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8 best money market accounts

Earn substantial interest on your savings with today's best money market rates.

Our pick for a money market account: CIT Bank Money Market

0.45%

APY

  • High-interest rate
  • No monthly service fees
  • Quick and easy access to funds
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This article was reviewed by Marguerita Cheng, a member of the Finder Editorial Review Board and award-winning advocate for ethical financial planning for over 20 years.

The best money market accounts are known for offering the best of both worlds when it comes to high-interest rates and convenient access to your money. While limitations may still apply and you might have to deposit far more than a regular savings account, you usually have more options to move your money around, including check-writing privileges and ATM or debit cards.

We researched over 21 money market accounts and evaluated top factors such as accessibility, opening deposit requirements, money market rates, fees and features to bring you our top five picks. We excluded accounts that rope you in with high introductory rates only to let you down with lackluster rates once the honeymoon ends.

What’s changed in 2021?
We added Axos Bank High Yield Money Market account to our best list because it has a 0.25% APY and no monthly fees.

A closer look at the best money market accounts

Here are the eight best money market accounts, along with their pros and cons:

CIT Bank Money Market

CIT Bank Money Market logo
Finder Rating: 3.9 / 5

★★★★★

Apply now
at CIT Bank's secure site
0.45%
APY
None
Fees
$100
Min. opening deposit
  • Minimal fees. You won't pay any monthly maintenance or outgoing wire transfer fees with this account.
  • Quick and easy application. It takes less than 10 minutes to apply for this account.
  • No minimum balance. You need $100 to open the account, but you don't have to maintain a certain balance to earn interest.
  • No physical branches. You can't pop by a CIT Bank branch for in-person support.
  • No live chat. Most online banks offer live chat as a customer support feature, but CIT Bank doesn't.
  • Low transfer limits. You can electronically transfer up to $2 million a day, but CIT Bank's People Pay service and Paypal transfers are capped at $50.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit

Axos Bank High Yield Money Market account

Axos Bank High Yield Money Market account logo
Finder Rating: 4.1 / 5

★★★★★

Apply now
at Axos Bank's secure site
0.25%
APY
None
Fees
$1,000
Min. opening deposit
  • No monthly fees. This account has no monthly fees — unlike most money market accounts that only waive fees when you meet certain balance requirements.
  • Decent rate. You'll earn 0.25% APY on any balance, which is more than twice the national average.
  • No ATM fee reimbursement. Unlike most Axos Bank accounts, this one doesn't come with ATM refunds. That said, you still have free access to over 91,000 ATMs nationwide.
  • No overdraft protection. Axos Bank doesn't offer overdraft protection, which means you'll pay $25 each time you overdraft, up to $75 a day.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit

Discover Money Market

Discover Money Market logo
Finder Rating: 3.9 / 5

★★★★★

Apply now
at Discover's secure site
Up to 0.35%
APY
None
Fees
$2,500
Min. opening deposit
  • Easy access to cash. Use your account's ATM card to withdraw cash at over 60,000 Discover ATMs for free.
  • High APYs. You earn 0.3% APY on balances under $100,000 and 0.35% on balances above $100,000.
  • Minimal fees. Discover doesn't charge fees for monthly maintenance, debit card replacements or bank checks.
  • High opening deposit. You need at least $2,500 to open this account.
  • Expensive wire transfers. If you need to send an outgoing wire transfer, expect to pay $30 each.
  • No branches. Discover an online bank, so it's not ideal if you're looking for in-person support.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit 6
Fee per transaction over limit $0

Sallie Mae Money Market

0.4%
APY
None
Fees
None
Min. opening deposit
  • High APY. This account earns a solid 0.4% APY on all account balances.
  • No monthly fees. Your savings are safe with this account because it has $0 monthly fees.
  • No minimum balance. Open this account with any amount of money and you'll start earning interest.
  • Excessive transaction fee. You'll pay a $10 excessive transaction fee if you go over the 6 monthly transaction limit. Contact Sallie Mae to see if this policy is temporarily suspended due to the coronavirus.
  • Limited support. Sallie Mae customer support is only available by phone weekly from 8 a.m. to 8 p.m. ET.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $10

NBKC Personal Money Market Savings

0.25%
APY
None
Fees
$5
Min. opening deposit
  • No fees. NBKC describes this as a 'No Gotchas' account. It has no fees for monthly maintenance, overdrafts, returned items, nonsufficient funds or incoming domestic wire transfers.
  • No minimum balance. Most money market accounts have opening deposits of $500 or more but this one let's you get started with as little as $5.
  • ATM reimbursements. If you use an ATM outside of the MoneyPass network and get charged a fee, NBKC will reimburse you up to $12 a month.
  • Limited customer support. NBKC customer service is only available from 8 a.m. to 5 p.m. daily, unlike other banks that offer 24/7 support.
  • Wire transfer fee. This account isn't completely free as you'll pay $5 to send domestic wires and $45 to send and receive international wires, but this is similar to other banks.
  • Few physical branches. NBKC has four locations in Kansas and Missouri, limiting in-person support for those who live outside this area.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit 6
Fee per transaction over limit

Ally Money Market

0.5%
APY
None
Fees
None
Min. opening deposit
  • Low fees. Ally doesn't charge any fees for ACH transfers, debit cards, incoming wire transfers or monthly maintenance.
  • No opening deposit requirements. You can open an account with as little as $0.
  • Debit card. Unlike some accounts, Ally's comes with a debit card so you can withdraw cash at over 43,000 Allpoint ATMs. Plus, you'll get reimbursed for up to $10 in non-network fees each month.
  • No branches. Ally Bank is online only, so you can't pop into a branch for support. That said, they have 24/7 customer service.
  • No cash deposits. Like most online banks, you can't deposit cash into this money market account.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $10

Synchrony Bank Money Market Account

0.35%
APY
None
Fees
None
Min. opening deposit
  • No monthly fees. You won't pay a monthly maintenance fee for your account and there's no minimum balance requirements.
  • ATM card. Your Synchrony Bank Money Market comes with an optional ATM card for withdrawing cash on the go.
  • Loyalty perks. Depending on your balance, you'll rack up rewards, benefits and discounts for things like waived fees, discounted loan rates, travel discounts and more.
  • Two branches. Similar to other options on our list, Synchrony operates almost entirely online. Unless you live near one of it's two branches in Utah and New Jersey, you'll be limited to online support.
  • No cash deposits. Similar to other online accounts, this one doesn't accept cash deposits.
Interest compounding Monthly
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit $0

Prime Alliance Bank Personal Money Market

Prime Alliance Bank Personal Money Market logo
0.6%
APY
None
Fees
$1
Min. opening deposit
  • No monthly fee. You'll never have to worry about avoiding monthly fees when you open a Prime Alliance Bank Personal Money Market account because there are none.
  • No minimum balance requirements. This account has no opening deposit or minimum balance requirements, making it easily accessible to almost anyone.
  • Expensive excessive withdrawal fee. You'll typically pay $25 each time you make more than six outgoing transactions a month — a fee much higher than other banks. But this restriction is temporarily suspended due to COVID.
  • One branch location. Prime Alliance has one branch in Utah, so you'll be limited to online banking if you live outside the area.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $25

How to choose the best money market account

To find the best money market account for your lifestyle, consider these four factors.
  • Competitive APY. The annual percentage yield rate determines how much interest your account will earn on a yearly basis. The higher the rate, the more money you’ll earn.
  • Affordable minimum opening deposit. Different accounts require different opening deposits. You can open some accounts with as little as $100, while others require $10,000 or more.
  • Easy access to money. Some accounts impose restrictions on when and how you can withdraw your funds, while others let you transfer money out of your account at any time.
  • Quality customer support. Not all accounts offer the same level of service. Read customer reviews to find out if the account you’re interested in has a good reputation.

Best money market rates

These money market accounts have the highest interest rates available today, but they didn’t make our best list because they have monthly fees, high minimum deposit requirements or aren’t available nationwide.

Account nameAPYAPY requirements
Affinity Plus Federal Credit Union Superior Money MarketUp to 1%
  • 1% on balances up to $25,000 with at least $500 in monthly direct deposits
  • 0.5% on balances over $25,000 with at last $500 in monthly direct deposits
  • 0.1% on your total balance if you don’t meet deposit requirements
Customers Bank Ascent Money MarketUp to 0.75%
  • No interest on balances up to $25,000
  • 0.75% on balances of $25,000 or more
CFG High Yield Money MarketUp to 0.66%
  • 0.56% on balances of $1,000 to $24,999.99
  • 0.66% on balances of $25,000 or more

The best free money market accounts

Providers are sometimes guilty of nickel and diming their customers out of their hard-earned savings. Here are five top money market accounts with no monthly fees.

Account nameAPYAPY requirements
Ally Bank Money Market account0.5%
  • None
Sallie Mae Money Market0.4%
  • None
TIAA Bank Yield Pledge Money Market account0.4%
  • None
CIT Bank Money Market account0.45%
  • None

The most accessible money market accounts

Both savings accounts and money market accounts are interest-bearing. But what makes money market accounts different is their accessibility. Here are five money market accounts that offer both check-writing privileges and debit cards.

Money market accountAPYAPY requirements
Redneck Bank Mega Money Market account0.4%
  • None
iGoBanking Money Market account0.50%
  • None
Discover Money Market account0.35% on balances above $100,000
  • 0.30% on balances of $1 to $99,999
  • 0.35% on balances of $100,000 or more
Ally Money Market account0.5%
  • None

What are money market accounts best used for?

Money market accounts are best for competitive interest rates while maintaining easy access to their cash. They offer the flexibility of a checking account with the perks of a savings account. For example, money market accounts usually include check writing privileges and a debit card. And they also earn interest — potentially more than regular savings accounts.

But they also come with restrictions. Similar to savings accounts, you can’t make more than six withdrawals or payments per month by debit card, check or electronic transfer.

What are the biggest benefits of money market accounts?

Money market accounts help you generate interest on your savings while providing greater access to funds than traditional savings accounts. Here are some of the benefits you can expect with a money market account:

  • High rates. Interest rates for money market accounts are often on par with high-yield savings accounts, which means maximum growth potential for your savings.
  • Online banking. Many money market accounts offer mobile and online banking for simple, on-the-go access to your funds.
  • Check-writing privileges. If you want to write checks from your account, most money market accounts come with check-writing privileges.
  • Debit card. Some money market accounts come with debit cards and ATM access so you can withdraw and deposit funds as needed.

What are the biggest drawbacks?

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

  • High opening deposit. Money market accounts often impose higher minimum opening deposits than savings accounts that typically range from $100 to $1,000.
  • Minimum balance requirements. Tiered interest rates are common among money market accounts, with minimum balance requirements that must be maintained on a daily or monthly basis in order to earn interest.
  • Limited transactions. While money market accounts offer greater account accessibility, they’re still restricted by the same transaction limitations that govern their savings account counterparts. Although Regulation D is currently suspended, so some banks may let you go over this limit without penalty.

Traps to avoid

Money market accounts are a nice way to save, but sometimes the devil is in the details. Before you apply, check your account’s fine print for the following:

  • Introductory rates. Providers sometimes offer introductory rates on new accounts for a designated length of time — often the first 12 months following a new account opening. Check your account’s terms and conditions to find out if the rate you receive is liable to change after your first year of patronage.
  • Hidden fees. Money market accounts may advertise no monthly maintenance fees, but may charge for wire transfers, stop payments, overdraft fees and account closure fees.
  • Transaction limitations. Some accounts offer unlimited account deposits — but only at designated bank branches and ATMs. Otherwise, your account is limited to six transfers monthly, and exceeding this limit may result in transaction fees or the closure of your account.
  • Tiered rates. That high APY you spotted on the front page of your provider’s website? It may not be for everyone — or every balance. Money market accounts sometimes come with tiered interest rates, with the highest APYs often reserved for account balances of $50,000 or more.

Alternatives to money market accounts

If you’re not completely set on a money market account, consider these similar alternatives:
  • High interest checking account. A high yield checking account gives you total access to your money while rewarding you with the same competitive APY you’d find with a money market account.
  • Digital bank account. Digital banks offer checking and savings account combos that let you manage all your money in one place. Popular options like Chime and Aspiration earn competitive interest rates on your savings balance while giving you easy access to your spending money.

How do I open a money market account?

Many providers offer online account applications. You’ll be asked to submit some personal information, including your full name, residential address and telephone number. You’ll also be asked to provide proof of your identity by submitting your Social Security number or driver’s license number.

You’ll be expected to fund your new account with an opening deposit, so you’ll need the bank account and routing number of an external checking or savings account.

Once you’ve submitted your information and an opening deposit, you’ll receive your new account information. If the account comes with personal checks and a debit card, you’ll receive those in the mail.

How to get the most out of your account

Money market accounts come with their fair share of perks and drawbacks. Get the most from your account with the following:

  • Keep track of transactions. With an account limited to six transfers a month, keep an eye on your transactions by logging into your online account to review your account activity.
  • Maintain the minimum balance. Maintain the minimum account balance to avoid monthly fees and secure the best interest rates for your funds.
  • Opt for your provider’s ATMs. Avoid ATM fees and excessive transaction fees by taking advantage of your selected provider’s ATMs and bank branches to conduct transactions.
  • Reach out to customer service. If you have any questions or concerns about your account, feel free to reach out to customer service during business hours to clarify your queries.

Bottom line

Opening a money market account is a savvy way to build interest on your savings, and they often offer flexible account access with check-writing privileges and debit cards. But watch for tiered rates, transaction limitations and hidden fees, and remember to compare your options before making a decision.

Compare with other savings and money market accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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