You probably have a checking account…
You have questions about money market accounts. We have answers. Sort of. Money market accounts share some features in common with savings accounts, like higher yields on balances. But many have checking account-like properties too, such as debit cards and checkbooks. So you can think of a money market account as a more flexible savings account that’s not quite flexible enough for day-to-day use.
Best Money Market Accounts
Discover Bank Money Market Account
The Discover Bank Money Market Account is a great option for depositors with extra cash on hand. And it’s the best bet for anyone looking to replicate the flexibility of a checking account thanks to: The U. S. Bank Platinum Business MMA used to only be available to businesses within U.S. Bank’s footprint; however, they’ve recently made it available nationwide. This makes it more accessible than ever! On top of that, they are running a promotion where new accounts that deposit new money of $25,000 – $2,999,999.99 can receive a bonus APY of 4.60%. Offer valid through January 10, 2024. Subject to certain terms and limitations. Member FDIC. Can be linked to your U.S. Bank business checking account for overdraft protection.
Quontic Bank Money Market Account
The Quontic Bank Money Market Account offers the best yield for general users — currently 5.00%. That yield puts it light years beyond of most traditional banks and comfortably ahead of many online banks as well. Bottom line: If you want a really high money market yield, go with Quontic. Complement your money market account with a high-yield checking and savings account.
Ally Bank Money Market Account
The Ally Bank Money Market Account imposes no minimum deposit or balance requirement — an advantage over many competitors. It also boasts an impressive yield (4.40% APY) on all balances, regardless of relationship status or total balances. That’s multiple times higher than incumbent banks’ piddling money market yields and one of the best money market account rates around, period. Plus, Ally Money Market customers enjoy seamless remote check deposit and access to some 43,000 fee-free ATMs in the U. S. Ally is one of the relatively few online banks that makes it easy to open a new account in the name of a trust too.
Sallie Mae Bank Money Market Account
The Sallie Mae Bank Money Market Account has no minimum deposit or ongoing balance requirements and yields 4.75% APY on all balances, many times the national average for big-bank money market accounts. If you plan to write checks from your MMA, order them when you open your account. That way, they’re free.
EverBank Money Market Account
With one of the highest yields on this list, the EverBank Money Market Account is appropriate for depositors of all amounts, but brings the most yield for those with $100,000 or more given their tiered APY structure. EverBank’s Yield Pledge covers this account, so it’s guaranteed to yield in the top 5% of all “competitive” money market accounts tracked by the Bankrate National Average survey. The Yield Pledge is especially useful during the first year your account is open, when EverBank may (but isn’t guaranteed to) offer a bonus yield. Currently, all balances yield 4.75% APY during the first year and then are tiered moving forward.
NBKC Bank Personal Money Market Account
The NBKC Bank Personal Money Market Account is great for users who need fast, free access to cash no matter where they happen to be. NBKC reimburses the first $12 in ATM fees each month, giving you 3 or 4 monthly out-of-network withdrawals at no additional cost. Plus, the bank has a fee-free ATM network featuring nearly 40,000 machines. No fees to get started.
CIT Bank Money Market Account
The CIT Bank Money Market Account has a $100 minimum opening deposit requirement and yields 1.55% APY on all balances. That’s higher than the national big-bank average for money market accounts and but one of the lowest APYs on this list. Along with other clutch features like free P2P transfers, it’s enough to land CIT Bank on our list of top money market accounts.
Factors to Consider
We use several important factors to select the best money market accounts for our readers. Each has some bearing on the cost, yield, flexibility, or overall usefulness of these accounts. While none of the best money market accounts have monthly maintenance fees, some may require linked checking accounts with such fees. In most cases, those fees can be waived with adequate minimum daily balances or recurring direct deposits. But money market accounts may have other fees, such as overdraft fees, paper statement fees, and excessive withdrawal fees. Needless to say, we prefer accounts that keep these additional fees to a minimum and those that can be linked with truly free checking accounts. Most money market accounts require a minimum opening deposit. In some cases, this is a token amount of $100 or less. In others, the required opening deposit is more substantial and could affect your ability to open an account. Likewise, some but not all money market accounts have ongoing balance requirements. If your balance drops below this threshold during a statement period, you may be charged a fee. Repeated violations could result in account closure. Bank account opening promotions aren’t as common in the world of money markets than in the checking or savings realms. But a few money market accounts do offer these promotions or link to checking accounts that do. It’s worth seeking out these opportunities. Money market account yields range from negligible to generous (relative to prevailing yields, at least). Yield quality depends on factors other than the headline rate, including: Yield tiers, or how much you need to have on deposit to earn a particular yield. Money market accounts are more flexible than traditional savings accounts, but some make it easier than others to access your money. When evaluating accounts’ flexibility, we ask questions like: Does the account come with a major-network debit card, such as Visa or Mastercard? Are there any limits on the number of withdrawals you can make on the account? Does the account come with a checkbook? Can you transfer funds instantly to a linked checking account? Can you send money to friends using a P2P transfer service like Zelle? Does the account sync with mobile wallet technologies like Apple Pay? Mobile banking is only growing more popular. The best money market accounts have robust mobile capabilities that let your smartphone handle pretty much any account activity the bank’s desktop dashboard can. Some money market accounts and the banks that back them have value-added features that aren’t core to the account but certainly enhance the appeal. These can include: Higher deposit insurance coverage (above the FDIC’s standard $250,000 per account) Less common account configuration options, such as trusts.