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Best money market accounts

Generate interest on your savings alongside flexible account access.

Updated

Fact checked

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

CIT Bank Money Market logo

0.55%

APY

  • High-interest rate
  • No monthly service fees
  • Quick and easy access to funds
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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.

For our research, we evaluated top factors such as accessibility, opening deposit requirements, fees and account 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.

CIT Bank Money Market

CIT Bank Money Market logo
Apply now
at CIT Bank's secure site
0.55%
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

Sallie Mae Money Market

0.9%
APY
None
Fees
None
Min. opening deposit
  • High APY. This account earns a solid 0.9% 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

Discover Money Market

Discover Money Market logo
Apply now
at Discover's secure site
Up to 0.5%
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 0.45% APY on balances under $100,000 and 0.5% 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

BankPurely PurelyMoneyMarket

0.75%
APY
None
Fees
$25,000
Min. opening deposit
  • Eco-friendly bank. BankPurely plants a tree for every account opened and it's 100% digital, so it has a small carbon footprint.
  • Philanthropic. This bank donates money to various eco-related charities.
  • Competitive APY. Your money grows fast with a 0.75% APY.
  • Daily balance requirement. You won't earn any interest if your daily balance dips below $25,000.
  • High deposit requirement. Not everyone is able to swing the required $25,000 opening deposit.
Interest compounding Daily

Axos Bank Business Money Market

0.5%
APY
$10 monthly
Fees
$1,000
Min. opening deposit
  • 0.5% APY. All balances on this account earn a flat 0.5% APY.
  • Free checks. This account comes with checkwriting privileges — and your first set of checks is free.
  • Daily balance requirement. You must keep at least $5,000 in your account to avoid the $10 monthly fee.
  • No cash deposits. Axos Bank is fully online and doesn't accept cash deposits.
Interest compounding Daily

Best money market rates

The Annual Percentage Yield (APY) helps you understand how much interest your funds will generate over the course of one year. The higher the APY, the more interest you’ll receive.

Money market accountAPY
BBVA Money Market account0.21%
VirtualBank eMoney Market account2.36%
Bay State Savings Bank Money Market account2.35%
BankPurely PurelyMoneyMarket0.75%
State Farm Bank Online Money Market Savings account2.25%
Sallie Mae Money Market0.9%
TIAA Bank Yield Pledge Money Market2.15%
First Internet Bank Money Market Savings account0.7%
Capital One 360 Money Market1.9%
Discover Bank Online Money Market account0.5%
CIT Bank Money Market account 0.55%

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 money market accounts with no monthly fees.

Money market accountAPY
All American Bank Mega Money Market account2.25%
Sallie Mae Money MarketSallie Mae Money Market account0.9%
Capital One 360 Money Market account1.9%
TIAA Bank Yield Pledge Money Market account0.7%
CIT Bank Money Market account0.55%

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 accountAPY
State Farm Bank Online Money Market Savings account2.25%
Redneck Bank Mega Money Market account2.25%
iGoBanking Money Market account2.25%
Discover Money Market account0.5%
Ally Money Market account0.5%

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. Looking to write personal checks from your account? Many 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.

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
CIT Bank Savings Builder High Yield Savings Account

0.50% on $25,000+ or set up a direct deposit of $100+ each month
0.30% on $0 to $24,999
$0
$100
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
CIT Bank Money Market
0.55%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
Discover Money Market

0.50% on $100,000+
0.45% on $1 to $99,999
$0
$2,500
This money market account offers a competitive APY.
UFB Direct Premium Money Market Account

0.40% on $25,000+
0.10% on $0 to $24,999.99
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
BBVA Money Market

0.21% on $1,000,000+ for 3 months (0.20% after)
0.13% on $10,000 to $999,999.99 for 3 months (0.10% after)
0.05% on $0 to $10,000
$15 per month
(can be waived)
$25
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
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