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CIT Bank Money Market Account: An Easy-Access High-Yield Savings Solution

Get more from your Money Market account with CIT Bank's highest APY and Amazon Prime deal.

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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 — over 5x the national average.

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.

Factor in the limited-time opportunity to qualify for a year of Amazon Prime when you open a new eligible account, and there are several reasons to consider whether the money market account could work for you. 

Amazon Prime Promotion

For a limited time, eligible new customers can enjoy a year of Amazon Prime after opening a new CIT Bank Money Market Account using the promotional code AMZN22. The one-year Amazon Prime membership — a $139 value — is available to those who meet the following requirements. 

  • Deposit at least $15,000 to the account within the first 15 calendar days following account opening (the “Funding Period”). The $15,000 used to fund the account must come from a funding source outside of CIT Bank.
  • Maintain an end-of-day account balance of at least $15,000 each of the 60 days following the end of the Funding Period.
  • Only Primary customers are eligible. (Custodial accounts do not qualify.)

Existing customers may be able to take advantage of the promotion too, but they will need to open a new money market account and use external funds with CIT Bank during the promotional period to qualify.

If you meet all qualification criteria, you’ll receive an email approximately 30 days after the end of the 60-day period, with instructions on how to redeem your Amazon Prime membership.


CIT Bank offers an APY of 1.55% on its Money Market accounts. That rate is 5x the national average according to the bank. Therefore, 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. 

Limited Fees

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

24/7 Banking

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.

Mobile Deposits

The CIT Bank mobile app makes it easy and convenient to deposit checks online.

FDIC Insured

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.

Award-Winning Rankings

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? 

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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?
  • Would the welcome promotion (Amazon Prime for one year) provide added value? 
  • 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.

1Money Market Annual Percentage Yield (APY) is accurate as of July 1, 2022. Interest Rates for the Money Market Account are variable and may change at any time without prior notice. Fees may reduce earnings.

2Based on comparison to the national average Annual Percentage Yield (APY) on money market accounts as published in the FDIC Monthly National Rate and Rae Caps, accurate as of November 30, 2022.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

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