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A CIT Bank Money Market Account can be a free, easy, and safe space to park your cash and earn a competitive interest rate better than a brick-and-mortar bank account. However, should you use this money market account or the CIT Platinum Savings account to save money and easily withdraw cash?

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JW Marriott Desert Springs flamingos. Credit: Johnny Jet

How the CIT Bank Money Market Account Work in 2024

The CIT Bank Money Market Account is a direct alternative to a CIT high-yield savings account as it earns an above-average interest rate and is limited to six monthly withdrawals. However, similar to a checking account, you can request a debit card to make purchases or ATM withdrawals.

There are no account fees, but a minimum $100 opening deposit is required.

CIT Bank Money Market Interest Rate

All CIT Bank Money Market Account balances earn 1.55% APY interest. Unlike some of the online bank’s other interest-bearing products, there are no monthly required activities to complete in order to earn the highest possible interest rate.

For example, some of the competing CIT Bank savings accounts require maintaining an average ongoing account balance or receiving a minimum amount of qualifying direct deposits. However, these other accounts can earn a higher rate and are better if you can achieve the monthly activities.

Minimum Balance

You will need to deposit at least $100 at account opening. However, there are no ongoing balance requirements. All balances earn the same interest rate, although only the first $250,000 is eligible for FDIC insurance coverage. And yes, CIT Bank is an online bank that is safe and trustworthy.

Is the CIT Bank Money Market Account Worth It?

The CIT Bank Money Market Account makes earning an interest rate higher than the national average easily without maintaining a minimum balance or enrolling in direct deposit. No monthly service fees and the minimum $100 opening deposit also make this account attractive.

However, other savings products can earn a higher interest rate. Further, this account won’t pay your monthly bills like a checking account, as it’s limited to six monthly withdrawals, even though you can get a debit card.

Alternatives to CIT Bank Money Market Account

These CIT Bank account options can also be worth using as you can earn more interest or enjoy more flexibility with withdrawing your cash.

CIT Bank Platinum Savings Account

The CIT Bank Platinum Savings Account earns up to 5.05% interest with a balance of $5,000 or more. However, you only make 0.25% interest on balances under $5,000.

Consider this account when you can keep at least $5k in your account at all times.

Related: Earn More Interest with a CIT Bank Platinum Savings Account

CIT Bank CDs

Several CIT Bank Certificate of Deposits (CD) offer higher yields for a fixed period, although the minimum deposit is $1,000.

Here are the current term CD yields from CIT Bank (highest yields first):

  • 6 months: 3.00% APY
  • 13 months: 3.50%
  • 18 months: 3.00%
  • 5 years: 0.50%
  • 4 years: 0.50%
  • 3 years: 0.40%
  • 2 years: 0.40%
  • 1 year: 0.30%

Additionally, a CIT Bank 11-Month No Penalty CD yields 3.50% APY at the moment. This rate is phenomenal as its maturity date is shorter than most term CDs, and you can also redeem your balance without penalties after the first seven days.

The no-penalty CD lets you make fee-free withdrawals starting seven days after the original deposit date.

Alternative Offers

U.S. Bank Platinum Business Money Market Account

The U.S. Bank Platinum Business Money Market Account is another option worth considering. It comes with the ability to set aside excess cash from a checking account while getting paid the highest interest rate for your business. Additionally, you can link your savings to your U.S. Bank checking.

If you maintain a minimum balance of $10,000, you won’t have to pay the $15 monthly maintenance fee. You’ll also earn higher rates of interest the higher the balance. You will need a $100 minimum opening deposit.

Other features of the U.S. Bank Platinum Business Money Market Account include the following:

  • ATM access
  • Accrues interest daily and pays interest monthly
  • FDIC Insurance up to $250,000
  • Free U.S. Bank Internet Banking

Plus, your account can be linked to your U.S. Bank business checking account for overdraft protection.

Receive up to a 3.50% bonus interest rate

Open a new U.S. Bank Platinum Business Money Market Account and receive a bonus interest rate from the opening date. All Bonus interest rates may change without notice at any time. The following bonus interest rate is accurate as of today:

  • 3.50% bonus interest rate when your account balance tier is between $50,000 to $2,999,999.99

This offer is limited to the Business Platinum Money Market account only. Standard variable interest rates are determined at the bank’s discretion and are subject to change at any time without notice. Speak to a banker about current deposit rates, rate disclosures, compounding and crediting, and other balance information. The minimum deposit to open a Platinum Business Money Market account is $100.

However, you must maintain the minimum balance needed for each tier to earn the interest rate. Interest will be compounded daily and credited to your account monthly at the end of the statement cycle. Fees could reduce earnings on the account, and other restrictions may apply.

For Platinum Business Money Market accounts with balances of $3 million or greater, the bonus interest rate does not apply, and the full account balance will earn the standard variable interest rate in effect until the balance is $2,999,999.99 or below.

U.S. Bank Business Checking Accounts

If you’re interested in business options, there are the U.S. Bank Business Checking accounts. There are several accounts available to fit a variety of needs. Accounts can be opened with a deposit as low as $100 or as much as $3,000. After you’ve got your account, you can add funds in several ways, including a check deposit at a U.S. Bank branch, ATM, or through the U.S. Bank app. Funds can also be added by completing an online transfer from another account or wiring money into your account.

Silver Business Checking Package

There’s the Silver Business Checking account option, designed for businesses with limited transaction activity. Members get 125 free transactions per month and a $0.50 fee for each additional transaction. There is a $0 monthly maintenance fee. Member FDIC.

Gold Business Checking Package

For businesses with moderate transaction activity, there is the Gold Business Checking package. Businesses get 300 free transactions per month, and each additional transaction is $0.45. There are also 100 free cash deposits per statement cycle plus a 50% discount on the first check order of up to $100. There is a $20 monthly maintenance fee. However, it can be waived. Member FDIC.

Platinum Business Checking Package

As you may have guessed, this package is for businesses with many transactions. Businesses get 500 free transactions per month, with a $0.40 fee for each additional transaction. There’s also a 50% discount on the first check order of up to $100, plus free Mobile Check Deposit. There is a waivable $30 monthly maintenance fee. Member FDIC.

Earn Up To $900 Bonus With A U.S. Bank Business Checking Account

Additionally, there’s an exciting promotional offer.

Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.

Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.

– or –

Earn your $900 Business Checking bonus by opening a new U.S. Bank Platinum Business Checking account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $25,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $25,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.

Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.

New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.

Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.

Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.

All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.

Member FDIC.

Summary of CIT Money Market Account

A CIT Bank Money Market Account can earn a better rate than a high-yield savings account but with more flexible deposit and balance requirements. Additionally, there are no fees or ongoing balance requirements. All you need is at least $100 to open an account and start earning a competitive interest rate.

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