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CIT has been serving the financial needs of businesses and consumers in the United States for over 100 years. In 2022, CIT Group merged with First Citizens Bank to form one of the top 20 financial institutions in the country (based on assets).
One notable financial solution that the award-winning bank offers to consumers is the CIT Bank Money Market account. This high-yield money market account offers customers the chance to earn 1.55% APY.
CIT Bank Money Market Account Features
The CIT Bank Money Market account offers a number of features that make it an attractive online banking solution. Secure mobile and online banking tools offer convenient ways to manage your money on the go or at home.
CIT Bank offers an APY of 1.55% on its Money Market accounts. With a rate this high, it’s possible to earn more interest on your savings than you might be able to elsewhere.
You don’t need to jump through a lot of hoops to earn the elevated APY. However, an initial minimum of $100 is necessary when you open a new high-yield money market account.
Benefits and Tools
On top of the high-yield earning potential, the CIT Bank Money Market account features other perks and benefits that might appeal to you. Below are a few of the highlights.
One of the key benefits of opening a CIT Bank Money Market account has to do with something the account is missing — fees. There are no monthly service fees associated with the account. You won’t have to worry about fees for insufficient funds or overdrafts on the account either.
Yet depending on how you manage your account, there are a few other types of fees you might face as a customer including:
- Bill Pay Stop Payment Fees: $30 per Check
- Returned Deposit Fee: $10 per Occurrence
Although there are no physical branches, you can use CIT’s online banking tools or mobile app to access your account 24 hours per day, 7 days a week. In addition to the bank’s user-friendly online tools, you can also contact a bank representative in other ways.
- Phone: You can reach a bank representative at 855-462-2652. Representatives are available Monday–Friday between 9:00 a.m. – 9:00 p.m. ET and Saturday between 10:00 a.m. – 6:00 p.m. ET.
- Email: You can send a message or submit forms to the bank outside of normal business hours.
The CIT Bank mobile app makes it easy and convenient to deposit checks online.
CIT Bank is a division of First-Citizens Bank & Trust Company, which is a member of the Federal Deposit Insurance Corporation (FDIC). As such, your money market account (and other deposit accounts) through the bank are FDIC-insured for up to $250,000.
Savings Account Calculator
CIT Bank provides an online savings calculator that you can use to see the impact a high-yield money market account can make on your savings goals. The free tool can help you calculate the potential growth of your deposits over time, so you can figure out if you’re keeping your money in a wise spot long term.
CIT Bank is an award-winning financial institution with more than 100 years of history in the financial services industry. Recent recognitions the bank has received include:
- MyBankTracker’s Best Money Market Accounts for 2021
- GOBankingRate’s Best Money Market Accounts of 2021
- Magnify Money: Best 1-Year CD Rate
- Bankrate’s Safe & Sound® Rankings
- The Ascent’s Best Online and High-Yield Savings Accounts for January 2021
Is the CIT Bank Money Market Account Right for You?
The CIT Bank Money Market account might be a good fit for you if you’re in the market for a high-yield savings solution that allows easy access to your funds when needed. A few other details you may want to consider when you’re making your decision whether to open an account include:
- Could you benefit from the high APY the account offers?
- Are you comfortable banking online or do you prefer in-person access to your funds?
- Do the benefits offered (i.e., no monthly fee, mobile banking, etc.) appeal to you?
If you decide to move forward and open a CIT Bank Money Market account, you can submit an application online. The process takes around five minutes to complete, and you will need to share your personal details (i.e., name, address, Social Security number, date of birth, etc.) when you apply for a new account.