Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
The Bankrate Promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you're managing your money.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Written by Matthew Goldberg Matthew Goldberg
Edited by Marc Wojno Marc Wojno
Reviewed by Greg McBride, CFA Greg McBride, CFA
Edited by Marc Wojno Marc Wojno
Reviewed by Greg McBride, CFA Greg McBride, CFA
Updated March 4, 2024
A money market account can be an ideal place to earn a competitive yield on your savings. Some money market accounts offer check-writing privileges, which is another option for when you need to use your money. Bankrate’s top money market rates are much higher than today's national average APY of 0.47 percent.
Bankrate provides you with timely news and rate information on the top money market accounts from some of the most popular and largest FDIC banks and NCUA credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.
Page preview:
Table of contents
- Best money market accounts
- Recent news on money market rates
- What is a money market account?
- Steps to choose a money market account
- How to open a money market account
- Pros and cons of money market accounts
- Alternatives to money market accounts
- Money market account FAQs
- Research methodology
Bankrate's picks for the top money market account rates
- Vio Bank — 5.30% APY, $100 minimum deposit
- UFB Direct — 5.25% APY, $1 minimum deposit
- CFG Community Bank — 5.25% APY, $1,000 minimum deposit
- Quontic Bank — 5.00% APY, $100 minimum deposit
- Sallie Mae Bank — 4.75% APY, no minimum deposit
- Ally Bank — 4.35% APY, no minimum deposit
- EverBank (formerly TIAA Bank) — 4.30% APY, no minimum deposit
- First Internet Bank of Indiana — 3.77% APY, $100 minimum deposit
- CIT Bank — 1.55% APY, $100 minimum deposit
Note: Annual percentage yields (APYs) shown are as of Mar. 6, 2024. All other information is current as of Mar. 4, 2024. All APYs are based on the lowest balance tier offered by the bank. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
*Introductory APY offer for Everbank.
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
The Bankrate Promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you're managing your money.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Show me:
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current MMA trends
Bankrate Partner average
4.48% APY
National average
0.47% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 3/7/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Best money market accounts
- Recent news on money market rates
- What is a money market account?
- Steps to choose a money market account
- How to open a money market account
- Pros and cons of money market accounts
- Alternatives to money market accounts
- Money market account FAQs
- Research methodology
Best money market accounts and rates for March 2024
Note: Annual percentage yields (APYs) shown are as of Mar. 6, 2024. All other information is current as of Mar. 4, 2024. All APYs are based on the lowest balance tier offered by the bank. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
Vio Bank
Rating: 4.9 stars out of 5
4.9
Overview
Vio Bank is known as the online banking division of MidFirst Bank. The Vio Bank Cornerstone Money Market Savings Account has a very competitive yield. The account only requires $100 to open, and there’s no monthly maintenance fee. This account doesn’t have check-writing privileges or a debit card available.
Read Bankrate's Expert Vio Bank Review
5.30% APY
$100 minimum deposit
UFB Direct
Rating: 4.1 stars out of 5
4.1
Overview
UFB Direct products are through Axos Bank. The bank has a Preferred Money Market and a Preferred Savings account. Both accounts offered the same very competitive APY during Bankrate’s review. But the bank’s money market account requires you keep at least $5,000 in it to avoid the $10 monthly service fee while the bank’s savings account doesn’t have a monthly service fee.
Read Bankrate's Expert UFB Direct Review
5.25% APY
$1 minimum deposit
CFG Community Bank
Rating: 4.7 stars out of 5
4.7
Overview
CFG Bank has been around since 2009. It offers its CFG High Yield Money Market both online and in a branch. You can earn a competitive APY with the High Yield Money Market account, but you’ll only earn interest on balances of $1,000 or more. You’ll also need at least $1,000 to open this account.
Read Bankrate's Expert CFG Community Bank Review
Quontic Bank
Rating: 5 stars out of 5
5.0
Overview
Quontic Bank has a money market account that offers a competitive yield. The account only requires a $100 minimum opening deposit and comes with a debit card. The bank also offers Zelle for sending money to others and has mobile deposit.
Read Bankrate's Expert Quontic Bank Review
5.00% APY
$100 minimum deposit
Sallie Mae Bank
Rating: 4.9 stars out of 5
4.9
Overview
Sallie Mae is known for its student loans. But it also offers competitive deposit accounts as Sallie Mae Bank. The Sallie Mae Money Market Account comes with check-writing privileges and doesn’t require a minimum opening deposit. The money market account also doesn’t have a monthly service fee. Sallie Mae Bank also offers two savings accounts and CDs.
Read Bankrate's Expert Sallie Mae Bank Review
4.75% APY
$0 minimum deposit
Ally Bank
Rating: 5 stars out of 5
5.0
Overview
Ally Bank’s money market account doesn’t have a monthly service fee, and there’s no minimum balance requirement. The account comes with check-writing privileges and it is a part of Allpoint’s ATM network. That network allows you to withdraw cash at any of its ATMs without paying a fee. Ally Bank also has 24/7 phone customer service.
Read Bankrate's Expert Ally Bank Review
4.35% APY
$0 minimum deposit
EverBank (formerly TIAA Bank)
Rating: 5 stars out of 5
5.0
Overview
EverBank, formerly TIAA Bank, is known for its Yield Pledge account which, it says, guarantees high-yielding APYs. TIAA Bank’s Yield Pledge Money Market account is one account that offers a competitive yield. You don’t need a minimum opening deposit for this account. It also rewards you for depositing more with tiered yields based on your balance.
Read Bankrate's Expert EverBank (formerly TIAA Bank) Review
4.30% APY
$0 minimum deposit
First Internet Bank of Indiana
Rating: 4.3 stars out of 5
4.3
Overview
First Internet Bank is the first FDIC bank to “operate entirely online,” according to its website. First Internet Bank has been around since 1999. The bank offers a very competitive yield with more than $1 million in its money market account or a competitive yield with a balance of $1 million or less. You’ll need to keep at least $4,000 in the account to waive the $5 monthly service fee.
Read Bankrate's Expert First Internet Bank of Indiana Review
3.77% APY
$100 minimum deposit
CIT Bank
Rating: 3.9 stars out of 5
3.9
Overview
CIT Bank is known as being a part of First Citizens. It offers a money market account and nearly every type of deposit account you could need. Compared with some of its other products, the money market account isn’t the highest yield at CIT Bank. For instance, CIT Bank’s Savings Connect account had a much higher yield during Bankrate’s review.
Read Bankrate's Expert CIT Bank Review
1.55% APY
$100 minimum deposit
Bankrate's expertise
Bankrate’s trusted industry knowledge
Read our full methodology
Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.
48years
of industry experience
3k
deposits rates tracked
120
banks reviewed
Recent news on money market rates
The Federal Reserve held rates steady at its last meeting Jan. 31. Even without a 12th rate increase in the current cycle, money market account rates are already at their highest levels in more than a decade. The money market account national average APY is at 0.47 percent as of Mar. 06, 2024, according to Bankrate’s most recent survey of banks. Top money market account yields – generally at FDIC-insured online banks – are more than 11 times this.
The Federal Reserve is forecasting possible rate cuts in 2024. This could mean that competitive money market account yields could decrease a little in 2024.
However, the Fed raised rates 11 times during its current cycle — and some of the increases were 75 or 50 basis points. So top-yielding accounts should remain competitive.
Money market account yields aren’t moving higher but they will remain at very attractive levels, even as we see some pullback due to changing Fed policy.— GREG McBRIDE, CFA, BANKRATE CHIEF FINANCIAL ANALYST
What is a money market account and how does it work?
A money market account with a high yield is similar to a high-yield savings account, except it might offer check-writing privileges.
A money market account is a type of savings deposit account that can be found at banks and credit unions. Money market accounts work like a savings account, where you can deposit and withdraw money. You will also earn interest on the money you keep in a money market account.
Money market accounts generally let you withdraw money, but banks may limit withdrawals and transfers. Unlike most savings accounts, money market accounts may provide check-writing privileges. You also might have a debit card and be able to access money at an ATM. The check-writing capability of money market accounts provides a degree of flexibility and liquidity often not found in other savings accounts.
High-yielding money market accounts may pay a higher interest rate than traditional savings accounts, but their minimum deposit and balance requirements might be higher, too.
Important money market account terminology
- Check-writing privileges
- A money market account may allow you to write checks against the account. This is one of the main differences between money market accounts and savings accounts. Savings accounts don’t usually offer this.
- Interest
- Money that you earn for having your funds deposited with a bank.
- Compound interest
- Earning interest on the previous interest you’ve earned.
- Interest rate
- The percentage of your balance that is paid to you over the course of one year for having your funds on deposit. This number doesn't take into account the effects of compounding.
- Annual percentage yield (APY)
- This takes into account the effects of compounding during the year. The best way to compare yields is to use this number, rather than comparing interest rates. The higher the APY, the more interest you’ll earn on your cash.
- Minimum balance requirement
- The amount you have to keep in a savings account in order to avoid a monthly maintenance fee.
Steps to choose a money market account
Money market accounts are a good option for achieving your savings goals, especially if you choose. Choosing the right money market account that helps should help you earn a competitive annual percentage yield (APY). Some of the best money market accounts allow savers to earn a high yield as well as have check-writing privileges. Follow the steps below to see if a money market account is right for you.
- Determine what you’re saving for and when the funds will be used.
- Research banks and credit unions. Compare accounts to find a good match. A competitive APY, check-writing capabilities and ATM access are some of the top features to look for.
- Be aware of any minimum balance requirements and whether there are potential monthly service fees.
- Assess whether the account comes with FDIC or NCUA insurance. Always make sure your money is within FDIC or NCUA limits and guidelines.
How to open a money market account
Opening a money market is as easy as choosing which bank and account is right for you. Some money market accounts don’t have a minimum opening balance requirement, so you won’t have to worry about keeping a certain amount in the account or incurring a maintenance fee. Compare the top APY accounts with the minimum balance that you’re comfortable with to make the best decision for your saving needs.
Prior to opening a money market account online you’ll want to:
- Have your government-issued photo identification with you.
- Be prepared, if needed, to lift a security freeze on your credit file to open the account.
- Have your routing number and account number handy for the account you’re using to fund this new account.
- Have your social security number available.
Almost all of this information may also be needed if you open a new account in person. You may need cash or a check (or checks) to fund a new account opened in a branch.
Who should get a money market account?
Anyone looking for a safe place to stash a good chunk of money and earn some interest may benefit from a money market account. But these accounts make particularly good sense in a handful of situations, such as:
Check writers
Some money market accounts let you write checks from the account.
Debit card users
Some money market accounts offer a debit card, which can help you access money at an ATM.
People planning for a wedding
Once the wedding day comes to an end, expenses begin, such as paying vendors, caterers and the band. A money market account that gives you check-writing privileges can help pay for major expenses.
Pros and cons of money market accounts
Some money market accounts have certain features that you won’t find in a savings account. Here’s a look at some of thekey advantages and disadvantagesof money market accounts.
Pros
You can earn a competitive APY.
You may have check-writing privileges and/or a debit card.
Some money market accounts allow you to withdraw money from an ATM.
Cons
Some savings accounts and CDs might have higher APYs
You may be restricted to six withdrawals per statement cycle at certain banks.
Alternatives to money market accounts
MMAs vs. savings and checking accounts
Money market accounts are a good alternative to traditional savings accounts if you want the ability to write checks or use a debit card.
And you'll often get a better return. But if earning a high return is your priority, compare rates on online high-yield savings accounts, which may be superior to money market accounts and traditional savings accounts.
Meanwhile, money market accounts often combine the perks of paying interest and allowing some transactional features such as check-writing and debit card access. Most checking accounts are noninterest bearing, but they typically have no limits on the number of transactions each month.
MMAs vs. CDs
A money market account is for money that needs to be accessible. A certificate of deposit (CD) is for longer-term savings that you won’t use during the CD’s term, mainly because you don’t want to incur an early withdrawal penalty fee. Since money market account yields are usually variable, a CD could give you a fixed APY to protect you from future money market account rate decreases.
Sometimes you’re rewarded with a higher APY in a CD than you would earn in a liquid money market account. Which one is better for you will depend on your financial goals.
MMAs vs. NOW accounts
A negotiable order of withdrawal (NOW) account is classified as a transaction account, while a money market account is a non-transaction account, according to the Federal Reserve.
NOW accounts allow for an unlimited number of third-party payments, while money market accounts are restricted to six “convenient” transfers or withdrawals per month under Regulation D. Some banks may restrict money market account transactions further.
Regular MMAs vs. jumbo MMAs
A jumbo money market account is likely to have a higher minimum balance requirement than a normal money market account. Generally, a jumbo deposit product requires a minimum balance of $100,000. The same minimum balance requirement is also true of many jumbo CDs.
Jumbo money market accounts aren't very common, but there are at least two institutions that offer them:
- Navy Federal Credit Union offers up to 2.25 percent APY on balances of $1 million and higher.
- Canvas Credit Union offers a jumbo money market account that requires a $100,000 minimum balance to earn the account’s top yield of 3.50 percent APY.
Money market account FAQs
Research methodology
Bankrate has been around since 1976. It is a leading publisher of rates and personal finance articles. It is also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.
Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.
We select banks that have high annual percentage yields (APYs) and that are popular and broadly available, and we include some of the largest banks.
