If you’re looking to open a money market account, it’s important to choose the right one for your needs — so consider more than just the interest rate.
Our team evaluated today’s money market accounts offered by federally insured banks and credit unions and narrowed down the top 10 best options available. We evaluated these accounts based on APY, minimum balance requirements, fees, and more.
10 best money market accounts
| ACCOUNT NAME | APY | MIN. OPENING DEPOSIT | MIN. BALANCE | MONTHLY FEE |
|---|---|---|---|---|
| EverBank Yield Pledge Money Market Account | 3.7% | $0 | $0 | $0 |
| Sallie Mae Online Money Market Account | 3.5% | $0 | $0 | $0 |
| Ally Money Market Account | 3% | $0 | $0 | $0 |
| Zynlo Money Market Account | 3.9% | $10 | $0 | $0 |
| Synchrony Bank Money Market Account | 2% | $0 | $0 | $0 |
| UFB Direct Portfolio Money Market Account | 3.26% | $0 | $0 | $10* |
| VIO Cornerstone Money Market Savings Account | 3.45% | $100 | $0 | $5* |
| First Foundation Bank Online Money Market Account | 3.75% | $1,000 | $0.01 | $0 |
| Prime Alliance Bank Personal Money Market Account | 3.75% | $0 | $0 | $0 |
| All America Bank Mega Money Market Checking | 3.6% | $500 | $500 | $0 |
*MAY BE WAIVED BY MEETING CERTAIN REQUIREMENTS
Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
1. EverBank Performance Money Market Account: 3.7% APY
Account details:
- Minimum opening deposit: $0
- Monthly fees: $0
EverBank’s Performance Money Market Account is free to open with no monthly fees and 3.7% APY. Interest compounds daily. This account also comes with a debit card and checks and offers ATM fee reimbursement.
2. Sallie Mae Online Money Market Account: 3.5% APY
Account details:
- Minimum opening deposit: $0
- Monthly fees: $0
Sallie Mae is often recognized as a major student loan provider, but it also offers consumer banking products. Its online money market account currently offers 3.5% APY on all balances with no minimum balance requirement or monthly fees. Interest on this account is compounded daily and credited monthly. This account also allows customers to write checks and transfer money for free.
3. Ally Money Market Account: 3% APY
Account details:
- Minimum opening deposit: $0
- Monthly fees: $0
Ally prides itself on its no-fee model, and its money market account is no exception. This account boasts 3% APY, and doesn’t come with any minimum balance requirements or monthly fees. Interest is compounded daily. Customers can also write checks and access funds with a debit card via more than 43,000 free ATMs via the Allpoint network. While there is no minimum to get started, this account must be funded within 30 days of opening.
4. Zynlo Money Market Account: 3.9% APY
Account details:
- Minimum opening deposit: $10
- Monthly fees: $0
Zynlo’s Money Market Account offers a rate of 3.9% with daily compounding interest.
There are no monthly fees associated with this account. However, there is a minimum opening deposit of $10 required, and you must maintain at least $0.01 in your account to continue earning interest on your balance. This account does not come with a debit card or access to checks.
5. Synchrony Bank Money Market Account: 2% APY
Account details:
- Minimum opening deposit: $0
- Monthly fees: $0
Synchrony’s money market account has one of the lower interest rates on our list at 2% APY, but it does offer a zero-cost account option for savers who don’t want to pay fees or come up with a large opening deposit. There is also no minimum balance requirement to keep this account open or earn interest.
This account comes with checks upon request and an optional ATM card. Interest is compounded daily and credited monthly.
6. UFB Direct Portfolio Money Market Account: 3.26% APY
Account details:
- Minimum opening deposit: $0
- Monthly fees: $10 per month, can be waived with a minimum balance of $5,000
UFB Direct’s Portfolio Money Market Account offers a competitive 3.26% APY. There’s no minimum opening deposit required. However, there is a monthly fee of $10 unless you maintain a minimum balance of $5,000 in your account.
This account also comes with a debit card and check-writing privileges. Interest is compounded daily and credited monthly.
7. VIO Cornerstone Money Market Savings Account: 3.45% APY
Account details:
- Minimum opening deposit: $100
- Monthly fees: $5 if you receive paper statements, $0 otherwise
VIO Bank’s Cornerstone Money Market Savings Account offers a competitive 3.45% APY. The trade-off is that this account requires a minimum opening deposit of $100 and a $5 monthly fee (which can be waived by opting into e-statements). Interest on this account is compounded daily. It does not come with paper checks or a debit card.
8. First Foundation Bank Online Money Market Account: 3.75% APY
Account details:
- Minimum opening deposit: $1,000
- Monthly fees: $0
First Foundation Bank’s Online Money Market Account currently offers 4% APY. This account does have one of the highest minimum opening deposits on our list at $1,000, so it may not be the most practical option for those new to saving. A minimum balance of $0.01 is required to obtain the disclosed APY.
There are no monthly maintenance fees, and you can request a debit card and/or checks for easier access to your funds.
9. Prime Alliance Bank Personal Money Market Account: 3.75% APY
Account details:
- Minimum opening deposit: $0
- Monthly fees: $0
Prime Alliance Bank’s Personal Money Market Account offers 3.75% APY with no minimum opening deposit or monthly fees. The downside is that this account does not come with a debit card or checks. It does, however, allow for unlimited deposits and up to six transfers per month. Interest on this account is compounded monthly.
10. All America Bank Mega Money Market Checking Account: 3.6% APY
Account details:
- Minimum opening deposit: $500
- Monthly fees: $0
The Mega Money Market Checking account from All America Bank earns 3.6% APY on balances up to $100,000. Balances over $100,000 earn 0.5% APY. Other perks include six free debit transactions per month, as well as 10 free online bill pay transactions per month. The minimum opening deposit is a modest $500 and there is no monthly fee.
Learn more about money market accounts
Money market accounts can be a good place to hold your savings, but they function differently from a traditional savings account. Here’s what you need to know about money market accounts before opening one.
What is a money market account?
Money market accounts help you achieve your short-term savings goals faster due to a higher annual percentage yield (APY) than regular savings or checking accounts. Plus, this type of account provides easy access to your funds, along with some of the best features of a checking account, such as debit cards and check-writing capabilities.
Is a money market account a savings account?
A money market account is a type of deposit account that typically pays a higher yield than most traditional savings accounts and may come with a debit card and check-writing privileges. Although, like a savings account, there may be limitations on how much you can withdraw and how often. You can certainly use a money market account to grow your savings, but it isn’t the same thing as a savings account.
How often do money market accounts pay interest?
Like other interest-bearing deposit accounts, MMAs compound the interest you earn. Interest typically compounds daily and gets credited to your balance monthly (though this is not always the case). Compounding interest increases your APY because interest accrues not only on your principal balance, but on the interest you’ve accrued so far.
What is the average money market account rate?
The current average money market account rate is 0.61%, according to the FDIC. However, there are money market accounts that pay much more — as high as 3% APY or more.
How much is a money market account minimum balance?
Minimum balance requirements can vary. In some cases, you may need to meet a certain minimum balance or initial deposit requirement to avoid a monthly fee or earn interest.
Are money market accounts insured by the FDIC?
Like other deposit accounts, the funds in your money market account are typically federally insured, either through the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Both the FDIC and NCUA offer $250,000 in coverage per institution, per depositor, per ownership category. That should cover most people, but individuals with high net worths may need to spread out their funds across multiple institutions to maximize their protection.
Can you lose money in a money market account?
Money market accounts are generally safe, and you usually can’t lose your principal deposit. However, there are some instances when you could lose money. For instance, fees and rising inflation can potentially eat into your account balance.
Money market account vs. high-yield savings account
Money market accounts and HYSAs are two types of accounts you can use to grow your savings. They’re secure accounts backed by the FDIC or NCUA, and they both provide higher APYs than traditional savings accounts. However, these accounts do differ in several significant ways.
Money market account vs. CD
Money market accounts and CDs are both deposit accounts that tend to offer higher APYs than traditional savings accounts. However, money market accounts offer greater access to your funds than a CD. CDs offer a high APY in exchange for locking up your funds for a set period of time.
Money market account vs. money market fund
Money market funds and money market accounts may sound like the same thing, but they differ in a few key ways. Money market funds are not deposit accounts; they’re a type of investment fund that pools money from multiple investors to invest in a basket of securities, such as stocks or bonds. A money market account, on the other hand, is a type of deposit account offered by many major banks and credit unions that typically pays a higher interest rate than traditional savings or checking accounts. MMAs may also come with a debit card, ATM card, and check-writing privileges.
How to open a money market account
Opening a money market account is a fairly straightforward process. Once you’ve explored the account options offered by various financial institutions, you’ll need to gather some documentation. This may include your Social Security number (SSN) or Individual Tax Identification Number (TIN), government-issued ID, and proof of address. Once you have these documents in hand, you can begin your account application. This can be done in person, or in many cases, over the phone or online.
Best money market accounts methodology
Our grading system, collected and carefully reviewed by our personal finance experts, comprised more than 100 data points for close to 20 federally insured money market accounts to develop our list of the top 10 best money market accounts.
We evaluated these accounts according to several key metrics, including APY, minimum opening deposit, minimum balance requirements, monthly fees, interest compounding frequency, and more.
The accounts on our list could earn a maximum of 30 points across all metrics. Here’s a closer look at the categories we considered:
- Monthly fees: Many money market accounts charge a monthly maintenance or service fee. We rewarded accounts with no monthly fees.
- Minimum opening deposit: Many money market accounts require a minimum deposit to open an account. Accounts with no or low minimum deposit requirements ranked more favorably than those with higher opening deposit requirements.
- Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing, but are subject to change at any time.
- Minimum balance to earn interest: Some banks and credit unions require a minimum balance to earn the advertised rate. We favored accounts that had no or low minimum balance requirements.
- Access to funds: Many money market accounts offer easier access to your funds through check-writing, debit card, or ATM card privileges. We awarded extra points to the accounts that offered these features.
- Withdrawals per month or statement cycle: Many banks limit the number of free withdrawals or transfers you can make from your money market account each month or statement cycle. We rewarded those accounts that didn’t set any limitations with extra points.
- Compounding frequency: Compounding can occur daily, monthly, quarterly, or even annually. We awarded more points to accounts that compound interest frequently.
- Overdraft fees: Many banks waive overdraft fees or do not charge fees at all if you overdraft your account. We awarded money market accounts that did not charge fees for overdrafts.
A Money Market Account is an FDIC-insured deposit account that combines the high yields of a High-Yield Savings Account (HYSA) with checking account features like check-writing privileges and debit card access. While both accounts earn interest, MMAs provide easier, direct liquidity for everyday payments.
Money market account rates are variable and subject to change at any time based on macroeconomic trends and benchmark interest rate adjustments by the Federal Reserve. If market interest rates decrease, your bank may lower its MMA yields accordingly.
Yes, provided the bank is insured by the FDIC (or NCUA for credit unions). Deposits are government-backed up to $250,000 per depositor, per insured institution, making MMAs one of the safest short-term places to park cash.
Money Market Account: Offered by banks/credit unions, insured by the FDIC/NCUA up to $250,000, and pays interest. Money Market Mutual Fund: Offered by brokerages, invests in short-term debt securities (like Treasury bills), and is not FDIC-insured (though considered very low risk).
Minimum Deposit to Open: The initial amount required to open the account (e.g., $100 for Bank5 Connect). Minimum Balance for APY: The ongoing daily balance required to earn the highest advertised yield. Accounts like Zynlo Bank require $0 to open and $0 minimum balance to earn their full APY.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University. All articles are strictly reviewed and fact-checked by our panel of expert Chartered Accountants, including CA Devendra Saini, CA Nikhil Khunteta, and CA Ankit Goyal
