Cit bank money market account interest rate

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It’s not just high-yield savings accounts that help people earn elevated interest on their savings balances. The best money market accounts will also help you reach your financial goals.

The CIT Bank Money Market account helps you save up emergency funds while earning interest on your account balance. This Money Market account offers 1.55% APY, which is higher than that of your average checking or savings account.

CIT Money Market

Offer Details

Secure application on issuer’s website.

CIT Bank Money Market
APY: 1.55% APY
Monthly Fees: None
Minimum Opening Balance: $100
Features:
Access your money easily with Zelle® and Bill Pay
Daily compounding interest
FDIC insured

Quick Navigation

• Account Features
• Amazon Prime Bonus
• APY

• Fees and Minimums
• Open an Account

CIT Money Market Features

The CIT Money Market is a high-interest account that offers a 1.55% APY on your savings balance, which is higher than many savings accounts.

The account is a hybrid between a savings and a checking account, and it lets you save money, earn interest and withdraw and transfer your money — all from a single account.

If you’re saving up for an emergency fund, a downpayment on a home or some other goal, the CIT Money Market is an interest-earning account to save your money.

Amazon Prime One Year Credit Promotion

For a limited time, you can earn a one year Amazon Prime credit valued at $139 when you open a CIT Money Market account and complete several other steps. To qualify:

1. Open a Money Market account using promo code AMZN22.
2. Fund your account with at least $15,000 within 15 days of account opening, then maintain a minimum balance of at least $15,000 for 60 days following the 15-day funding period.
3. Once you’ve met the above requirements, you’ll receive an instructional email that explains how to activate your one-year Amazon Prime membership. This email is dispatched approximately 30 days after the end of the 60-day period.

While this is a relatively straightforward bonus, it’s still worth noting that the $15,000 used to fund the account must come from a funding source outside of CIT Bank. Additionally, if your end-of-day balance falls below $15,000 at any time during the 60-day period mentioned above, you will be disqualified from receiving the Amazon Prime membership bonus.

Since the majority of American households already have Amazon Prime, this bonus makes for an easy way to shave over $100 off your annual subscription bills. Luckily, you have until 03/23/2024 to activate your one-year Prime membership (at which point the bonus is forfeited).

APY and Interest

The CIT Money Market currently offers an APY of 1.55%. Interest is compounded daily, paid monthly and 8 times higher than the national APY.

This APY is not tiered; so there are no minimum balance thresholds in order to earn the full interest rate.

Note that APY rates will fluctuate with the market. To lock in your savings at an APY, consider either CIT Banks’ No-Penalty CD or 1-Year Term CD.

Fees and Minimums

With a minimum opening deposit of $100, you can easily open an account for short or long term savings while earning interest on your entire daily balance.

This money market account charges no monthly fees, and as long as you don’t send any outgoing wires or incur any overdrafts, you won’t pay any fees whatsoever.

Member FDIC

CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC insured), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.

You know your money is safe and secure in the CIT Money Market account.

How to Access Money

You can quickly and easily access your funds in your CIT Money Market account through your desktop or the CIT Bank mobile app 24 hours a day, seven days a week. With the app, you can also deposit checks and make transfers.

Additionally, you can access money easily through third-party services like Zelle and Bill Pay.

If you overdraft, you’ll be charged a $50 fee. An outgoing wire fee for domestic transactions only will cost $10 fee for an account with a daily average balance of less than $25,000, and $0 for balances of more than $25,000. There are no monthly service fees.

How to Open an Account

To open a CIT Money Market fill out its secure online form, which should only take about 10 minutes.

1. Provide banking details: Visit the homepage and tap “Open an Account.” State whether you’re a new customer, you already have a CIT bank account or you’re resuming your application. You’ll have to provide CIT with your primary home address and email address, your phone number and your Social Security number.
2. Fund your account: Transfer the $100 minimum opening balance through EFT, mail-in check or wire.
3. Email confirmation: When your account is open, you’ll receive an email confirmation

CIT Bank Money Market vs. CIT Bank Savings Builder

Slickdeals updates average percentage yields periodically. These rates are accurate as of November 2022

In addition to a high-yield money market account, CIT Bank also offers two high-yield savings accounts.

In many ways, the CIT Savings Connect account is the better of the two options. Customers enjoy an incredibly healthy APY of 3.25%, and the account requires the same $100 minimum opening deposit.

The CIT Savings Builder account also requires a $100 minimum deposit when you open the account, and it’s a little more complicated when it comes to earning interest, which is unfortunate, since it only offers an APY of 1.00%.

With a CIT Savings Builder, you’ll earn 0.40% interest on balances less than $25,000. However, that APY climbs to 1.00% when you have a monthly deposit of $100 more. In essence, it pays to save. Similarly, balances of $25,000 or more also earn 1.00% APY without needing a $100 or more monthly deposit. So, a Savings Builder account is a good place to earn high interest on a chunk of your savings without worrying about monthly deposits.

Both accounts are also designed to work with the bank’s high-yield checking account. The CIT eChecking account earns up to 0.25% and offers all of the convenience expected of online checking accounts, including debit card, check writing privileges and mobile banking. Read our full review of the CIT eChecking account.

So which is best? It really depends on how you use it. If you simply want an account where you can park your money and don’t plan to take withdrawals very often, the money market account may be a better choice.

However, it’s important to keep the money market account’s fees in mind. Even if you get charged just one fee in a year, it could defeat the purpose of the higher interest rate. Read our full review of the CIT Savings Connect account.

Money Market Account vs. Money Market Fund

Keep in mind that a money market account is not the same as a money market fund. The latter is an investment that is not FDIC insured and has a fluctuating rate of return, while the former is FDIC insured and has a locked-in interest rate.

Bottom Line

This account is ideal if you have a savings goal. For instance, you may want to build an emergency savings account, save up to buy a home or pay off some medical debt. Maybe you have a home improvement project or a big trip coming up. Park your money in the CIT Money Market Account, and at the moment you need your money, it’ll be there for you.

Read More CIT Bank Articles

• CIT Bank CD Rates
• CIT Bank No Penalty CD
• CIT Savings Builder Review

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.

Ryan M Tronierhttps://ryantronier.com/

Ryan Tronier is a personal finance expert and writer. His work has been published on NBC, ABC, USATODAY, The Mortgage Reports, Yahoo Finance, MSN, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals. Find him online at ryantronier.com.

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