In this CIT Bank Money Market review, we’ll explore how the account works, the best ways to use it, and determine if it is a good fit for your banking needs. Enjoy!
If you’ve read our other reviews of CIT Bank and its Savings Builder account, you know that we’re big fans of the popular online bank, and for good reason. CIT Bank’s Savings Builder account continuously ranks as one of the best online savings accounts available.
CIT Bank launched its Money Market account in 2018, offering its customers a new way to save money while keeping funds more accessible than in traditional savings accounts. Money market accounts are a flexible way to meet savings goals while having money available for everyday use.
Let’s take a closer look at how the CIT Money Market account works.
At a Glance: CIT Bank Money Market Account
- 1.00% APY* on all balances
- Minimum opening deposit of $100
- No opening or monthly servicing fees
- FDIC Insured
Save More with CIT Bank – Earn 1.00% APY* on your money when you open a money market account with CIT Bank. Get started here.
What Is the CIT Bank Money Market Account?
The CIT Bank Money Market account is a hybrid bank account that offers high-yield interest for all balances. Money market accounts offer benefits and features traditionally offered from both savings and checking accounts.
At 1.00% APY*, CIT’s Money Market account offers one of the highest rates on the market. While it’s not the traditional savings account you’re probably used to, it is still subject to federal transaction limits like a savings account. With a minimum initial deposit of $100, it’s an easy account to open and to start building savings immediately. It is also insured by the FDIC to the typical $250,000 limit.
What I Love About the CIT Money Market Account
CIT Bank makes signing up for an account quick and easy. Through a simple online form, your new money market account is up and running in five to ten minutes.
We love that the Money Market account is accessible through CIT Bank’s mobile app, which is available on iOS and Android. Customers can take advantage of mobile check deposit through the app and transfer money seamlessly to and from other bank accounts.
The app allows you to check balances and transaction history, as well. Customers can also make transfers easily through online account access.
The CIT Bank Money Market account has no monthly maintenance fees, which means more money stays in your account.
Where the Account Falls Short
As much as there is to love about it, CIT Bank’s Money Market account is not perfect.
Money market accounts are hybrids of savings and checking accounts. Most money market accounts come with debit cards and check-writing privileges. Unfortunately, neither of those services are available with CIT Bank. Account-holders must rely on electronic transfers for most of their banking with this account.
CIT Bank is an online bank in every sense of the word, which is great if you’re comfortable doing all of your banking online. If you’re someone who likes the ability to visit a local bank branch, this is not the bank or the account for you.
Some customers might be annoyed with the $10 outgoing wire fee for balances under $25,000. With access to online transfers, though, I don’t know why you would choose to do wire transfers.
Depending on how often you access your Money Market account, transfer limits could be problematic. Some transactions are limited to just six per month, including:
- Preauthorized transfers
- ACH transactions
- Telephone transfers
- Online transfers
- Wire transfers
PayPal or Zelle transactions are included in that limit if they are connected to your Money Market Account. Also, PayPal transactions are limited to $50 daily, and Zelle transactions to $600 daily ($300 per transaction).
How to Use the Money Market Account
What are the best ways to use the CIT Bank Money Market Account? Here are some of my favorites!
Grow Your Savings Faster: If you’re used to accounts from traditional brick-and-mortar banks, you’ll quickly realize that using a high-yield savings vehicle such as CIT Bank’s Money Market account helps build up savings much quicker.
Emergency Fund: We love the idea of using a money market account for an emergency fund. It is a great way to keep your emergency fund separate from your other spending money but still have access when you need it.
Vacation Fund: We always set aside money for travel throughout the year. Using a money market account is perfect for short-term saving goals like this. It means you aren’t as tempted to spend the money on other needs. The best way to travel is to return home from trips with no debt, and planning travel through the use of a vacation fund makes that possible.
Other Short-Term Savings Goals: Saving for other financial goals, such as a new car or home improvement project, is a snap with a money market account. You’ll earn interest while keeping your money accessible when you need it.
CIT Money Market Account: The Verdict
CIT Bank knows how to reward people for saving money.
Depending on your saving goals, the CIT Bank Money Market account could be the perfect way to build savings, earn interest, and keep your money handy. Not only does it earn a great rate of 1.00% APY*, but you only need $100 to open an account. Plus, there are no balance requirements or monthly fees.
We are huge fans of CIT Bank’s Savings Builder account, too. Either account is an excellent way to save for short-term goals such as a vacation or emergency fund.
Compare CIT Bank’s Money Market account and its features to others on the market before you dive in, though. The lack of a debit card and limits on transactions will be a turn-off for some.
But if you’re in the market to save for a big financial goal, CIT’s Money Market account hits the mark.
Open Your Account – Get started with CIT Bank’s Money Market account and earn 1.00% APY* on your money! It’s a great way to save for that vacation or home improvement project! Get started here.
*Please see CIT Bank website for details and disclosures.