Bankoncit Review: No-Fee Banking with Top Rates on Money Market Accounts

CIT Bank (BankonCIT) is an Internet-only bank that offers top rates on Money Market Accounts as well as their Savings Builder Account.

As an online-only bank, CIT Bank can offer rates well above traditional physical banks.

Money market accounts and savings accounts have a lot in common. Both offer a safe place to store extra cash but money market accounts make it easy to earn more than a basic savings account and still have all the same benefits—including easy access to your money.

Some money market accounts can also be accessed via an ATM or debit card, and the ability to write checks, similar to a checking account.

CIT Bank (BankonCIT) Money Market Accounts

CIT Bank's money market account pays more interest on deposits than its Savings Builder Account. Additionally, these accounts often have tiered rates, with higher balances earning higher rates. They also allow you to write a limited number of checks each month, although money market accounts are still subject to the same withdrawal limitations as regular savings accounts.

Enjoy the benefits of CIT Bank's Money Market Account

    • Earn over 10x the national average.
    • Quick and easy access to funds.
    • $100 minimum to open.
    • No monthly service fees.
    • 24/7 secure & award-winning banking.
    • FDIC insured, meaning you'll never lose money on your deposit.
    • Deposit checks remotely and make transfers with the CIT Bank mobile app.

    Pros vs. Cons of BankonCIT Money Market Account

    Pros:

    • Higher rates. You can earn dividends that pay more than the interest in a standard savings account. You’ll earn 0.80% APY no matter your balance. This is significant because other money market accounts typically require a large balance to earn higher rates.

    Cons:

    • There are no debit cards or checks with the Money Market account. Transactions are available via electronic funds transfer (online banking, Zelle, Bill Pay and PayPal), wire transfers and requests via mail or telephone.
    • Account is limited to a total of six (6) preauthorized or automatic transfers or withdrawals, electronic banking transfers between other account or similar order per statement cycle period. An excess activity fee will be charged each time the transaction limits are exceeded.

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