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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 accounts
Below, 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
CFG Bank High Yield Money Market Account
Northern Bank Direct Money Market Account
Sallie Mae Money Market Account
Ally Money Market Account
Discover Money Market Account
Premier Members Credit Union Money Market Account
Quontic Money Market Account
-
CIT Bank Money Market Account
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 Account
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
Annual Percentage Yield (APY)
2.90% APY
Minimum Deposit Amount
$1,000
CFG Bank High Yield Money Market Account from CFG Bank
Deposit Details
Annual Percentage Yield (APY)
2.90% APY
Minimum Deposit Amount
$1,000
Pros & Cons
Chevron 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
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$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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- 2 branches near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- $1,000 opening deposit and minimum balance to earn highest interest rate
- Avoid $10 monthly fee with balance of $1,000
- Interest compounded daily and paid monthly
- Member FDIC
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Northern Bank Direct Money Market Account
Northern 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 Direct
On Northern Bank Direct's website
Deposit Details
Annual Percentage Yield (APY)
2.75% APY
Minimum Deposit Amount
$5,000
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Online account available nationwide; you can also visit 13 branches in Massachusetts
- Earn 2.75% APY on balances up to $250,000
- Earn 0.25% APY on balances over $250,000
- Free access to ATMs in the SUM network
- Interest compounded monthly
- Member FDIC
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Sallie Mae Money Market Account
Sallie 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 Mae
Deposit Details
Annual Percentage Yield (APY)
2.25% APY
Minimum Deposit Amount
$0
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Comes with paper checks, but no debit card
- Interest compounded daily, paid monthly
- FDIC insured
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Ally Money Market Account
Ally 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 Ally
Deposit Details
Annual Percentage Yield (APY)
2.10% APY
Minimum Deposit Amount
$0
Pros & Cons
Chevron 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
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Not the highest money market account APY
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No physical branch locations
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$10 excess transaction fee (paused during COVID-19)
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Access to checks and a debit card
- Interest compounded daily, paid monthly
- FDIC insured
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Discover Money Market Account
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
Annual Percentage Yield (APY)
2.05% APY or 2.10% APY (depending on balance)
Minimum Deposit Amount
$2,500
Discover Money Market Account from Discover
Deposit Details
Annual Percentage Yield (APY)
2.05% APY or 2.10% APY (depending on balance)
Minimum Deposit Amount
$2,500
Pros & Cons
Chevron 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
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$2,500 opening deposit
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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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- No monthly maintenance fees
- Compounding interest to maximize your earnings
- 100% US-based customer service 24/7
- 60,000 ATMs nationwide
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Premier Members Credit Union Money Market Account
Premier 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 Union
On Premier Members Credit Union's website
Deposit Details
Annual Percentage Yield (APY)
0.10% to 2.00% APY
Minimum Deposit Amount
$5
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- 13 branches in Colorado, or open an account online from around the US
- Over 5,000 shared branches in the US
- There are many ways to become a member if you live in Colorado, or join Impact on Education if you don't otherwise qualify
- Reverse-tiered account, with 7 tiers
- Earn high rates on balances under $10,000, with highest rates under $2,000
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Quontic Money Market Account
Quontic 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 Quontic
Deposit Details
Annual Percentage Yield (APY)
2.00% APY
Minimum Deposit Amount
$100
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Earn up to 2.00% APY with a Quontic Annual Percentage Yield with a Quontic Money Market Account
- No Monthly Maintenance or Overdraft Fees
- $100 minimum deposit required to open an account
CIT Bank Money Market Account
CIT 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 Bank
Deposit Details
Annual Percentage Yield (APY)
1.55% APY
Minimum Deposit Amount
$100
Pros & Cons
Chevron 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
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Connect to Zelle and PayPal
- To get a free year of Amazon Prime you must use the promo code AMZN22 and deposit at least $15,000 during the first 15 days of opening an account; you must also maintain at least $15,000 in your account for 60 days after the initial funding period
- Interest compounded daily, paid monthly
- FDIC insured
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Comparing the best money market accounts of October 2022
CFG 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:
- $0 to $2,000: 2.00% APY
- $2,000.01 to $5,000: 1.01% to 2.00% APY
- $5,000.01 to $10,000: 0.63% to 1.01% APY
- $10,000.01 to $50,000: 0.29% to 0.63% APY
- $50,000.01 to $100,000: 0.22% to 0.29% APY
- $100,000.01 to $250,000: 0.15% to 0.22% APY
- More than $250,000: 0.10% to 0.15% APY
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
- Synchrony Money Market Account: Synchrony has a $0 minimum opening deposit, but our top picks offer higher rates or offer unique bonuses that make them more appealing. Read the full review of Synchrony Bank here.
- Affinity Plus Federal Credit Union Superior Money Market Account: Affinity Plus Federal Credit Union has a solid money market account, but other banks and credit unions on our list offer higher interest rates right now. Read the full review.
- Axos Bank: This money market accounts offers both paper checks and a debit card with your account, but its rates are lower than other accounts on our list. Read Insider's full review of Axos here.
- TIAA Bank: This money market account offers a solid APY, but its rate isn't as high as most of our top picks. Read Insider's full review of TIAA Bank here.
- NBKC Money Market Account: This is a solid money market account, but its rate isn't quite as high as what you'll earn with our top picks. Read Insider's full review of NBKC here.
- UFB Elite Money Market Account: While the UFB Elite Money Market Account has a high interest rate, you'll need to keep at least $5,000 in your account to avoid a $10 monthly service fee. Our top picks either have no monthly service fees or require a lower minimum account balance.
- Investors eAccess: This money market account doesn't require any initial deposit or minimum account balance, but its APY is slightly lower than more competitive money market accounts.
- BMO Harris: You'll need to place an initial deposit of $5,000 and maintain at least that amount to earn any interest. Read Insider's full review of BMO Harris here.
- Redneck Bank: This is another solid reverse-tiered option, but it requires a $500 opening deposit, and rates don't go as high as Premier Members' rates.
- Sun East Federal Credit Union: Sun East offers a low APY, and you'll have to make and maintain an account balance of $2,500.
- Pacific National Bank: You'll need an initial deposit of $5,000 to open this account; you'll need to maintain a $5,000 balance to avoid monthly fees and $10,000 to earn interest.
- Prime Alliance Bank Personal Money Market Account (Member FDIC): You'll earn a decent rate with this account, but it doesn't grant you easy access to your money with checks, an ATM card, or a debit card.
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 questions
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 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:
- CIT Bank
- Ally
- Northern Bank Direct
- Sallie Mae
- CFG Bank
- Premier Members Credit Union, for savers with $2,000 or less
- Discover Bank
- Quontic Bank
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 you
To 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.
- Tania Brown, certified financial planner at SaverLife
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
- Laura Grace Tarpley, associate editor of banking, Personal Finance Insider
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 »
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