If you’re looking for a place to save money while earning interest, a money market account can be an excellent option. CIT Bank’s Money Market account offers a great way to grow your savings with competitive rates and convenient access, all while avoiding the high fees that some other banks charge. In this review, we’ll walk you through the key features of the CIT Bank Money Market account and whether it’s the right fit for your financial goals.
What Is the CIT Bank Money Market Account?
The CIT Bank Money Market account offers one of the highest interest rates in the market at 1.55% APY*, making it a strong contender for savers looking to maximize their returns. This account is designed to be a hybrid between a checking and a savings account, offering high yield interest while still giving you easier access to your money compared to a traditional savings account.
To get started, you’ll need to make a minimum deposit of $100, and there are no monthly maintenance fees to worry about. The account is FDIC-insured up to the standard $250,000, giving you peace of mind that your funds are protected.
What I Like About the CIT Bank Money Market Account
CIT Bank makes the process of opening a Money Market account simple and straightforward. You can complete the application process online in just a few minutes, and once your account is open, you can easily manage it through their mobile app, available on both iOS and Android.
With an interest rate of 1.55% APY*, this money market account consistently outperforms the national average, which hovers around 0.09%. The ability to earn more interest on your savings is a big plus, and the account is easily accessible through online and mobile banking. You can deposit checks remotely via the app and transfer funds seamlessly between accounts.
Another feature I appreciate is the absence of monthly maintenance fees, which is a big plus compared to traditional savings accounts that may charge fees just for maintaining a balance.
What Could Be Better
Although the CIT Bank Money Market account has a lot to offer, it does come with a few limitations that may not suit everyone.
For one, this account doesn’t offer check-writing privileges or a debit card, which is a common feature for many money market accounts. You’ll be limited to electronic transfers for most transactions, which could be inconvenient if you’re used to writing checks or using a debit card for purchases.
Additionally, since CIT Bank operates solely online, there’s no option to visit a physical branch, which could be a dealbreaker for people who prefer face-to-face banking.
Another downside is the $10 outgoing wire fee for balances under $25,000. With the option for free online transfers, this fee may not be necessary for most customers, but it could add up for those who need to use wire transfers frequently.
There are also transaction limits to keep in mind. You’re allowed only six transactions per month, including online transfers, ACH transfers, and PayPal or Zelle payments. Some may find this limit restrictive if they need to access their funds frequently.
Best Ways to Use the CIT Bank Money Market Account
So, how can you make the most of a CIT Bank Money Market account? Here are a few ways to use it effectively:
- Grow Your Savings Faster: If you’re tired of earning low interest on your savings, this account offers a better rate, allowing your money to grow faster. It’s ideal for anyone who wants to put aside funds for medium-term goals.
- Build an Emergency Fund: The CIT Money Market account is perfect for creating an emergency fund. You can keep the money separate from your regular checking account while still earning interest and having access when you need it most.
- Save for a Vacation: Planning a vacation but need a dedicated fund for travel expenses? A money market account is a great way to save for trips. It keeps the money separate from your regular spending while allowing it to grow with interest.
- Short-Term Goals: Whether you’re saving for a home improvement project or a new car, a money market account allows you to earn interest while keeping the funds easily accessible.
The Bottom Line: Is CIT Bank Money Market Account Right for You?
The CIT Bank Money Market account is an excellent choice for those looking to save money with a higher yield than traditional savings accounts while still maintaining easy access to their funds. With no monthly fees, a competitive 1.55% APY*, and a low minimum deposit, it’s a solid option for a variety of savings goals, from emergency funds to vacation savings.
However, if you need check-writing privileges or access to a physical branch, this may not be the account for you. Additionally, if you’re someone who regularly uses wire transfers, the fee could be a drawback.
Overall, the CIT Bank Money Market account is an ideal choice for savers who are comfortable with online banking and want to earn more on their savings while keeping their funds relatively accessible.
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