Top Money Market Accounts This Year

A money market account is a type of savings account that generally earns higher interest rates than regular savings accounts, making them a great place to store cash. The top money market accounts combine high yields with features like check writing access and debit cards for easy access to your money.

Choosing a top-tier money market account allows you to earn better returns in a federally insured account. Interest earned also offsets service fees charged by many money market accounts. We compared over 50 leading options to rank our picks for the best money market accounts available now based on rates, fees and accessibility of funds.

How We Ranked the Top Money Market Accounts

We evaluated money market accounts on these key factors:

APY – The annual percentage yield reflects how much interest the account earns. The higher the APY, the more your balance grows.

Minimum Deposits – Lower minimum deposits needed to open and maintain the account score better.

Balance Tiers – Competitive rates across multiple tiers, not just on high balances, is ideal.

Accessibility – Convenient access to funds via checks, debit card, ATMs, etc. is preferred.

Fees – Lower monthly fees and easier fee waiver terms receive higher marks.

Based on these criteria, we selected accounts offering the best overall combination of high yields and consumer-friendly features.

Best Money Market Accounts of 2023

CIT Bank Money Market

CIT Bank offers a very competitive money market account with an excellent APY across all balances, no monthly fees, and convenient access.

Key Features

0.70% APY on all balances
No monthly service fees
No minimum balance requirement
Unlimited free transfers and check writing
ATM card option available

CIT Bank provides one of the top APYs available nationally on a money market account across any deposit amount. Funds are also readily accessible via free transfers, checks, and an optional ATM card.

Marcus Insured Deposits

The Marcus Insured Deposits account from Goldman Sachs combines high yields with user-friendly access and no fees.

Key Features

0.60% APY on all balances
No minimum balance requirement
No monthly service fees
Free ACH transfers and mobile check deposits
ATM access card available

Customers can easily link external accounts, transfer funds, and deposit checks remotely with Marcus. The competitive 0.60% APY applies to any balance amount. Marcus offers a consistently consumer-friendly banking experience.

MySavingsDirect Money Market

MySavingsDirect, offered by Emigrant Bank, also pays an attractive 0.60% APY. The account requires a higher minimum deposit but has no monthly fees.

Key Features

0.60% APY on all balances
$1,000 minimum opening deposit
No monthly maintenance fees
Check writing included
Unlimited withdrawals and deposits

The account is only available online with no physical branch access. But customers can conveniently manage funds 24/7 via the MySavingsDirect website and mobile app.

Top High-Yield Money Market Accounts

High-yield money markets pay above-average interest rates in exchange for maintaining certain balance minimums. Our top picks:

Bread Savings High Yield Money Market

Bread Savings offers a very competitive high-yield money market account with rates up to 0.75% APY when account terms are met.

Key Features

0.75% APY on balances of $25,000 or more
0.50% APY on balances of $5,000 or more
Minimum $100 opening deposit
$10 monthly fee waived with $5,000 balance

Customers receive convenient access to funds through the Bread mobile app including deposits, transfers, and withdrawals. Bread Savings accounts are FDIC-insured through its partner banks.

Synchrony Premier Money Market

The Synchrony Bank Premier Money Market account offers additional interest rate tiers up to 0.80% APY for large deposits.

Key Features

0.80% APY on balances above $250,000
0.50% APY on balances of $25,000 or more
$2,500 minimum opening deposit
$25 monthly fee waived with $25,000 balance

Synchrony Bank offers a full suite of deposit account and CD options with rates among the most competitive nationally. Customer service options cater to all preferences as well.

CFG Bank High Yield Money Market

CFG Bank pays 0.85% APY, one of the highest yields available, for accountholders who meet monthly requirements.

Key Features

0.85% APY on balances of $1,000 or more
$1,000 minimum opening deposit
$10 monthly fee waived with $1,000 balance
No excess transactions fees
Unlimited withdrawals and deposits

The CFG Bank money market account offers premium rates for customers who maintain good standing by avoiding excess withdrawals and keeping a minimum balance.

Best No-Fee Money Market Accounts

Accounts with monthly maintenance fees waived in some form provide the best long-term value. Our top no-fee money market picks:

Marcus Insured Deposits

Marcus Insured Deposits from Goldman Sachs has no minimum balance requirement so no fees are charged.

Key Features

No minimum opening deposit or balance
No monthly service fees
0.60% APY on all balances
Easy online access

The lack of fees or balance rules provides flexibility. Marcus also enables easy transfers between external accounts for liquidity management.

CIT Bank Money Market

CIT Bank waives all monthly fees regardless of account balance or usage.

Key Features

No monthly service fees
No minimum balance requirement
0.70% APY on all deposits
Unlimited transactions

CIT combines easy access to funds with zero monthly fees regardless of balance or transaction activity. A true no-fee money market account.

Salem Five Direct eOne Money Market

The Salem Five Direct eOne Money Market offers top-tier rates with minimum requirements to avoid fees.

Key Features

0.50% APY
$100 minimum opening deposit
No monthly fee with $100 balance
Unlimited deposits and withdrawals
Easy online account access

The eOne money market account provides convenience and accessibility without charging usage fees beyond a low minimum balance to open an account.

Top Credit Union Money Market Accounts

Credit unions are member-owned nonprofits that often pay higher yields and charge fewer fees. Our favorite credit union money market options:

Consumers Credit Union Free Rewards Checking

Consumers Credit Union offers up to 0.60% APY on their money market account with minimal requirements to waive fees.

Key Features

0.10% – 0.60% APY based on account activity
$5 monthly fee waived with eStatements
Unlimited ATM fee refunds
No minimum balance requirement

The account doesn’t require credit union membership, so it’s accessible to anyone nationwide. Consumers consistently offers among the top rates on savings products.

Digital Credit Union Premium Money Market

Digital Credit Union pays 0.50% APY with no balance minimums and Dividend Reward checking account perks.

Key Features

0.50% APY on all balances
No monthly service fees
No minimum balance requirement
Unlimited fee-free transactions
Access to 5,000+ Shared Branches

Membership is open to anyone nationwide with a one-time $5 donation to foster care charity. Digital CU offers solid APYs and fee structures.

Patelco Platinum Money Market

Patelco Credit Union, based in California, offers tiered rates up to 0.40% APY. Low minimum requirements help account holders avoid monthly fees.

Key Features

0.05% – 0.40% APY on tiered balances
$5 monthly fee waived with $500 balance
$100 opening deposit
Unlimited deposits and transfers
Access to 30,000+ CO-OP ATMs

Membership is limited to residents of Contra Costa, Alameda, Napa, San Francisco and San Mateo counties. But Patelco’s Platinum MM account provides nice yields at low balances.

Best Business Money Market Accounts

Business money markets provide higher returns with features tailored to business banking needs. Our top picks:

Axos Bank Business Money Market

Axos Bank offers a robust business money market account with strong yields, no fees, and convenient access to funds.

Key Features

0.61% APY on all balances
No monthly service fees
No minimum balance requirement
Unlimited transactions
Easy online account management

Funds are readily accessible for businesses via the Axos Bank platform, wire transfers, bill pay, and debit cards. Axos combines attractive yields with business convenience.

TD Bank Business Money Market

TD Bank’s business money market account offers competitive rates with a $1,000 minimum balance to waive the monthly fee.

Key Features

0.25% APY
$1,000 minimum balance
$15 monthly fee waived with $1,000 balance
Unlimited free transactions
Check writing and deposits

TD Bank offers dual-interface business online banking and a mobile app. External account transfers help optimize cash flow for businesses as well.

Live Oak Bank Business Money Market

Live Oak Bank offers one of the highest yields available on a business money market account, up to 1.10% APY.

Key Features

1.10% APY on balances over $1 million
0.75% APY on balances of $100,000 or more
$10,000 minimum opening deposit
$15 monthly fee
Unlimited transactions

Live Oak specializes in small business lending and deposit accounts. Despite the high minimum deposit, their money market APY is attractive for larger business balances.

Tips for Choosing a Money Market Account

Consider the following when choosing the best money market account for your needs:

Compare Top Rates

Leading online banks tend to offer the highest yields. Review APYs across multiple balance tiers.

Check Minimum Balance Rules

Lower minimum opening deposits and balance requirements help avoid fees.

Understand Monthly Fees

See if fees can be waived by maintaining a minimum balance or transaction activity.

Review Access Options

Convenient access to funds via debit card, check writing, ATMs and transfers is ideal.

Compare Online Experience

The account website and mobile app should make account management easy.

Consider Liquidity Needs

Money markets limit withdrawals compared to checking accounts. Ensure your access needs are met.

Assess FDIC Coverage

Accounts are insured up to $250,000 per depositor, per bank.

Are Money Market Accounts Worth It?

Money market accounts can provide worthwhile benefits:

Higher Interest Rates – Money market yields are significantly higher than regular savings accounts. This compounding interest can grow your balances faster.

FDIC-Insured – Deposits are insured up to $250,000 per account holder by the FDIC, making them quite safe.

Transaction Convenience – Features like check writing and debit card access (sometimes) allows easier access to funds than a basic savings.

Liquidity Management – Money markets can hold near-term savings goals while earning interest.

Cash Flow Optimization – Money markets support easy transfers between your checking and savings.

Offset Service Fees – The interest earned often offsets monthly maintenance fees, if balance minimums are met.

The combination of higher returns plus deposit insurance and transaction access makes money market accounts advantageous if you can meet account terms. The limited withdrawals are the main drawback compared to checking accounts.

Alternatives to Money Market Accounts

While money market accounts offer unique advantages, they aren’t the only savings option:

High-Yield Savings Accounts

These function like basic savings accounts but earn significantly higher interest without check writing or debit card access. Better for longer-term savings goals.

CDs – Certificates of Deposit

CDs pay fixed interest rates for specific terms if you don’t need account access. Early withdrawal penalizes interest.

Brokerage Accounts

Individual brokerage accounts allow investing in stocks, bonds, and funds at your discretion. No FDIC insurance, but potential for higher returns.

Rewards Checking Accounts

These checking accounts pay above-average interest on unused balances if certain requirements are met each month. Easy access to funds.

Peer-to-Peer Lending

You provide funding for loans to individuals and businesses while earning fixed interest, but carries more risk.

Ultimately, money market accounts offer a nice middle ground between transaction convenience and interest earnings on short-term savings. They can be a valuable cash management tool.

Summary

The best money market accounts provide higher yields, checking account conveniences like debit cards and check writing privileges, and deposit insurance on your savings.

Leading online banks tend to offer the most competitive rates and features. Comparing minimum balance rules, monthly fees, and accessibility helps identify accounts that best match your needs and maintain liquidity.

Money market accounts can optimize your cash flow while earning interest through a federally-insured institution. They provide perks over regular savings accounts if you can meet account terms for minimum balances and monthly transactions.

By choosing a top money market account that aligns with your savings goals, you can maximize returns on your money in a secure, convenient way.