties.
No monthly maintenance fees. Unlike many traditional banks, CIT Bank doesn't charge monthly maintenance fees on any of its accounts. Compare this to traditional banks like Chase, which charges $12 every month if you don't maintain a $1,500 minimum balance in your checking account.
CIT Bank drawbacks -
Lengthy hold times on deposits. CIT may place a 5-business-day hold on incoming electronic transfers, regardless of amount or source. Customers frequently report being unable to access their transferred funds for over a week, which many find unnecessarily restrictive compared to other online banks that make funds available much sooner. In my experience, funds I transfer to SoFi are typically available on the same day or the following business day.
Customer service limitations. The bank offers phone support and in-app secure messages, but doesn't offer live chat. When I had questions about my account, I faced wait times averaging 15 to 20 minutes by phone. Both SoFi and Ally Bank offer a more responsive customer service experience with phone support and live chat options that typically connects you with representatives in under five minutes.
No physical branches or cash deposit options. As an online-only bank, CIT lacks physical locations where you can speak with bankers. Additionally, CIT provides no direct way to deposit cash at all. This meant I needed to transfer funds from an external account whenever I wanted to add funds. Discover, on the other hand, allows you to deposit cash at any Walmart location using your debit card without charging any fees.
Limited banking ecosystem. CIT primarily focuses on deposit accounts, requiring you to have relationships with multiple financial institutions for other financial needs. Capital One provides a more complete banking ecosystem with high-yield savings, checking, auto loans, and one of the most impressive credit card portfolios in the market.
What is SoFi?
SoFi is an online-only bank that started as a financial technology company in 2011. While SoFi initially focused on student loan refinancing, it began offering banking services in 2019 by partnering with established banks that handled the actual banking functions behind the scenes. In 2022, SoFi completed its transformation from fintech firm to full-fledged bank by obtaining its own national banking charter, allowing it to directly provide banking services without depending on banking partners.
Unlike CIT Bank's century-old history, SoFi belongs to a newer generation of institutions that focused on digital innovation from day one. This approach extends throughout its operation model, which integrates various financial services into a unified platform. SoFi offers high-yield checking and savings accounts, active and automated investing, home and auto loans, credit cards and business banking — all accessible through a single app.
SoFi ranks in the middle of the pack among online banks and slightly below industry average, according to J.D. Power's 2024 direct banking satisfaction study. The bank outperformed institutions like CIT Bank and Citi with their decades of banking history, but trailed behind Capital One, Discover and Charles Schwab.
SoFi's clients praise its seamless banking and investing connection and streamlined mobile app that offers a free budgeting and spending analysis tool. However, with no branch locations, clients needing to deposit cash must visit Walgreens, 7-Eleven or other participating retailers and pay up to $4.95 per transaction with a limit of $1,000 per day.
$0 monthly fees and Up to 3.80% APY with direct deposits SoFi Checking and Savings comboSign up at SoFiSoFi benefits -
High savings yields with direct deposits. SoFi offers a competitive 3.80% APY with qualifying direct deposits on savings balances and even pays 0.50% APY on checking balances without requiring direct deposits. This 3.80% APY translates to $380 for every $10,000 after 12 months, which far outpaces the 0.01% APY bigger banks typically pay but still comes behind the 3.85% APY you get with CIT Bank Platinum Savings.
Early direct deposit access. SoFi deposits your paycheck up to two days earlier than most traditional banks. This feature comes in handy when you need to cover an unexpected expense right before your regular payday.
Valuable member benefits beyond banking. As a SoFi member, I've taken advantage of their free financial planning sessions with certified advisors who helped me create a loan payoff strategy. SoFi also offers free career coaching, access to exclusive events and discounts on its products.
Lightning-fast money transfers. When I transfer money between my SoFi accounts, it moves instantly, and external transfers typically complete within one business day. I recently sent money to my external checking account at Schwab on Monday morning and had access to the funds by the afternoon.
Comprehensive financial tracking with SoFi Relay. The built-in budgeting tool connects all my accounts — even those from other banks, investment platforms, retirement funds and more — giving me a complete financial picture in one place. This makes it easy for me to see my income, spending, subscriptions and other transactions.
All-in-one financial platform. Beyond banking, SoFi offers active and automated investment accounts, retirement planning, loans, and a rewards credit card through a single login. This integration saves me from having to manage accounts across multiple websites and proved helpful when I needed to move money from savings to my investment account to take advantage of a market dip.
Minimal fee structure. SoFi charges no monthly maintenance fees, minimum balance fees or overdraft fees. It offers a fee-free network of more than 55,000 ATMs. However, it doesn't reimburse ATM fees you may be charged outside this network.
SoFi drawbacks -
Direct deposit requirement for top rates. To earn SoFi's highest 3.80% APY on savings, you need qualifying direct deposits such as your paycheck or government benefits. Without them, the rate drops to 1.00% APY. Bread Financial offers a simpler alternative with a competitive 4.20% APY on all savings balances without any requirements.
No physical branches for in-person service. SoFi operates entirely online, which means in-person support isn't available. On top of that, SoFi doesn't offer certain services you typically find at brick-and-mortar banks like cashier's checks. For those wanting both high yields and some branch access, Capital One combines competitive rates with café-style branches in major cities.
Expensive and limited cash deposit options. Depositing cash requires visiting a Green Dot retail location like Walgreens or CVS and paying up to $4.95 per transaction, with limits of $500 per deposit, $1,000 daily and $5,000 monthly. That means depositing $2,000 cash can cost you up to $20 in fees and require four separate transactions over two days. Alternatives like the Discover Checking account allow free cash deposits at any Walmart location with limits of $1,000 per day and $20,000 per month.
No certificates of deposit. SoFi doesn't offer any CDs, which forces you to use a different bank to secure return rates for specific time periods. CIT Bank, on the other hand, offers several CD options, including a hassle-free no-penalty CD that lets you lock in a competitive yield for 11 months.
CIT Bank vs. SoFi: how to choose
Deciding between CIT Bank and SoFi ultimately depends on your financial priorities. CIT Bank makes more sense for rate-conscious savers looking to maximize their interest earnings who don't mind navigating a less intuitive platform and longer hold times. SoFi works better for those seeking a unified financial ecosystem with slightly lower rates but significantly better user experience, quicker fund access and additional member benefits beyond banking.
1. Interest rates and earning potential
CIT Bank offers higher interest rates across its savings products. The Platinum Savings account pays 3.85% APY on balances over $5,000 compared to SoFi's maximum of 3.80% APY with direct deposit. For large balances, this difference becomes meaningful — a $100,000 deposit would earn an additional $200 after a year at CIT. CIT also provides multiple savings options tailored to different needs, including its Savings Connect account that has no minimum balance requirement to earn its top APY of 3.75%.
However, SoFi Checking provides better rates of 0.50% APY on all balances compared to CIT's eChecking that pays just 0.10% APY on balances under $25,000. This means even your spending money earns returns while waiting to be used. After analyzing a year of my banking patterns, I found that despite CIT's higher savings rate, my average combined return across checking and savings actually favored SoFi because of the checking yield difference.
2. ATM access and fund availability
CIT Bank doesn't have an ATM network, but it provides up to $30 in monthly ATM fee reimbursements with its eChecking account. This is a unique benefit that lets you use any ATM nationwide without having to check whether it's in network. However, keep in mind that CIT Bank imposes longer hold times of up to five business days on electronic deposits. This means money you transfer to CIT may remain inaccessible for up to a week.
SoFi provides access to over 55,000 fee-free Allpoint ATMs nationwide. In my experience, it's easy to find these ATMs even in smaller towns or more remote areas, but it's worth keeping in mind that SoFi doesn't reimburse any fees charged outside this network. On the plus side, you get faster access to your money with transfers between internal accounts processing instantly and external transfers typically completing within one or two business days.
3. Banking ecosystem
CIT Bank focuses primarily on deposit accounts and home loans, offering limited additional financial services. As a division of First Citizens Bank, this specialization allows it to deliver excellent rates while leaving other financial products like investing accounts, small business banking and credit cards to its parent company. However, as a CIT client, you can't bank at First Citizens branches and will need to maintain separate First Citizens accounts to use these additional products.
SoFi provides a more comprehensive financial ecosystem that extends far beyond basic banking. Beyond checking and savings, SoFi offers investment and retirement accounts, home and auto loans, a rewards credit card and a budgeting tool — all accessible through a single login. This integration can significantly simplify your financial management.
4. Digital experience and customer service
CIT Bank offers functional digital tools through its website and mobile app but falls short of delivering a seamless user experience. Navigation feels less intuitive compared to competitors, with some features buried within menus. Customer service falls short as well, with phone support averaging 15 to 20 minute wait times and no live chat option available.
SoFi excels with its modern, user-friendly digital platform that integrates banking, investing and financial tracking in one cohesive experience. The SoFi Relay feature adds more value by automatically categorizing spending, tracking net worth and monitoring your credit score. Customer service options include chat support that typically connects you to a representative within minutes.
Alternative banking options to consider
While CIT Bank and SoFi offer compelling features, neither provides a perfect solution for every banking need. If you value higher interest rates without deposit holds, need physical branch access or want free cash deposit options, you might find these alternatives better match your financial needs.
Bread Financial
Bread Financial delivers one of the highest savings rates available today at 4.20% APY without the direct deposit requirements that SoFi imposes or the balance tiers that CIT Bank requires. This straightforward approach means your money earns a competitive rate regardless of your deposit size or paycheck setup.
While Bread lacks physical branches like CIT Bank and SoFi and doesn't offer checking accounts, it charges zero monthly fees and offers high-yield CDs with various terms from 3 months to 5 years. This makes it a solid option for funds you want to put aside for emergencies or future goals without dealing with any qualifying criteria to get its best APY rates.
Discover
Discover offers a checking account with no monthly fees that earns 1% cashback on debit card purchases (up to $3,000 monthly) and a high-yield savings account that earns 3.40% APY. This combination of rewards on everyday spending and competitive interest rates gives you a well-rounded banking experience that outperforms both CIT Bank and SoFi in certain areas.
One of these areas is Discover's free cash deposits at any Walmart location, which addresses one of the shortcomings of CIT Bank and SoFi. With Discover, you can deposit up to $1,000 cash daily without paying the fees that SoFi charges or dealing with CIT's complete lack of cash deposit options.
Capital One
Capital One bridges the gap between online and traditional banking by offering competitive high-yield savings rates with no minimum balance requirements along with branch access. It has café-style locations in major cities for those who occasionally need face-to-face assistance. This hybrid approach gives you higher yields than typical brick-and-mortar banks without completely sacrificing in-person service.
Beyond its balanced approach to physical presence, Capital One stands out with a comprehensive ecosystem of financial products including high-yield savings, checking, credit cards, auto loans and small business banking. This integration eliminates the need to juggle multiple banking relationships as you might with more limited providers like CIT Bank.
FAQs: Banking with CIT Bank and SoFi
Find out more about these two online banks and how they might fit your banking needs. And take a look at our growing library of personal finance guides that can help you save money, earn money and grow your wealth.
Who is the parent company of CIT Bank?
First Citizens BancShares owns CIT Bank following its 2022 acquisition of CIT Group. As the 15th largest bank in the United States, First Citizens operates over 500 branches nationwide. However, despite this extensive physical network, I confirmed with CIT Bank representatives that its clients can't bank at any First Citizens branches. The two institutions maintain separate operations, with CIT continuing to function exclusively as an online bank while its parent company runs traditional brick-and-mortar services under the First Citizens brand.
Which bank is behind SoFi?
SoFi doesn't operate under a parent bank but instead transformed itself into a bank through its acquisition of Golden Pacific Bancorp in 2022. Before this strategic purchase, SoFi offered banking services since 2019 through partner banks like Bancorp Bank and Metropolitan Commercial Bank, which held customer deposits while SoFi provided the interface and customer experience. Today, SoFi Bank directly handles your deposits while still partnering with a network of FDIC-insured banks to offer optional extended FDIC protection of up to $3 million on your deposits.
How many times can I withdraw from SoFi savings?
Unlike some traditional savings accounts that limit you to six withdrawals per month, SoFi Savings imposes no withdrawal restrictions whatsoever. I regularly move money between my SoFi Savings and external accounts without worrying about hitting limits or incurring fees, making it ideal for both emergency funds and money you might need to frequently access while still earning competitive interest.
How can I withdraw money from CIT Bank?
CIT Bank offers multiple withdrawal options despite having no physical branches. You can transfer funds electronically to external bank accounts for free or withdraw up to $800 per day from any ATM nationwide using your CIT Bank debit card and receive up to $30 monthly reimbursement for ATM fees. Additionally, you can request a bank check mailed to your address or request a wire transfer for larger amounts and pay a $10 fee. Keep in mind that CIT may impose a 5-business-day hold on recent deposits before allowing withdrawals.
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About the writer
Yahia Barakah is a personal finance writer at AOL with over a decade of experience in finance and investing. As a certified educator in personal finance (CEPF), he combines his economics expertise with a passion for financial literacy to simplify complex banking and credit topics. He loves empowering people to make informed financial decisions that improve their everyday and long-term wellness. Yahia's expertise has been featured on FinanceBuzz, FX Empire and EarnForex. Based in Florida, he balances his love for finance with freediving, hiking and underwater photography.
Article edited by Kelly Suzan Waggoner
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