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CIT Bank Money Market review
With low to no fees and an impressive 1.55% APY, this account gives you plenty of reasons to park your money.
finder.com’s rating: 3.9 / 5.0
★★★★★
Working towards a savings goal? The CIT Bank Money Market account has a high 1.55% annual percentage yield (APY), which is impressive when you compare it with the 0.63% national average. It’s a simple savings account with no monthly or maintenance fees and a low opening balance requirement.
However, the bank has no brick-and-mortar branches, which may sway those who prefer banking in person.
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1.55%
APY
$0
Fee
$100
Minimum deposit to open
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Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
Expert review
CIT Bank’s Money Market account is best for those looking for a savings account with minimal fees. You won’t pay monthly fees and there’s no minimum balance required. You’ll also earn 1.55%, which is higher than the national average.
CIT Bank is fully online. While this means it doesn’t charge fees to cover its overhead costs, it also means you can’t pop into a branch.
How do I open a CIT Bank Money Market account?
CIT Bank says it takes five to 10 minutes to open an account. Hop online and follow these steps:
- Select Apply now.
- From CIT Bank’s website, in the top right-hand corner, press Open an account.
- You’ll be asked if you’re a new or existing customer, or resuming an application. If you’re a newbie, click I’m a new customer.
- Press Next.
- Choose your account type: Personal and product: Money Market from the dropdown boxes.
- Select whether you want an Individual or Joint account.
- Enter your personal information, date of birth, citizenship status, Social Security Number and mother’s maiden name.
- Keep following the prompts to fund your deposit.
Eligibility
To apply for a CIT Bank Money Market account, you must be:
- A US citizen or resident alien with a physical address, a Social Security number and a driver’s license or state-issued ID.
- At least 18 years old.
Required information
To speed up your application, have this info handy:
- Your address, phone number and email.
- Your Social Security number.
- A valid driver’s license or state ID.
- The details for the bank account you’re using to fund your initial deposit.
Compare CIT Bank Money Market with other accounts
See how other money market accounts compare based on their interest rates, features and minimum opening deposits.
What are the benefits of a money market account with CIT Bank?
Sign up for a CIT Money Market account and you’ll land these benefits:
- Minimal fees. The account is free from opening, monthly and maintenance fees, and you won’t be charged for online transfers or incoming wires. However, it costs $10 to send wires if your account balance is less than $25,000.
- No minimum balance. It costs $100 to open the account — which is a low minimum deposit for a money market account. After that, you don’t need to maintain a minimum balance.
- Quick and easy application. The online form takes five to 10 minutes to complete.
- High APY. CIT Bank offers a 1.55% APY. This is significantly higher than the national average, which currently sits at 0.63%.
- Multiple payment methods. Along with ACH transfers and wires, you can send person-to-person payments via People Pay and PayPal. You can also set up direct deposit and mail in checks.
- Linked accounts. You won’t be charged to push or pull money from outside bank accounts, and you can link up to 10 accounts.
What should I look out for?
While the money market account has plenty of pros, no account is perfect. These drawbacks may matter to you:
- No physical branches. CIT Bank is completely online, so there’s no way to pop into a branch to do your banking in person.
- Limited customer support window. The customer service center is open from 8 a.m. to 9 p.m. ET on weekdays and for a few hours on weekends. If you need support outside of those hours, your options are email, mail or the automated phone service.
- No live-chat function. The bank doesn’t offer real-time messaging, which is unusual for an online bank.
- Fees. You’ll pay $10 to send wires if your account balance is less than $25,000. Also, the bank charges a $25 overdraft fee and $30 per bill-pay check to stop payment.
- Low transfer limits. While you can electronically transfer up to $2 million daily, People Pay and PayPal transfers are limited to $50 a day.
If you prefer an account with in-person banking options, you’ll want to keep looking. As always, compare your options when choosing a money market account.
How do I deposit and withdraw money?
The CIT Bank money market account offers flexible access to your funds. You can use the following methods to move money around:
- Direct deposit. Chat with CIT Bank to set up direct deposit with your employer or through other banks.
- Electronic transfers. Transfer funds to and from external bank accounts for free. To apply for this service, you’ll need the info on a blank check from the institution holding your account.
- Internal transfers. If you have a savings account with CIT Bank, you can easily transfer funds by logging into your customer account.
- People Pay. Send funds from your money market account to anyone with an email address or phone number. To enroll, log into online banking.
- Wires. Send and receive wires. Incoming wires are free, but there’s a $10 fee per outgoing wire for accounts with balances under $25,000.
- App. Deposit funds into your account via the mobile app.
- Checks. Top up your account by mailing a check to:
- CIT Bank, N. A.
Attn: Fulfilment
PO Box 7056
Pasadena, CA 91109
- CIT Bank, N. A.
How can I get in touch with customer service?
You can contact the customer service team by:
- Phone. Call 855-462-2652 from Monday to Friday, 8 a.m. to 9 p.m.; Saturday, 9 a.m. to 5 p.m.; and Sunday, 11 a.m. to 4 p.m. ET.
- Overseas? Dial 626-535-8964.
- Fax. Enter 866-914-1578.
- Email. Fill in the form on the Contact page, or send a message to bankingforms@cit.com.
- Mail. Address mail to:
- CIT Bank, N. A.
PO Box 7056
Pasadena, CA 91109
- CIT Bank, N. A.
Frequently asked questions
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