PASADENA, Calif., March 13, 2018 /PRNewswire/ -- CIT Bank, CIT Group's (NYSE: CIT) national online bank (Member FDIC), today announced the launch of a new Money Market account adding to its suite of online savings products. The new, fully electronic account allows customers to maximize their savings by earning interest while also ensuring funds remain accessible with the option to make transfers using applications such as People Pay.
"CIT is pleased to expand its portfolio with the addition of this new Money Market account," said Steve Solk, president of Consumer Banking. "This new product reflects our efforts to grow our direct bank and provide consumers a broader range of savings solutions."
No monthly service fees, a minimal account opening deposit, and automated direct deposits make it easy for consumers to save in a smart and efficient way. People-to-people transfer apps like People Pay provide a flexible solution to transfer funds using an email address or mobile phone number. Bill Pay, a free service to make one-time or recurring bill payments, will be added later this spring. This new Money Market account allows the flexibility to pay out up to six (6) digital transfers or withdrawals per statement cycle.
"With People Pay and Bill Pay, customers can save and pay for large purchases or emergency expenses such as car repairs, medical expenses or home maintenance costs," said Ravi Kumar, head of Internet Banking. "CIT's Money Market account lets individuals grow their savings while making sure their money isn't tied up when it's needed the most."
According to CIT Bank's recent poll with Harris1, over a quarter (27 percent) of individuals have experienced an unexpected emergency expense in the last year. Another 24 percent of individuals reported cleaning out their savings in the past to pay for an emergency expense.
For a complete list of calculators to help reach your savings goals and more information on CIT's Money Market account visit CIT Bank.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.
1 The survey was conducted online within the United States by Harris Poll on behalf of CIT between February 6 – 23, 2018 among 1,110 U.S. adults ages 18 and older. Figures for age, sex, race/ethnicity, education, region, and household income were weighted to bring them in line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
SOURCE CIT Group Inc.