Review
Updated
Fact Checked
Nathan Alderman
With a money market account (MMA) you'll get a high interest-bearing bank account that shares some of the best features of a checking & savings account. Opening a money market account is a fast way to earn money while you are saving for shorter term goals.
Why you can trust us:
Here at The Motley Fool, we’ve been helping people grow their wealth since 1993. We're committed to providing useful, unbiased, jargon-free guidance that’s easy for people to understand and implement. And unlike many other websites, we do not allow companies to buy their way onto this page. The products you see here are what our experts believe are the best money market accounts, whether we get compensated for them or not. You can read more about our ratings methodology and our editorial integrity to learn more about us.
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Best money market rates for December 2023:
Current money market rates have reached over 5% APY, some of the highest we've seen in quite some time, thanks to today's rate environment. Here are our experts' top picks for the best money market accounts, ordered by highest APY:
- 5.30% APY: Vio Bank Cornerstone Money Market Savings
- 5.27% APY: Pacific Western Bank Money Market Deposit Account
- 5.29% APY: American First Credit Union Money Market Deposit Account from Raisin
- 4.40% APY: Ally Money Market Account
- 3.75%-4.75% APY: EverBank Yield Pledge Money Market Account
- 4.20%-4.25% APY: Discover Money Market
- 4.25% APY: Sallie Mae Money Market
Best money market accounts:
As of December 2023, these are our banking experts' picks for the best money market accounts. See how we compared our best money market account picks with our rigorous & Motley rating methodology?
Show Best Offers Available in
Rates as
of Nov 28, 2023
| Offer | APY | Minimum to Earn APY | Fees | Next Steps | |
|---|---|---|---|---|---|
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
4.20%-4.25%
Rate info
4.20% applies to balances under $100K, Need $100,000+ to earn 4.25%
|
Minimum To Earn APY:
$0.01-$100,000 for 4.20%; $100,000+ for 4.25%
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $2,500 to open, no min balance to maintain |
Min. Balance:
$2,500 to open, no min balance to maintain
|
|
Pacific Western Bank Money Market Deposit Account
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
5.27%
|
Minimum To Earn APY:
$1
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $1 |
Min. Balance:
$1
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
5.29%
|
Minimum To Earn APY:
$1
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $1 |
Min. Balance:
$1
|
|
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
5.30%
|
Minimum To Earn APY:
$0
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $100 |
Min. Balance:
$100
|
|
 2023 Award Winner
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
4.40%
|
Minimum To Earn APY:
$1
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $0 |
Min. Balance:
$0
|
|
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
4.25%
|
Minimum To Earn APY:
$0
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $0 |
Min. Balance:
$0
|
|
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
APY:
3.75%-4.75%
Rate info
4.50% is one-year promotional rate. After it expires, the following rates and deposit tiers apply: $100,000 and up: 4.15% ongoing APY
$50,000 - $99,999.99: 4.05% ongoing APY
$25,000 - $49,999.99: 3.75% ongoing APY
$10,000 - $24,000.00: 3.75% ongoing APY
$0 - $9,999.99: 3.75% ongoing APY
|
Minimum To Earn APY:
$0 for minimum APY
|
Monthly Fee: $0 Monthly Fee:
$0
Min. Balance: $0 |
Min. Balance:
$0
|
Member FDIC.
Show Best Offers Available in
Rates as
of Nov 28, 2023
Discover Money Market
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Monthly Fee
$0
Min. Balance
$2,500 to open, no min balance to maintain
APY
4.20%-4.25%
Rate info
4.20% applies to balances under $100K, Need $100,000+ to earn 4.25%
Min. To Earn APY
$0.01-$100,000 for 4.20%; $100,000+ for 4.25%
- Competitive APY
- No minimum balance to maintain account
- No monthly fee
- Debit card and check availability
- FDIC insured
- Required balance to open is a little high
- Best rate requires at least $100,000
- No in-person banking/branches
This account offers a competitive APY, especially given there are no monthly service fees, while still giving access to ATMs and checks. The minimum balance to open the account may be a little high for some folks, but you don't need to maintain a high balance to earn a good rate.
Pacific Western Bank Money Market Deposit Account
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No account fees
- An unlimited number of deposits and withdrawals
- FDIC insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
- No checking accounts offered through Raisin
- Limited customer service hours
- Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
- No branch access; online only
The Pacific Western Bank Money Market Deposit Account powered by Raisin is a high-yield money market account that deposits your money with PacWest Bank, but is managed through the Raisin platform. By opening this account through Raisin, you get the advantage of a higher APY than you'd receive by opening the account directly with PacWest. You get access to Raisin's simple online management interface and savings-product marketplace. However, you do give up the option to bank at PacWest branches and have less flexibility in how you transfer your money in and out of the account.
American First Credit Union Money Market Deposit Account from Raisin
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Monthly Fee
$0
Min. Balance
$1
APY
5.29%
Min. To Earn APY
$1
- High APY
- No account fees
- An unlimited number of deposits and withdrawals
- NCUA insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
- No checking accounts offered through Raisin
- Limited customer service hours
- Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
- No branch access; online only
American First Credit Union is a 70-year old credit union with nearly $1 billion in assets and insurance from the NCUA. The American First Credit Union powered by Raisin could be a great choice if you're looking for a high APY savings product. It offers a higher APY than you'd get when opening an account directly through the credit union, plus you get access to Raisin's savings marketplace and easy account management. On the other hand, accounts through Raisin do not offer branch access and limit you to using one account to transfer money in and out of the money market account.
Vio Bank Cornerstone Money Market Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly fee with electronic statements
- Low minimum
- No debit card or check-writing privileges
- No physical branches
- No ATM network
Vio Bank is the online bank division of MidFirst Bank, the largest privately held bank in the United States and an FDIC member. It offers a competitive rate for its Money Market Savings Account and no monthly fees as long as you agree to electronic statements. There is a $100 minimum deposit with this account and it is FDIC insured.
The online bank has no physical branches and no ATM network. This makes accessing cash on the go a little more difficult. The online bank does not offer a checking account so you are limited to only a few products in its lineup.
2023 Award Winner
Ally Money Market Account
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- No monthly fee
- ATM access
- Checking privileges
- No cash deposits
- No branches
Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.
Sallie Mae Money Market
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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- Competitive APY
- No minimum balance
- No debit card
The Sallie Mae Money Market Account offers a pretty high APY, especially considering that it has no monthly fees or minimum balance requirements. It doesn't offer debit cards or ATM access at the moment, but you can manage your funds via electronic transfer or withdraw them directly from the account by writing a check.
EverBank Yield Pledge Money Market Account
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Monthly Fee
$0
Min. Balance
$0
APY
3.75%-4.75%
Rate info
4.50% is one-year promotional rate. After it expires, the following rates and deposit tiers apply: $100,000 and up: 4.15% ongoing APY
$50,000 - $99,999.99: 4.05% ongoing APY
$25,000 - $49,999.99: 3.75% ongoing APY
$10,000 - $24,000.00: 3.75% ongoing APY
$0 - $9,999.99: 3.75% ongoing APY
Min. To Earn APY
$0 for minimum APY
- Great intro APY
- No minimum to open/maintain account
- Debit card and check writing
- FDIC insured
- Standard APY is much lower than intro rate
- Minimum balance for ATM reimbursement
This account is a strong option for folks who have short-term savings needs. The introductory APY is competitive, but it only lasts for the first year. After that, rates drop significantly, so it isn't recommended for long-term savings.
Our Methodology
Our Ratings Methodology for Selecting the Best MMAs:
We put the most weight on what's most important to you: the APY. The higher the APY, the more money you earn. That's a win.
- But it's not just about the APY. Many banks have a minimum amount you need to open a money market account, and some have a separate amount that you need to keep in your account to continue to earn the highest APY. We deduct points from banks that set higher minimum balance requirements. Why? Because higher minimums mean you need to keep more tied up to continue to earn and that reduces the flexibility of your money.
- On the other side of that coin, we add points to banks who have features like ATM access and, in some cases, even paying your ATM fees. That increases the flexibility of your money.
- Finally, we adjust points based on other factors, including the brand and behavior of the banks behind the money market accounts. We boost banks that make your life easier, and dock points from banks that do the opposite. We look at:
- Whether the brand has FDIC insurance: If you have less than $250,000 in your account and the account is FDIC insured, your money is safe even if the bank goes belly up (thank you, FDIC!).
- How easily you can access your money
- Whether the brand has top-notch customer service
- Whether they act like they have a highly valuable brand to protect. If they are more apt to do things like quietly cut APYs, or not notify current clients of better deals, we'll deduct points.
Expert reviews of our best money market accounts
We're constantly looking for not only the best money market rates and top Money Market Deposit Accounts (MMDAs) features, but also the money market providers that will live up to our golden rule expectation to "do right" by their loyal customers, new and existing.
Read on to get our quick hit evaluations of each of these money market accounts!
Your main Motley Fool expert on opening money market accounts is Matt Frankel, a Certified Financial Planner? and investment advisor. He's been writing personal finance and investment advice for decades, and is the recipient of the SABEW Best in Business Award. So, yeah, he knows his stuff!
Jump to a specific MMA review:
- Vio Bank Cornerstone Money Market Savings
- EverBank Yield Pledge Money Market Account
- Discover Money Market
- Sallie Mae Money Market
- Ally Money Market Account (our award winner)
Best money market account for 2023: Ally Money Market Account
Ally reigns supreme with a competitive 4.40% APY.
- It's at the top of the industry when it comes to "must-have" benefits for the best money market accounts on the market today.
- You can expect no monthly fees or charges for incoming wires, standard or expedited transfers,
- no minimum balance to open
- ATM access
- FDIC-insurance.
Check out these stellar user reviews, posted right to Ally's Money Market Account page!
Source: Ally Money Market Account Page: Posted Product Reviews as of 5/23/2023
Read more about Ally Money Market Account pros & cons
Discover Money Market Expert Review
Discover is best known as a credit card company, but it is actually a fully functional FDIC-member bank. The Discover Money Market Account gets a spot on our list for a few reasons, and one of which is for its high APY. While Discover doesn't offer the highest APYs in the money market world, it offers very competitive rates and has some benefits that can be very valuable.
Not only does the Discover Money Market Account have no monthly maintenance fees, overdraft, or insufficient fund fees, but several other features that most other banks charge for are free. For example, standard checks are free, as are official bank checks if you need them. There's no charge for a replacement debit card and Discover even sends it via expedited delivery. And speaking of debit cards, Discover Money Market customers can make fee-free withdrawals at over 60,000 ATMs nationwide.
The Discover Money Market account isn't without its drawbacks, though. Perhaps the biggest downside (for some customers) is the minimum opening deposit of $2,500 -- however, once the account is open, there is no minimum balance requirement.
As mentioned, Discover is an FDIC-insured bank, and therefore customer deposits are protected up to a limit of $250,000 per person. And unlike most online banks, Discover has a long history with more than 60 years in business. It has an A+ rating from the Better Business Bureau, and its customer service department is available by phone 24 hours a day, seven days a week.
Pros:
- Competitive APY
- No account fees
- Free checks
- Access to over 60,000 ATMs and 24/7 customer service
Cons:
- $2,500 minimum opening deposit
Read more about Discover Money Market pros & cons
Vio Bank Cornerstone Money Market Savings Expert Review
The Cornerstone Money Market Savings Account by Vio Bank pays an extremely competitive APY -- in fact, it is one of the highest of any of the money market accounts we follow. It also doesn't charge any fees and has a low $100 minimum opening deposit.
Vio Bank is an online banking institution, but is a part of MidFirst Bank, which is the largest privately held bank in the U.S. It is a very stable and well-capitalized bank that has operated profitably for 36 consecutive years.
There are a few potential negative factors to be aware of. For one thing, Vio Bank doesn't offer checking accounts, and on a similar note, it doesn't provide ATM access, which is something of a rarity for money market accounts. It also doesn't offer check-writing privileges, and the only way to move money in or out of the account is through a linked external bank account.
Unlike some of the other online banks we follow, Vio does offer flexible customer service availability, with evening hours during the week and some availability on weekends. It has an A+ rating from the Better Business Bureau, and deposits are considered to be a part of MidFirst Bank for FDIC insurance purposes.
In a nutshell, the Cornerstone Money Market Savings Account functions more like a savings account than the typical money market account. However, for consumers whose primary goal is to maximize the yield on their savings, it could be a solid option.
Pros:
- One of the highest APYs in the industry
- Low minimum deposit
- Backed by a large and solid bank
Cons:
- No ATM access
- No check writing
Read more about Vio Bank Cornerstone Money Market Savings pros & cons
Sallie Mae Money Market Expert Review
The Sallie Mae Money Market Account earns a spot on our best money market accounts list thanks to its combination of a competitive APY and several convenience features. Check-writing privileges come with the account, your first book of checks is free, and Sallie Mae's mobile platform allows you to electronically deposit checks into the account.
There is no account minimum whatsoever, which is somewhat of a rarity in the money market account world (most competitors require at least $100). There are also no monthly maintenance fees.
Sallie Mae is best known for its lending products, but it has also been an FDIC-member bank since 2005, and therefore its accounts are protected for up to $250,000 per person. The bank offers customer service by phone from 9 a.m. to 6 p.m. ET on weekdays, which isn't quite as strong as some of its peers but is more than sufficient for most people.
While Sallie Mae has one physical banking branch (in Utah), it's important to keep in mind that this is an online bank for most practical purposes. And for this reason, the lack of ATM access -- or of any debit card at all -- could be a negative factor. When it comes to ease of access to money, Sallie Mae ranks in the middle of the pack, but this is still a solid option for people who want a solid combination of yield and convenience.
Pros:
- Competitive APY
- Check writing privileges
- No account minimums
Cons:
- No debit cards
- Customer service hours are less convenient than many competitors'
Read more about Sallie Mae Money Market pros & cons
EverBank Yield Pledge Money Market Account Expert Review
Note: TIAA Bank has officially been renamed EverBank (although the TIAA name is still prominently featured), so there's a strong possibility the money market account's name will eventually change accordingly.
The TIAA Bank Yield Pledge Money Market earns a spot on our list because it provides one of, if not the best yields from a money market account offered by a bank that has physical branches. It provides a higher introductory rate for the first year an account is open, but its ongoing APYs are extremely competitive, especially for what could be called a "traditional" bank. Higher balances get higher rates, but there's no account minimum and even small-balance accounts get strong APYs.
In addition, TIAA's Yield Pledge guarantees that its money market yield will remain among the top 5% of its competitors.
TIAA Bank Yield Pledge Money Market account comes with a debit card. Not only are withdrawals free at TIAA's own ATMs, but the bank will reimburse as much as $15 in non-bank ATM fees for all accounts, or unlimited reimbursements for accounts with more than $5,000. The TIAA mobile banking app is highly rated and enables mobile check deposits into the account. However, while customers can request an official bank check, the TIAA money market account doesn't have check-writing privileges.
Finally, TIAA could be an excellent choice for savers who want to do all of their banking at one institution. Unlike many of our top money market account providers, TIAA offers not one, but five different types of checking accounts, including an interest-bearing option, as well as an online savings account and some excellent CD rates. TIAA has nine banking branches (all in Florida), so it could be an especially solid choice for people who live near one.
Pros:
- High yield
- Lots of bank account types available
- ATM fee reimbursement
- Some physical branches
- No minimum balances
Cons:
- No check writing
- Best APY is just an introductory rate
Read more about EverBank Yield Pledge Money Market Account pros & cons
Show Reviews [ + ]
How to choose the best money market account
Our team of experts have evaluated some of the best money market accounts, ensuring they are FDIC-insured and had the funds accessibility of a checking account, but you'll want to weigh how important each of these areas are to you:
- A competitive APY
- Low minimum balance requirements to open
- FDIC-insured to protect your money
- Money market deposit account flexibility
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How important are money market interest rates?
A high money market APY isn't everything you should consider when choosing the best money market account for your needs. Why? Money market interest rates are variable, so the APY on a money market account is subject to change at any time; money market rates today may not be the same tomorrow.
The best money market rates are right now!
With these high-yield returns, the best money market accounts are even earning more than some of the best high-yield savings accounts.
Money Market Rates vs HYSA vs the National Average
These MMAs offer some of the best money market rates, that pay you a high interest rate return, over the national average, and similar to the rate of return of a high-yield savings account:
The FDIC reports the national average for savings accounts is 0.46% APY, and the average money market rate is 0.63%. Our picks for high-yield savings accounts have competitive APYs with some of our money market rates shown above.
Keep learning about MMAs:
- Compare money market account rates
- Pros/Cons of each money market account
- How to choose the best money market account
- What is a money market account?
- I'm Ready to Open a Money Market Account
Learn the basics of a money market account
Play the 1-minute video with Matt Frankel, CFP? on when & why to open a Money Market Account
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Current Money Market Rate Yields
Check out our top-rated high-yield savings accounts, returning similar or higher interest rates on average than many money market accounts, with similar account flexibility. Or use our rate calculator to compare money market account vs savings account rates.
Why We Like Money Market Accounts
| Savings Alternative | Interest-Earning | Easy Money Access | FDIC-Insured |
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Money market accounts are FDIC-insured, and allow you to earn money on your money.
The best high-yield money market accounts also offer check-writing capabilities, a debit card, have low or no minimum balance requirements and allow you to access your money easily.
It could be a good idea to open a money market account if you:
- Want to earn interest on your savings
- Want convenient withdrawals from your bank account
- If you're savings for something in the near-future
So why are these features of a money market account important?
- A money market account could replace your savings account if you wanted it to.
- A money market account earns interest, and APY takes into account the actual interest rate, as well as how often that interest compounds.
- Top money market accounts sidestep the biggest problem of a savings account: With a savings account, you cannot usually withdraw funds directly. Instead, you have to transfer funds to a checking account first. Money market accounts, on the other hand, let you take out cash directly. Money market accounts also generally offer a debit card or checks (and some accounts offer both).
- All of the money market accounts on our list are FDIC insured (and most MMAs are FDIC-insured), so your money is protected up to $250,000 per person, per bank in case of bank failure.
- Opening a money market account is ideal if you're saving up for a specific purchase in the near-term, like as down payment on a house or car, or a vacation, or even if you're just savings up for a rainy-day or building your emergency savings fund. Note: Money market accounts are not intended for long-term savings purposes like saving for retirement.
Outside Experts Weigh In On MMAs
Dr. Nonna Sorokina, Ph.D.
A.P. at Penn State University
Dr. Nonna Sorokina is a passionate teacher/scholar in the finance and quantitative fields and is an Assistant Professor at Penn State University. Prior to joining Penn State, Dr. Sorokina taught at Kent State University, Wake Forest University, and TCNJ.
What are some of the potential positives and/or negatives associated with a money market account?
A money market account does generate return and provides a flexibility of on-demand withdrawal. Money market accounts would have limited transactional functionality compared to a good checking account. It may have a significant minimum balance limit or restrict the number of transactions in a given period of time.
How can money market accounts fit into someone’s financial account makeup?
Money market accounts typically pay greater interest but offer less flexibility. Thus, one has a checking account for day-to-day transactional purposes, savings account for setting money aside, and a money market account for a short-term liquid investment of savings, when a purchase of an investment asset for longer-term is not feasible.
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Pro Tip for Max FDIC Insurance
If you want to insure more than $250,000 in an MMA account, spread your money across multiple money market accounts at more than one bank or credit union, so you can get the max federally-backed coverage.
Critical rating factors for money market accounts
Here's a bit more about the different features you should look for when opening a money market account:
- Money market account rates matter: Choose a high APY. High APY money market rates: Look for an annual percentage yield (APY) that's close to the highest money market interest rates, but don't worry about choosing the highest-yield money market account. Banks change their rates, and the best options can shift over time. Also, remember that some money market accounts may have a minimum balance requirement for you to earn the full APY potential for your account.
- Low minimum balance requirements to open a money market account. MMA Balance requirements: Check whether your bank has a minimum initial deposit requirement or ongoing balance requirements, and if so, make sure you are able to meet them.
- FDIC-insured money market accounts. FDIC insurance: This protects your money in case your bank goes under. Most money market accounts are FDIC insured, so your money is protected up to $250,000 per person, per bank, in case of bank failure.
- Money market deposit account (MMDA) flexibility:
- Get a debit card to withdrawal money market funds
- Check for ATM locations, and ATM fee reimbursement policies
- Look into check-writing capabilities
- See if there are branch locations near you
Money market accounts are also referred to as money market deposit accounts (MMDA) because most have the flexibility of a checking account as well! Ask about these key features, or read more below about each issuer's MMA details:
- Debit card: Some accounts include a debit card in case you'd like to withdraw cash directly or use your money market account funds to buy things.
- Check-writing capabilities: Some money market accounts come with check-writing capabilities instead of or in addition to a debit card. If you want to write checks directly from the account, look for this feature.
- Branch locations: If you prefer to bank in person, open a money market account at a bank that has branches near you. Withdrawing funds from your money market account in person usually does not count toward your monthly withdrawal limits, so it's a way to take out more money without incurring extra fees. If you don't expect to bank in-person, consider looking at online money market accounts in addition to money market accounts at brick-and-mortar banks.
- ATM locations: If your money market account has a debit card, check where your nearest fee-free ATMs are, and whether your bank charges fees for using an out-of-network ATM. The best banks may reimburse you for some out-of-network ATM fees each month.
Show More [ + ]
How to open a money market account
Like opening any other traditional bank account, you can open a money market account online, in-branch, at your local bank or credit union.
You'll notice banks aren’t the only game in town for MMAs. Other financial service providers (brokerages, fund managers, etc.) also have them on their product list, but regardless of the funding source, you'll need quite a few documents on hand to open your MMA. So, pull out those files, or head to your safety deposit box to prepare for the most common requests from financial institutions to open a money market bank account:
Requirements to open a money market account
To prevent anyone else from opening a fraudulent account in your name, your bank will need these items:
- Your full legal name
- Your date of birth
- A government-issued ID (your Social Security number, driver's license, and/or passport may be required)
To learn more about you, your financial needs, and how it can best support you, the bank may ask for:
- Home address (they look to see where your nearest branch is)
- Employment status
- Income
Prior to account creation:
- Your bank will likely have you choose a series of security questions and a password to protect your account. (Be tricky here; there are scammers who can guess a lot about you just from your online social profiles!)
- They may offer to have you link your existing deposit accounts to your MMA.
- They may also offer you Private Banking if the total money you are depositing earns eligibility for additional banking discounts -- or they could invite you to bring over your other deposit or investment accounts to their company to get you additional banking benefits through a private banking relationship. If you have enough funds to hit this threshold, you could enjoy a lot of perks. If they don't offer this option to you, ask about it!
Other considerations when opening an MMA account
- Adding a joint owner when you sign up for a money market bank account
- Adding a beneficiary to your money market deposit account
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
|
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $250 bonus with qualifying direct deposits!
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||
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5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
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5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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4.30%
Min. to earn: $0
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N/A
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Alternatives to top money market accounts
To recap, money market accounts are a type of deposit account that combines the high APY of a savings account with the easy accessibility of a checking account. Let's explore what's really setting these money market accounts apart, and talk a bit more about how to choose the right MMA for your needs.
-
Let's take a closer look at the most frequently compared bank accounts to MMAs:
- Money market vs high-yield savings accounts
- Money market vs savings accounts
- Money market vs CDs
- Money market vs checking accounts
Money market vs high-yield savings?
Top money market accounts and high-yield savings accounts can often blur together, for good reason: They're very similar. In a nutshell, money market accounts tend to give you a bit more flexibility with your money. Meanwhile, high-yield savings accounts generally pay higher rates, carry fewer fees, and have either no minimum balance or lower minimum balances.
The APY of a money market account is similar to an APY of a savings account, but there may be cases where a high-yield savings account may have a higher rate of return, like in our current rate environment. Check out our expert picks for the best high-yield savings accounts.
Bottom Line: Money market accounts vs high-yield savings accounts
If you're checking out money market accounts, it's well worth comparing what you can get from high-yield savings. Below are a couple of our favorite savings accounts, or view our banking expert's full list of top rated high-yield savings accounts.
Money market accounts vs savings accounts
A savings account is another type of deposit account similar to a money market account.
- Savings accounts have more restrictions on accessing funds. Withdrawing from a savings account can be a bit of a hassle.
- Both money market accounts and savings accounts can be subject to Regulation D, which limits you to six withdrawals per month and charges you extra for exceeding these limits. In response to the pandemic, the government waived this rule in 2020, but some individual banks still restrict the number of monthly transactions you can make. Most savings accounts limit you to six savings account withdrawals per month (if you'd like to avoid fees).
- Unlike most savings accounts, money market accounts often come with checks and debit cards for direct fund withdrawal. Most savings accounts lack check-writing capabilities or debit cards.
- Savings accounts tend to have lower minimum balance requirements than money market accounts, and some may not have minimum balance requirements at all.
To learn more: Check out our picks for the best high-yield savings accounts.
Money market accounts vs CD accounts
A CD is another type of deposit account (CD stands for "certificate of deposit").
- CD accounts can have APYs comparable to or even higher than money market account rates.
- In exchange for these higher CD rates, you have to pay a penalty if you withdraw your funds before the full length of the CD term. CD terms can range from a month to 10 years, with most falling in the six-month to five-year range.
- CDs can be a great place for savings you don't intend to use anytime soon, but you have to consider what interest rates are doing. CD rates are typically locked in for the full term length, which is great when rates are dropping but bad when they are climbing.
You can check out our top picks for the best CD rates below:
- Best 6-Month CD Rates
- Best 12-Month CD Rates
- Best 3-Year CD Rates
- Best 4-Year CD Rates
- Best 5-Year CD Rates
Money market accounts vs checking accounts
They're not a great replacement for a checking account, unless you rarely withdraw funds.
MMA vs Other Bank Accounts
If you don't think a money market account is a good fit for you, these are some other options worth considering, but also serve as wonderful companion products to money market accounts.
| Account Feature | MMA | Savings Account | CD Account | Checking Account |
|---|---|---|---|---|
| Interest Type | Variable | Variable | Fixed | Variable or n/a |
| Check-Writing | Yes | No | No | Unlimited |
| Debit Card | Yes | No | No | Unlimited |
| FDIC-Insured | Yes | Yes | Yes | Yes |
Compare Money Market Accounts to Other Bank Accounts
Still unsure which type of bank account to open?
Check out more MMA advice from Matt Frankel, CFP? on when to choose to park your cash in a money market account vs investing it in the stock market, in this recent video discussion he shared with long-time Fool.com contributor, Tyler Crowe.
Money market terms to know
Whether you just want an account to stash your nest egg, or you're searching for the best jumbo money market rates, these terms are important to know when discussing money market accounts and MMA interest rates:
- MMDA
- Annual percentage yield (APY)
- Minimum balance
- Transaction limits
- Money Market Mutual Funds (don't confuse this one!)
MMDA: Money Market Deposit Account is another term for money market account and just emphasizes the fact that a money market account has similar benefits of a checking and savings deposit account.
Annual percentage yield (APY): The APY is an annualized representation of the account's interest rate. People often use this term interchangeably with interest rate, but the two aren't the same. APY takes into account the actual interest rate as well as how often that interest compounds. Look for the highest APY to find the highest money market rates (which means more interest for you).
Minimum balance: Some money market accounts require a minimum deposit to open the account or to avoid monthly maintenance fees. These minimum balance requirements can be higher than the requirements for savings accounts.
Transaction limits: Money market accounts may be subject to restrictions on the number of convenient withdrawals you can make without incurring additional fees. Convenient withdrawals include electronic transfers, most check withdrawals, and online bill pay, but typically do not include things like withdrawals made at a branch location or cash taken out at an ATM.
Money market mutual funds (MMMFs): Even though they sound similar, a money market account is drastically different from a money market fund. An MMA is a deposit account, an MMMF is an investment. Learn more about money market mutual funds
Show More [ + ]
Best Money Market Accounts Page Update History:
Editor's notes:
- September 7, 2023: Added mini reviews for all expert top money market accounts
- Aug 1, 2023: Quontic Money Market Account recently improved their APY to 5.00%
- July 27, 2023: Discover Money Market recently improved their APY to 4.20%-4.25%
- July 14, 2023: We updated our expert picks for the Best Money Market Accounts because of shifts in APY offerings, and to align with our golden rule expectations.
- Any products previously listed with APYs below 3% have been removed to reflect the current competitive rates of today's money market accounts; removals included CIT Bank Money Market and Synchrony Money Market, which both have comparatively low market APYs, and therefore don't meet the criteria for "best money market accounts".
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FAQs
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A money market account is a deposit account that shares some checking and savings accounts features. Most banks offer this account type. Money market interest rates are comparable to those found with savings accounts.
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The best money market accounts have high APYs and give you multiple ways to access your funds when you need them. They're also FDIC insured and have affordable minimum balance requirements.
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Money market accounts work similarly to other types of banking deposit accounts.
When you deposit money into your money market account, your bank or credit union will pay you interest on the total money in your account, just like high-yield savings accounts.
How often do money market accounts pay interst? Typically, your money market account will pay you interest on the funds in your account monthly, but the interest normally compounds daily. So, the more you contribute, and leave in your account, the more interest you will earn!Money kept in money market accounts is accessible when you need it, without incurring a withdrawal penalty, as you might with a certificate of deposit.
Money market accounts also allow you to withdraw your money like a checking account, mostly without withdrawal fees; but there may be slightly less access access to your money on a monthly basis. Money market accounts can also include options such as debit cards and check-writing capabilities, similar to checking accounts. -
Money market accounts pay a slightly higher interest rate than traditional savings accounts, and sometimes even high-yield savings accounts, because of where the banks or credit unions are allowed to invest the money you deposit.
With money market accounts, your financial institution is allowed to invest your money in short-term, highly liquid, low-risk securities like certificates of deposit (CDs), government bonds/securities, commercial paper, or other similar investments.Then, when those assets the invested in mature (reach their term length for payout), they give a portion of that money back to you, as a money market account holder.
This investment strategy is not available to financial institutions if you put your money in just a traditional savings account. -
In most cases, you can't lose money with a money market account. Money market accounts are treated like regular savings accounts at both banks and credit unions. And like a savings account, a money market account is often insured by the Federal Deposit Insurance Corporation (FDIC) when it's in a bank, and insured by the National Credit Union Administration (NCUA) when it's in a credit union. These cover up to $250,000 per person per bank in case of bank failure.
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A good interest rate for a money market account is 1.00% APY or higher, though this can fluctuate over time.
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Typically, the interest you earn on the funds in your money market account compound daily, and are paid out to you monthly.
What does compounding interest mean? It means the more money you add, the more money you will earn. Interest can compound yearly, monthly or daily, depending on your account type. So, if you have daily compounding (like most MMA accounts), you will earn more money on your account if you make more frequent deposits, and the higher your balance is in your money market account, the more interest you will earn!
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The interest rates on money market accounts are variable. The rate of interest rises and falls over time, impacted by inflation.
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Depending on the financial institution, a money market account may come with both a debit card and check-writing privileges. If that's important to you, make sure the bank or credit union you're working with grants those privileges.
Our Banking Experts
Matt is a Certified Financial Planner? and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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