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Best money market rates

Explore money market accounts with high rates and more access to your funds compared to a regular savings account.

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By

Bethany Hickey

Edited by

Holly Jennings

Reviewed by

Alexa Serrano Cruz

Updated

Fact checked

The best money market accounts (MMAs) offer rates that are well above the national average of 0.63%. While MMAs typically combine features of checking and savings accounts by offering a debit card, checkwriting privileges and savings interest, not all of them offer easy access to your money. With savings rates on the rise, explore these top money market savings accounts that earn more than six times the national average.

Ponce Bank High-Yield Money Market Deposit

4.7
★★★★★

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The Ponce Bank Money Market Deposit account offers an exclusively high 5.28% APY through its partnership with Raisin. You only need $1 to open the account, but it doesn't come with a debit card. All customer care and online banking is done through Raisin, but your money is FDIC-insured through Ponce Bank.

Ponce Bank is based out of the Bronx in NYC and was founded by Puerto Rico immigrants. It's a Community Development Financial Institution, a mission-driven institution that aims to support its community by offering banking services to underbanked and underserved communities.

American First Credit Union MMA through Raisin

4.7
★★★★★

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The American First Credit Union Money Market Account offers 5.27% APY through its exclusive offer with Raisin, so all account management is through Raisin. This rate is higher than the national average for MMAs, and you only need $1 to get started.

American First Credit Union has been in business for over 70 years, offers a wide variety of banking services and products and was originally founded to serve grocery store workers.

Pacific Western Bank MMDA through Raisin

4.8
★★★★★

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The Pacific Western Bank Money Market Deposit Account offers a high 5.27% APY with a small $1 minimum opening deposit, but it doesn't come with a debit card. The very high MMA rate is an exclusive offer through Raisin, so all online banking and customer care is through them.

Your money is FDIC-insured through Pacific Western Bank, which is based out of Los Angeles, and offers a wide range of lending, leasing and banking services.

SkyOne FCU High-yield MMDA through Raisin

4.7
★★★★★

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Another exclusive offer with Raisin, this account offers a high 5.24% APY with a $1 opening deposit. But there's no mention of a debit card or checkwriting privileges. All account management, customer care and online banking would be done with Raisin. With over 70 years under its belt and a not-for-profit organization, SkyOne Federal Credit Union focuses on serving its community in the western US.

Patriot Bank High-Yield Money Market Deposit Account

4.7
★★★★★

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This account boasts a high 5.22% APY offer through Raisin and requires a small $1 opening deposit. Like other Raisin exclusive offers, all account management and customer care is done through Raisin and the account doesn't come with a debit card. Your money is FDIC-insured through Patriot Bank, a full-service bank with a variety of personal and commercial accounts and mortgages and has branches near Memphis, TN.

Blue FCU MMDA through Raisin

4.7
★★★★★

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Blue FCU MMA offers 5.15% APY through Raisin, who would handle all your online banking and customer support needs. There are no monthly fees and you only need $1 to get started. The account is FDIC insured through Blue FCU, a credit union with over 110,000 members.

Lemmata Savings Bank MMA through Raisin

4.7
★★★★★

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An exclusive offer through Raisin, this money market account offers a 5.03% APY. There's a $1 opening deposit and no balance requirements, but it doesn't come with a debit card. All account management and customer care with this account is through Raisin.

The MMA is insured through Lemmata, and it's a digital banking branch of California Commerce Bank (CBC). CBC heavily focuses on commercial banking and offers a full range of loan products, but it does break out into specialty lending and consumer products through its divisions, such as Lemmata.

The Atlantic FCU MMA Through Raisin

4.7
★★★★★

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The Atlantic Federal Credit Union money market account's highest offer is 5.01% APY, and all account management and customer care is through Raisin. There's a small $1 minimum opening deposit, but you don't get a debit card. Based out of Maine, Atlantic FCU is a nonprofit institution with a focus on community involvement and development.

Great Lakes FCU MMA through Raisin

4.7
★★★★★

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Another top rate offered exclusively through Raisin, the Great Lakes FCU Money Market account offers 5% APY. Like other accounts in our best list, there are no monthly fees, you only need $1 to get started and you won't get a debit card for easy access to your money. Although Raisin manages your online banking, your money is FDIC insured through Great Lakes, a credit union offering a myriad of checking, savings, loans and credit card products.

Quontic Bank Money Market

4.6
★★★★★

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A well-known digital bank, Quontic's Money Market account offers a high 5% APY. While there's a $100 opening deposit requirement, this account comes with a debit card and checkwriting privileges.

Vio Bank Cornerstone Money Market

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Vio's money market account earns a high 5.25% APY, but it doesn't come with a debit card or checkwriting privileges. Also, there's a $100 opening deposit requirement, and you'll need to watch out for its $5 monthly fee, which can be avoided when you sign up for e-statements. Vio Bank is the online branch of MidFirst Bank, and MidFirst is the largest privately owned bank in the country. It mainly focuses on commercial real estate and mortgages.

Redneck Mega Money Market

3.7
★★★★★

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A bit of an unconventional online bank based out of Oklahoma, Redneck Bank is 'fully insured by the FDIC, like all big them city banks.' The Redneck Mega Money Market account earns a high 5.05% APY, which is more than eight times the national average. The account has no minimum balance requirements, and it comes with a debit card. But there's a $500 opening deposit requirement, and like most MMAs, watch out for its six monthly transaction limit. Redneck Bank prides itself on being different from other banks due to its humor, and much of the literature for this online bank is written with a southern drawl.

Best MMAs with easy access to funds

Most of the best high-yield money market accounts don’t come with a debit card or checkwriting privileges. If you’re looking for a high rate and easy access to your funds, there are three top options:

Ally Money Market

4.7
★★★★★

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Offering 4.4% APY on all balances and a debit card and checks, the Ally Money Market account is a solid option. Ally allows you to use any Allpoint ATM for free, and you'll get $10 in monthly reimbursements when you use an out-of-network ATM. You'll also enjoy no monthly maintenance fee and no opening deposit requirement.

Sallie Mae Money Market

4.3
★★★★★

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While known for its student loans, Sallie Mae offers a competitive money market account with a 4.15% APY. There is no monthly maintenance fee or minimum balance requirements, and while you get checkwriting privileges, there's no debit card.

EverBank High Pledge Money Market

4
★★★★★

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Previously TIAA Bank, EverBank offers an MMA that comes with checks and a debit card so you can easily access your funds. It accepts mobile check deposits, charges no monthly fees and there's no opening deposit required. It offers a high 4.75% APY for the first year. After the intro rate, balances under $49,999.99 earn up to 3.75% APY, and the best rate is 4.3% for balances over $100,000. It also offers unlimited ATM reimbursements, but only if you have a balance of at least $5,000 — balances under that can get up to $15 in reimbursements per month.

Methodology: How we choose the best MMAs

Finder’s banking experts review over 50 money market accounts to find the best ones. While debit cards and checkwriting privileges are features we consider, we prioritize accounts that offer strong interest rates. The top accounts must meet the following factors:

  • An APY that’s at least six times higher than the national average of 0.63%
  • Minimum opening deposit of $500 or less
  • Available in most states
  • No strict membership requirements
  • FDIC- or NCUA-insured up to $250,000

What is a money market savings account?

A money market account — or MMA — blends features of a checking and savings account. While it earns interest and is typically limited to six monthly transactions, they often come with a debit or ATM card and let you write checks. Like savings accounts, most compounded interest daily.

Traditional savings accounts aren’t meant for spending, so MMA accounts are best for someone who wants a high-yield account with the ability to make purchases or withdraw money from an ATM.

How to compare money market accounts

Find the best accounts for your lifestyle by comparing these factors:

  • Competitive APY. Choose an account that offers rates higher than the national 0.63% average to maximize your earnings.
  • Tiered rates. Some MMAs have tiered interest rates, requiring certain balances to earn the highest APYs. Either choose an account without balance requirements or choose a tiered account with an APY for a balance you can hold.
  • Affordable minimum opening deposit. While the average is $2,500, there are accounts with deposit requirements as low as $0.
  • Easy access to money. Although a debit card and the ability to write checks is what differentiates a money market account from a savings account, some don’t come with these common benefits.
  • FDIC- or NCUA-insured. A trustworthy money market account will be FDIC- or NCUA-insured for up to $250,000.
  • Few fees. The average monthly maintenance fee runs around $10, but plenty of accounts don’t have a fee. Also, if you frequently use out-of-network ATMs, look for an account that reimburses ATM fees.

Pros and cons of MMAs

While money market accounts are interest-bearing and offer flexible account access, there are some pitfalls to be wary of.

Pros

  • High APYs. The national interest rates for money market accounts are much higher than those of traditional savings accounts.
  • Check-writing privileges. If you want to write checks from your account, most of these accounts come with checks.
  • Debit card. Most come with cards you can use to make purchases or withdraw money at an ATM.

Cons

  • High opening deposit. They impose higher minimum opening deposits than savings accounts, which can range anywhere from $100 to $1,000.
  • Minimum balance requirements. Tiered interest rates are common, with minimum balance requirements that must be maintained daily or monthly to earn interest.
  • Limited transactions. Similar to savings accounts, they still may limit you to six monthly transactions.

5 alternatives to money market accounts

Not sure a money market account is right for you? Explore these other types of savings accounts when deciding where to park your cash:
  • High-yield savings accounts. The best high-yield savings accounts come with an APY that’s higher than the national average, which currently sits at 0.46% APY. Most also restrict access to your funds by not offering debit cards and preventing you from writing checks.
  • Interest-bearing checking accounts. A high-yield checking account doesn’t come with transaction limits you’d find with a money market account. But their rates are much lower, with the national average resting at 0.07% APY.
  • Cash management accounts. A cash management account lets you manage your invested money in one account by allowing you to use your money to make purchases or accrue interest. FDIC insurance is often higher than the usual $250,000 limit.
  • CDs. Unlike a money market account, you cannot access your funds after you open a CD. In exchange, you’ll enjoy higher APYs that are locked in for the duration of a term you choose.
  • Money market funds. A type of mutual fund, money market funds are low-risk investments through a bank that allow withdrawals at any time. However, funds deposited aren’t insured by the FDIC.

Bottom line

Money market accounts offer the same benefits as a traditional savings account, but often with a little more access to your funds through a debit card or checkwriting privileges. For more options, check out our comparison guide to money market accounts.

  1. “National Rates and Rate Caps,” FDIC, 2023

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