This account has no monthly maintenance fees, 6 transfers per monthly statement cycle and also People Pay service which allows you to send money to almost anyone by providing their email address or phone number. Open a CIT Bank Money Market account today with a $100 deposit!
CIT Bank is an internet bank with no physical branches based in Pasadena, California. CIT Bank limits your withdrawal options to electronic transfers ordered by phone or initiated online through the bank’s website, and while these services are free they may increase the time it takes to access your funds. However, CIT Bank does provide a mobile app to perform additional account management, something other online accounts often lack.
To get started, click the “Apply Now” button below. When you are on CIT Bank’s web page, press “Open an Account” and begin inputting your information!
|CIT Bank Money Market||1.00% APY||Review|
|CIT Bank Savings Builder||0.95% APY||Review|
|CIT Bank CDs||0.75% APY 12-Month CD Term||Review|
|CIT Bank No Penalty CD||0.75% APY||Review|
Table of Contents
- 1 CIT Bank Money Market Account Fees
- 2 CIT Bank Money Market Account Information
- 3 ACH Capabilities & Limits
- 4 CIT Bank Online Banking
- 5 CIT Bank Mobile Banking
- 6 CIT Bank Money Market Account Funding Info
- 7 CIT Bank Money Market Account Limits
- 8 CIT Bank Payment Services
- 9 CIT Bank Money Market Requirements
- 10 Bottom Line
CIT Bank Money Market Account Fees
|Account Type||CIT Bank Money Market Account|
|Minimum opening deposit||$100|
|Account research fee:||$25 per hour|
|Outgoing wires (domestic only):||Maintain an average daily balance of at least $25,000 each month and receive free wires, otherwise it’s $10|
|Excessive transaction(s) fee:||$10 per transaction; fee will be assessed starting from the first violation. (Monthly cap is $50)|
CIT Bank Money Market Account Information
- Account Type: CIT Bank Money Market Account
- Interest Rate: 1.00% APY
- Minimum Balance: $100
- Maximum Balance: None
- Availability: Nationwide
- Expiration Date: None
- Credit Inquiry: Soft Pull
- Opening Deposit: $100
- Credit Card Funding: None
- Direct Deposit Requirement: No
- Monthly Fee: No monthly fee
- Closing Account Fee: None
- Insured: FDIC
ACH Capabilities & Limits
|ACH Type||Speed||Daily $ Limit||Monthly $ Limit||Notes|
|Push||1 day||$2,000,000||No Limit||Free outgoing wires with over $25K balance|
|Pull||1 day||$2,000,000||No Limit||10 linked accounts|
Editor’s Note: Help us with the table above in the comment section if you have experience with ACH capabilities.
CIT Bank Online Banking
CIT Bank Online Banking provides real-time access to your account to help you manage your money when it’s most convenient. Simply log into your CIT Bank account and you will be able to:
- Manage your accounts and account information online
- View and download statements and account activity
- Schedule and make transfers to and from other banks
- Schedule and make transfers between CIT Bank accounts
- Create banking reports
- Open new accounts
- Receive and manage account alerts
- Send secure messages
How to get started:
- Visit CIT Bank’s website and sign in.
- Once you log in, you can view your balance and transactions, make transfers, send and receive money, deposit checks, pay bills, view online statements, and more.
CIT Bank Mobile Banking
CIT Bank Mobile Banking helps keep your busy life and finances moving ahead. There’s no stopping you with these free services that help you manage your money anytime, anywhere. With the mobile banking app, you will be able to:
- Check account balances and transaction history
- Transfer money between CIT Bank accounts
- Deposit checks for High Yield Savings customers
How to get started:
- If you already use Online Banking, download the app via iOS or Android.
- Open the app and log in with your existing username and password. If you don’t have log in information, you can create a username and password right in the app.
- Once you log in, you’ll see your account(s). You can view your balance and transactions, make transfers, send and receive money, deposit checks, pay bills, view online statements, and more.
CIT Bank Money Market Account Funding Info
- Electronic Fund Transfer: All you need is the information on a blank check from the institution holding your account
- Internal Transfer: If you have a current savings account with CIT Bank, you can transfer funds internally to your Money Market account
- Checks: You may also fund your CIT Bank Money Market account by mailing a check to:
- CIT Bank, N.A.
P.O. Box 7056
Pasadena, CA 91109-9699
- CIT Bank, N.A.
- Wire: Deposits by wire transfer should include the information below:
- Bank Name: CIT Bank, N.A.
- Bank Address: P.O. Box 7056 Pasadena, CA 91109-9699 (Tel 855-462-2652)
- CIT Bank Routing/Transit #: 124084834
- Beneficiary Account #: Your Name, address and your account number (located on the confirmation email)
Note: If you are a CIT Bank’s commercial, listing service, or institutional client, please call CIT Bank at 877-748-0004 for the routing number to use for wire instructions
CIT Bank Money Market Account Limits
The CIT Bank Money Market account comes with limits as to how much you can deposit and withdraw. The limits that are enforced with this account are the following;
- Initial Funding ACH Limit: $300,000
- People Pay: $4,000 Daily, $2,000 per transaction
- Account to Account: $4,000 Daily, $2,000 per transaction
- PayPal: $500 Daily, $300 per transaction
CIT Bank Payment Services
CIT Bank’s Money Market account has access to use People Pay, which is a free service that allows you to send money from your Money Market account to almost anyone with an email address or mobile phone number. To get started, simply login to your account and you can register for People Pay via the Online Banking “People Pay” tab.
- Recurring Payments: You may schedule payments for specific amounts and frequencies, including: weekly, biweekly, monthly, bimonthly, quarterly, semi-annually or annually
- Usage Outside of U.S: You may pay bills from outside the U.S. if you are using a compatible browser. Payments may only be made in U.S. currency to payees within the United States
- Joint Member People Pay: Both account holders must be signers on a Money Market account. Each account holder needs a unique username and password to access People Pay. People Pay activity for both account holders can be viewed under Account Services in Online Banking
- Through Pay Pal: You must enroll in the Pay Pal service. There may be a fee charged by Pay Pal for their People Pay service. The CIT Bank People Pay service is offered free of charge
- Non-Sufficient or Unavailable Funds: If you accidentally schedule a payment and have unavailable funds,
your account will be charged a non-sufficient or unavailable funds fee of $30. Additional scheduled payments will be suspended until the matter is resolved with People Pay. For more information, please call the Contact Center at 855-462-2652
- Customer Support: For People Pay inquiries, please call the Contact Center at 855-462-2652 or send them a Secure Message via Online Banking
CIT Bank Money Market Requirements
Receive the great rate by completing the following requirements:
- Open a CIT Bank Money Market account online.
- Enter Your Info: We require your address, phone, email and social security number (or other taxpayer ID).
- Fund Your Account: Minimum of $100 to open your account. You can transfer funds with electronic transfer, mail in check, mobile check deposit, or wire.
- Receive a confirmation email.
I recommend using the CIT Bank Money Market account to receive one of the highest rates out there! CIT Bank offers no fees which makes saving even easier! If you have enough funds, you are not a CIT Bank customer, and would like a bonus while you save, you can sign up for an account and earn a competitive APY on all balances!
If this offer did not suite you, please visit our list of the Best Savings Rates as well as our list of the Best Bank Bonuses that are filled with various financial institutions from banks, credit unions, and even federal credit unions that are offering great rates and bonuses!