Our Exhaustive List of the Best Money Market Account Rates July 2024 (2024)

Money market accounts (MMAs) are interest-bearing bank accounts that share some of the best features of a checking and savings account. Opening a money market account is a fast way to earn money while you're saving for shorter-term goals.

Here are our picks for the best money market accounts.

  • We pride ourselves on being able to confidently say that these money market accounts are chosen by personal finance experts that operate independently of our Partnerships team, meaning the picks on this page are not and never have been influenced by advertising deals.

    Our Ratings team:

    • Assessed 100+ banking institutions (see the full list here)
    • Evaluate money market accounts by brand reputation, fees, APY, and perks (see our full banking methodology here)
    • Rated each money market account here on a five-star scale
    • Reevaluate products on this page quarterly

Compare the best money market accounts

Show The List [+]Hide The List [-]

  • 4.00%-4.05% APY:Discover® Money Market(Member FDIC.)
  • 5.20% APY:American First Credit Union Money Market Deposit Account from Raisin(Federally insured by NCUA.)
  • 5.30% APY:Vio Bank Cornerstone Money Market Savings(Member FDIC.)
  • 4.20% APY:Ally Money Market Account(Member FDIC.)
  • 4.65% APY:Sallie Mae Money Market(Member FDIC.)
  • 3.75%-4.30% APY:EverBank Performance℠ Money Market Account(Member FDIC.)

Ratings Methodology

Rates asof Jul 09, 2024

OfferAPYMinimum to Earn APYFeesNext Steps

Our Exhaustive List of the Best Money Market Account Rates July 2024 (1)

Discover® Money Market

Member FDIC.

Rating image, 4.50 out of 5 stars.Our Exhaustive List of the Best Money Market Account Rates July 2024 (2)Our Exhaustive List of the Best Money Market Account Rates July 2024 (3)Our Exhaustive List of the Best Money Market Account Rates July 2024 (4)Our Exhaustive List of the Best Money Market Account Rates July 2024 (5)Our Exhaustive List of the Best Money Market Account Rates July 2024 (6)Our Exhaustive List of the Best Money Market Account Rates July 2024 (7)Our Exhaustive List of the Best Money Market Account Rates July 2024 (8)Our Exhaustive List of the Best Money Market Account Rates July 2024 (9)Our Exhaustive List of the Best Money Market Account Rates July 2024 (10)Our Exhaustive List of the Best Money Market Account Rates July 2024 (11)

4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (51) = Poor

Open Account for Discover® Money Market

APY:

4.00%-4.05%Rate info4.00% applies to balances under $100K, Need $100,000+ to earn 4.05%

Minimum To Earn APY:

$0.01-$100,000 for 4.00%; $100,000+ for 4.05%

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

Open Account for Discover® Money Market

Our Exhaustive List of the Best Money Market Account Rates July 2024 (52)

American First Credit Union Money Market Deposit Account from Raisin

Federally insured by NCUA.

Rating image, 4.50 out of 5 stars.Our Exhaustive List of the Best Money Market Account Rates July 2024 (53)Our Exhaustive List of the Best Money Market Account Rates July 2024 (54)Our Exhaustive List of the Best Money Market Account Rates July 2024 (55)Our Exhaustive List of the Best Money Market Account Rates July 2024 (56)Our Exhaustive List of the Best Money Market Account Rates July 2024 (57)Our Exhaustive List of the Best Money Market Account Rates July 2024 (58)Our Exhaustive List of the Best Money Market Account Rates July 2024 (59)Our Exhaustive List of the Best Money Market Account Rates July 2024 (60)Our Exhaustive List of the Best Money Market Account Rates July 2024 (61)Our Exhaustive List of the Best Money Market Account Rates July 2024 (62)

4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (102) = Poor

Open Account for American First Credit Union Money Market Deposit Account from Raisin

APY:

5.20%

Minimum To Earn APY:

$1

Monthly Fee: $0

Monthly Fee:

$0

Min. Balance: $1

Min. Balance:

$1

Open Account for American First Credit Union Money Market Deposit Account from Raisin

Our Exhaustive List of the Best Money Market Account Rates July 2024 (103)

Vio Bank Cornerstone Money Market Savings

Member FDIC.

Rating image, 4.50 out of 5 stars.Our Exhaustive List of the Best Money Market Account Rates July 2024 (104)Our Exhaustive List of the Best Money Market Account Rates July 2024 (105)Our Exhaustive List of the Best Money Market Account Rates July 2024 (106)Our Exhaustive List of the Best Money Market Account Rates July 2024 (107)Our Exhaustive List of the Best Money Market Account Rates July 2024 (108)Our Exhaustive List of the Best Money Market Account Rates July 2024 (109)Our Exhaustive List of the Best Money Market Account Rates July 2024 (110)Our Exhaustive List of the Best Money Market Account Rates July 2024 (111)Our Exhaustive List of the Best Money Market Account Rates July 2024 (112)Our Exhaustive List of the Best Money Market Account Rates July 2024 (113)

4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (153) = Poor

Read Review

APY:

5.30%

Minimum To Earn APY:

$0

Monthly Fee: $0

Monthly Fee:

$0

Min. Balance: $100

Min. Balance:

$100

Read Review

Our Exhaustive List of the Best Money Market Account Rates July 2024 (154) 2024 Award Winner

Our Exhaustive List of the Best Money Market Account Rates July 2024 (155)

Ally Money Market Account

Member FDIC.

Rating image, 5.00 out of 5 stars.Our Exhaustive List of the Best Money Market Account Rates July 2024 (156)Our Exhaustive List of the Best Money Market Account Rates July 2024 (157)Our Exhaustive List of the Best Money Market Account Rates July 2024 (158)Our Exhaustive List of the Best Money Market Account Rates July 2024 (159)Our Exhaustive List of the Best Money Market Account Rates July 2024 (160)Our Exhaustive List of the Best Money Market Account Rates July 2024 (161)Our Exhaustive List of the Best Money Market Account Rates July 2024 (162)Our Exhaustive List of the Best Money Market Account Rates July 2024 (163)Our Exhaustive List of the Best Money Market Account Rates July 2024 (164)Our Exhaustive List of the Best Money Market Account Rates July 2024 (165)

5.00/5Our 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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5.00/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (205) = Poor

Read Review

APY:

4.20%

Minimum To Earn APY:

$1

Monthly Fee: $0

Monthly Fee:

$0

Min. Balance: $0

Min. Balance:

$0

Read Review

Our Exhaustive List of the Best Money Market Account Rates July 2024 (206)

Sallie Mae Money Market

Member FDIC.

Rating image, 4.50 out of 5 stars.Our Exhaustive List of the Best Money Market Account Rates July 2024 (207)Our Exhaustive List of the Best Money Market Account Rates July 2024 (208)Our Exhaustive List of the Best Money Market Account Rates July 2024 (209)Our Exhaustive List of the Best Money Market Account Rates July 2024 (210)Our Exhaustive List of the Best Money Market Account Rates July 2024 (211)Our Exhaustive List of the Best Money Market Account Rates July 2024 (212)Our Exhaustive List of the Best Money Market Account Rates July 2024 (213)Our Exhaustive List of the Best Money Market Account Rates July 2024 (214)Our Exhaustive List of the Best Money Market Account Rates July 2024 (215)Our Exhaustive List of the Best Money Market Account Rates July 2024 (216)

4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (256) = Poor

Read Review

APY:

4.65%

Minimum To Earn APY:

$0

Monthly Fee: $0

Monthly Fee:

$0

Min. Balance: $0

Min. Balance:

$0

Read Review

Our Exhaustive List of the Best Money Market Account Rates July 2024 (257)

EverBank Performance℠ Money Market Account

Member FDIC.

Rating image, 5.00 out of 5 stars.Our Exhaustive List of the Best Money Market Account Rates July 2024 (258)Our Exhaustive List of the Best Money Market Account Rates July 2024 (259)Our Exhaustive List of the Best Money Market Account Rates July 2024 (260)Our Exhaustive List of the Best Money Market Account Rates July 2024 (261)Our Exhaustive List of the Best Money Market Account Rates July 2024 (262)Our Exhaustive List of the Best Money Market Account Rates July 2024 (263)Our Exhaustive List of the Best Money Market Account Rates July 2024 (264)Our Exhaustive List of the Best Money Market Account Rates July 2024 (265)Our Exhaustive List of the Best Money Market Account Rates July 2024 (266)Our Exhaustive List of the Best Money Market Account Rates July 2024 (267)

5.00/5Our 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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5.00/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (307) = Poor

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APY:

3.75%-4.30%Rate info$100,000 and up: 4.30% 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

Read Review

Best money market rates for July 2024:

Current money market rates have reached over 5.00% APY. These rates are some of the highest we've seen in a while, thanks to today's rate environment. Here are our top picks for the best money market accounts, ordered by highest APY:

  • 5.30% APY: Vio Bank Cornerstone Money Market Savings
  • 5.20% APY: American First Credit Union Money Market Deposit Account from Raisin
  • 4.65% APY: Sallie Mae Money Market
  • 4.20% APY: Ally Money Market Account
  • 4.00%-4.05% APY: Discover® Money Market
  • 3.75%-4.30% APY: EverBank Performance℠ Money Market Account

A closer look at our best money market accounts:

Our Exhaustive List of the Best Money Market Account Rates July 2024 (308)

Open Account for Discover® Money Market

Member FDIC.

Rates asof Jul 09, 2024

Discover® Money Market

Open Account for Discover® Money Market

Our Exhaustive List of the Best Money Market Account Rates July 2024 (309)

Member FDIC.

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4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (359) = Poor

Open Account for Discover® Money Market

Monthly Fee

$0

Min. Balance

$2,500 to open, no min balance to maintain

APY

4.00%-4.05%Rate info4.00% applies to balances under $100K, Need $100,000+ to earn 4.05%

Min. To Earn APY

$0.01-$100,000 for 4.00%; $100,000+ for 4.05%

  • 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.

Read Full Review

American First Credit Union Money Market Deposit Account from Raisin

Open Account for American First Credit Union Money Market Deposit Account from Raisin

Our Exhaustive List of the Best Money Market Account Rates July 2024 (360)

Federally insured by NCUA.

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4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (410) = Poor

Open Account for American First Credit Union Money Market Deposit Account from Raisin

Monthly Fee

$0

Min. Balance

$1

APY

5.20%

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 well-established midsize credit union that offers NCUA-insured deposit accounts. The American First Credit Union Money Market Deposit Account from 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.

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Vio Bank Cornerstone Money Market Savings

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Our Exhaustive List of the Best Money Market Account Rates July 2024 (411)

Member FDIC.

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4.50/5Our 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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4.50/5Our 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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Read Review

Monthly Fee

$0

Min. Balance

$100

APY

5.30%

Min. To Earn APY

$0

  • Competitive interest rates
  • 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.

Our Exhaustive List of the Best Money Market Account Rates July 2024 (462) 2024 Award Winner

Ally Money Market Account

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Our Exhaustive List of the Best Money Market Account Rates July 2024 (463)

Member FDIC.

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5.00/5Our 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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5.00/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (513) = Poor

Monthly Fee

$0

Min. Balance

$0

APY

4.20%

Min. To Earn APY

$1

  • FDIC insured
  • 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

Read Review

Our Exhaustive List of the Best Money Market Account Rates July 2024 (514)

Member FDIC.

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4.50/5Our 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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4.50/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (564) = Poor

Read Review

Monthly Fee

$0

Min. Balance

$0

APY

4.65%

Min. To Earn APY

$0

  • FDIC insured
  • Competitive APY
  • No minimum balance
  • No debit card

Sallie Mae Bank's money market account can grow your money at a competitive rate with no minimum deposits or fees. You can access savings through checks and electronically deposit funds into your account.

EverBank Performance℠ Money Market Account

Read Review

Our Exhaustive List of the Best Money Market Account Rates July 2024 (565)

Member FDIC.

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5.00/5Our 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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5.00/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (615) = Poor

Read Review

Monthly Fee

$0

Min. Balance

$0

APY

3.75%-4.30%Rate info$100,000 and up: 4.30% 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

No minimum to open/maintain account

  • Debit card and check writing
  • FDIC insured
  • Standard APY is not the highest we've seen
  • Minimum balance for ATM reimbursem*nt

This account is a strong option for folks who have short-term savings needs.

Latest news on money market rates

The Federal Reserve raised benchmark interest rates sharply in 2022 and 2023, and money market account interest rates increased significantly as well. A couple years ago, it was difficult to find a money market account with an APY greater than 0.50%, but that is no longer the case.

As of June 2024, it is fairly easy to find a money market account with an APY of 4.00% or higher from a reputable online-based financial institution. Of course, money market rates are variable and will change over time. But, you can still snag a great APY on one of these accounts now.

The Federal Reserve is widely expected to start lowering interest rates later in 2024 and throughout 2025. If this happens, it is fair to assume that money market interest rates would trend lower as well. However, it's important to realize that money market rates don't have a direct relationship with the Fed's interest rate movements, although they tend to move in the same direction.

How to choose the best money market account

If you're interested in opening a money market account, you'll want to be sure to choose the right one. Here's what you should look for:

  • 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 account holder per bank in case of bank failure.
  • High APY: Look for an annual percentage yield (APY) that's close to the highest money market interest rates, but don't only worry about choosing the highest-yield money market account. Banks change their rates and the best options can shift over time.
  • 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 make purchases.
  • Check-writing capabilities: Many money market accounts let you write checks directly from the account.
  • Branch locations: If you prefer to bank in person, open a money market account at a bank that has branches near you. That said, you'll typically find higher APYs for money market accounts at online-only 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 reimburse you for some out-of-network ATM fees each month.
  • Balance requirements: Historically, money market accounts were designed for savers with high balances. The emergence of online banking has loosened this requirement, but there are still plenty of banks that have some minimum deposit requirement.

Who is a money market account right for?

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 (withdrawing from a savings account can be a bit of a hassle)

The best money market rates allow you to earn money on your money. They also 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 through a debit card, checks, or both.

They're not a great replacement for a checking account, unless you rarely withdraw funds. But a money market account could replace your savings account. Both money market accounts and savings accounts are subject to Regulation D rules, which may limit you to six convenient withdrawals per month and a bank may charge you extra for exceeding these limits. In response to the pandemic, the government waived this rule in 2020, but individual banks still restrict the number of monthly transactions you can make.

Pros and cons of MMAs

Pros

  • Higher APYs than checking accounts
  • May offer check-writing abilities
  • Debit card access

Cons

  • Savings accounts often have higher APYs
  • MMA features vary greatly between banks
  • Many MMAs have minimum deposit requirements

How to open a money market account

The account opening procedure for a money market account can vary from bank to bank. Some (including the MMAs on this list) can be opened completely online, while others may require you to open them in person.

For those on our list, the first step is to fill out the bank's online account application. Be prepared to provide some identifying information, such as your Social Security number. Once you've filled out the application, you'll typically need to provide a bank account to link for the purpose of deposits and withdrawals, unless you already have a checking or savings account with the same institution. Finally, you'll transfer or send your initial deposit to fund the account and start earning interest.

To recap, here are the basic steps to open a money market account:

  • Decide which money market account you want to open
  • Fill out the bank's online application
  • Link a checking or savings account
  • Transfer or send your opening deposit

Alternatives to money market accounts

If you don't think a money market account is a good fit for you, here are some other options worth considering.

Savings accounts

A savings account is another type of deposit account that offers a similar APY to a money market account, but has more restrictions on accessing funds. You're usually limited to six savings account withdrawals per month if you'd like to avoid fees, and savings accounts lack check-writing capabilities and rarely offer debit cards.

The best savings accounts tend to have lower minimum balance requirements than the top money market accounts, and some may not have minimum balance requirements at all. And if your goal is to max out your interest income, there's a good chance that you'll find the highest APY on a savings account.

READ MORE: Savings Accounts vs. Money Market Accounts

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

AccountAPYPromotionNext Steps

Open Account for SoFi Checking and Savings

Member FDIC.

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up to 4.60%

Rate infoYou 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

New customers can earn up to a $300 bonus with qualifying direct deposits!

Open Account for SoFi Checking and Savings

Open Account for American Express® High Yield Savings

Member FDIC.

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4.00/5Our 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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Our Exhaustive List of the Best Money Market Account Rates July 2024 (667) = Poor

4.25%

Rate info4.25% annual percentage yield as of July 9, 2024

Min. to earn: $1

N/A

Open Account for American Express® High Yield Savings

Open Account for E*TRADE Premium Savings

Member FDIC.

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4.50/5Our 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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4.50%

Min. to earn: $0.01

N/A

Open Account for E*TRADE Premium Savings

Certificates of deposit (CDs)

A certificate of deposit (CD) gives you a guaranteed rate of return for a specific period of time. CD rates are comparable to or even higher than money market account rates; better yet, the rate is fixed for the length of your term. However, in exchange for a fixed rate, you have to keep your money locked up until the CD matures or risk paying an early withdrawal penalty.

CD terms can range from a month to 10 years, with most falling between six months and five years. They can be a great place for savings you don't intend to use anytime soon, and can provide a safe and predictable income stream

READ MORE: CDs vs. Money Market Accounts

Money market terms to know

Here are some common terms used when discussing money market accounts and rates:

TermDefinition
Money market accountAn MMA is a deposit account that pays interest over time. The main difference between an MMA and savings account is that MMAs have check-writing abilities and may come with debit cards.
Annual percentage yield (APY)APY is how much a deposit account earns within a 12-month period. It takes into account the actual interest rate as well as how often that interest compounds.
Minimum balanceSome money market accounts require a minimum deposit to open the account or to avoid monthly maintenance fees. These minimum balance requirements are often higher than the requirements for savings accounts.
Transaction limitsMoney 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 do not include things like withdrawals made at a branch location or cash taken out at an ATM.

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 40%
  • Brand and Reputation: 20%
  • Fees and Minimums: 10%
  • Perks: 30%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

Banks we monitor

  • Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

FAQs

  • A money market account is a deposit account that shares some checking and savings accounts features, such as a high APY, but with check-writing and debit card access. Many online banks offer this account type. Money market interest rates are typically comparable to those found with savings accounts.

  • As of June 2024, a good interest rate for a money market account is 4.00% APY or higher (the best is up to 5.30%). This can fluctuate over time and can vary significantly from bank to bank.

  • Money market accounts work similarly to other types of deposit accounts, particularly savings 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 interest? 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 market accounts can also include options such as debit cards and check-writing capabilities for easy money access, similar to checking accounts, although not all money market accounts offer these features.

  • Money market accounts pay a higher interest rate than traditional (branch-based) 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 it invested in mature (reach their term length for payout), the bank gives 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, unless your bank fails and you have an extremely high balance. And even in this case, you'd be unlikely to lose your money. 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.

  • Typically, the interest you earn on the funds in your money market account compound daily, and are paid out to you monthly. However, not all banks follow this same compounding schedule.

    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!

  • The interest rates on money market accounts are variable. The rate of interest rises and falls over time, impacted by inflation, Federal Reserve interest rate movements, and other variables.

  • The interest income you earn in a money market account is taxable, and that's true even if you don't withdraw it. Shortly after the end of the calendar year, you can expect to receive a tax document known as a 1099-INT, with a copy sent to the IRS as well.

    One way to get around the tax implications is to use an IRA (individual retirement account) to hold your money market funds, but since you can't readily withdraw money from an IRA until you're 59 1/2 years old, this option isn't practical for everyone. After all, the key benefit of using an MMA is a combination of high yield and easy access to your money.

Our Exhaustive List of the Best Money Market Account Rates July 2024 (2024)
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