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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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How the CIT Bank Money Market Account Works
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.
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.
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.
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: 5.00% APY
- 13 months: 4.65%
- 18 months: 4.60%
- 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 4.90% 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.
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.