Available nationwide, open a CIT Bank Money Market account and enjoy earning 1.85% APY Rate! Continue reading below to learn everything associated with this account!
Table of Contents
About CIT Bank
Being a trusted online financial institution, CIT Bank has been serving countless consumers since 2008. As an industry leader in middle market lending as well as providing a vast array of financial solutions, you are able to get the most out of your money.
In addition, the CIT Bank Money Market Account is a great choice for those looking build an emergency savings fund as well as those saving up to buy a home!
I’ll review CIT Bank Money Market below.
CIT Bank Money Market 1.85% Rate
To get started with your new CIT Bank Money Market Account, simply provide an opening deposit of $100. Once you have done so, you are able to start earning your 1.85% APY rate!
- Account Type: Money Market
- Availability: Nationwide
- Expiration Date: None
- Credit Inquiry: Soft Pull
- ChexSystems: Yes
- Opening Deposit: $100
- Credit Card Funding: None
- Monthly Fee: $0
- Household Limit: None listed, however limit 1 per customer
- Closing Account Fee: None
American Express Personal Savings Account - You earn 1.70% interest rate along with no minimum deposits or monthly fees. Amex Personal Savings has been my favorite Hub account for the past 5 years. Using this account to Pull/Push your money is absolutely necessary when you have many accounts. Here's why:
*No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. Amex Savings will let you transfers as much as you want whether you are pulling or pushing money from and to an external bank account.
*1 to 2 business days ACH transfers speed - With top-notch user interface, you get your money to another external account or pull money from another bank account within a day or two.
*No loss of interest during transfers - On the day you initiate your transaction on the Personal Savings website, the funds will be reflected in your Current Balance and begin earning interest.
Some other features from American Express Personal Savings include Free Wire Transfers, 3 maximum linked accounts, and maximum 6 ACH withdrawals per month.
Savings account offers are frequently updated. Find the best nationwide Savings/Money Market rates here, and the best Savings account bonuses here. The Axos UFB High Yield Savings and CIT Bank Savings Builder accounts offer great rates available nationwide. The Discover Online Savings and Chase SavingsSM account have nice sign-up bonuses.
|Discover Bank Online Savings||1.70% APY + $200 Cash||Review|
|UFB Direct High Yield Savings||1.90% APY||Review|
|Betterment EverydayTM Cash Reserve||1.83% APY||Review|
|CIT Bank Savings Builder||1.80% APY + $100/$200 Bonus||Review|
|American Express High Yield Savings||1.70% APY||Review|
CIT Bank 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.
How to Earn CIT Bank Rate
- Open a CIT Bank Money Market account online with $100 opening deposit
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Fund your account with $100 minimum initial deposit
How To Fund Your Account
- Electronic Fund Transfer – The easiest way to fund a new CIT Bank Money Market account is to transfer funds electronically from one of your other bank accounts to CIT Bank. Their application process will walk you through the few required steps quickly and easily. 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
- Check – 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
- 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)
Editor’s 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
|Initial Funding ACH Limit||$300,000 (current ACH limit)|
|People Pay||$4,000 (daily) / $2,000 (per transaction)
CIT Bank People Pay
CIT Bank People Pay 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.
- Type of an account eligible for People Pay – You will need the have a Money Market account to use the People Pay service
- Set up recurring payments – You may schedule payments for specific amounts and frequencies, including: weekly, biweekly, monthly, bimonthly, quarterly, semi-annually or annually
- People Pay 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
- For a joint membership in 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
- People Pay work 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
I highly recommend opening a new CIT Bank Money Market account in order to receive one of the best savings rates out there! CIT Bank offers no fees which makes saving even easier!
If you have enough funds, are not a CIT Bank customer, and would like to earn a higher APY rate, sign up today for an account and earn a 1.85% APY rate on all balances!
Be sure to check back to see the most up to date information on CIT Bank Money Market Account.