4.7/5
We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Minimum deposit and fees
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fee
With more than 2 million customers and various checking, savings, investing and retirement accounts, Ally is one of the most popular online-only banks out there. Its money market account currently offers a 4.00% APY on all balance tiers, and Ally doesn’t charge monthly fees.
You don’t need an initial deposit to open the account, and you’ll have unlimited withdrawals if you can find one of Ally’s Allpoint ATMs (over 43,000 around the US). If you can’t find one of Ally’s ATMs, you can either transfer money to a checking or savings account with better ATM access or pay an out-of-network ATM fee, but Ally will reimburse you up to $10 per statement cycle for out-of-network ATM expenses. You can write checks from this account and request a debit card for more accessibility.
With more than 2 million customers and various checking, savings, investing and retirement accounts, Ally is one of the most popular online-only banks out there. Its money market account currently offers a 4.00% APY on all balance tiers, and Ally doesn’t charge monthly fees.
You don’t need an initial deposit to open the account, and you’ll have unlimited withdrawals if you can find one of Ally’s Allpoint ATMs (over 43,000 around the US). If you can’t find one of Ally’s ATMs, you can either transfer money to a checking or savings account with better ATM access or pay an out-of-network ATM fee, but Ally will reimburse you up to $10 per statement cycle for out-of-network ATM expenses. You can write checks from this account and request a debit card for more accessibility.
4.3/5
We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Minimum deposit and fees
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fee
Known for its above-average CD rates, the First Internet Bank of Indiana, another online-only bank, offers a wide array of financial products, including two checking accounts, a savings account and CDs at several terms. Its money market account offers a decent APY, earning more interest than its free savings account (3.77% compared to 0.81%, respectively).
You need $100 to open the money market account, and unless you can maintain an average daily balance of $4,000 in the account, there’s a $5 monthly maintenance fee, which can cut into your savings over time.
Still, this account offers an extra perk: It will reimburse you up to $10 every month for fees incurred from using an out-of-network ATM. First Internet Bank allows up to six withdrawals per month. That said, if you don’t need ATM access or want to withdraw from your account frequently, there are higher APYs available from high-yield savings accounts at other banks.
Known for its above-average CD rates, the First Internet Bank of Indiana, another online-only bank, offers a wide array of financial products, including two checking accounts, a savings account and CDs at several terms. Its money market account offers a decent APY, earning more interest than its free savings account (3.77% compared to 0.81%, respectively).
You need $100 to open the money market account, and unless you can maintain an average daily balance of $4,000 in the account, there’s a $5 monthly maintenance fee, which can cut into your savings over time.
Still, this account offers an extra perk: It will reimburse you up to $10 every month for fees incurred from using an out-of-network ATM. First Internet Bank allows up to six withdrawals per month. That said, if you don’t need ATM access or want to withdraw from your account frequently, there are higher APYs available from high-yield savings accounts at other banks.
3.9/5
We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
Minimum deposit and fees
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fee
EverBank, formerly TIAA Bank, is a full-service online bank with physical locations in Florida. Its High-Yield Money Market account earns a tiered interest rate based on your balance. Currently, this rate ranges from 3.75% APY to 4.30% APY.
There are no monthly maintenance fees for this account. Accounts with balances over $15,000 will receive unlimited out-of-network ATM fee reimbursements. However, accounts with balances below that threshold will receive up to $15 per statement cycle for out-of-network ATM fees.
We also like that EverBank’s money market account includes debit card access and check-writing privileges.
EverBank, formerly TIAA Bank, is a full-service online bank with physical locations in Florida. Its High-Yield Money Market account earns a tiered interest rate based on your balance. Currently, this rate ranges from 3.75% APY to 4.30% APY.
There are no monthly maintenance fees for this account. Accounts with balances over $15,000 will receive unlimited out-of-network ATM fee reimbursements. However, accounts with balances below that threshold will receive up to $15 per statement cycle for out-of-network ATM fees.
We also like that EverBank’s money market account includes debit card access and check-writing privileges.
3.7/5
We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Minimum deposit and fees
APY APY = Annual Percentage Yield.
Min. deposit to open
Monthly fee
Synchrony is an FDIC-insured online bank that offers competitive yields on deposit accounts. Though its money market account isn’t the highest-yielding account on this list, it doesn’t require a minimum opening deposit, and there are no monthly service fees.
Synchrony’s money market account offers check-writing privileges and an optional ATM card to access your money at any participating ATM. It will reimburse you up to $5 per statement cycle for out-of-network ATM fees.
Synchrony offers an array of savings products with high APYs, though its money market account rate is on the lower end of the spectrum. Still, Synchrony offers an accessible money market account you can manage from the convenience of your mobile device. But if you prefer a financial institution with brick-and-mortar locations, this may not be the bank for you.
Synchrony is an FDIC-insured online bank that offers competitive yields on deposit accounts. Though its money market account isn’t the highest-yielding account on this list, it doesn’t require a minimum opening deposit, and there are no monthly service fees.
Synchrony’s money market account offers check-writing privileges and an optional ATM card to access your money at any participating ATM. It will reimburse you up to $5 per statement cycle for out-of-network ATM fees.
Synchrony offers an array of savings products with high APYs, though its money market account rate is on the lower end of the spectrum. Still, Synchrony offers an accessible money market account you can manage from the convenience of your mobile device. But if you prefer a financial institution with brick-and-mortar locations, this may not be the bank for you.
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A money market account is a type of savings account that earns interest but also provides debit card access and check-writing privileges. MMAs generally offer higher yields than traditional savings accounts in exchange for higher initial deposits or minimum balance requirements.
If neither of these requirements are an issue, a money market account can offer a safe way to grow your savings while still offering access to your cash. But depending on the bank, there’s usually a limit on the number of withdrawals you can make within a single month before incurring a fee.
There are several questions to answer when evaluating a money market account.
Balances can earn a competitive APY.
Most banks and credit unions offer MMAs.
Most banks let you access your money via ATM withdrawals or in-person withdrawals without a fee.
Balances are insured by the FDIC or NCUA up to $250,000 per person, per ownership type, per institution.
Unlike most CDs, MMAs have no lockup periods or early withdrawal penalties.
Interest rates on MMAs are generally variable, making your return less predictable.
Other low-risk savings options pay higher interest rates on deposit accounts, such as certificates of deposit.
Some banks may limit the number of debit card purchases, online transfers and check transactions per month.
The best high-yield savings accounts offer rates that can rival those available on money market accounts, but they don’t generally have check-writing privileges.
A certificate of deposit, or CD, earns an APY that will vary based on the term. Longer-term CDs usually pay a higher APY than a money market account, but access to your money is limited until the CD reaches maturity. You’ll likely have a penalty fee if you withdraw funds before the CD term ends.
Money market mutual funds sound similar, but are an investment sold by brokerages and investment firms. Money invested in these funds is not insured by the FDIC or NCUA, so investors can experience higher growth rates, but there are limited guarantees if the money is lost. The Securities Investor Protection Corporation, or SIPC, protects the cash and securities in your brokerage account for up to $500,000 if your brokerage firm fails. However, your firm must be a SIPC member to qualify.
As a general rule of thumb, anything over 1% is considered a good rate for a money market account. In the current economy, rates are high, with the best MMAs offering up to 5%.
Money market accounts are great savings options when you don’t need constant access to your money but want check-writing privileges. You should also consider a money market account if you’re looking for a low-risk, interest-earning savings account that’s insured for balances up to $250,000 per person, per ownership type, per institution.
You can typically open a money market account online in a few steps. Here’s what to do:
1. Compare your options: Before you open an MMA, compare rates, features and account requirements at different financial institutions to make sure you select the right fit for you.
2. Submit an application: Many financial institutions allow you to complete the application process online, or you can apply in person at a local branch. You’ll typically need to provide your Social Security number, physical address, contact information and a state-issued ID, such as a driver’s license, to verify your identity and open an account.
3. Fund your money market account. You’ll need to deposit at least the required minimum amount to fund your account. The minimum opening deposit will vary depending on the bank.
Savings accounts and money market accounts are currently offering around the same APYs. For either account, anything beyond 1.00% is considered a robust interest rate. That noted, several of our picks for the best high-yield savings accounts offer APYs north of 5% APY right now. National banks such as Wells Fargo, Chase and Bank of America aren’t offering good interest rates on either their savings accounts or their money market accounts. If you’re looking for higher rates, you might be better off opening an account with an FDIC-insured online-only bank.
While savings accounts are more widely available than money market accounts, choosing between them does not need to be an either-or situation. For example, having multiple savings accounts could be a useful way to divide your savings based on your financial goals. For example, you can open one account to save up for college and another one for a home.
There could be an advantage, however, to having a savings account at a bank where you already have a checking account and lines of credit. With savings, checking and credit accounts under one roof, it’s easier to transfer funds (free of fees) between accounts. Also keep in mind that some banks don’t issue debit cards for money market accounts, so having accounts with one bank that you can easily move money between may be helpful.
Balances up to $250,000 per person, per ownership type, per institution are insured against bank loss or failure by the FDIC or NCUA. This makes a money market account at a federally insured bank or credit union a low-risk savings option.
You should also verify the security protocol for any institution you’re considering. Safeguarding your digital devices with passwords or biometric security features will also help protect your account access.
Money market account fees vary depending on the bank or credit union. Some banks don’t charge a monthly fee, while others can charge fees unless your balance meets a minimum threshold. Money market accounts also typically charge a fee for excessive withdrawals if the number of withdrawals exceeds six per month.
Yes, interest earned on money deposited in your money market account is taxable at your current tax rate. This is also the case with any interest earned in a savings or checking account.
What Is a Money Market Account?
Money Market Accounts, Savings Accounts and CDs: Which One Is the Best?
How to Open a Money Market Account
Best Jumbo Money Market Accounts for September 2024
Alternatives to Traditional Savings Accounts
Best Low or No Minimum Balance Money Market Accounts
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Written by
Toni Husbands
Staff Writer
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Written by
Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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