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CIT Bank Money Market Account Review: A Solid Choice for Savers Who Want Branch and ATM Access

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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CIT Bank is a subsidiary of First Citizens, and offers a full range of banking products designed for people who want a combination of the convenience of a branch-based bank and the yield offered by online institutions.

CIT Bank offers a money market account that combines some of the best features of its checking and savings accounts, and in this review, we'll discuss the features, pros, and cons to help determine if it might be a good fit for you.

Ratings Methodology
Rates as of Dec 20, 2024

CIT Bank Money Market

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Monthly Fee
$0
Min. Balance
$100
APY
1.55%
Min. To Earn APY
N/A
  • No monthly service fee
  • Minimum balance of $100
  • Low minimum deposit required
  • Customer experience and service
  • FDIC insured
  • Competitive APY
  • No physical bank access
  • No check writing or debit card capabilities

The CIT Bank Money Market account offers one of best rates, plus a low minimum opening balance requirement of $100. It doesn't offer check-writing capabilities or a debit card like some of its competitors, but it does let you deposit checks and transfer funds using the bank's mobile app. If you're looking for a money market account that's low on fees and offers a higher rate than most high-yield savings accounts, the CIT Bank Money Market account could be a good fit for you.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full CIT Bank Money Market account review

Top perks

CIT Bank's money market account has some perks that might be attractive if you're looking to open a new money market account.

Access to money: Customers have several ways to access their money, with options like Zelle and bill pay. They can deposit and withdraw money in person, through electronic transfer, and via several other methods.

No recurring fees: The CIT Bank Money Market account has no monthly account fees whatsoever, as well as no minimum balance fees.

Low minimum deposit: The CIT Bank Money Market account has a $100 minimum opening deposit requirement, and no minimum to receive the top advertised interest rate.

Large footprint: Following a 2022 merger, CIT is a part of First Citizens Bank, which is one of the 20 largest U.S. banks and has over 600 branches in 22 states. CIT customers can use any First Citizens branch, and can also use First Citizens online and mobile banking platforms.

FDIC insurance: Given the recent banking climate, it's worth pointing out that money market accounts like the CIT Bank Money Market account are FDIC insured for up to $250,000 per depositor, per institution.

Customer experience: CIT was ranked No. 1 in the nation out of 50 financial institutions in a recent survey conducted by American Bank and the creative experience agency Monigle, for humanizing the customer experience. CIT's personalized services, products, and tips, its digital convenience, and its security set it apart.

What could be improved

There's no such thing as a perfect bank account for everyone, and the CIT Bank Money Market account is no exception. With that in mind, here are some of the biggest potential drawbacks of this money market account that you should be aware of.

Interest rate: While the CIT Bank Money Market account pays an APY that is significantly higher than the national average for the best high-yield savings accounts or best money market accounts, its 1.55% APY is far lower than some of our other top money market accounts. In fact, CIT's own Savings Connect account offers an APY of 4.00% with the same $100 minimum opening deposit.

Overdraft fees: Many banks have eliminated overdraft fees, but CIT still charges $25. If you have a tendency to overdraft your account on occasion, CIT's money market account might not be the best fit for you.

No checks or debit card: CIT Bank doesn't offer money market account holders the ability to have a linked debit card, or to write checks on their account. Many other money market accounts offer the ability to write checks, so this could be a major negative differentiator.

No physical branch access: CIT is an online-only bank with no physical branches. CIT may not be the best fit for you if you prefer to bank in person.

How to access your money

CIT Bank offers several options for accessing your funds in a CIT money market account, both in terms of deposits and withdrawals.

Deposit options

If you want to deposit money into a CIT money market account, you can do so in several ways:

  • Mobile check deposit
  • Wire transfer
  • Cash or check deposits at any First Citizens branch
  • Electronic transfer
  • Mail a check

The CIT Bank Money Market account doesn't charge a fee for incoming wire transfers.

Withdrawal options

If you want to withdraw money from your CIT money market account, these are the options you have:

  • Online transfers
  • ACH withdrawals
  • Bill pay
  • Zelle (Limited to $300 per transaction or $600 per day.)
  • PayPal
  • Wire transfer
  • Telephone transfer

CIT charges a $10 fee for outgoing domestic wire transfers for accounts with average daily balances below $25,000, but has no wire transfer fee for accounts with more than $25,000.

CIT stands out from the competition with its wide range of deposit and withdrawal options. While online-based banks may offer higher-yielding money market accounts, CIT is unique in offering both above-average yields and exceptional convenience with award-winning customer service.

TIP

Honorable mention

It's also worth mentioning that CIT customers may want to consider the bank's own CIT Savings Connect account for their needs. It offers a 4.00% APY with the same $100 minimum deposit as the money market account. The catch is that it must be linked with a CIT eChecking account and is designed for customers who prefer to use online and mobile banking. For savers with higher balances, the CIT Platinum Savings account has an even higher APY of 4.35% APY for balances of $5,000 or more.

The CIT money market account is right for you if:

The money market account offered by CIT stands out for being operated by a well-established financial institution. While it may not be at the top of the list, it still offers an above-average yield compared to other options.

While the CIT Bank Money Market account may not offer the highest yield for those seeking to maximize their savings, it does provide a reliable choice for individuals who value the convenience of a branch-based bank with exceptional customer service. Additionally, this account offers a higher yield than many other traditional financial institutions.

Keep reading about CIT Bank

Our money market account methodology

At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 60%
  • Brand and Reputation: 15%
  • Fees and Minimums: 15%
  • Perks: 10%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • CIT Bank offers a wide range of products and services, including a money market account with a competitive APY. There are no monthly service fees and it is FDIC insured.

  • CIT's Money Market account requires a minimum opening deposit of $100. However, there is no minimum monthly balance required.

  • In addition to the CIT Money Market account, CIT Bank offers two types of savings accounts, the Savings Connect and Savings Builder. Each account may offer a different annual percentage yield (APY). The Savings Connect Account is a high-yield savings account with an extremely competitive interest rate. It is FDIC insured and you can deposit checks remotely and make transfers easily with the CIT Bank mobile app. There is a $100 minimum opening deposit, but no monthly deposit or balance required to earn the high APY. The Savings Builder Account requires a $25,000 minimum or at least one $100 monthly deposit to earn its highest interest tier. Its APY is not as competitive with Savings Connect. Both accounts have no maintenance fees.

  • Although CIT Bank is owned by First Citizens Bank, CIT Bank direct bank products are offered through CIT Bank direct banking only. Likewise, First Citizens Bank account products are offered through First Citizens Bank only.