12 Best Money Market Accounts 2024: Top Rates & Features

When considering the best money market accounts, you may find options offering interest rates of up to 5.05%. A money market account may serve as an ideal alternative to a traditional savings account, providing higher money market account rates while allowing easy access to funds. Many accounts typically have a minimum balance requirement, making them suitable for those looking to build an emergency fund or achieve specific savings goals. When you decide to open an account, consider the type of account that best fits your financial needs.

For example, the Cornerstone money market savings account from Bank Cornerstone offers competitive rates and flexibility. Money market accounts allow you to earn interest while keeping your funds accessible, unlike a checking and savings account. Understanding how money market accounts and money work is crucial for maximizing your account balance. These accounts generally perform well under favorable market conditions, and the high yield money market account can be a valuable asset in your financial portfolio. Remember, while accounts with money market options can be lucrative, they also come with specific conditions that may differ from traditional savings accounts.

Why you can rely on MoneyGeek

We adhere to rigorous editorial standards to guarantee impartiality and precision in our reporting, assisting you in selecting the financial accounts that suit your needs. Check out our evaluation criteria for banks and credit unions.
Our team of specialists has surveyed over 90 financial institutions. Each bank and credit union is assessed using more than 50 data points to qualify for our summaries.

When it comes to managing your finances, you can rely on MoneyGeek for comprehensive insights into money market accounts and their benefits. Understanding how money market accounts work is crucial, especially since they combine features of both savings accounts and checking accounts. Unlike traditional savings accounts, money market accounts often offer higher interest rates, making them an attractive option for those looking to grow their funds. For instance, the best money market account rates can significantly enhance your savings over time.

MoneyGeek also evaluates various accounts and money market accounts, highlighting differences that can impact your financial decisions. A bank cornerstone money market savings account may provide better access to your money while still yielding competitive returns. By comparing accounts and money market options, you can find an account offered by banks that aligns with your financial goals, ensuring you make informed choices for your savings strategy.

Top money market accounts feature rates that enable you to increase your bank balance more rapidly than those with standard rates.

Depending on your needs, a high-yield savings account might help you save more. We’ve included a few options at the bottom of the page to help you compare.

Money market account definition

A money market account is a type of savings account that may also offer the ability to write a few checks or make a few debit card transactions each month.

Evaluate your choices: Certain high-yield savings accounts offer better returns than money market accounts and come with reduced fees, allowing you to benefit more from the former. Additionally, top savings accounts often require little to no minimum deposits. However, unlike money market accounts, traditional savings accounts may not provide debit cards or checks, making it more challenging to access your funds. (Take a look at MoneyGeek’s top-rated high-yield online savings accounts.)

Here’s an example of the benefits of high money market rates. Let’s say you put $10,000 in an account that earns a full 1% APY. After a year, your balance would earn $100.

Put that same amount in a money market account with a 4% APY, and it would gain just over $400. You earn extra money with no extra effort. Read on for more details about MoneyGeek’s top money market accounts.

APYs shown are current as of October 25, 2024. All other information is current as of March 1, 2024.

Why trust MoneyGeek

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank and credit union to be eligible for our roundups.

The top money market accounts offer interest rates that can increase your bank balance more quickly compared to those with standard rates. Based on your requirements, a high-yield savings account may assist you in saving more effectively. At the end of this page, we’ve provided several options for you to compare.

Money market account definition

A money market account is a type of savings account that may also offer the ability to write a few checks or make a few debit card transactions each month.

Weigh your options: Some high-yield savings accounts beat money market rates and have lower fees, which means you’ll come out ahead with the former. And the best savings accounts have low to no minimum deposits. But without debit cards or checks, it might be harder to access your money in a regular savings account compared to an MMA. (Check out MoneyGeek’s best high-yield online savings accounts.)

Here’s an example of the benefits of high money market rates. Let’s say you put $10,000 in an account that earns a full 1% APY. After a year, your balance would earn $100.

Put that same amount in a money market account with a 4% APY, and it would gain just over $400. You earn extra money with no extra effort. Read on for more details about MoneyGeek’s top money market accounts.

APYs shown are current as of October 25, 2024. All other information is current as of March 1, 2024.

Top Money Market Accounts Offering High APY

For those looking to maximize their savings, money market accounts with high annual percentage yields (APYs) are a great choice. Here are some of the best options offering up to 5.05% APY.

Discover® Money Market Account

APY: 3.80% (balances below $100,000)
Minimum Balance: None for APY
Discover Bank offers a competitive APY on its money market account, with no minimum balance and no monthly fees. Additional benefits include check-writing and debit card access, and 24/7 customer service.

Quontic Money Market Account

APY: 5.00% on all balances
Minimum Balance: $100 to open
Quontic offers a high APY of 5.00% with no ongoing balance requirements or monthly fees. Account holders have access to a debit card, and customer service is available during weekday business hours.

Vio Bank Cornerstone Money Market Account

APY: 5.05% on all balances
Minimum Balance: $100 to open
With the highest APY on this list, Vio Bank offers 5.05% with no monthly fees. Customer service is available on weekdays and weekends, making it convenient for users.

Sallie Mae Money Market Account

APY: 4.20% on all balances
Minimum Balance: None
This account has no monthly fee or minimum balance and includes check-writing privileges, with customer service available during weekday hours.

Ally Bank Money Market Account

APY: 4.00% across all balance tiers
Minimum Balance: None
Ally Bank offers consistent service with no monthly fees and 24/7 customer support. Account features include a debit card and check-writing ability.

Zynlo Money Market Account

APY: 5.00% on balances up to $250,000
Minimum Balance: $10 to open
Zynlo offers a high APY on large balances, with no monthly fees and 24/7 customer service. The account is supported by PeoplesBank and operates entirely online.

EverBank Performance℠ Money Market

APY: 4.00% (for balances $50,000 – $100,000)
Minimum Balance: None
EverBank provides tiered rates based on balance, along with ATM fee reimbursements. No monthly fees apply, and customer service is available weekdays and Saturdays.

First Foundation Bank Online Money Market

APY: 4.90%
Minimum Balance: $1,000 to open
With a competitive APY and no monthly fees, First Foundation Bank’s account includes check-writing privileges and debit card access. Customer support is accessible six days a week.

These accounts are rated highly by MoneyGeek and provide a variety of benefits to suit different financial needs. MoneyGeek bases its ratings on several criteria, including APY, fees, and accessibility. Always consult with a financial advisor to determine which account best suits your goals.

What is the difference between a money market account and a standard savings account?

A savings account is a type of deposit account offered by a financial institution that typically earns interest. A money market account is also a type of deposit account, but it typically requires a higher minimum balance.

MMAs have traditionally earned higher interest rates compared to standard savings accounts, though recently some high-yield savings accounts have been offering better returns.

Some MMAs come with a debit card or checks — but institutions may require that they not be used more than about six times per month.

A high-interest savings account earns attractive rates, but typically does not have debit card or check-writing access. However, savings accounts generally have similar restrictions for some types of withdrawals, such as online transfers.

The main reason to open a money market account is to have a higher interest rate compared to a traditional savings or checking account, while also having the ability to write a few checks.

Take a look at MoneyGeek’s guide on various kinds of savings accounts for additional details.

Why the best money market rates matter

Your money increases more quickly in a high-yield account. The typical money market rate is just a small percentage, whereas top money market accounts offer rates that are significantly higher.

Are the best money market accounts insured?

Yes, as long as they are deposit accounts that come from a bank or credit union that is federally insured. You can find federally insured accounts at traditional brick and mortar banks and online banks. The Federal Deposit Insurance Corp. insures deposits up to at least $250,000. If the account is with a credit union, the account will likely be federally insured through the National Credit Union Administration, also up to at least $250,000.

If a bank or credit union were to fail and go out of business, you would not lose the money you have in the money market account, up to the insured amount. Note that this is different from funds held in money market mutual funds, which are not federally insured.

The difference between a money market account and a money market mutual fund

A money market account is a federally insured account that earns interest. A money market mutual fund, on the other hand, is an investment in short-term debt. It is considered low risk but doesn’t have a guaranteed return.

Best savings choices for Money Market Accounts

When considering the best savings choices for money market accounts, it’s essential to understand how these accounts are different from traditional savings accounts and money market funds. Money market accounts typically offer higher interest rates than regular savings accounts, making them an attractive option for those looking to grow their savings. Additionally, many of these accounts are insured by the FDIC, ensuring that your money is safe and secure. However, money market accounts are different from money market funds, which are investment vehicles that pool money to purchase short-term debt securities.

One significant advantage of a money market account at a bank is that it often comes with check-writing privileges, allowing for easier access to funds compared to standard savings and checking accounts. While money market accounts and savings accounts may seem similar, money market accounts generally provide more flexibility and higher interest rates. When you choose the best money market account, consider the rates on money market accounts and whether the account offers a debit card with the account. By taking the time to know about money market accounts, you can make informed decisions that align with your financial goals.

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Here is an overview of the financial institutions and providers included in our survey, each offering a variety of financial products and services:

• • Affirm offers flexible financing options for online purchases, with interest-free or low-interest payment plans available at checkout.

• • All America Bank provides competitive deposit accounts, including interest-bearing checking and savings.

• • Alliant Credit Union offers high-interest savings accounts, checking accounts, and loans.

• • Ally Bank provides a full range of financial services, including high-yield savings accounts, checking accounts, and investment options.

• • Amalgamated Bank supports personal and business banking with a focus on socially responsible finance.

• • America First Credit Union offers various banking products, from savings and checking accounts to personal loans.

• • American Express National Bank provides high-yield savings accounts and personal loans.

• • Andrews Federal Credit Union serves members with savings, checking, and loan options.

• • Axos Bank offers a suite of digital banking products, including high-interest checking and savings accounts.

• • Bank of America is a large national bank providing a range of financial services from everyday banking to mortgages and investment products.

• • Discover® Bank offers competitive interest rates on savings and money market accounts, as well as personal loans and credit cards.

• • Quontic Bank focuses on high-yield savings, checking, and money market accounts with digital accessibility.

• • EverBank, formerly TIAA Bank, provides money market accounts, CDs, and a range of mortgage and loan options.

• • First Foundation delivers online money market accounts with competitive rates and customer support options.

• • Sallie Mae Bank offers high-yield savings accounts, CDs, and money market accounts.

• • USAA Bank provides services tailored to military members and their families, including checking and savings accounts, loans, and insurance.

• • Vio Bank offers high-interest savings and money market accounts with no monthly fees.

• • Zynlo Bank provides competitive rates on savings and money market accounts through a digital platform.

These institutions offer various accounts and products to meet diverse financial needs, from traditional savings accounts to online money market and investment options. Explore each provider’s website to learn more about the specific products and services available to you.