Your CIT Bank account is FDIC insured, which means it’s secure. No monthly service fees.
Then, is CIT bank a money market account?
Reach your savings goals with a CIT Bank High-Yield Money Market account. …
People also ask, what is CIT bank money market rate?
CIT Bank Money Market Rates
|0.45%||$100||Money Market Account|
What is the best money market account?
Best money market accounts & rates for May 2021
- Highest Rate: BrioDirect – 0.60% APY.
- High Rate: Ally Bank – 0.50% APY.
- High Rate: First Internet Bank – 0.50% APY.
- High Rate: Navy Federal Credit Union – up to 0.50% APY**
- High Rate: CIT Bank – 0.45% APY.
- High Rate: Sallie Mae Bank – 0.40% APY.
- High Rate: TIAA Bank – 0.40% APY.
Minimum balance of $25,000 or $100 monthly deposit.
Interest is earned on CIT’s eChecking accounts: Balances of $25,000 or more earn 0.25% APY and balances under $25,000 earn 0.10% APY. You’ll receive a complimentary debit card with EMV chip technology when you open a new checking account.
Banks such as CIT Bank help maximize your earning potential by compounding interest daily. That means your interest is calculated on your principal balance plus any accumulated interest earned during that time period. Interest is posted to your account monthly.
Money market investing can be very advantageous, especially if you need a short-term, relatively safe place to park cash. Some disadvantages are low returns, a loss of purchasing power and that some money market investments are not FDIC insured.
Drawbacks of Money Market Accounts
- Minimum balance requirements. Every bank has different rules for the minimum amount needed to open a money market savings account. …
- Interest rates. …
- Fees. …
- Withdrawal restrictions.
If you want to earn a higher APY and you can meet a higher account minimum, a money market account is a good choice. It’s a good pick, too, for people who need easy access to their money. If you know that you won’t need the money for a while, and you want to earn an even higher APY, a CD works well.
CIT Bank is not Citibank. … Rather, CIT stands for “Commercial Investment Trust” and has its roots in a company founded in 1908. Based in Pasadena, Calif., CIT Bank’s parent company, CIT, has more than $50 billion in assets, and CIT Bank itself has over $40 billion in assets and $30 billion in deposits.
The U.S. Federal Reserve and terrible disasters are the two main causes of decreases in the interest rates on money market investments. … Disasters lower short-term interest rates because investors take their money out of other investments, such as stock, and put it into the safest investments they can find.
Banks often require a minimum deposit to open the account, then a minimum balance to keep in the account. It’s usually much higher than regular savings accounts. This often means $5,000, but can be up to $10,000 at some banks. As stated above, you need to pay a fee if your balance dips below the minimum requirement.