Top Offers of March 6, 2024
You could get over 10 times** the average savings account rate with our featured partners below.
*Annual Percentage Yield
**Accurate as of March 2024, assuming FDIC average savings rate of 0.46% and $2,500 deposit.
Best Money Market Account Rates
Based on our research, the best money market account rates are from online banks. To finalize our picks, we focused on financial institutions with competitive APYs and low minimum-balance requirements to earn interest. We also looked for accounts with minimum opening deposits of $2,500 or less.
Filters
Our Rating
At Least
Our Rating 4.9 APY*5.00% Minimum Deposit$100 |
Our Rating 4.8 APY*4.75% for 1 year, 3.75%-4.30% after Minimum Deposit$0 |
Our Rating 4.7 APY*5.30% Minimum Deposit$100 |
Our Rating 4.6 APY*5.00% (up to $250,000), 0.10% (balances over $250,000) Minimum Deposit$10 |
Our Rating 4.6 APY*4.75% Minimum Deposit$0 |
Our Rating 4.4 APY*4.20% to 4.25% Minimum Deposit$2,500 |
Our Rating 4.4 APY*4.40% Minimum Deposit$0 |
| Money Market Account | Our Rating | APY* | Minimum Deposit | See More |
|---|---|---|---|---|
4.9 | 5.00% | $100 | Learn More | |
4.8 | 4.75% for 1 year, 3.75%-4.30% after | $0 | Learn More | |
4.7 | 5.30% | $100 | Learn More | |
4.6 | 5.00% (up to $250,000), 0.10% (balances over $250,000) | $10 | Learn More | |
4.6 | 4.75% | $0 | Learn More | |
4.4 | 4.20% to 4.25% | $2,500 | Learn More | |
4.4 | 4.40% | $0 | Learn More |
No results were found.
Quontic Bank MMA
4.9
APY5.00%Minimum Opening Deposit$100Monthly Fee$0
About Quontic Bank
We give Quontic Bank an overall review rating of 4.3 out of 5 stars, partially for its high-yield savings products, large ATM network and few fees. Founded in 2009, Quontic is based in New York City. It’s best known for mortgages, but it also offers these products:
- Certificates of deposit (CD)
- Interest and rewards checking accounts
- A money market account
- A high-yield savings account (HYSA)
Quontic primarily operates as an online bank, but it has loan offices in four cities. It also has a network of 90,000 fee-free ATMs, including many AllPoint and MoneyPass locations.
Why We Recommend It
We give Quontic Bank’s money market account 4.9 stars for paying 5.00% APY on all balance tiers, starting at 1 cent. It has a low minimum opening deposit requirement of $100 and lets you write checks and use a debit card. You also get helpful digital banking features, such as:
- Mobile check deposit
- Zelle
- Spending tracking
- Free access to your credit score and report
The bank doesn’t charge a monthly service fee, and it waives some other common fees, including those for overdrafts, cashier’s checks and excessive checks. Some fees it does charge include:
- $25 to $35 (plus correspondent) for outgoing wire transfers
- $20 per hour for account research
- $20 for stop-payment requests
- $5 per month for dormant accounts
Quontic Bank only lets you make six withdrawals or transfers per statement cycle. It will close your account if you exceed the transaction limit.
Pros & Cons
Pros Competitive 5.00% APY Comes with a debit card and checks Low $100 minimum opening deposit requirement No overdraft fees or monthly maintenance fees Cons Limit of six withdrawals and transfers per statement cycle No bank branches
EverBank MMA
4.8
APY4.75% (one-year intro, and then 3.75% to 4.30% after)Minimum Opening Deposit$0Monthly Fee$0
About EverBank
Formerly known as TIAA bank, EverBank earns an overall review rating of 4.4 stars for its competitive APYs and few fees on its deposit accounts. The Florida-based bank offers personal, business and commercial accounts. Its financial products include:
- A high-yield savings account
- CDs
- An interest-bearing checking account
- Investing services
EverBank account holders in Florida can visit nine branches for withdrawals, cash deposits and other support. There are nearly 100,000 free ATMs nationwide, and Yield Pledge Checking and Yield Pledge Money Market customers get reimbursem*nts for at least $15 worth of out-of-network ATM fees each month.
Why We Recommend It
The EverBank Yield Pledge Money Market account earns 4.8 stars from us, partially for its guarantee that the APYs on its Yield Pledge products will be among the nation’s top 5% of competitive accounts.
In the first year, new money market customers earn 4.75% APY for balances of up to $250,000 and a blended APY of 4.30% to 4.75% for balances over $250,000. Most money market accounts always have variable rates, so EverBank might offer a higher return in the first year even if another bank’s APY starts out higher..
After the first year, you’ll earn the current ongoing APY for your balance tier, which are as follows:
There’s no minimum opening deposit and no minimum balance requirement for an EverBank money market account. It provides a debit card and personal checks upon request, as well as the ability to make online transfers and mobile deposits. Also, you can make cash deposits at an EverBank branch.
The account’s terms don’t specify monthly transaction limits, meaning it could give you more flexibility than other money market options.
EverBank also offers these perks:
- No monthly fees
- No returned-item fees
- No fees for official checks
- Zelle and mobile check deposit through the TIAA mobile app
- Financial tools
As for fees EverBank does charge, they include $25 for stop-payment requests, $25 for domestic outgoing wires and $30 to $65 for outgoing international wire transfers. If you use out-of-network ATMs, the bank offers unlimited ATM fee reimbursem*nts for accounts with minimum balances of $5,000 and up to $15 per month in ATM fee reimbursem*nts for accounts below that amount.
Pros & Cons
Pros Fixed 4.75% APY for the first year for new account holders with up to $250,000 Offers checks and a debit card No minimum balance or opening deposit requirements No monthly fees or ATM fees Cons Only has branch locations in Florida Lower APYs based on account balance after the first year $100,000 minimum balance needed for the top ongoing APY
Vio Bank MMA
4.7
APY5.30%Minimum Opening Deposit$100Monthly Fee$0
About Vio Bank
Vio Bank gets an overall bank review rating of 4.1 stars thanks to its high-yield deposit accounts and low fees. It launched in 2018 as a part of Oklahoma-based MidFirst Bank. Vio’s small product selection includes personal savings accounts, CDs and money market accounts.
This online financial institution doesn’t have branches like MidFirst does. Vio account holders can’t use ATMs either, so it’s not possible to deposit or withdraw cash. The only options for withdrawing money are domestic wire transfers and transfers through the automated clearing house (ACH) system. You can use both methods to deposit money, along with writing personal checks from an external bank.
Why We Recommend It
Vio’s Cornerstone Money Market Savings Account earns 4.7 stars in our review, standing out for having the highest APY among our top picks. You can earn 5.30% APY on all account balances, and you’ll only need a $100 minimum deposit to open the account.
This money market account provides very limited ways to make transactions since Vio doesn’t let you write checks or access funds with a debit card. This means the account is unsuitable if you want to make cash transactions.
Instead, you’ll rely on electronic transfers, including ACH deposits and withdrawals. There are no limits on wire transfers or incoming ACH transfers, and outgoing ACH transfers are limited to $100,000 per month and $25,000 per day. And while this money market account supports mobile check deposit, it doesn’t offer Zelle or online bill pay.
Vio Bank doesn’t charge a monthly fee unless you want paper statements (which cost $5 per month) instead of electronic ones. Since this account doesn’t support overdraft services or international wire transfers, there are no fees for them. There are also no negative-balance fees.
Fees Vio does charge include:
- $30 for domestic outgoing wires
- $30 for stop payments
- $40 per hour for account research ($20 minimum charge)
Pros & Cons
Pros Competitive 5.30% APY on all balances No minimum balance requirement Low minimum opening deposit of $100 No monthly fee unless you want paper statements Cons Can’t write checks or use a debit card, Zelle or bill pay No branches No ATMs for cash access
Zynlo Bank MMA
4.6
APY5.00% on balances up to $250,000 and 0.10% on balances over $250,000Minimum Opening Deposit$10Monthly Fee$0
About Zynlo
Zynlo Bank earns an overall review rating of 4.3 stars for its online-banking perks, including debit card rewards and higher interest rates. Operating since 2020, Zynlo is an online-only bank backed by Massachusetts-based PeoplesBank. Zynlo initially only served two cities, but it’s now available nationally. It focuses on high-yield money market, savings and debit accounts.
Zynlo offers access to more than 55,000 fee-free AllPoint ATMs for cash withdrawals, but it doesn’t reimburse fees that out-of-network ATMs may charge. It also provides a debit card, but it doesn’t offer checks for any of its accounts. You’ll also get access to:
- Online bill pay
- Person-to-person transfers through the Zynlo app
- Early Payday (up to two days early)
- Mobile check deposit
Why We Recommend It
The Zynlo Money Market Account earns 4.6 stars for its 5.00% APY on balances up to $250,000. (However, the APY drops to 0.10% for balances over $250,000.) This account requires a low minimum opening deposit of $10 and a minimum balance of 1 cent to earn interest.
This money market account is covered by both the Federal Deposit Insurance Corp. (FDIC) and the Depositors Insurance Fund (DIF), which insures balances above the FDIC’s $250,000 limit. This makes it a safe option for very large balances.
Zynlo doesn’t list any fees (including monthly ones), penalties or minimum balance requirements for the money market account. It also supports unlimited transactions and offers 24/7 customer service by phone.
Pros & Cons
Pros Competitive 5.00% APY on balances up to $250,000 Only requires a $10 minimum opening deposit No account fees, penalties or minimum balance requirements Includes insurance coverage above FDIC limits Cons No branches No check writing Low 0.10% APY on balances over $250,000
Sallie Mae Bank MMA
APY4.75%Minimum Opening Deposit$0Monthly Fee$0
About Sallie Mae Bank
Sallie Mae Bank gets 4.2 stars for its overall bank review rating, largely for its high-yield savings products. Based in Delaware, this online bank originally started in the student-loan industry in 1972. While it’s best known for providing private student loans and scholarships, Sallie Mae also offers savings products such as CDs, HYSAs and MMAs.
Since Sallie Mae is an online-only bank, customers with deposit accounts don’t have access to branches. The bank also doesn’t offer ATM access.
Why We Recommend It
The Sallie Mae Money Market Account earns 4.6 stars in our banking review for its 4.75% APY on all balances. There’s no minimum opening deposit, but if you don’t fund your account within 40 days, the bank will close it.
This account supports check writing and electronic transfers, but it doesn’t come with a debit card, so there’s no way to deposit or withdraw cash. Sallie Mae limits ACH withdrawals to $500,000 per transaction, and there are no limitations on the number of withdrawals from your money market account to repay Sallie Mae loans. Limitations on e-deposits may also apply.
Sallie Mae’s money market account supports mobile check deposits but not Zelle or early direct deposits. It doesn’t include money-management tools.
You won’t pay a monthly service fee for this account, and your first set of checks is free. Sallie Mae charges $5 for additional checks, $15 for stop-payment requests and $20 for outgoing wires. Additionally, overdraft fees may apply if you overdraw your account.
Pros & Cons
Pros Competitive 4.75% APY on all balances No minimum deposit or minimum balance requirements Check-writing support No monthly account fees Cons No debit card for withdrawals or purchases No branch or ATM access No option for depositing or withdrawing cash
Discover Bank MMA
4.4
APY4.20% to 4.25%Minimum Opening Deposit$2,500Monthly Fee$0
About Discover Bank
We give Discover Bank an overall review rating of 4.5 stars for having no fees, a wide selection of products and free perks such as debit card rewards. Discover Bank is part of Discover Financial Services, which has been in operation since 1985 and is based in Illinois.
Famous for its credit cards, Discover also offers:
- Student, home and personal loans
- A checking account with debit card rewards
- A high-yield savings account
- CDs
- A money market account
- Retirement accounts
There aren’t any Discover branch locations, but customers have access to over 60,000 fee-free MoneyPass and AllPoint ATMs. For checking and money market accounts, the bank also partners with Walmart for cash deposits.
Why We Recommend It
The Discover Money Market Account receives 4.4 stars in our review for its high interest rates, account perks and lack of fees. It offers a 4.20% APY for account balances below $100,000 and a 4.25% APY for balances of $100,000 or more.
While there’s no minimum balance requirement, Discover’s money market account has the highest minimum opening deposit requirement among our top picks at $2,500.
With this account, you’ll get a debit card for purchases, ATM withdrawals and cash deposits at Walmart stores. You can also request free standard personal checks and official bank checks. There are no limits on the number of official checks or ATM withdrawals you can make each month, and Discover isn’t currently limiting these types of transactions:
- Debit card purchases
- Regular checks
- Online transfers, including Discover loan repayments
- Online bill payments
- ACH transfers
- Wire transfers
Other notable features include early direct deposit, remote check deposit and Zelle transfers. You also won’t have to pay a number of fees, including these:
- Monthly maintenance
- Overdraft protection
- Stop payments
- Returned items
- Excessive withdrawals
- Expedited delivery for a replacement debit card
As for fees you might pay, outgoing wires cost $30, and Discover doesn’t reimburse fees charged by out-of-network ATMs.
Pros & Cons
Pros Competitive APYs of up to 4.25% No minimum balance requirement or monthly service fee Check, debit card and Zelle support Free cash deposits at Walmart Cons High $2,500 minimum opening deposit requirement $100,000 minimum balance required to get the top APY No branches
Ally Bank MMA
4.4
APY4.40%Minimum Opening Deposit$0Monthly Fee$0
About Ally Bank
Based in Michigan and Utah, Ally Bank gets an overall review rating of 4.6 stars for its wide range of financial products, ATM access, high yields and few fees. Although Ally is an online-only bank, the company dates back to 1919, when it first offered car financing under the name General Motors Acceptance Corp. (GMAC). Its lending products have since expanded to include:
- Personal loans
- Mortgages
- Credit cards
- Checking accounts
- CDs, a money market account and a high-yield savings account
- Investment and retirement accounts, including exchange-traded funds (ETFs)
Ally gives account holders access to more than 43,000 fee-free AllPoint ATMs, and it reimburses up to $10 in out-of-network ATM fees per statement cycle. However, you can’t use these ATMs or visit retailers to make cash deposits.
Why We Recommend It
Although Ally Bank’s money market account has three balance tiers, they all pay a 4.40% APY, helping it get a 4.4-star rating in our review. You don’t need to make a minimum opening deposit, and there are no minimum balance requirements.
You get a debit card with your Ally money market account, as well as free standard personal checks. However, the bank limits certain types of transactions to 10 per statement cycle, including debit card transactions, online transfers and checks. If you exceed this limit often, Ally could close your account.
Other account features include access to Zelle, mobile check deposits and overdraft protection. However, early direct deposits are only available if you have part of the money go to an Ally Spending Account.
In addition to having no monthly maintenance fee, this money market account has few other charges. Some fees you might pay include:
- $20 for outgoing domestic wires
- $15 for expedited deliveries
- $25 per hour for extensive account research
Pros & Cons
Pros Competitive 4.40% APY on all balances Comes with a debit card, checks and Zelle access No minimum balance or minimum opening deposit required No monthly fees and few other fees Cons Doesn’t accept cash deposits Monthly limits on some types of transactions No branches
What Are Money Market Accounts?
Money market accounts are savings products that can offer competitive APYs without the need to leave your money deposited for a set amount of time. They typically have variable interest rates that may depend on your balance. You may need a minimum balance to open the account or earn interest.
Money market accounts share similarities with checking accounts since you might get check-writing privileges and a debit or ATM card. This makes them useful if you want to have easy access to cash or save for an emergency fund.
“You’ll want to keep your emergency fund in an account that’s easily accessible, like a high-yield savings account or money market account, where you can earn interest at a competitive rate and make withdrawals at any time,” said Anand Talwar, head of deposits and president of Ally Invest Group at Ally Financial.
However, money market accounts may limit the number of certain types of transactions you can make each, such as debit card purchases and online transfers.
You can usually expect the funds in your money market account to be safe even if your credit union or bank goes under. The FDIC and National Credit Union Administration (NCUA) cover up to $250,000 per person, per ownership category at each insured institution. You also avoid losing money from the market swings that can affect many investments.
Money Market Accounts vs. Money Market Funds
Money market funds can earn competitive yields and be very safe, but they’re mutual funds rather than NCUA- or FDIC-insured bank accounts. They consist of short-term investments — such as bonds and U.S. Treasury securities — that usually mature within a year. Available through investment companies, money market funds often have minimum investment amounts and aren’t as liquid as deposit accounts.
Although their yields can beat some money market accounts, money market funds may not outperform stocks and don’t guarantee returns. Like with money market accounts, the overall interest rate environment affects potential returns, and different funds have different yields. You may not have to pay taxes on earnings with some funds, but you’ll often pay fees that reduce your overall return.
Current Money Market Rates
Every month, the FDIC uses data from financial institutions to determine the national average interest rates for different types of deposit accounts. The national average interest rate for money market accounts is currently 0.65%. However, the best money market accounts on the market have APYs roughly six to eight times that rate — around 4.20% to 5.30% APY.
To earn top money market rates, you may need to meet certain requirements. For instance, you may not earn interest until your account reaches a minimum balance. A financial institution may also have balance tiers where you get better APYs as your balance increases, or your money might earn a much lower rate after reaching a certain limit.
Alternatively, an account might advertise a promotional rate that drops after a certain time frame.
Factors That Affect Money Market Rates
Money market rates periodically change based on the economic environment and actions that the Federal Reserve takes. But ultimately, financial institutions decide the rates they’re willing to offer.
Economic Conditions
Inflation is one economic factor that impacts money market rates. High inflation hurts customers’ purchasing power. It can leave them with less money to put in deposit accounts and increase the demand for loans, which can help drive interest rates higher.
The opposite typically happens with low inflation since interest rates normally decline when customers have more cash to save and demand for loans goes down.
The Federal Reserve's Decisions
The Federal Reserve is responsible for managing U.S. monetary policy, including rate changes aimed at influencing inflation and employment levels. It sets the federal funds rate, which is the median interest rate financial institutions pay for overnight loans from one another. Because this rate affects banks’ costs, it impacts the rates they offer consumers and businesses.
The Fed holds regular meetings to discuss the economy, and it may adjust the federal funds rate in an effort to increase employment levels and get inflation to its target rate of 2.00%. Raising this rate aims to slow the economy, reduce inflation and encourage saving. When inflation is controlled, the Fed may lower the federal funds rate to help the economy grow, boost employment levels and increase borrowing.
However, banks make their own decisions on changing their interest rates.
Financial Institutions' Decisions
Financial institutions monitor the federal funds rate since it affects their borrowing costs. They may raise or lower their money market account rates depending on competition and the need for customers’ deposits. They also adjust their loan and credit card rates to encourage or discourage customer borrowing.
Banks and credit unions may offer money market account promotions to gain customers. Online institutions often pay better rates on these accounts than traditional institutions with higher expenses such as branches and the staff for them.
Benefits of a Money Market Account
Although some CDs have higher rates, you can still get a very competitive APY with a money market account, especially one from an online financial institution. This can help you earn extra cash to reach your savings goals faster.
“Your long-term savings strategy is more than just a savings account at your bank,” Ally’s Talwar said. “Diversification is key, and you should consider utilizing different types of accounts when you are saving for something down the road, like your child’s college tuition or retirement.”
But watch out for account fees that hurt your net return and balance requirements that can affect your APY.
Money market accounts can offer more accessibility and flexibility than other savings account options. For example, you can remove your money at any time without being charged an early withdrawal penalty, which is common with CDs. Many money market accounts also offer checks, bank cards and Zelle transfers for flexible transactions. However, there may be limits on certain types of withdrawals and transfers.
Lastly, a money market account is useful if you prefer safer options over those that may offer higher yields but are riskier. While your interest rate can change at any time, you won’t lose money that’s already in your account. Plus, deposit insurance from the FDIC or NCUA typically protects your funds up to $250,000, with some financial institutions even extending this coverage.
Pros
Competitive APYs available
Generally provide easy access to your money
A safe choice for saving
Cons
May have minimum balance requirements or minimum deposit amounts
May limit transfers and withdrawals
Potential account fees
Money Market vs. Savings
For earning interest on your deposits, both traditional savings accounts and money market accounts work.
“A savings account is a money-management tool that allows a customer to save for a goal, prepare for emergencies, earn interest and generally build healthy financial habits,” said Stephen Nixon, product management director of consumer savings products at Wells Fargo.
“When you keep money in a savings account, your money is readily available, and most savings accounts pay interest, so your balances can grow over time.”
In addition to being widely available, both types of accounts usually come with deposit insurance, variable rates and potential transaction limits. Also, you may pay a monthly fee to have either one. But savings and money market accounts often differ in their returns, flexibility and requirements.
According to national data from the FDIC, traditional savings accounts yield a lower average interest rate of 0.47% compared to 0.65% for money market accounts. But high-yield savings accounts can compete with money market rates. And while some savings accounts have ATM cards, many money market accounts support debit cards and checks. Money market accounts often have higher opening deposit and minimum balance requirements, too.
“Individuals should consider their expected balances, time horizon and account-specific features and requirements when considering which deposit accounts will best meet their savings needs,” Nixon said.
Consider these differences when deciding between savings and money market accounts. If you want to make debit card purchases, write checks and use ATMs, money market accounts are a good option to consider as long as you can meet the deposit and balance requirements.
If you have less money to deposit or want to avoid the temptation of more convenient withdrawals, a savings account might make more sense, especially if you find a high-yield option. A money market account without ATM access or check-writing capability could also be a good option if you want to avoid spending.
The Bottom Line: Money Market Account Rates
As you look for a new account, it’s important to compare money market account rates. Also consider the key account features you need, such as checks, a debit card and a convenient ATM network. You’ll also want to look for fees, transaction limits and balance requirements.
Once you have your account, carefully monitor changes in money market interest rates and any balance tiers your account has. This will help you track the effects on your savings and consider different investment options if needed.
FAQ: Money Market Account Rates
Online banks tend to offer the highest money market rates right now, with some having APYs as high as 5.30%.
You can typically get up to 5.00% APY on a savings account through online banks and credit unions. Look for high-yield savings accounts that don’t charge monthly fees or require high minimum balances.
One downside of a money market account is that transfers and withdrawals may be limited. You might also need to make a large opening deposit or keep a high balance to get the best money market rates.
Methodology
Our team has researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then score each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
*Data accurate at time of publication
**Rates and promotions accurate as of Jan. 26, 2024
