CIT Bank Money Market Account 2020 Review
CIT Bank is an online bank that offers a number of banking and borrowing products, including high yield savings accounts, certificates of deposit and money market accounts.
If you're considering opening a new money market account, here's more on what CIT Bank has to offer and how it compares to other financial institutions.
CIT Bank Money Market Account Essentials
The CIT Bank Money Market Account is an online money market account that you can use to grow your savings. Here are the main highlights of this highly rated account:
- Earn a competitive rate that's 11x the national average
- Open an account with a low $100 minimum
- Pay no monthly fee, including no maintenance fees or minimum balance fees
- FDIC insurance coverage, up to maximum depositor limits
- Remote check deposit and account management on the go with the CIT Bank mobile app
- Easy online account opening and funding
The CIT money market account could be a good option if you're looking for a way to save for big or small financial goals, like buying a home or just planning a vacation.
But you may have questions like, Should I put my money in a money market account? That's what this review can help you to decide.
MoneyRates Editor's Analysis: Pros & Cons
When choosing a money market account, it's important to look at the advantages and disadvantages. For example, which bank has the best money market rate might be a top concern.
As you consider the CIT Bank Money Market Account, here's a brief look at the biggest pros and cons.
- CIT Bank money market rates are competitive and outstrip the rates offered by brick-and-mortar banks
- A $100 minimum to open an account makes it easy to get started with saving
- No monthly fee or maintenance fees means you get to hold on to more of the interest you earn
- You don't get access to a debit card or checks with this money market account
CIT Bank Money Market Account Rates
Any time you're comparing money market account options, it's important to look at the interest rate and annual percentage yield you could earn. After all, that's key to growing your savings.
Currently, the CIT Bank Money Market Account has an APY which is 11x higher than the national average savings rate. That APY applies to all account balances. Compared to other online banks and traditional banks, this competitive rate puts CIT Bank at the top of the list for best money market rates.
It's important to keep in mind that banks are offering lower rates across the board on money market accounts and other interest-bearing deposit accounts right now. So if you're looking for the best rate, CIT Bank interest rates are certainly worth considering. CIT Bank consistently appears among the top ten banks offering the most competitive rate according to the America's Best Rates Survey.
CIT Bank Money Market Account Monthly Fees
One advantage of opening a money market account or high yield savings account with an online bank is not paying excessive fees.
With the CIT Bank Money Market Account, you pay no:
- Monthly fee
- Maintenance fees
- Minimum balance fees
Overall, you won't see a lot of your money going to fees to have this account, which is good if you're trying to keep costs as low as possible while saving money.
Other Money Market Account Fees
While there's no monthly fee and you pay no maintenance fees, there are three other fees to be aware of.
The first is a stop payment fee if you schedule a bill payment from your money market account. This fee is $30 per transaction.
You can also be charged a $25 fee for overdrawing your account.
The third fee is an excess transaction fee. With a CIT Bank Money Market Account, you're limited to six withdrawal transactions per month. If you go over that limit, CIT Bank can charge a $10 excess transaction fee. This fee is capped at $50 per month.
The best way to avoid the fee is to treat your money market account like a savings account and avoid unnecessary withdrawals as much as possible.
Additional CIT Bank Money Market Account Features & Benefits
The CIT Bank Money Market Account comes with a few helpful tools you might appreciate.
First, you can manage your account by logging in to online banking or through the CIT Bank mobile app. With either one, you can:
- Check your account balance
- Schedule transfers between accounts
- Schedule a bill payment
- Send money to friends and family via Zelle
You can also use the mobile app to deposit checks remotely. This can make adding money to your account convenient since CIT Bank does not have branches or ATM locations.
Are There Other Ways to Save with CIT Bank?
If you're wondering what's better than a money market account, CIT Bank gives you a few other options for saving.
For example, you can grow your money using these accounts too:
- Savings Builder Account
- Premier High Yield Savings Account
- Term CDs
- Jumbo CDs
- RampUp CDs
- No Penalty CDs
CIT Bank offers all of these ways to save. If you're interested in opening something besides a money market account, here's a closer look.
Savings Builder Account
With the CIT Bank Savings Builder Account, there is a $100 minimum required to open the account. But it offers a competitive APY with a minimum balance of $25,000 or a $100 monthly deposit.
Balances under $25,000 earns a lower APY which is still a competitive rate as banks lower APYs. This account has no maintenance fees and you can make up to six withdrawals per month.
Premier High Yield Savings Account
The Premier High Yield Savings account has a low minimum deposit of $100 and earns the same APY on all balances.
This account could be a good alternative to the Savings Builder Account if you can't meet the $25,000 minimum or $100 minimum deposit requirements each month. There is no monthly fee or maintenance fee for this account, but the CIT Bank Money Market Account usually has a higher APY than the savings account options.
CIT Bank Certificate of Deposit Account Options
CIT Bank offers four ways to save with a certificate of deposit account.
Term CDs feature terms ranging from six months to five years. The CD rates for each term are tiered with the best rate reserved for four-year and five-year CDs.
CIT Bank Term CDs have a $1,000 minimum to open. But if you have more money to save, you might consider jumbo CDs instead.
These CDs require a minimum deposit of $100,000 to open. Terms range from two to four years, with the four-year CD paying the best CD rates.
No-Penalty, 11-Month CDs allow you to save money in a CD without triggering an early withdrawal penalty if you take money out before the CD matures. That's a good thing if you want to save with a competitive rate but think you may need to tap into your savings sooner rather than later.
RampUp CDs are only available to existing CIT Bank customers at this time. But if you already bank with CIT, you could open one of these CD accounts. RampUp CDs allow you to increase your CD rates once per term if interest rates rise. That can help you grow your savings even more if interest rates are steadily moving upward.
Overall, CIT Bank CD rates are competitive compared to what other banks, both online and traditional, offer. And these CD accounts don't come with monthly fees or maintenance fees either.
One more thing to note: CIT Bank doesn't offer credit cards at this time. But you can get a mortgage with CIT Bank if you're interested in buying a home and need a loan.
How to Open a CIT Bank Money Market Account
To wrap up this CIT Bank review, here's a quick rundown of what you need to do to open an account:
- Head to the CIT Bank website and find the money market account page
- Click the "Get Started" button and choose "I am a new customer"
- Tell CIT Bank whether you want to open an individual or joint account
- Add your name, home address, email address, phone number and social security number
- Enter the information to fund your account
Remember, you need a $100 minimum deposit to get started. But otherwise, it's quick and easy to open an account. The process takes five to ten minutes to complete online.
Is a CIT Bank Money Market Account Right for You?
If you've read other CIT Bank reviews, you probably know what's good about CIT Bank overall. Whether you should open a CIT Bank Money Market Account specifically comes down to your savings goals and needs.
But generally, if you want to earn a competitive rate on savings with minimal fees then the CIT money market can offer both. Just be aware that you won't get a debit card or checks; account management is done online or through the mobile app.
CIT Bank consistently offers the highest rates for money market accounts and other financial products according to the America's Best Rates Survey, so it deserves your attention.