For over a century, CIT has catered to the financial needs of businesses and individuals in the U.S. In 2022, CIT Group joined forces with First Citizens Bank, creating one of the nation’s top 20 financial powerhouses by assets.

Among the many financial products available to consumers is the CIT Bank Money Market account, a high-yield option that allows customers to earn an impressive 1.55% APY.

CIT Bank Money Market Benefits

The CIT Bank Money Market account comes with numerous features that enhance its appeal as an online banking solution. It provides secure and convenient mobile and online banking tools, enabling easy management of your finances whether you are at home or on the move.

APY

The CIT Bank Money Market account offers an attractive 1.55% APY. This high rate means you can earn more interest on your savings compared to many other options.

There are no complex requirements to benefit from the high APY. However, you do need to make an initial deposit of $100 to open a new high-yield money market account.

Advantages and Features

Besides the potential for earning high yields, the CIT Bank Money Market account offers several additional benefits that may attract you. Here are some key points:

1. Minimal Fees

One significant advantage of a CIT Bank Money Market account is its lack of fees. There are no monthly service charges, and you won’t incur fees for insufficient funds or overdrafts.

However, depending on your account management, some fees may apply:

- Bill Pay Stop Payment Fees: $30 per check

- Returned Deposit Fee: $10 per occurrence

2. Round-the-Clock Banking

Despite the absence of physical branches, you can access your account 24/7 via CIT’s online banking tools or mobile app. Along with the intuitive online features, you can reach out to a bank representative in various ways.

- Phone: Contact a representative at 855-462-2652, available Monday–Friday from 9:00 a.m. to 9:00 p.m. ET and Saturday from 10:00 a.m. to 6:00 p.m. ET.

- Email: Send messages or submit forms outside regular business hours.

3. Mobile Check Deposits

The CIT Bank mobile app allows for easy and convenient check deposits from your smartphone.

4. FDIC Insurance

CIT Bank is part of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC). Therefore, your money market account, along with other deposit accounts, is insured by the FDIC up to $250,000.

5. Savings Calculator

CIT Bank offers an online savings calculator to help you understand the impact of a high-yield money market account on your savings goals. This free tool lets you estimate the potential growth of your deposits over time, assisting you in making informed decisions about your savings strategy.

Is the High-Yield Savings Option from CIT Bank a Suitable Choice for Your Needs?

The Money Market account offered by CIT Bank could be an appropriate selection for you if you’re searching for a high-interest savings solution that grants easy accessibility to your funds whenever required. Here are a few additional factors you may want to consider when deciding whether to open an account:

1. Would the account’s attractive APY be advantageous for you?

2. Are you comfortable managing your finances online, or do you prefer physical bank branches?

3. Do the account features, such as no monthly fees and mobile banking, meet your needs?

If you choose to proceed with opening a CIT Bank Money Market account, you can complete the application online. The process is straightforward and typically takes about five minutes. You will need to provide personal information, including your name, address, Social Security number, and date of birth, to set up the account.