We reviewed money market accounts from more than 70 institutions to help you find the best one for your lifestyle. Use this table to sort by APY, deposits and fees and use the filter to narrow down your search.
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A money market savings account is like a marriage between a checking and a savings account. You get the savings benefit of a higher interest rate while enjoying the convenience of an ATM card and checks.
Still, there are some downsides. Money market accounts typically have higher opening balance requirements and you’re still limited to six monthly transactions.
Yes, if they align with your financial goals. Money market accounts are more flexible than savings accounts when it comes to accessing your cash. And if it has a high interest rate, it can be a great low-risk, short-term savings vehicle to park your cash.
But you should also be aware of its limitations, including caps on monthly withdrawals and the potential for higher return rates if you look elsewhere.
While most features of a money market account are like those of an everyday savings account, you’ll want to weigh factors that include:
Here’s a quick glance at how money market accounts compare to savings and checking accounts:
| Account | Best for | Earns interest | Checkwriting privileges | ATM access | Minimum deposit | Monthly fee | Six transaction limit | Federally insured | |
|---|---|---|---|---|---|---|---|---|---|
| Money market | Easy access to savings | $2,500 to $10,000 | |||||||
| Savings | Storing money for a later use | Not typically | $0 to $100 | ||||||
| Checking | Everyday spending | Not typically | $0 to $25 |
No. A money market account is very different than a money market fund, which is a type of mutual fund investment that is not insured by the FDIC and can lose value. Money market fund providers go even further and invest your money in fixed-income securities, though they’re still considered one of the least risky investments available.
The national average for money market accounts is 0.66%, according to the Federal Reserve. However, some high-yield money markets earn rates as high as 5% APY.
Money market accounts are more liquid than a savings account but less liquid than a checking account. Think of them as a happy medium between the two. You get the same ATM access and checkwriting privileges that you would with a checking account, but you’re still limited to six monthly transactions like you are with a savings account.
There are five types of money market accounts:
Money market accounts are FDIC insured and come with these advantages and disadvantages:
Follow these steps to open your very own money market savings account:
It depends on the bank, but you’ll generally need to meet these requirements to open an account:
There are several top-rated money market accounts available today, but one of the best money market accounts is the NBKC Personal Money Market Savings account. While most money market accounts require opening deposits of $2,500 or more, you only need $0 to open this account. Plus, you’ll earn 2.25% APY on your total balance and enjoy no fees for monthly maintenance, overdrafts, returned items, nonsufficient funds and incoming domestic wire transfers.
Yes. As long as the institution you keep your funds with is FDIC insured, you won’t have to worry about losing your money. When you open a money market account backed by federal deposit insurance, your account is typically insured for up to $250,000.
The Chase Savings account is a simple savings account that helps you reach your short- and long-term financial goals. It offers the benefits and security of banking with Chase for a low monthly fee that is easily avoidable.
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This online account isn’t missing much, offering a very high APY with no monthly fees.
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SoFi Checking and Savings is our top pick for the best joint bank account. Other top banks include Relay, Zeta, Ivella, Ally, Discover and Quontic.
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If you’re not satisfied with you current bank, closing your transaction account or bank account should not be a hassle. Download a letter to you bank to close your account and get some great tips on how to save money by switching accounts.
Read more…The difference between money market and traditional savings accounts.
Find the best money market rates in 2023 with American First Credit Union, Ponce Bank, Patriot Bank, FVCbank and more.
