OpenBank vs CIT Bank has become a frequent comparison for consumers seeking smarter digital banking solutions. Although both institutions operate primarily online, they differ significantly in their origins, account offerings, customer experience, and overall financial value. Understanding these distinctions is essential for anyone evaluating which bank better aligns with their personal or business financial goals.
1. Overview of Each Bank
OpenBank
OpenBank is a fully digital bank originally established in Europe and owned by the Santander Group. The institution emphasizes an entirely online experience, offering a wide ecosystem of banking products ranging from checking and savings accounts to investment solutions and digital financial management tools. Its international backing gives it a reputation for stability and modern technological infrastructure.
CIT Bank
CIT Bank, now part of First Citizens Bank after a major acquisition, is a U.S.-based online banking institution known for competitive interest rates—especially on savings products. Unlike traditional banks with physical branches, CIT Bank’s digital-only model focuses on high-yield savings, CDs, and mortgages. It is especially popular among customers looking for maximum returns on deposit accounts.
2. Account Offerings
Checking Accounts
- OpenBank:
OpenBank offers flexible checking accounts with free online transfers, debit cards, and multi-currency support depending on the region. The accounts are designed for everyday spending, with modern budgeting tools embedded in the platform. - CIT Bank:
CIT does not primarily focus on checking accounts. While it has introduced limited checking solutions, they are not as feature-rich as its savings and money market accounts. This can be a disadvantage for customers who want a full-service digital bank.
Savings Accounts
- OpenBank:
Savings options are available but vary by region. Interest rates are generally moderate and may not be as competitive as U.S. high-yield accounts. - CIT Bank:
Savings accounts are the core strength of CIT Bank. Products like the Savings Connect often offer significantly higher APYs than national averages, making it a top choice for customers seeking strong yield performance.
Certificates of Deposit (CDs)
- OpenBank:
CD-style products exist but are not the institution’s primary focus. Terms, rates, and conditions depend heavily on the customer’s location. - CIT Bank:
CIT Bank is known for a wide variety of CD products, including term CDs, no-penalty CDs, and jumbo CDs. These products often offer competitive yields compared with similar digital banks.
3. Fees and Minimum Balance Requirements
OpenBank
- Usually maintains low to zero fees
- No monthly maintenance fees on most accounts
- No minimum deposit for standard accounts
- International fee structure varies based on location
CIT Bank
- No monthly service fees on savings accounts
- Low minimum deposits (typically around $100 for opening)
- Some advanced savings tiers require conditions such as qualifying deposits or balance thresholds
Overall, both institutions provide consumer-friendly fee structures, but CIT Bank may require more conditions to access the highest interest rates.
4. Interest Rates and Earnings Potential
OpenBank
OpenBank offers competitive but not market-leading interest rates. Its strengths lie in digital banking tools and integrated ecosystems rather than maximizing APY.
CIT Bank
CIT Bank consistently positions itself as a top player in the high-yield market. Savings Connect and Money Market accounts often have APYs several times higher than the national average. For customers prioritizing returns, CIT Bank usually provides better long-term earning potential.
5. Digital Experience and Technology
OpenBank
- Sleek, modern app and online interface
- Advanced financial planning features
- AI-driven budgeting tools
- Investment access directly inside the platform
- Strong integration across Santander’s global financial ecosystem
CIT Bank
- Simple and functional mobile app
- Strong reliability but fewer advanced digital tools
- Focused on efficiency rather than customization
- No integrated investment marketplace
OpenBank clearly excels in digital tools and user-friendly technology, whereas CIT offers a simpler, more straightforward banking experience.
6. Safety, Security, and Regulation
OpenBank
- Fully regulated through the European Central Bank and local financial authorities
- Strong digital security infrastructure
- Uses international authentication standards
CIT Bank
- FDIC insured through First Citizens Bank
- U.S.-based compliance standards
- Reputable performance in online banking security
Both banks offer reliable safety measures, though their regulatory frameworks differ due to geographical jurisdictions.
7. Customer Service and Support
OpenBank
- 24/7 digital support
- Multilingual assistance
- Highly responsive online channels
- No physical branches, which can be a limitation for some customers
CIT Bank
- Phone support and online messaging
- Service hours not 24/7
- Generally favorable customer satisfaction, though slower responses are occasionally reported
OpenBank excels in round-the-clock support, whereas CIT Bank maintains reliable but more conventional service hours.
8. Ideal Users for Each Bank
OpenBank is ideal for:
- Customers wanting a complete digital ecosystem
- Individuals seeking international banking flexibility
- Users who value budgeting tools, automation, and investment features
- People comfortable with multinational digital banking infrastructure
CIT Bank is ideal for:
- Savers prioritizing high APY returns
- Individuals looking for competitive CDs
- U.S.-based customers seeking simple online banking
- Users who do not need integrated financial planning or investment tools
Conclusion: Which Bank Is Better?
The choice between OpenBank vs CIT Bank depends heavily on your priorities. If you want a modern, technologically advanced digital banking experience with global capabilities, OpenBank is the stronger option. However, if your financial goal is to maximize earnings through high-yield savings and CDs, CIT Bank delivers unmatched value in the U.S. online banking space.
Both banks operate with strong security measures and low fees, but their strengths differ, OpenBank excels in digital innovation and full-service flexibility, while CIT Bank shines in interest rates and deposit products.