CIT Money Market Account

Money market accounts are interest-bearing accounts held at banks or credit unions. (MMA). Money market accounts, commonly referred to as money market deposit accounts (MMDA), have several characteristics that are not available with other types of accounts. 

The convenience of an ATM card and checks are combined with the savings benefit of a higher interest rate.

However, there are some drawbacks. The opening balance requirements for money market accounts are often greater, and you are still only allowed six transactions each month.

When compared to the national average yield of 0.05%, the CIT Bank Money Market account's remarkable annual percentage yield (APY) of 1.55% is impressive. It's a straightforward saving account with no ongoing fees and a small minimum opening balance.

securely on the bank's website

According to CIT Bank, opening an account takes five to ten minutes. Go online and do the following:

  • Choose Start now.
  • Click Open an account in the top right-hand corner of the CIT Bank website.

You will be prompted to indicate whether you are a returning applicant or an existing customer.

  • Click I'm a new customer if you're a beginner.
  • Click Next.
  • Choose between a Joint and an Individual account.
  • Enter your name, address, Social Security Number, birthdate, citizenship status, and mother's maiden name.
  • Continue doing so to finance your deposit.

Checking account details

Checking account fees

  • Monthly Fee
  • APY
    1.55% APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

CIT Money Market Account FAQ

1. Money Market Accounts: Are They Safe?

The Federal Deposit Insurance Corporation, an autonomous arm of the federal government, insures money market accounts at banks. Certain account types, including MMAs, are covered by the FDIC up to $250,000 per depositor per bank.

If the depositor has additional insurable accounts (checking, savings, or certificates of deposit) with the same bank, they all contribute to the $250,000 insurance cap. The simplest approach for depositors to insure more than $250,000 is by opening accounts at multiple banks or credit unions. A $500k joint account insurance limit applies.

2. What Advantages Do Money Market Accounts Offer?

Higher interest rates, insurance protection, check-writing capabilities, and debit card privileges are a few advantages of MMAs. One of the key draws of MMAs is the allure of greater interest rates than savings accounts.

They can offer greater interest rates because, unlike savings accounts, they are allowed to invest in certificates of deposit, government securities, and commercial paper. These accounts also give you the freedom to move money across several accounts at the same institution and easy access to your money. In addition, unlike savings accounts, many MMAs grant some check-writing rights and include a debit card, making them similar to conventional checking accounts.

3. Does the CIT Money Market account include checks or a debit card?

No. Both of those are not included in the CIT Bank Money Market account. You can send in cheques from other banks but you can't use ATMs to withdraw or deposit money.

4. Can I Create the Account in My Company’s Name?

No. The money market account can only be opened in a person's name; it cannot be opened in a company's name.

5. What Do Individuals Pay?

You can send money from your CIT Bank Money Market account to anyone with an email address or phone number using the free People Pay service. Logging into your Online Banking account will allow you to sign up for People Pay.

6. What Are the External Transfer Restrictions for This Account?

The following sums of money can be moved:

  • Electronic/ACH transfers of $2,000,000 per day.
  • $50 per transaction or $50 per day is what they pay.
  • $50 per transaction or $50 every day for PayPal.
Check Out Other Products From CIT Bank
Bank Monthly Service Charge Minimum Deposit to Open APY
CIT Savings Builder Account 0 $100 1.00% APY
CIT Bank CDs 0 $1000 4.90% APY
CIT Bank eChecking Account $0 $100 0.10% - 0.25% APY
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