CIT Bank Money Market Account

CIT Bank Money Market Account Review

CIT Bank Money Market Account is offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT Bank money market are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 1.55%, which is much higher than the national average for a money market account.
• No APY minimum balance. There is no minimum amount you have to deposit to start earning interest with this money market account.
• $0 monthly fee. This account does not charge any monthly account fees.
• Small minimum initial deposit. You only need $100 to open an account.

Pros & Cons of CIT Bank Money Market Account

Pros	Cons
Available in all 50 states. High-interest yield. Access to physical branches. Deposit checks remotely.	No signup bonus. Does not provide a debit card.

CIT Bank Money Market Account FAQ

Are money market accounts from CIT Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #58978). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for CIT Bank money market rates?

CIT Bank Money Market Account Rates and Terms

Rates	Amount
APY	1.55%

CIT Bank money market offers an APY of up to 1.55% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $0. This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What are the fees for CIT Bank Money Market Account?

CIT Bank Money Market Account does not charge a monthly maintenance fee.

CIT Bank will charge you a $10 fee if you exceed your maximum number of monthly transactions.

CIT Bank will allow you to make up to 6 withdrawals or transactionss per month. That is also the maximum set by federal regulations.

CIT Bank Money Market Account Fees

Fees	Amount
Monthly Fee	$0
Paper Statement Fee	$0
Excess Transaction Fee	$10

What is the minimum balance for CIT Bank money market?

Minimum deposit of $100. You must make an initial deposit of at least $100 to open this account.

What features and perks does CIT Bank money market offer?

This account includes the following features:

• Fraud monitoring - CIT Bank monitors transactions for potentially fraudulent activity.
• Mobile Banking Services - CIT Bank money market allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.

What is the customer service phone number?

The customer service number for this account is (801) 412-6800.

What is the support contact email?

The support contact email for this business credit card is custserv@cit.com.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.

How to open an account with CIT Bank

• Visit the CIT Bank website.
• Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
• Check the information is accurate and submit your application.