CIT Bank, a New York-based lender, has expanded its suite of online savings products portfolio by launching a new Money Market account.

The new, fully electronic account enables the bank’s customers to earn interest and maximise their savings. The account ensures that the funds remain accessible with the option to transfer them using applications such as People Pay.

CIT Bank president of consumer banking Steve Solk said: “CIT is pleased to expand its portfolio with the addition of this new Money Market account.

“This new product reflects our efforts to grow our direct bank and provide consumers a broader range of savings solutions.”

The bank will not charge any monthly service fees account-holders. They just need to make a minimal deposit to get the account opened.

Customers can carry out funds transfer using an email address or mobile phone number via people-to-people transfer apps such as People Pay.

Additionally, the bank will add Bill Pay, a free service to make one-time or recurring bill payments, later this spring.

Using the new Money Market account, the customers can make up to six digital transfers or withdrawals per statement cycle.

CIT Bank head of internet banking Ravi Kumar said: “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.

“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.”