Unlock Savings: Earn Up to 5.00% APY Today!

Are you ready to supercharge your savings? Money market accounts are your ticket to higher interest rates and the flexibility of a checking account, complete with debit card access and check-writing privileges. They’re the perfect blend of growth and convenience, making them a savvy choice for anyone looking to make their money work harder!

If you’re considering diving into the world of money market accounts, it’s crucial to find one that aligns perfectly with your financial goals. Our dedicated team has meticulously sifted through over 20 of the best money market accounts from federally insured banks and credit unions, handpicking the top 10 options that stand out today. (Discover our detailed evaluation process here.)

Interest rates, fees, and requirements are accurate as of the publish date. We recommend checking account details directly with the financial institution for the latest updates.

Highlighted Account:

EverBank’s Performance Money Market Account is a game-changer with a dazzling 4.30% APY—over six times the national average rate! Best of all? You can open this account with zero monthly fees, and interest compounds daily. Plus, enjoy the perks of a debit card, check-writing capabilities, and ATM fee reimbursement. Savings just got a serious upgrade!

Another Top Choice:

Sallie Mae, known for its student loans, also excels in consumer banking with a money market account offering 4.10% APY. There’s no minimum balance or monthly fee, and interest compounds daily. Write checks and transfer funds hassle-free—saving just got a whole lot easier!

Why Choose Ally?

Ally Bank champions a no-fee approach, and its money market account is no exception. With a solid 3.85% APY, zero minimum balance requirements, and no monthly fees, you’ll have access to over 43,000 free ATMs through the Allpoint network. Plus, you can easily write checks and access your funds anytime! Just remember to fund your account within 30 days of opening.

Discover Bank Delivers:

With Discover Bank, enjoy competitive APYs of 3.70% for balances below $100,000, jumping to 3.85% for those over $100,000. No minimum opening deposit or monthly fees means easy access to your funds through checks, debit cards, and ATMs. Say goodbye to unnecessary fees!

Meet VIO Bank:

• Minimum opening deposit: $100

• Monthly fees: $5 (can be waived with e-statements)

VIO Bank’s Cornerstone Money Market Savings Account boasts a competitive 4.77% APY. It requires a minimum opening deposit of $100 and has a $5 monthly fee, which can be waived by opting for e-statements. Interest compounds daily, though this account doesn’t include checks or a debit card. Solid interest rates await!

Top Rate Alert:

Zynlo’s Money Market Account offers the highest rate at 5.00% APY! This applies to balances under $250,000, with daily compounding interest. A minimum deposit of $10 is required, and you must maintain at least $0.01 to earn interest. Enjoy the freedom of no monthly fees, but keep in mind it doesn’t come with a debit card or check access.

Synchrony’s Savings Option:

Synchrony offers a money market account with a 2.25% APY. While this is on the lower end, it presents a zero-cost option for those looking to avoid fees and hefty opening deposits. No minimum balance is required to maintain your account, and checks are available upon request, along with an optional ATM card.

UFB Direct’s Portfolio:

UFB Direct’s Portfolio Money Market Account shines with a 4.01% APY. There’s no minimum opening deposit, but there is a $10 monthly fee unless you maintain a $5,000 balance. This account includes a debit card and check-writing privileges, with interest compounded daily.

First Foundation Bank:

First Foundation Bank offers an impressive 4.75% APY, far exceeding the national average. While its minimum opening deposit is on the higher side at $1,000, there are no maintenance fees! Request a debit card or checks for convenient access to your funds.

Prime Alliance Bank:

With a 4.50% APY and no minimum opening deposit or monthly fees, Prime Alliance Bank’s Personal Money Market Account is extremely accessible. However, this account does lack debit card and check access. Enjoy unlimited deposits and up to six monthly transfers, with interest compounding monthly.

Money market accounts can be a powerful tool for holding your savings. However, understanding their unique features compared to traditional savings accounts is essential. Here’s what you need to know before taking the plunge.

By offering higher annual percentage yields (APY) than conventional savings or checking accounts, money market accounts help you reach your short-term savings goals faster. Plus, they provide easy access to your funds with the bonus features of checking accounts—like debit cards and check-writing capabilities. Explore more about MMAs.

A money market account functions as a hybrid between checking and savings accounts, typically offering a higher yield than most traditional savings options. However, there may be restrictions on withdrawals and transfers similar to a savings account. These accounts are perfect for growing your savings, but remember—they aren’t the same as a regular savings account. Learn about the differences between MMAs and savings accounts.

It’s important to understand that money market accounts have their pros and cons. They often provide great accessibility to funds but come with specific limitations. Find out how money market accounts operate.

Much like other interest-bearing deposit accounts, money market accounts compound interest. Typically, interest compounds daily and is credited monthly. This compounding effect can significantly enhance your APY, allowing your savings to flourish as interest accumulates on both your principal and previously earned interest. Discover how often money market accounts pay interest.

Did you know that the average savings account interest rate is just 0.45%? In contrast, the average money market account rate sits at 0.64%—but many money market accounts soar as high as 5% APY! Stay updated on current money market account rates.

Given the vast differences in money market account rates, selecting one with a competitive rate is paramount for maximizing your savings potential.

Consider this: if you deposited $10,000 into an account with a high money market rate instead of a traditional savings account, the returns could be significantly greater over time (assuming daily compounding interest)!

Minimum balance requirements can greatly affect your savings. Some accounts may require you to maintain a certain balance or initial deposit to avoid fees or earn interest. Learn about minimum balance requirements for money market accounts.

Rest assured, the funds in your money market account are typically federally insured, either through the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Each provides coverage of up to $250,000 per institution per depositor, ensuring your savings are secure. If you have substantial assets, consider spreading them across multiple institutions to maximize protection. Understand FDIC insurance for money markets.

While money market accounts are generally safe, you might still face risks. For instance, fees and inflation can eat into your balance. Stay informed! Find out if you can lose money in a money market account.

Money market accounts and high-yield savings accounts (HYSAs) are both ideal for growing your savings, offering security and higher APYs than traditional savings accounts. However, they differ in key ways. Compare MMAs and high-yield savings accounts.

When comparing money market accounts to certificates of deposit (CDs), it’s essential to note that money market accounts provide easier access to your funds. While CDs offer higher APYs in exchange for locking your money away for a set period, money market accounts remain more flexible. Explore the differences between MMAs and CDs.

Beware: money market funds and money market accounts are not the same! Money market funds are investment vehicles that pool money from multiple investors to buy securities like stocks or bonds, whereas money market accounts are deposit accounts offered by banks and credit unions that typically offer higher interest rates than standard savings accounts, and often come with debit card and check-writing privileges. Learn about MMAs and money market funds.

Opening a money market account is a breeze! Start by exploring the options available from various financial institutions. Gather the necessary documentation, such as your Social Security number (SSN), a government-issued ID, and proof of address. Once you’re set, you can apply in person or online. Learn how to open a money market account.

Our comprehensive grading system, crafted by personal finance experts, assessed over 100 data points across nearly 20 federally insured money market accounts to curate our top 10 list.

We evaluated these accounts based on key metrics such as APY, minimum opening deposit, balance requirements, monthly fees, and how often interest compounds. Here’s a closer look at the criteria we considered:

• Monthly Fees: We prioritized accounts with low or no monthly maintenance fees.

• Minimum Opening Deposit: Accounts with low or no opening deposit requirements ranked higher.

• Annual Percentage Yield (APY): Higher APYs earned more points. Note that rates are subject to change at any time.

• Minimum Balance to Earn Interest: Accounts with low or no minimum balance requirements received preference.

• Access to Funds: Accounts offering check-writing, debit card, or ATM privileges were rated higher.

• Withdrawals per Month: Accounts with fewer limitations on transactions gained extra points.

• Compounding Frequency: Frequent compounding earned more points.

• Overdraft Fees: Accounts that waive overdraft fees were favored.