10 Best Money Market Accounts

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With the best money market accounts, your cash can earn up to 2.00% APY and sometimes more — and still have instant access to your money too.

If you’re looking for a good place to park your cash or start an emergency fund, a money market account can be just the place you’re looking for.

Top Money Market Accounts

Not every money market account is the same. You need to pay attention to some of the following details before you open an account:

  • Minimum balance requirement to open an account
  • Annual Percentage Yield (how much interest you earn on your deposit)
  • Does the highest APY apply to your entire balance?
  • If the money market account earns more than a high-yield savings account

If the recommendations below can help you make more money, you should strongly consider moving your money over to a money market account.

1. BrioDirect

Brio High-Yield Money Market

Minimum Deposit: $100

A BrioDirect High-Yield Money Market Account offers competitive rates on your entire balance. It’s possible to earn 0.55% APY on your deposits.

You only have to make an initial $100 deposit to open an account. This bank doesn’t require a minimum ongoing balance and doesn’t charge monthly service fees.

You can make up to six monthly transactions fee-free.

2. CIT Bank

CIT Bank Money Market Home Page

Minimum Deposit: $100

CIT Bank is one of our favorite money market accounts because they have a competitive rate. The minimum initial deposit is $100. You can also send money to loved ones or pay your bills with People Pay with up to six monthly withdrawals.

At 1.55% APY, CIT Bank offers one of the highest annual yields for any money market account. You won’t have to pay any annual account fees so you get to keep every penny of your interest earned.

Read our CIT Bank review to learn more about this bank’s savings and checking products.

3. Sallie Mae

Sallie Mae home page

Minimum Deposit: $0

You probably didn’t know Sallie Mae has some of the best money market accounts. They have one of the highest yields of .50% APY.

This bank can be a good way to make money as a college student because your student loans and savings can be in the same place.

Sallie Mae doesn’t have a minimum balance requirement either, which is even more appealing for a cash-strapped college student or a parent looking to build a nest egg for their child.

A Sallie Mae money market account offers free limited checking that lets you write paper checks and withdraw money up to six times each month.

4. Ally Bank

Ally Bank Money Market Account

Minimum Deposit: $0

Do you invest with Ally Invest? If so, you might prefer to keep all your money under one roof and enjoy some of the best online banking benefits.

Ally Bank offers a money market account yields 0.50% APY on your entire balance.

You can deposit your checks by snapping a picture with your mobile device. Other banks may not offer mobile check deposit as a way to offer free banking accounts.

Ally also reimburses the first $10 in monthly ATM fees if you can’t find one of the 43,000 fee-free Allpoint ATMs nearby.

If you don’t want a debit card, Ally will mail you a checkbook for free too.

5. Capital One 360

Capital One 360 Savings Account

Minimum Deposit: $0

Capital One 360–formerly ING Direct–yields 0.40% APY on your full account balance. You will need to open a 360 Performance Savings account.

Your minimum opening deposit is only $0. There are no monthly account fees or minimum balance requirements.

Unlike other money market accounts, this account doesn’t come with ATM or check writing access.

6. Discover

Discover online banking

Minimum Deposit: $2,500

There is a $2,500 minimum account balance requirement for the Discover money market account.

A money market account from Discover Bank can earn .40% APY on all balances less than $100,000 and .45% APY on your balance that exceeds $100,000.

You will also receive an ATM card that lets you make fee-free deposits at more than 60,000 ATMs across the United States.

Discover offers other exciting products like a rewards checking account and a high-yield savings account. These online accounts don’t charge any monthly account fees.

Read our Discover Bank review to find out more.

7. TIAA Bank

TIAA Bank home page

Minimum Deposit: $500

TIAA Bank pledges to always remain in the top 5% of competitive accounts.

At the moment, their highest annual money market account yields 0.40% APY on all balance tiers.

You will need to make an opening deposit of at least $500. There are zero monthly account fees.

After the first year, you will earn a tiered interest rate based on your account balance.

Complimentary benefits of owning an TIAA Bank account include:

  • Mobile check deposits
  • 80,000 no-fee ATMs
  • ATM fee reimbursements (up to $15 monthly)
  • IRA-eligible deposits
  • People Pay instant money transfers to family and friends

8. Synchrony Bank

Synchrony Money Market Accounts

Minimum Deposit: $0

Synchrony Bank yields .40% APY on all deposits. While this rate is lower than other banks on this list, there isn’t a minimum opening deposit to open a money market account.

You also get access to ATMs and paper checks.

There are zero account opening or ongoing maintenance fees that you must pay.

9. Axos Bank

AXOS High Yield Money Market

Minimum Deposit: $1000

The Axos Bank (formerly Bank of Internet) High-Yield Money Market Account is an online-only account that currently yields 0.25% APY on your entire account balance.

You can earn a slightly higher yield on your first $25,000 with its High-Yield Savings account. Unfortunately, you won’t get free access to these benefits:

  • Online bill pay
  • Free check writing or ATM card
  • Free online check images

You can also earn additional cash rewards with your Axos Bank debit card. Just remember that you can only make up to six withdrawals per month with any money market account.

10. UFB Direct

UFB Premium Money Market Account

Minimum Deposit: $5,000

With UFB Direct, a high-yield money market account yields 3.01% APY on all balances of $0 and over.

You’ll get the usual benefits including an ATM card, free checking and online bill pay.

You might also enjoy their FinanceWorks money management tool that looks at all your financial and investment accounts to track your monthly spending and saving goals.

One of the only downsides to UFB Direct is that you must have $5,000 to open an account, so this isn’t an option if you want to invest your first $100.

Why Choose a Money Market Account?

A money market account is very similar to a high-yield savings account where you earn “above average” interest.

Unlike a savings account, you may also have these perks:

  • Get a debit card
  • Write checks
  • Enroll in online bill payment directly from your account

A money market account is like a hybrid checking-savings account.

However, you will need a separate checking account because you’re limited to six monthly withdrawals just like a high-yield savings account.

Money Market Account vs. Money Market Funds

This article is only focusing on money market accounts. You don’t need to invest in the stock market to have a money market account.

You might decide to open one of these accounts as an alternative to a regular savings account and they are also FDIC insured for your first $250,000 in deposits.

Money market funds are where your noninvested cash is stored in your investment brokerage account until you decide to invest it in a stock, ETF, or mutual fund.

These funds might only have a seven-day yield up to 0.05%. Sadly, this is a similar yield to a traditional savings account.

Unlike money market accounts, money market funds aren’t FDIC-insured and while they are considered a safe investment you can still “lose everything” in the stock market crash.

Frequently Asked Questions

Is a Money Market Account Considered a Checking or Savings Account?

Money market accounts are very similar to savings accounts because you earn the highest interest rates possible and still have instant access to your bank account.

The one trade-off is that you can only make six monthly withdrawals, but make unlimited deposits.

What distinguishes money market accounts from high-yield savings accounts is that the bank lets you write paper checks or make ATM withdrawals directly from your account.

If you want to use the money in your savings account to pay a bill, you have to transfer the money to your checking account so you can make unlimited withdrawals.

Your checking account deposits probably won’t earn interest.

If you make more than six withdrawals a month from your bank account, it’s still a good idea to get a free checking account.

But you might choose a money market account over an online savings account if the interest rates are comparable because of the additional flexibility.

Money Market Accounts vs CDs

Many people think the only way to earn potentially more interest from your bank deposits is to hold Certificates of Deposit (CDs).

The only problem with CDs is that your money is locked up for three months to five years.

If you need to withdraw the money early, you need to pay an early withdrawal penalty that can actually cause you to lose money.

There hasn’t been serious talk of CD ladders or investing in CDs period since the Great Recession started.

This is because CD interest rates are usually lower than saving account and money market account interest rate yields.

However, CD rates are starting to become more attractive again.

In most cases though, you will still earn more interest with a money market account. In addition, you have instant, penalty-free access to your money if you need to make a withdrawal.

The only restriction is that you can’t make more than six withdrawals a month per federal regulations.

Why Are Money Market Accounts Better Than CDs?

At the moment, CD yields and money market account yields are nearly identical.

The potential upside of locking your money away for at least one year with a CD isn’t notably higher than a money market account.

Keep in mind that with a money market account, you can make a deposit today and penalty-free withdrawal tomorrow.

For that reason, the instant liquidity of the money market account is well worth the trade-off in most cases.

If CD yields were at least 1% higher, it might be worth investing some of your cash into a CD to diversify your savings.

Are Money Market Accounts Safe?

Money market accounts are as safe as your savings account or checking account.

Your first $250,000 in deposits are FDIC-insured. If your bank fails, the FDIC guarantees your deposit and they will reimburse you the account balance up to $250,000.

As we discussed earlier, if you invest in a money market fund in your 401k, IRA, or taxable brokerage account, that money might never be reimbursed if the fund liquidates.

Do Money Market Accounts Pay Interest Monthly?


Interest rates can be confusing if you’re new to the world of saving money. Your money market account earns interest each day based on your daily account balance.

At the end of each month, the bank deposits the monthly interest earned into your account.

If you deposit “,000 into a money market account that earns 1.85% annual percentage yield (APY) or .15% interest each month, you’ll earn approximately $1.50 in interest each month or $18.00 for the year.

Of course, you’ll earn more interest if you keep making additional deposits, and you also earn interest on your monthly interest income too.

For example, if you earn $1.45 in interest the first month, you will earn interest on the $1.45 interest plus the original $1,000 deposit; this is called compound interest.

What are the Benefits of Money Market Accounts?

Money market accounts are a way for savers to earn more interest on their deposits than they can in a regular savings account.

Having a money market account may provide the following benefits:

  • Earn savings account interest
  • Enjoy free checking account benefits like online bill pay and more
  • No account fees
  • Some banks don’t require a minimum account balance to earn the highest APY

It’s easy to find higher APYs and low minimum balances.

The money market account can help anybody earn more money each month.


Money market accounts don’t get a lot of attention compared to other bank account types. However, they are a safe and reliable way to earn passive income with minimal effort.

With so many potential benefits with zero account fees, what’s there not to like?

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