Banking / Money Market Account
25 min Read
Written by Heather Taylor
Edited by Melanie Grafil
A money market account is a type of account that offers the benefit of higher interest rates compared to traditional savings or high-yield savings accounts offered by your bank or credit union. Money market accounts are FDIC-insured though they may have minimum balance requirements and a limit to the amount of transactions that can be made.
GOBankingRates ranked banks based on the following criteria for what money market accounts offer:
- Total assets
- Number of branch locations
- Minimum deposit to open an account
- Money market account rate or APY
- Minimum balance needed in account to earn APY
- Monthly fees
- Minimum balance needed to avoid the fee
- Average mobile app rating
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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
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Compare the Best Money Market Accounts
Account
Best For
APY
Balance for APY
Minimum Deposit
Learn More
Ally Bank Money Market Account
4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for Easy Access to Cash
$0.01
$0
BankUnited Online Money Market Account
4.1
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for Mobile App
$0.01
$2,500
Beal Bank USA Money Market Account
4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for Transparency
Up to
$1,000
$1,000
Discover® Bank Money Market Account
4.6
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for No Fees
Up to
$0.01
$2,500
EverBank Yield Pledge Money Market Account
4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for Intro Rate
$0.01
$0
Sallie Mae Bank Money Market Account
4.5
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for No Account Minimums
$0.01
$0
Synchrony Bank Money Market Account
4.8
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for Online Banking
$0.01
$0
Texas Capital Bank Star Money Market
4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for Full-Service Banking
Up to
$500
$500
Vio Bank Cornerstone Money Market Savings Account
4.2
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for High Interest Rate
$0.01
$100
VirtualBank eMoney Market
4.3
GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Best for User-Friendly Website
$0.01
$100
GOBankingRates Best Money Market Accounts
Best for EASY ACCESS TO CASH
Ally Bank Money Market Account
4.8
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$0
WHY WE LIKE ALLY BANK MONEY MARKET ACCOUNT
We like the fact that the Ally Bank Money Market Account makes it easy to access your money. Ally gives free withdrawals at over 43,000 Allpoint ATMs and reimburses up to $10 in ATM fees from out-of-network machines. You can also withdraw funds via electronic funds transfer, phone transfer, check or point-of-sale debit transaction. Ally allows up to 10 withdrawals per month — well above the six many banks allow.
With APY on all balance tiers, the Ally Bank Money Market helps your money grow money through interest that is compounded daily, while ensuring that there are no monthly fees, minimum deposits or balance requirements.
PROS & CONS
Pros
- Easy access to cash
- No minimum balance or deposit
- Competitive APY
- Free use of wide ATM network
Cons
- No branches
WHO IT’S BEST FOR
This account will appeal to those looking for generous interest rates, no account minimums or maintenance fees and the ability to access funds quickly using a debit card. Customers have access to more than 43,000 Allpoint ATMs.
Best for MOBILE APP
BankUnited Online Money Market Account
4.5
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$2,500
WHY WE LIKE BANKUNITED ONLINE MONEY MARKET ACCOUNT
BankUnited offers a tiered money market account that we like for several reasons. The mobile app is robust, and makes it easy to deposit checks, pay bills, transfer money and keep tabs on your earnings. Excellent security features, such as biometric recognition and Touch ID, safeguard your private information. The app has 4.5 stars on Google Play and 4.8 stars on the App Store.
BankUnited also stands out for its highly competitive APY and easily waivable monthly maintenance fee. It comes with a convenient Visa debit card to make ATM withdrawals and other transactions a breeze.Money market accounts are a great savings option, and BankUnited can show you why you should grow your money there instead of with other competitors. Though you do need a $2,500 minimum opening deposit, it’s a good way to earn a higher rate of return to make your money work for you.
PROS & CONS
Pros
- User-friendly mobile app
- Competitive APY
Cons
- High minimum deposit
- $15 monthly fee if balance falls below $2,500
WHO IT’S BEST FOR
This account is best for those who are looking to earn a high APY and are generally comfortable managing their account online, as BankUnited’s branches are concentrated only around Florida and New York.
Best for TRANSPARENCY
Beal Bank USA Money Market Account
4.2
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Up to
Minimum Balance for APY
$1,000
Minimum Deposit
$1,000
WHY WE LIKE BEAL BANK USA MONEY MARKET ACCOUNT
As far as savings products go, we like Beal Bank’s money market account for a multitude of reasons. For one, Beal puts all the information you need about the account, including rates and the account disclosure and fee schedule, front and center, saving you from having to squint your way through miles of fine print. And unlike a CD account, a money market account lets you access your funds while earning a competitively high APY.
Though you do earn the highest interest if you put at least $25,000 into the account, all you need to open the account and earn a good APY is $1,000 for the deposit. Make sure to maintain at least this amount as your balance to avoid the $10 monthly fee.
PROS & CONS
Pros
- Fees and rates clearly explained
- Higher APY for balances over $25,000
Cons
- No mobile banking
- No live chat support
WHO IT’S BEST FOR
Customers who appreciate a straightforward explanation of the details will like Beal Bank USA. This account also rewards those with larger balances by offering higher APYs on accounts above $25,000.
Best for NO FEES
Discover® Bank Money Market Account
4.6
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Up to
Minimum Balance for APY
$0.01
Minimum Deposit
$2,500
WHY WE LIKE DISCOVER BANK MONEY MARKET ACCOUNT
Unlike several of the other Best Money Market Account winners, Discover Bank’s Money Market Account charges no monthly fee and has no minimum balance requirement to avoid monthly fees. However, you do need to deposit a relatively high minimum amount to open the account, which is important to note.
GOBankingRates also recommends Discover’s Money Market Account above other options available because it offers some of the highest rates in the category. It’s a great choice if you want to earn high interest while still keeping your cash liquid.
PROS & CONS
Pros
- No monthly fees
- No minimum balance
Cons
- High minimum deposit
WHO IT’S BEST FOR
Don’t like fees? This is the account for you. Discover’s Money Market Account will appeal to those who want to earn a high APY and don’t want to worry about hidden charges.
Best for INTRO RATE
EverBank Yield Pledge Money Market Account
4.8
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$0
WHY WE LIKE EVERBANK YIELD PLEDGE MONEY MARKET ACCOUNT
A major benefit of EverBank’s Yield Pledge Money Market account is its outstanding introductory rate of . While that promotional APY is only good for a year, EverBank pledges to keep rates within the top 5% of competitive accounts after that period ends.
Money market accounts sometimes require large deposits to open and high minimum balances to avoid fees, but EverBank has made its money market product extremely accessible by eliminating minimum deposit requirements, monthly fees and minimum balance requirements.
While the APY offered by EverBank is on the lower end compared to other winners in the category, the lack of fees and low barrier to entry distinguishes it from other institutions and makes it a winner in our book. Other perks include mobile check deposits, easy access to your money through checks and debit card, and ATM fee reimbursem*nts.
PROS & CONS
Pros
- High 1-year intro APY
- No fees
- No minimums
Cons
- Interest rate drops after first year
WHO IT’S BEST FOR
This account offers a relatively enticing intro rate for the first year, and when you combine that with its lack of fees and minimum requirements, this stands out as a solid choice for those looking for a good all-around money market account.
Best for no account minimums
Sallie Mae Bank Money Market Account
4.5
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$0
WHY WE LIKE SALLIE MAE BANK MONEY MARKET ACCOUNT
Sallie Mae’s Money Market Account is a great way to earn high yields on your savings, even if you don’t have a lot to save. The account has no minimum opening deposit and no minimum daily balance. In addition, you can write checks out of this account, giving it great versatility.
Another reason GOBankingRates selected Sallie Mae Bank’s Money Market Account is that it has no monthly maintenance fee, which is really helpful to build up your savings. The only real downside to this account is that mobile banking is limited to check deposits and account balances.
PROS & CONS
Pros
- No minimum balance
- No minimum deposit
- Competitive APY
Cons
- Limited mobile banking features
WHO IT’S BEST FOR
This account will appeal to those seeking a top-notch interest rate without fees or minimums.
Best for online banking
Synchrony Bank Money Market Account
4.8
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$0
WHY WE LIKE SYNCHRONY BANK MONEY MARKET ACCOUNT
Synchrony’s money market account is a wonderful alternative to a checking account, and, as a primarily online bank, Synchrony makes it easy to manage the account without ever having to step into a branch. Although the APY is lower than other on this list, it’s still much higher than the average account.
This account doesn’t require a minimum deposit, won’t tack on any unexpected fees, and allows you to write checks out of the account. The versatility makes this a great account for people who want to earn interest but also need access to their cash.
PROS & CONS
Pros
- User-friendly website
- No minimum deposit or balance
Cons
- APY could be higher
WHO IT’S BEST FOR
This account is ideal for those who may want to do a wider range of online banking with the same institution, as Synchrony offers a variety of products. It’s also great for those looking to avoid surprise fees.
Best for FULL-SERVICE BANKING
Texas Capital Bank Star Money Market
4.3
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Up to
Minimum Balance for APY
$500
Minimum Deposit
$500
WHY WE LIKE TEXAS CAPITAL BANK STAR MONEY MARKET ACCOUNT
Convenience plays an important role in your banking experience, and for some, convenience means having all your accounts with the same bank. So while a major draw to this Texas Capital Star Money Market account is the higher-than-average APY, it’s also important to note that Texas Capital is a full-service bank offering a range of banking products as well as credit cards, wealth management services and investing.
The bank incentivizes customers with some of the usual features, like no monthly service charges, having quick access to your cash when you need it and the comfort of knowing your money is earning interest when you don’t. But it also offers unlimited withdrawals and transactions, which sets it apart.
PROS & CONS
Pros
- Full-service bank
- Unlimited transactions
- Wide ATM access
Cons
- APY could be higher
WHO IT’S BEST FOR
The Texas Capital Star Money Market Account will appeal to those looking for a full-service bank with a decent interest rate on savings.
Best for HIGH INTEREST RATE
Vio Bank Cornerstone Money Market Savings Account
4.2
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$100
WHY WE LIKE VIO BANK CORNERSTONE MONEY MARKET ACCOUNT
Vio Bank is a neobank with an outstanding money market account. The Cornerstone Money Market Account earned the honors of best money market for its impressively high APY of and minimum deposit of just $100.
This account best suits customers without a lot of money to invest upfront, who are looking for a substantial interest rate. We love that you can auto-transfer funds from your linked Vio Bank checking account to automate your savings and reach your goals faster. Many finance experts recommend this tactic to grow your nest egg faster.
Serious savers won’t mind that external transfers can take up to five business days. The Cornerstone Money Market account represents a place to let your money grow, especially if you are saving for a specific goal, without any risks or withdrawal penalties.
PROS & CONS
Pros
- Very high APY
- User-friendly mobile app
- No minimum balance
Cons
- Slow transfers of funds
- No debit card or ATM transactions
WHO IT’S BEST FOR
No surprise here: This account is all about the APY, and savers looking to maximize their earnings will flock to Vio’s Cornerstone Money Market Account for its generous interest rate. But transferring funds in and out can take days, so this is best used as a high-interest complement to a checking account.
Best for USER-FRIENDLY WEBSITE
VirtualBank eMoney Market
4.3
ReviewGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.
Annual Percentage Yield
Minimum Balance for APY
$0.01
Minimum Deposit
$100
WHY WE LIKE VIRTUALBANK eMONEY MARKET ACCOUNT
Several of GOBankingRates’ Best Money Market Accounts yield high rates with low or no minimums, but VirtualBank adds value to its eMoney Market account by also providing access through a user-friendly website you can navigate easily even if you’re new to online banking.
With that in mind, we love the VirtualBank eMoney Market Special as a place to stow your money with a super-high interest rate and minimum temptation to touch it. The account doesn’t offer a debit card or check-writing capability, but that’s a benefit if you are serious about saving. You can transfer money between your VirtualBank money market and another account of your choice up to six times a month by phone, online, through the mobile app, or through automatic transfers.
PROS & CONS
Pros
- User-friendly website
- High APY
- Low minimum deposit
- No minimum balance
Cons
- No branches
WHO IT’S BEST FOR
The VirtualBank eMoney Market Account stands out for its user-friendly website and high APY, and savers seeking high returns will want to take a hard look at this option.
Research Methodology
To determine rankings GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the Money Market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) weighed 0.5 times, and factor (4) weighed 4 times. All data is up to date as of May 31, 2024, rates and fees subject to change.
What To Know About Money Market Accounts
Here’s a closer look at some of the basics behind money market accounts.
What Is a Money Market Account?
A money market account is a type of account that combines the features of checking and savings accounts into one place. These accounts are FDIC-insured, pay higher yields compared to traditional savings accounts, may have minimum deposit requirements and allow you to write checks.
How Money Market Accounts Work
Choosing the best money market account for your financial situation means reviewing certain factors. You should look for a combination of high yields, low minimum balance requirements, zero fees, rules associated with withdrawals made to your money market account and debit card/check-writing access.
Why You Should Open a Money Market Account
This decision will depend on your financial and banking needs. However, opening a money market account may be ideal for those interested in having a higher interest rate and to enjoy the flexibility of being able to write checks.
Minimums and Fees
These will vary depending on your financial institution. Conduct your due diligence to find out what their fees and minimum balance requirements are.
Money Market Account Terms To Know
Key money market account terms to be familiar with include annual percentage yield, deposit, fees (which may be monthly maintenance or service), withdrawal limit, minimum deposit requirement and minimum balance requirement.
Pros and Cons of Money Market Accounts
Let’s review a few pros and cons associated with money market accounts.
Pros
- Flexibility, including linking a debit card and ability to write checks
- Competitive rates
- FDIC-insured
- Easy to access money
Cons
- Different rules at every bank for minimum balance requirements
- Banks may charge monthly fees
- Withdrawal restrictions
Alternatives To Money Market Accounts
In the event you would like to explore alternatives to money market accounts, here are a few popular options.
Money Market Account vs. Savings Account
Compared to a savings account, a money market account is a bit more accessible. Your specific financial institution may have rules about the frequency in which you can make withdrawals or transfers, however.
Money Market Account vs. Money Market Fund
A money market account is a deposit account. Money market funds, however, are investment products and not considered to be as safe as a deposit account.
Money Market Account vs. Checking Account
A checking account is typically used for everyday purposes like paying bills or withdrawing cash. They also have low interest rates and are not considered efficient accounts to keep large balances in the long term. In comparison, you can grow your money over the long-term in a money market account and may even receive interest paid on your balance by your financial institution.
How Can You Open a Money Market Account?
It only takes a few pieces of required documentation to open a money market account.
Requirements for Opening a Money Market Account
To open a money market account, you will need a government-issued ID, such as a driver’s license, state-issued ID or passport, with your legal name and birth date. You will also be asked for your Social Security Number or an Individual Taxpayer Identification Number.
Additional information you will be asked to provide includes your home address, home phone number and email address.
Minimum Deposit
If there is a minimum deposit required to open a money market account, you will need to pay this amount. Depending on your financial institution, you may be able to pay using the routing and account numbers for a separate bank account, a debit card or a money order.
Application
Fill out the appropriate application to open a money market account. You may do this in person at a financial institution branch location, over the phone or online.
Caitlyn Moorhead, Daria Uhlig, Dawn Allcot, John Csiszar and Gabrielle Olya contributed to the reporting for this article.
Recap of Winners
- Ally Bank Money Market Account – Best for Easy Access to Cash
- BankUnited Online Money Market Account – Best for Mobile App
- Beal Bank USA Money Market Account – Best for Transparency
- Discover Bank Money Market Account – Best for No Fees
- EverBank Yield Pledge Money Market Account – Best for Intro Rate
- Sallie Mae Bank Money Market Account – Best for No Account Minimums
- Synchrony Bank Money Market Account – Best for Online Banking
- Texas Capital Bank Star Money Market Account – Best for Full-Service Banking
- Vio Bank Cornerstone Money Market Savings Account– Best for High Interest Rate
- VirtualBank eMoney Market – Best for User-Friendly Website
FAQ
Because money market accounts are less well-known as checking and savings accounts, banking customers often have questions about how they work and what they do. Here are some common questions asked about money market accounts.
- Are money market rates fixed or variable?
- Typically, money market account rates are variable. Be sure to keep track of the APY you're earning, as rate changes can occur without the bank or credit union necessarily notifying you of the change. If you aren't satisfied with your current rate, you can move your money to another high-yield savings option.
- How often do money market rates change?
- As money market accounts are variable and not fixed, they can change at any time. Factors such as economic climate, interest rates, income, price levels, transfer costs and more can affect what rates your bank or credit union provides on your account.
- Who pays the most for a money market account?
- Here are some of the best money market accounts and rates available:
- Ally Bank Money Market Account - Best for Easy Access to Cash
- BankUnited Online Money Market Account - Best for Mobile App
- Beal Bank USA Money Market Account - Best for Transparency
- Discover Bank Money Market Account - Best for No Fees
- EverBank Yield Pledge Money Market Account - Best for Intro Rate
- Sallie Mae Bank Money Market Account - Best for No Account Minimums
- Synchrony Bank Money Market Account - Best for Online Banking
- Texas Capital Bank Star Money Market Account - Best for Full-Service Banking
- Vio Bank Cornerstone Money Market Savings Account- Best for High Interest Rate
- VirtualBank eMoney Market - Best for User-Friendly Website
- Here are some of the best money market accounts and rates available:
- Are money market accounts safe?
- Money market accounts are considered to be safe accounts for your money. These accounts are FDIC-insured as they meet the standard insurance limit of $250,000 per depositor, per bank and per ownership category.
- Why do money market accounts pay higher interest?
- Unlike a savings account, money market accounts are allowed to invest in CDs and government securities, which subsequently allows for the offering of higher interest rates. Paying attention to interest rates is important for your money's growth. The higher the APY, the more likely it is that your money will grow over time.
- Is it better to put money in a savings or money market account?
- Generally, you will find higher interest rates on money market accounts, which will allow you to quickly grow your money. In determining which is a better option, you may choose to speak with a financial professional for more insight.
- Do you pay taxes on money market accounts?
- A money market account is taxed like investment income. Its earnings come from interest income or capital gains.
- Does opening a money market account affect your credit?
- No, opening a deposit account like a money market account does not impact your credit.
- Can a money market account lose money?
- Because this account is FDIC-insured, you don’t have to worry about losing the balance in your money market account. On the other hand, money market mutual funds are not FDIC-insured and you may potentially lose money in those investments.
