Back to TopA white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.' Back to Top
Show
Updated 2022-09-30T16:14:41Z
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. If you're a saver who likes to have easy access to your account, a money market account may be ideal for you. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card. Compare savings accountsBelow, you'll find our picks for the best money market accounts right now. Our top picks are also free of monthly service fees, with the exception of CFG Bank, which waives its fee if you maintain an account balance of $1,000. Comparing the best money market accounts
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. 2.05% APY or 2.10% APY (depending on balance) Learn more On Premier Members Credit Union's website CFG Bank Money Market AccountCFG Bank High Yield Money Market Account Annual Percentage Yield (APY) 2.90% APY Minimum Deposit Amount $1,000 CFG Bank High Yield Money Market Account Annual Percentage Yield (APY) 2.90% APY Minimum Deposit Amount $1,000 CFG Bank High Yield Money Market Account from CFG BankDeposit DetailsAnnual Percentage Yield (APY) 2.90% APY Minimum Deposit Amount $1,000 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Dash iconA dash. It often indicates an interaction to shrink a section. $1,000 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. $1,000 minimum balance to earn APY Dash iconA dash. It often indicates an interaction to shrink a section. $1,000 minimum balance to avoid $10 monthly service fee Dash iconA dash. It often indicates an interaction to shrink a section. No debit or ATM card Dash iconA dash. It often indicates an interaction to shrink a section. No paper checks HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Northern Bank Direct Money Market AccountNorthern Bank Direct Money Market Account Annual Percentage Yield (APY) 2.75% APY Minimum Deposit Amount $5,000 Northern Bank Direct Money Market Account Annual Percentage Yield (APY) 2.75% APY Minimum Deposit Amount $5,000 On Northern Bank Direct's website Northern Bank Direct Money Market Account from Northern Bank DirectOn Northern Bank Direct's website Deposit DetailsAnnual Percentage Yield (APY) 2.75% APY Minimum Deposit Amount $5,000 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Paper checks Check mark iconA check mark. It indicates a confirmation of your intended interaction. ATM card Dash iconA dash. It often indicates an interaction to shrink a section. $5,000 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. $2 out-of-network ATM fee Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly, not daily HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Sallie Mae Money Market AccountSallie Mae Money Market Account Annual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Sallie Mae Money Market Account Annual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Sallie Mae Money Market Account from Sallie MaeDeposit DetailsAnnual Percentage Yield (APY) 2.25% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance Check mark iconA check mark. It indicates a confirmation of your intended interaction. Paper checks Dash iconA dash. It often indicates an interaction to shrink a section. No debit or ATM card Dash iconA dash. It often indicates an interaction to shrink a section. No way to deposit cash HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally Money Market AccountAlly Money Market Account Annual Percentage Yield (APY) 2.10% APY Minimum Deposit Amount $0 Ally Money Market Account Annual Percentage Yield (APY) 2.10% APY Minimum Deposit Amount $0 Ally Money Market Account from AllyDeposit DetailsAnnual Percentage Yield (APY) 2.10% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. Access to a debit card Check mark iconA check mark. It indicates a confirmation of your intended interaction. Access to paper checks Check mark iconA check mark. It indicates a confirmation of your intended interaction. Out-of-network ATM reimbursements of up to $10 per month Check mark iconA check mark. It indicates a confirmation of your intended interaction. 24/7 customer service Check mark iconA check mark. It indicates a confirmation of your intended interaction. Easy-to-use mobile app Check mark iconA check mark. It indicates a confirmation of your intended interaction. Link to other Ally bank accounts Dash iconA dash. It often indicates an interaction to shrink a section. Not the highest money market account APY Dash iconA dash. It often indicates an interaction to shrink a section. No physical branch locations Dash iconA dash. It often indicates an interaction to shrink a section. $10 excess transaction fee (paused during COVID-19) HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Discover Money Market AccountDiscover Money Market Account Annual Percentage Yield (APY) 2.05% APY or 2.10% APY (depending on balance) Minimum Deposit Amount $2,500 Discover Money Market Account Annual Percentage Yield (APY) 2.05% APY or 2.10% APY (depending on balance) Minimum Deposit Amount $2,500 Discover Money Market Account from DiscoverDeposit DetailsAnnual Percentage Yield (APY) 2.05% APY or 2.10% APY (depending on balance) Minimum Deposit Amount $2,500 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Paper checks and debit card Check mark iconA check mark. It indicates a confirmation of your intended interaction. No excess transactions fee Check mark iconA check mark. It indicates a confirmation of your intended interaction. 60,000 ATMS Dash iconA dash. It often indicates an interaction to shrink a section. $2,500 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. Need $100,000 to earn highest APY Dash iconA dash. It often indicates an interaction to shrink a section. Only 1 branch location Dash iconA dash. It often indicates an interaction to shrink a section. No out-of-network ATM fee reimbursements Dash iconA dash. It often indicates an interaction to shrink a section. Debit card can only be used in the US, Canada, Mexico, and the Caribbean HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Premier Members Credit Union Money Market AccountPremier Members Credit Union Money Market Account Annual Percentage Yield (APY) 0.10% to 2.00% APY Minimum Deposit Amount $5 Premier Members Credit Union Money Market Account Annual Percentage Yield (APY) 0.10% to 2.00% APY Minimum Deposit Amount $5 On Premier Members Credit Union's website Premier Members Credit Union Money Market Account from Premier Members Credit UnionOn Premier Members Credit Union's website Deposit DetailsAnnual Percentage Yield (APY) 0.10% to 2.00% APY Minimum Deposit Amount $5 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive interest rates for low balances Check mark iconA check mark. It indicates a confirmation of your intended interaction. $5 opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Paper checks Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Dash iconA dash. It often indicates an interaction to shrink a section. Less competitive interest rates for high balances Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounds monthly, not daily Dash iconA dash. It often indicates an interaction to shrink a section. No debit or ATM card HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Quontic Money Market AccountQuontic Money Market Account Annual Percentage Yield (APY) 2.00% APY Minimum Deposit Amount $100 Quontic Money Market Account Annual Percentage Yield (APY) 2.00% APY Minimum Deposit Amount $100 Quontic Money Market Account from QuonticDeposit DetailsAnnual Percentage Yield (APY) 2.00% APY Minimum Deposit Amount $100 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. $100 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Includes a debit card and paper checks Check mark iconA check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees Dash iconA dash. It often indicates an interaction to shrink a section. Doesn't reimburse any fees charged by out-of-network ATM providers HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
CIT Bank Money Market AccountCIT Bank Money Market Account Annual Percentage Yield (APY) 1.55% APY Minimum Deposit Amount $100 CIT Bank Money Market Account Annual Percentage Yield (APY) 1.55% APY Minimum Deposit Amount $100 CIT Bank Money Market Account from CIT BankDeposit DetailsAnnual Percentage Yield (APY) 1.55% APY Minimum Deposit Amount $100 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Free year of Amazon Prime subscription if you meet the requirements Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low opening deposit of $100 Check mark iconA check mark. It indicates a confirmation of your intended interaction. Connect your account to Zelle or PayPal Check mark iconA check mark. It indicates a confirmation of your intended interaction. No monthly service fee Dash iconA dash. It often indicates an interaction to shrink a section. No paper checks Dash iconA dash. It often indicates an interaction to shrink a section. No debit card Dash iconA dash. It often indicates an interaction to shrink a section. No way to access funds at an ATM Dash iconA dash. It often indicates an interaction to shrink a section. No physical locations
HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Comparing the best money market accounts of October 2022CFG Bank High Yield Money Market Account (jump to CFG Bank account details »)Why it stands out: CFG offers a competitive interest rates on its money market account. Rate: 2.90% APY Minimum opening deposit: $1,000 What to look out for: You'll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee. Northern Bank Direct Money Market Account (jump to Northern Bank Direct account details »)Why it stands out: Northern Bank will likely good option if you're searching for a competitive interest rate on a money market account. The account also doesn't charge monthly service fees. Rate: 2.75% APY Minimum opening deposit: $5,000 What to look out for: You'll need a minimum of $5,000 to open a money market account with Northern Bank Direct. This is pretty steep compared to most financial institutions, which typically require around $1,000 to get a money market account. Sallie Mae Money Market Account (jump to Sallie Mae account details »)Why it stands out: Sallie Mae pays a competitive rate, and the bank doesn't require an opening deposit. Sallie Mae also sends paper checks for you to access your money. Rate: 2.25% APY Minimum opening deposit: $0 What to look out for: There's no debit card or ATM card included. You will receive paper checks, though. Ally Money Market Account (jump to Ally account details »)Why it stands out: You can get paper checks and a debit card to make purchases when you open a money market account with Ally, and there's no minimum deposit. The bank reimburses up to $10 per month in fees charged by out-of-network ATMs. Rate: 2.10% APY Minimum opening deposit: $0 What to look out for: If you make more than six withdrawals per month, you'll pay a $10 fee. (Ally may waive this fee during the COVID-19 pandemic, though.)imburses up to $5 per month in out-of-network ATM fees. But you can find banks that refund more money. Discover Money Market Account (jump to Discover account details »)Why it stands out: The Discover Money Market Account gives you easy access to your money with a debit card and paper checks. You'll earn 2.05% APY if you have an account balance under $100,000. If you have an account balance over $100,000, the rate increases to 2.10% APY. Rate: 2.05% APY or 2.10% APY (depending on balance) Minimum opening deposit: $2,500 What to look out for: You'll need at least $2,500 to open an account. If you're looking for a money market account that has a lower minimum opening deposit requirement, some of our other top picks let you open an account with $0. Premier Members Credit Union Money Market Account (jump to Premier Members Credit Union account details » )Why it stands out: While some money market accounts offer higher rates for higher balances, Premier Members Credit Union takes the opposite approach — it rewards people who have lower balances with higher rates. Premier Members also doesn't require a minimum balance, and it includes check-writing privileges. Rate: Premier Members Credit Union's reverse-tiered rates are as follows:
Minimum opening deposit: $5 What to look out for: You may start with a low balance and earn a high rate, but if your account balance grows substantially, you could end up earning less than you would with a different company. The account also doesn't have a debit card or ATM card which means you might have limited access to your account. Quontic Money Market Account (jump to Quontic Bank account details »)Why it stands out: Quontic is offering a competitive interest rate regardless of your account balance. Rate: 2.00% APY Minimum opening deposit: $100 What to look out for: If you use an out-of-network ATM, you won't be reimbursed for ATM fees. CIT Bank Money Market Account (jump to CIT account details »)Why it stands out: With CIT Bank, you'll earn the same rate regardless of how much money is in your account, and there's no minimum balance requirement. You can link your CIT Bank money market account with PayPal and Zelle to make payments. CIT Bank is also offering a free one-year Amazon Prime members if you meet the requirements listed here. Promotion ends December 23, 2022. Rate: 1.55% APY Minimum opening deposit: $100 What to look out for: The money market account doesn't include check writing or debit/ATM card access. You can make payments from your account digitally through sites such as Zelle and PayPal, but it might be inconvenient to not be able to write a check, pay with a card, or withdraw money from an ATM. Money market accounts that didn't make the cut and why
Which banks are the most trustworthy?Here are the Better Business Bureau scores for each institution on our list: The BBB measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Ally and CIT have the lowest grades because they haven't responded to customer complaints filed on the BBB website. CIT Bank has also been involved in a recent public scandal. In 2019, the Department of Housing and Urban Development sided with the California Reinvestment Coalition in its allegations against a division of CIT Bank called OneWest Bank. The CRC claimed that OneWest discriminated against Latinx and Black people in Los Angeles. Although OneWest never admitted to the discrimination, the bank did agree to pay over $7 million to homeownership programs for racial minorities in LA. If any of these issues worry you, you may decide to go with one of the banks in this guide with a better BBB score and/or no scandals. Methodology: How did we choose the best money market accounts?There are a lot of money market accounts out there. Through our research, we've found that the best money market accounts are offered by banks with a strong online presence and mobile access. We reviewed money market accounts at nearly two dozen institutions to identify the strongest options. We also cross-referenced our list against popular comparison sites like Bankrate and NerdWallet to make sure we didn't miss a thing. While interest rates are an important aspect of any money market account, several offer the same annual percentage yield (APY). To differentiate between them, we also considered minimum deposit and balance requirements, overdraft and excess transaction fees, ability to access funds, and any other standout features. Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to. Frequently asked questionsPersonal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so we noted the advantages and disadvantages of each account. We spent hours reviewing the features and fine print of various products so you don't have to. Money market accounts typically make it easier to access your money than high-yield savings accounts. Many come with check-writing privileges, debit cards you can use to make purchases, or ATM cards for withdrawing cash. Money market accounts and high-yield savings accounts both offer more interest and nearly as much flexibility as traditional checking or savings accounts. Are you on the fence about whether to open a money market or high-yield savings account? You could choose a company and compare its money market and savings accounts. One may have a higher rate, lower initial deposit, or lower monthly fee. You may want to work with a specific bank or credit union, but it only offers either a high-yield savings account or a money market account, not both. This limitation could help you make a decision, too. Yes — a money market account has very few downsides, if any. There's no risk that you'll lose money, your account is insured by the FDIC or NCUA (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation. The only time a money market account may not be worth it is if you're paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account. As of September 2022, the national average APY on money market accounts is 0.18% according to the FDIC. Right now, the following banks offer the best money market interest rates:
However, rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later. Generally you'll find the best interest rates at online banks. If you're more comfortable banking with a brick-and-mortar, you can usually open a money market account there, too — just know that you may not be getting the best possible interest rate. Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve. The Fed meets eight times a year and decides whether to increase, decrease, or maintain interest rates. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won't earn as much interest on your savings. But that doesn't mean you shouldn't save at all. When interest rates inevitably go back up, you'll see a greater return on your money than if you started from scratch. As the Fed has raised interest rates in the first half of 2022, savings interest rates have slowly been going up, too. Even if they were to drop, however, it's best practice to keep saving. That way, when rates inevitably do go back up, you'll be earning interest on a larger amount of principal. Experts' advice on choosing the best account for youTo learn more about what makes a good money market account and how to choose the best fit, four experts weighed in: InsiderWe're focusing on what will make a money market account most useful, including APY, access to your money, and more.
Here's what they had to say about money market accounts. (Some text may be lightly edited for clarity.) What makes a money market account good or not good?Laura Grace Tarpley, Personal Finance Insider: "You might like a money market account if the APY is higher than what you'll find with a high-yield savings account. Money market accounts should also give you a way to access your funds, whether it's a debit card, ATM card, paper checks, or access to Zelle. Whichever one the bank offers, make sure it's the right fit. For example, if a bank only offers paper checks, but you make all your payments digitally, then that money market account probably isn't for you." Roger Ma, CFP: "I don't really recommend a money market accounts for parking your money. I don't know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals." How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?Tania Brown, CFP: "So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account." Mykail James, CFEI: "How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD."
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Top Offers From Our PartnersRelated articlesLoadingSomething is loading. More... Which money market pays the highest interest rate?Best money market accounts and rates for October 2022. High Rate: Ally Bank - 2.10% APY.. High Rate: Discover Bank - 2.00%-2.05% APY**. High Rate: Synchrony Bank - 1.60% APY.. High Rate: TIAA Bank - 1.60% APY.. High Rate: CIT Bank - 1.55% APY.. High Rate: Navy Federal Credit Union - 0%-1.25% APY***. Where can I get 5% interest on my money?Here are the best 5% interest savings accounts you can open today:. Current: 4% up to $6,000.. Aspiration: 3-5% up to $10,000.. NetSpend: 5% up to $1,000.. Digital Federal Credit Union: 6.17% up to $1,000.. Blue Federal Credit Union: 5% up to $1,000.. Mango Money: 6% up to $2,500.. Landmark Credit Union: 7.50% up to $500.. What is a good interest rate for a money market?A good interest rate for a money market account is higher than the average rate. The average rate is currently around 0.20% APY. However, rates can vary depending on your bank or financial institution. Some banks may offer rates as high as 0.50% APY.
What bank has the best money market rating?Best money market accounts. Best overall money market account: Ally Bank Money Market Account.. Runner-up: Synchrony Bank Money Market Account.. Best for free checks when you open an account: Sallie Mae Money Market Account.. Best for ATM access: NBKC Bank Personal Money Market.. |
What is the highest money market rate
Related Posts
Copyright © 2024 pauex Inc.
