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10 best money market accounts

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

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 regularly review this list to ensure it only includes the best money market accounts. We recently removed money market accounts from Axos Bank and NBKC, and we added accounts from BrioDirect, First Internet Bank, TIAA Bank and Vio Bank.

10 best money market accounts

  1. CIT Bank Money Market account – Best for no opening deposit: 0.45% APY
  2. Discover Money Market account – Best for no fees: Up to 0.45% APY
  3. Sallie Mae Money Market account – Best for writing checks: 0.5% APY
  4. Ally Money Market account – Best overall: 0.5% APY
  5. Synchrony Bank Money Market Account account: 0.35% APY
  6. First Internet Bank Money Market Savings account – Best for ATM reimbursements : 0.5% APY
  7. TIAA Bank Yield Pledge Money Market account – Best for accessing cash: 0.4% APY
  8. Prime Alliance Bank Personal Money Market account – Best for earning interest: 0.6% APY
  9. BrioDirect High-Yield Money Market account – Best for no incoming wire fees: 0.55% APY
  10. Vio Bank Cornerstone Money Market account – Best for customer support: 0.55% APY

A closer look at the best money market accounts

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

Best for no opening deposit

CIT Bank Money Market

Finder rating 3.9 / 5 ★★★★★

Go to site
on CIT Bank's secure site
CIT Bank Money Market is best for low balances because there’s no minimum balance requirement. The account has no ongoing fees and accrues 0.45% APY on all balances, which is well above the national average. You only need $100 to open the account, but CIT Bank only exists on the internet, so you can’t visit a branch.

Best for no fees

Discover Money Market

Finder rating 3.9 / 5 ★★★★★

Go to site
on Discover's secure site
Discover Money Market is best for no fees because it doesn’t cost anything to open or maintain this account. It earns 0.40% APY on balances below $100,000 and 0.45% APY on balances above $100,000. But you’re required to deposit at least $2,500 to open the account. And Discover doesn’t have any physical branches, so you can’t do your banking in person.

Best for writing checks

Sallie Mae Money Market

Finder rating 4.3 / 5 ★★★★★

The Sallie Mae Money Market account is best for writing checks because you can get free checks when you open the account, and additional checks are only $5. The account earns 0.5%APY and doesn’t require any ongoing maintenance fees. There’s no minimum account balance to maintain, but there’s no ATM card, so you can’t deposit or withdraw funds from your account.

Best overall

Ally Money Market

Finder rating 4.7 / 5 ★★★★★

Ally Money Market is best overall because it’s a free account that earns a respectable 0.5% APY on all balances and lets you withdraw funds for free at more than 43,000 ATMs across the US. Plus customer service is available 24/7. But there’s no way to deposit cash directly into your account.

Best for rewards

Synchrony Bank Money Market Account

Finder rating 4.4 / 5 ★★★★★

The Synchrony Bank Money Market Account is best for rewards because it’s among the only money market accounts with a loyalty rewards program. It earns 0.35% APY on any balance, and there’s no minimum deposit requirement. Plus, you can write checks and withdraw funds online, over the phone and at ATMs. But you can’t use the app to deposit checks greater than $2,000.

Best for ATM reimbursements

First Internet Bank Money Market Savings

Finder rating 3.8 / 5 ★★★★★

The First Internet Bank Money Market Savings account is best for ATM refunds because it includes up to $10 in ATM fee rebates each month. It earns an above-average APY of 0.5%, though you must deposit at least $100 to open this account. You also have to maintain a $4,000 minimum balance to avoid the $5 monthly fee.

Best for accessing cash

TIAA Bank Yield Pledge Money Market

Finder rating 4 / 5 ★★★★★

TIAA Bank Yield Pledge Money Market account is best for accessing cash because it gives you free access to more than 92,000 ATMs. It also earns 0.4% APY on any balance, and there’s no monthly fee. You’ll need to deposit at least $500 to open this account, which is about average compared to other banks. TIAA also refunds at least $15 in ATM fees each month. But you’ll need to maintain a balance of at least $5,000 to qualify for unlimited ATM reimbursements.

Best for earning interest

Prime Alliance Bank Personal Money Market

Prime Alliance Bank Personal Money Market is best for earning interest because it accrues a competitive 0.6% APY. Plus it includes check-writing privileges without a monthly fee. But you won’t get an ATM card, so you can’t deposit or withdraw cash. And Prime Alliance has only one physical location, which is in Utah.

Best for no incoming wire fees

BrioDirect High-Yield Money Market

With BrioDirect High-Yield Money Market you won’t have to worry about paying for incoming wire fees. You’ll also earn 0.55% APY on any balance and there’s no monthly maintenance fee or fees for incoming wire transfers. And if you link your money market account to a BrioDirect checking account, you can use your debit card to access funds in both accounts. But you’ll have to deposit $100 to open an account, but it doesn’t give you the option to write checks.

Best for customer support

Vio Bank Cornerstone Money Market

Vio Bank Cornerstone Money Market is best for customer support as you can get help seven days a week. The account earns 0.55% APY on all balances, and there’s no monthly fee. You’ll need to deposit $100 to open this account, and you contact support via chat or phone every day of the week. But Vio Bank doesn’t have any branches.

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 requirementsLearn more
CIT Bank Money Market account0.45%NoneGo to site
Ally Money Market account0.5%NoneRead review
Sallie Mae Money Market0.5%NoneRead review
TIAA Bank Yield Pledge Money Market account0.4%NoneRead review

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.

3 alternatives to money market accounts

If you’re not completely set on a money market account, consider these similar alternatives:
  1. 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.
  2. 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.
  3. Cash management account. CMAs include spending, saving and investing all in one account, and funds are as accessible as they are with money market accounts. And some of the best cash management accounts, including Robinhood and SoFi Money, earn impressive interest rates.

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

Use the table to sort and compare accounts by APY, fee and minimum deposit to open.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
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