8 Best Money Market Accounts: Up to 5.20% - NerdWallet

Banking

Best Money Market Accounts: Up to 5.05%

The best money market accounts have strong rates that can help increase your savings funds.

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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 best money market accounts have rates that help you grow your bank balance faster than those with average 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.

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 NerdWallet'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 NerdWallet’s top money market accounts.

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

Discover® Money Market Account

Quontic Money Market Account

Vio Bank Cornerstone Money Market Account

Sallie Mae Money Market Account

Ally Bank Money Market Account

Zynlo Money Market Account

EverBank Performance℠ Money Market

First Foundation Bank Online Money Market

Our pick for

APY

3.80%

With $0 min. balance for APY

Bonus

N/A

Money market rate: The Discover® money market account has a 3.80% APY on balances below $100,000. If you have more to deposit, the rate is 3.85% APY.

Minimum balance and fee: There is no minimum balance requirement and no monthly fee.

What you should know: This money market account has check-writing and debit card privileges. Discover® Bank offers customer support 24 hours a day, seven days a week. Discover also has a cash back rewards checking account with no monthly fee.

APY

5.00%

With $0 min. balance for APY

Bonus

N/A

Money market rate: 5.00% APY on all balances.

Minimum balance and fee: There is a $100 minimum to open an account, but no monthly fee.

What you should know: This money market account comes with a debit card. Customer service is available by phone or chat on weekdays from 9 a.m. to 6 p.m. ET.

APY

5.05%

With $0.01 min. balance for APY

Bonus

N/A

Money market rate: The Vio Bank Cornerstone Money Market Savings Account earns 5.05% APY on all balances.

Minimum balance and fee: There is a $100 minimum to open and no monthly fee.

What you should know: Vio Bank is a division of Oklahoma City-based MidFirst Bank. Customer service is available by phone 7 a.m. to 9 p.m. CT on weekdays, 8 a.m. to 6 p.m. CT on Saturdays and 12 p.m. to 4 p.m. CT on Sundays.

APY

4.20%

With $0.01 min. balance for APY

Bonus

N/A

Money market rate: Earn 4.20% APY on any balance.

Minimum balance and fee: There is no minimum balance requirement and no monthly fee.

What you should know: This account comes with check-writing privileges. Customer service is available weekdays from 9 a.m. to 6 p.m. ET.

APY

4.00%

With $0.01 min. balance for APY

Bonus

N/A

Money market rate: The Ally Money Market Account earns 4.00% across all balance tiers.

Minimum balance and fee: There is no monthly fee or minimum amount required to open an account.

What you should know: This account offers a debit card and the ability to write checks. Customer service is available 24 hours a day, seven days a week.

APY

5.00%

With $0.01 min. balance for APY

Bonus

N/A

Money market rate: Zynlo's money market account earns 5.00% APY on balances up to $250,000, and 0.10% APY on amounts above that level.

Minimum balance and fee: There is a $10 minimum deposit to open an account and no monthly fees.

What you should know: While Zynlo Bank doesn’t have any branches, it does have customer service representatives available by phone 24 hours a day, seven days a week. Services are backed by PeoplesBank, which is based in Massachusetts.

APY

4.00%

With $50,000 min. balance for APY

Bonus

N/A

Money market rate: The EverBank Performance℠ Money Market lets account holders earn a 4.00% APY on balances between $50,000 and under $100,000. The account offers tiered rates, so for balances of $100,000 and up the APY is higher, and for balances below that amount the APY is lower.

Minimum balance and fee: There is no minimum amount to open an account, and there is also no monthly fee.

What you should know: EverBank does not charge ATM fees. In addition, if you use domestic ATMs that are not in the bank’s network, EverBank will reimburse any ATM fees charged by the machine owner, up to $15 each month. If your average daily bank balance is at least $5,000, the ATM fee reimbursement is uncapped. Customer service is available by phone weekdays from 8 a.m. to 8 p.m. ET and Saturdays from 9 a.m. to 7 p.m. ET.

APY

4.90%

With $0.01 min. balance for APY

Bonus

N/A

Money market rate: First Foundation Bank’s Online Money Market account earns a 4.90% APY.

Minimum balance and fee: You’ll need $1,000 to open an account. After that, there is no monthly fee, even if the balance dips below $1,000.

What you should know: A debit card is available upon request. This account also has check-writing privileges. Customer service is available by phone Monday through Thursday 5 a.m. to 8 p.m. PT, Fridays from 5 a.m. to 6 p.m. PT and Saturdays from 6 a.m. to 2:30 p.m. PT.

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

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.

Check out NerdWallet's primer on types of savings accounts for more information.

Your funds grow faster in a high yield account. The average money market rate is a fraction of a percent, while the best money market accounts earn rates that are many times higher.

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.

» Want to know more about how your money is protected? Read how FDIC and NCUA insurance programs work.

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.

» Learn more about both by reading NerdWallet’s guide on money market mutual funds.

These days, there isn’t always much difference between the rates paid by money market accounts and the best savings accounts. If you don’t need checks or a debit card, you might consider one of these federally insured accounts, which also pay great rates.

My Banking Direct, 5.00% APY (read full review).

UFB Direct, 4.57% APY (read full review).

Upgrade, 4.69% APY (read full review).

Last updated on October 25, 2024

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.

Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

How we rate banks and credit unions

Look for a money market account with a high rate and no monthly fees. Some money market accounts have a monthly fee of around $10 or more if you don’t keep a daily minimum balance, typically $1,000 or more. Accounts featured on this page have high rates and low fees.

No, rates are variable and can change over time. The money market accounts featured on this page are among those with the most consistently highest rates.

You can open a money market account either online or in person. Be prepared to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and valid forms of identification.)

The bank will often require you to transfer money into the new account right away. You can do that by depositing cash or checks, or through a wire transfer.

Margarette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press.Read moreabout the author