Ally Vs CIT- Seeking advice

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BogleMelon
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Ally Vs CIT- Seeking advice

Post by BogleMelon » Fri Jan 12, 2018 9:37 am

Hello!
CIT saving rate is currently higher than that of Ally by 0.3% (1.55% Vs 1.25%). I have a good experience with Ally so far, but was wondering how is CIT doing in terms of web interference, customer service...etc
Anyone had an experience here with CIT?
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

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TheGreyingDuke
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Re: Ally Vs CIT- Seeking advice

Post by TheGreyingDuke » Fri Jan 12, 2018 10:27 am

CIT does not automatically adjust your rate as their rate increases. If you open an account and receive 1.05% they keep you at that even as they raise the rates for others.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

farnsy
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Re: Ally Vs CIT- Seeking advice

Post by farnsy » Fri Jan 12, 2018 10:29 am

Haven't used Ally nor Cit, but your post begs the question: if you are looking for a high interest rate online bank, why not use dollar savings direct, which offers 1.6%? This is the next iteration of Emigrant Direct, by the same bank. I use them and the only downside I've seen so far is that their security model is not compatible with mint.com.

Or if you want an institution that does more than just your high-interest account, how about capital one 360, which earns 1.4% on its money market and will give you a checking account and credit card to boot?

jfchenger
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Re: Ally Vs CIT- Seeking advice

Post by jfchenger » Fri Jan 12, 2018 12:49 pm

TheGreyingDuke wrote:
Fri Jan 12, 2018 10:27 am
CIT does not automatically adjust your rate as their rate increases. If you open an account and receive 1.05% they keep you at that even as they raise the rates for others.
Not sure if that's true. I opened my account when it was 1.35% late last year, clicked on my account info just now, it says it's 1.55% now.
BogleMelon wrote:
Fri Jan 12, 2018 9:37 am
Hello!
CIT saving rate is currently higher than that of Ally by 0.3% (1.55% Vs 1.25%). I have a good experience with Ally so far, but was wondering how is CIT doing in terms of web interference, customer service...etc
Anyone had an experience here with CIT?
CIT's UI sucks, ACH push is pretty speedy however, I have not used their customer service yet. I'm same as you, use Ally as my primary where I hold quite a few CDs.

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TheGreyingDuke
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Re: Ally Vs CIT- Seeking advice

Post by TheGreyingDuke » Fri Jan 12, 2018 3:15 pm

jfchenger wrote:
Fri Jan 12, 2018 12:49 pm
TheGreyingDuke wrote:
Fri Jan 12, 2018 10:27 am
CIT does not automatically adjust your rate as their rate increases. If you open an account and receive 1.05% they keep you at that even as they raise the rates for others.
Not sure if that's true. I opened my account when it was 1.35% late last year, clicked on my account info just now, it says it's 1.55% now.

CIT's UI sucks, ACH push is pretty speedy however, I have not used their customer service yet. I'm same as you, use Ally as my primary where I hold quite a few CDs.
It was true for me, they wrote me back and stated that I needed to open a High Yield account, which actually was quite easy to do online, funded it with the now closed account. The only difficulty is that it is the recipient of my dividends from Vanguard and had to go through the entire vetting process (micro-deposits) to put it into effect.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

thangngo
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Re: Ally Vs CIT- Seeking advice

Post by thangngo » Fri Jan 12, 2018 3:31 pm

BogleMelon wrote:
Fri Jan 12, 2018 9:37 am
Hello!
CIT saving rate is currently higher than that of Ally by 0.3% (1.55% Vs 1.25%). I have a good experience with Ally so far, but was wondering how is CIT doing in terms of web interference, customer service...etc
Anyone had an experience here with CIT?
I don't like chasing online banks that provide the highest saving rate. I don't want to deal with constantly open new account, close old account, moving money around. After all, this provide very little margin. I picked Marcus (f/k/a GS Bank) by Goldman Sachs and the company continues to keep very competitive rate. I'm happy to keep my business with them.

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saltycaper
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Re: Ally Vs CIT- Seeking advice

Post by saltycaper » Fri Jan 12, 2018 3:59 pm

jfchenger wrote:
Fri Jan 12, 2018 12:49 pm
TheGreyingDuke wrote:
Fri Jan 12, 2018 10:27 am
CIT does not automatically adjust your rate as their rate increases. If you open an account and receive 1.05% they keep you at that even as they raise the rates for others.
Not sure if that's true. I opened my account when it was 1.35% late last year, clicked on my account info just now, it says it's 1.55% now.
What I think happened is they previously had something called the "High Yield Savings Account" which paid X.XX%. Then they began offering a "Premier High Yield Savings Account" at a higher rate of Y.YY% If you had the old "High Yield Savings Account", that rate changed over time, but it did not offer the same rate as the new "Premier" account, even though the "Premier" account is the only savings account I see as an option for opening today. So this was a "new" account they came out with, and if you had the "old" account, you had to open the "new" account to get the "new" rates.

Requiring action from existing customer to get the new rate enables them to attract new deposits with higher rates while providing the likelihood that some existing customers will not take the time to "upgrade" to the new account, and some perhaps will not even realize they have to upgrade to take advantage of the new rates. I don't think this practice is unique to CIT, but I don't care for it.

The user interface was not good IMO, but it was improved a couple years ago. Still not great, but better.

Their CD rates compared to other banks do not seems as enticing as they were 5 or so years ago. I think there was a good chunk of time where they had among the highest rates for 3-, 4-, and 5-year CDs.

All of these things combined means I'll likely be leaving CIT once my existing CDs mature.

I have no experience with Ally.
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DaftInvestor
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Re: Ally Vs CIT- Seeking advice

Post by DaftInvestor » Fri Jan 12, 2018 4:31 pm

BogleMelon wrote:
Fri Jan 12, 2018 9:37 am
Hello!
CIT saving rate is currently higher than that of Ally by 0.3% (1.55% Vs 1.25%). I have a good experience with Ally so far, but was wondering how is CIT doing in terms of web interference, customer service...etc
Anyone had an experience here with CIT?
CIT has had a lot of bad ratings.
marcus (gsbank) has a 1.5% rate and synchrony has a 1.45% rate. Both have good interfaces. marcus ACH transfers only take a day - synchrony may take a couple of days (haven't used them in a while).

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Kevin M
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Re: Ally Vs CIT- Seeking advice

Post by Kevin M » Fri Jan 12, 2018 4:52 pm

One reason I haven't messed around moving money to higher rate savings accounts is that I took advantage of Ally's no-penalty 11-month CDs at 1.75% (now 1.60%). And now the Vanguard municipal money market funds are providing me with taxable-equivalent yields (TEYs) of 1.74% (as of most recent close), but these yields have been dropping daily.

For example, the CA muni MM fund has dropped by 20 basis points, to 1.13% on 1/11/2018 from the high of 1.33% on 1/3/2018 (at the high, my TEY was 2.05%). Over same time period the yield of the (national) muni MM has dropped from 1.42% to 1.23%.

Ally is a great, all-purpose hub bank, with high limits on ACH transfers, high limits on number of external linked accounts, a broad product range, etc., so I'm sticking with Ally as my primary bank. As long as the muni money market yields remain competitive, I'll be holding my excess savings in them, aside from the fairly large amount I still have in the no-penalty 1.75% CDs.

Kevin
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ivk5
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Re: Ally Vs CIT- Seeking advice

Post by ivk5 » Fri Jan 12, 2018 5:08 pm

Have accounts at both but have moved all funds to Ally (mainly for the 11-month no-penalty 1.75% CDs). As others have noted, tech/UI for CIT is primitive (same netteller platform used by some credit unions etc).

mikeyzito22
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Re: Ally Vs CIT- Seeking advice

Post by mikeyzito22 » Sat Apr 28, 2018 10:30 pm

ivk5 wrote:
Fri Jan 12, 2018 5:08 pm
Have accounts at both but have moved all funds to Ally (mainly for the 11-month no-penalty 1.75% CDs). As others have noted, tech/UI for CIT is primitive (same netteller platform used by some credit unions etc).
CIT bank is at 1.75% for MM. Total liquidity.

dustinst22
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Re: Ally Vs CIT- Seeking advice

Post by dustinst22 » Sat Apr 28, 2018 10:33 pm

Rates are changing/adjusting so quickly right now, probably not worth shuffling around yet. Everyone is basically trying to match each other.

ivk5
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Re: Ally Vs CIT- Seeking advice

Post by ivk5 » Sun Apr 29, 2018 2:12 am

mikeyzito22 wrote:
Sat Apr 28, 2018 10:30 pm
ivk5 wrote:
Fri Jan 12, 2018 5:08 pm
Have accounts at both but have moved all funds to Ally (mainly for the 11-month no-penalty 1.75% CDs). As others have noted, tech/UI for CIT is primitive (same netteller platform used by some credit unions etc).
CIT bank is at 1.75% for MM. Total liquidity.
Since writing that in Jan, the rise in rates has made VG muni MM much better for me, so I've broken my Ally CDs and moved there. See Kevin M's recent posts/threads.

Smurf
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Re: Ally Vs CIT- Seeking advice

Post by Smurf » Sun Apr 29, 2018 6:42 am

TheGreyingDuke wrote:
Fri Jan 12, 2018 10:27 am
CIT does not automatically adjust your rate as their rate increases. If you open an account and receive 1.05% they keep you at that even as they raise the rates for others.
This has been my experience as well and it's annoying to say the least. When they raised the rate to 1.55% a few months ago I had to close my high yield account and open a new one to get the better rate. Now that they have yet again changed to the name to a money market account at 1.75% my rate did not adjust. Customer service again tells me I have to open a new account to get the higher rate. Not sure if this is to pad their new account metrics or what, but it's enough of a hassle to consider other options.

whatever
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Re: Ally Vs CIT- Seeking advice

Post by whatever » Sun Apr 29, 2018 9:51 am

From CIT's web site, and it's been this way for months:
CIT Bank is upgrading its IRA online-application system, and no new IRA Plans can be opened during this time.

Customers with existing IRAs will not be affected by this upgrade, and CIT Bank will continue to service existing IRAs. Requests for assistance with existing IRA plans should be directed to the CIT Bank Contact Center at 855-462-2652 or by signing in to online banking and sending a secure email.

We regret any inconvenience and look forward to reinitiating the online-application-opening process when the work is completed.

Thank you for your patience as we work to improve your banking experience.

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