CIT Bank Money Market Account Review
- Annual Percentage Yield (APY)
-
1.55%
- Fee
- $0
- Minimum deposit to open
- $100
Our verdict
Low $100 minimum deposit and above-average 1.55% APY, but lacking in customer support options
The CIT Bank Money Market Account stands out with its above-average 1.55% APY, no monthly fees and a small $100 minimum deposit, making it accessible for most savers. It offers a smooth application process and solid digital tools but falls short with no debit card option and limited customer support. Ideal for those comfortable with online banking, the account suits savers who do not require frequent cash access but value low fees and simple opening requirements.
Best for: Individuals who want a low-risk way to grow their savings.
Pros
-
Competitive 1.55% APY
-
Low $100 minimum opening deposit
-
No monthly fees
Cons
-
No debit card or checks
-
Limited customer support
What we like about CIT Bank Money Market Account
Money market accounts (MMAs) are often considered a hybrid of a checking and savings account, letting you earn interest on your balance while also offering spending options.
The CIT Bank Money Market Account offers an easy way to manage your savings and earn interest. You’ll need a minimum deposit of $100 to open the account, and from there, you can deposit funds using CIT’s mobile app, either through electronic transfers or remote check deposits.
Transactions can be conducted through electronic funds transfers, including online banking, Zelle, bill pay, and PayPal, as well as wire transfers or requests made via mail or phone.
No monthly fees and competitive APY
The CIT Bank Money Market Account has no monthly service fees, ensuring that your savings are not diminished by unnecessary charges, a benefit some competitors do not provide.
The APY is also significantly higher than the national average APY of 0.6% for money market accounts, as reported by the FDIC. The higher the APY, the faster your savings will grow.
With a 1.55% APY, no annoying fees and FDIC insurance, your savings can grow securely and without extra costs.
Low $100 minimum opening deposit
The CIT Bank Money Market Account is significantly more accessible to savers with its low $100 minimum deposit, allowing you to start earning interest without a significant upfront investment.
Many other money market accounts can require an opening deposit of around $1,000, but that can get as high as $2,500.
Easy access through mobile banking
Enjoy quick access to your funds via the CIT Bank mobile app, which allows for remote check deposits and easy transfers, making money management convenient.
Where it falls short
While the CIT Bank Money Market Account offers solid benefits, it has a few downsides.
Being an online-only bank, CIT doesn’t offer physical branch access, which may be inconvenient for those who prefer in-person banking. It also lacks a live chat feature, making it harder to get quick assistance than other online banks.
While the account has no monthly service fees, users may encounter costs such as a $25 overdraft fee or a $10 fee for wire outgoing domestic transfers if the account balance is below $25,000.
The account’s 1.55% APY is competitive and higher than average, but it falls short compared to some higher rates provided by competitors, like Quontic Bank‘s MMA, which offers 4.75% APY. If maximizing returns is your priority, exploring those higher-yield options might be worth considering.
No debit card or checkwriting
In general, the perk of going with an MMA over a savings account is that MMAs tend to offer more cash access by giving you checkbooks and/or a debit card.
But the CIT Bank Money Market Account doesn’t have debit cards or checks, limiting direct access to your cash.
Compare CIT Bank Money Market Account to other MMAs
Narrow down top Money Market accounts by fees, opening deposits and available APYs. Tick the Compare box next to each provider to compare up to four accounts side by side.
How to open the CIT Bank Money Market Account
Opening a CIT Bank Money Market Account is simple and quick. Here’s how:
- Enter Your Information: Start by securely providing your personal details, including your address, phone number, email and Social Security number or ITIN.
- Fund Your Account: To open the account, make a minimum deposit of $100. You can transfer funds through an electronic transfer, mail in a check or wire funds directly.
- Confirmation: Once you’ve completed these steps, CIT Bank will send you an email confirming that your account has been opened successfully. You can start managing your savings right away.
Customer reviews
| BBB accredited | No |
|---|---|
| BBB rating | NR |
| Trustpilot score | 2.1 out of 5 stars, based on 448 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 29,200 customer reviews |
| Google Play Score | 4.7 out of 5 stars, based on 7,500 customer reviews |
| Customer reviews verified as of | 28 November 2024 |
Customer reviews of the CIT Bank Money Market Account highlight a mix of positive feedback and areas for improvement. Many users appreciate the competitive 1.55% APY, noting that it helps grow their savings more effectively than traditional accounts. Reviewers on platforms like Trustpilot also praise the easy application process and lack of monthly fees, which make it easier to save without worrying about extra charges.
As for drawbacks in reviews, a recurring theme among customers is the limited customer support options, particularly the absence of a live chat feature and restricted hours for phone support, which some users find frustrating. Additionally, several reviewers expressed long wait times over the phone and unresolved issues despite lengthy phone conversations.
While the app generally receives high ratings, some users on Google Play and Apple’s App Store have reported occasional glitches that can hinder their banking experience.
Frequently asked questions
Is my money safe at CIT Bank?
Yes, funds in a CIT Bank Money Market Account are safe and secure. The account is FDIC insured up to $250,000 per depositor, protecting your deposits in the unlikely event of bank failure. This insurance applies specifically to money market accounts, ensuring your funds are safeguarded.
CIT Bank also employs robust security measures, including encryption technology and secure login protocols, to protect your information and transactions.
Does the Money Market account come with a debit card or checks?
No, the CIT Money Market Account does not offer debit cards or checks. Transactions can be conducted through electronic funds transfers, such as online banking, Zelle, Bill Pay and PayPal, as well as wire transfers and requests made via mail or phone.
Is there a minimum balance requirement for the CIT Money Market account?
No, aside from the minimum $100 opening deposit, there is no minimum balance requirement.
Your reviews
Gabriel Finder
Writer
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