CIT Bank Money Market account review December 2018 | finder.com

CIT Bank Money Market review December 2018

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CIT Bank Money Market
  • Earn over 12x the national average
  • Quick and easy access to funds
  • No monthly service fees
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With low to no fees and an impressive 1.85% APY, this account gives you plenty of reasons to park your money.

Working towards a savings goal? The CIT Bank Money Market account has a high 1.85% APY, which is impressive when you compare it with the 0.12% 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.

APY1.85%
Fee$0
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10

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 1.85% APY. This is significantly higher than the national average, which currently sits at 0.12%.
  • 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.

Compare with other money market accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest APY
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.25%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. From Nov. 27, 2018 through Dec. 20, 2018, CIT Bank will donate 100 meals to people in need.
$0
$100
$0
1.85%
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.
Capital One 360 Money Market
Capital One 360 Money Market
$0
$0
$0
2%
A high-interest, fee-free online bank account that helps you save.
$0
$5
$0.01
1.77%
With no fees and a high interest rate, this account gives you plenty of incentive to save.
$15 per month
(can be waived)
$25
$0
1.8%
Earn one of the highest interest rates if you have at least $10,000 in savings, and access your money by ATM, check or bill pay.
Discover Money Market
Discover Money Market
$10 per month
(can be waived)
$2,500
$2,500
1.9%
Earn high yields with flexible access to your cash.

Compare up to 4 providers

How do I open an account?

CIT Bank says it takes five to 10 minutes to open an account. Hop online and follow these steps:

  1. Go to the CIT Bank website.
  2. In the top right-hand corner, press Open an account.
  3. 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.
  4. Press Next.
  5. Choose your account type: Personal and product: Money Market from the dropdown boxes.
  6. Select whether you want an Individual or Joint account.
  7. Enter your personal information, date of birth, citizenship status, Social Security Number and mother’s maiden name.
  8. 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.

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

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

Bottom line

Thanks to its 1.85% APY and low minimum opening deposit of $100, this money market account is making a splash among savers. It’s simple to sign up, and once you’re in, you can easily move money around via electronic transfers, wires, checks and person-to-person payments.

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.

Before committing, compare your options with our guide to money market accounts.

Frequently asked questions

Katia Iervasi

Katia is a freelance writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls chaotic, creative New York home. She navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

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