The best 6 money market accounts

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If you want to enjoy higher yields while retaining some flexibility, it may be time to open a money market account.

Money market accounts come with competitive interest rates, often higher than regular savings accounts. They also offer more accessibility than other savings options like certificates of deposit (CDs).

The best money market accounts boast competitive rates, low or no fees, and features like debit cards or check-writing abilities. Here are some of our picks for best money market accounts, from highest APY to lowest.

What are the best money market accounts? 

Here are the top 6 money market accounts for earning high yields while maintaining easy access to your funds:

• Vio Bank - 5.30% APY
• UFB Direct - 5.25% APY
• Quontic Bank - 5.00% APY
• Sallie Mae - 4.65% APY
• EverBank - 4.05% to 4.30% APY
• Ally Bank - 4.25% APY

Each of these accounts offers a competitive interest rate, low or no minimum balance requirements, and FDIC insurance up to $250,000. Let's take a closer look at the key features and requirements of each account.

Vio Bank: 5.30% APY

• APY: 5.30%
• Minimum initial deposit: $100
• Monthly fee: None
• No debit card or check-writing privileges
• Interest compounds daily 

Vio Bank, a division of MidFirst Bank, offers one of the highest money market account rates available at 5.30% APY. The account has a low minimum opening deposit of just $100 and no monthly maintenance fees. 

While it doesn't come with check-writing or debit card access, it does offer convenient online and mobile banking tools, including automatic savings features.

UFB Direct: 5.25% APY

• APY: 5.25%
• Monthly fee: $10 (waived with a balance of $5,000 or more)
• Minimum initial deposit: None
• Debit card or check-writing privileges
• Robust fraud protection and mobile banking features 

UFB Direct, a division of Axos Bank, offers a high-yield money market account with 5.25% APY and no minimum opening deposit. 

The account includes both check-writing and debit card access, as well as mobile check deposit and SMS banking. There is a monthly maintenance fee of $10, but it's waived if you maintain a balance of $5,000 or more.

Quontic Bank: 5.00% APY

• APY: 5.00%
• Minimum initial deposit: $100
• Monthly fee: None
• Debit card or check-writing privileges
• Mobile deposit and Zelle money transfer

Quontic Bank's High Yield Money Market account offers 5.00% APY on all balances, with a low minimum opening deposit of $100 and no monthly fees. 

The account includes both check-writing and debit card access, as well as convenient features like mobile deposit and Zelle money transfer. There is a limit of six transfers or withdrawals per month, which is standard for most money market accounts.

Sallie Mae: 4.65% APY

• APY: 4.65%
• Minimum initial deposit: $0
• Monthly fee: None
• Check-writing privileges but no debit card
• Unlimited fee-free transactions 

Sallie Mae, primarily known for its student loan products, also offers a competitive money market account with 4.65% APY and no minimum opening deposit or monthly fees. 

The account includes check-writing privileges but no debit card access. However, it does allow for unlimited fee-free transactions, which is a rare feature among money market accounts.

EverBank: 4.05% to 4.30% APY

• APY: 4.05%-4.30%
• Minimum initial deposit: $0
• Monthly fees: None
• Debit card or check-writing privileges
• Introductory APY offer for first-time customers 

EverBank's Yield Pledge Money Market account offers a tiered interest rate structure, with APYs ranging from 4.05% to 4.30% depending on your balance. 

First-time customers can also qualify for an introductory APY offer on balances up to $250,000. The account has no minimum opening deposit or monthly fees, and includes both check-writing and debit card access.

Ally Bank: 4.25% APY

• APY: 4.25%
• Minimum initial deposit: $0
• Monthly fee: None
• Debit card or check-writing privileges
• 24/7 customer support and mobile banking features

Ally Bank's Money Market account offers a competitive 4.25% APY on all balances, with no minimum opening deposit or monthly fees. 

The account includes both check-writing and debit card access, as well as free withdrawals at over 43,000 ATMs nationwide. Ally also offers convenient mobile banking features and 24/7 customer support.

How do money market accounts work?

Money market accounts work as a hybrid between savings and checking accounts. You get the benefit of higher rates and accessibility through debit cards and check-writing privileges.

Some money market accounts require an initial minimum deposit, though many of our top picks don’t. Others may restrict the number of transactions you can make each month.

You can find money market accounts at both credit unions and banks. Most will have FDIC or NCUA insurance, providing added peace of mind.

Chances are, your current financial institution offers a money market account. But shopping around for better rates and added features like no fees or free ATM access never hurts.

Money market accounts vs. high-yield savings accounts 

Money market accounts and high-yield savings accounts are similar in many ways, but there are a few key differences to consider when choosing between the two:

• Access to funds: Money market accounts typically offer check-writing privileges and/or debit card access, while high-yield savings accounts usually do not.
• Interest rates: Money market account rates are often slightly lower than the best high-yield savings account rates, but this is not always the case.
• Minimum balance requirements: Some money market accounts may require a higher minimum balance to avoid fees or earn the highest interest rate, while high-yield savings accounts often have no or low minimum balance requirements.

Ultimately, the choice between a money market account and a high-yield savings account will depend on your specific needs and preferences. 

If you prioritize easy access to your funds, a money market account may be the better choice. If you're looking for the absolute highest interest rate and don't need check-writing or debit card access, a high-yield savings account may be the way to go.

Money market account vs. certificate of deposit (CD)

CDs require you to lock your funds away for a specified period, ranging from a few months to several years. When you open a CD, you agree not to withdraw the money until the term expires or pay an early withdrawal penalty. Because of this, CDs generally offer higher interest rates than money market accounts.

When deciding between a money market account and a CD, it really comes down to your financial goals.

If you’re saving for a specific goal and know you won’t need that money until the term ends, it may be worthwhile to lock in a CD. But if flexibility is your number one goal, a money market account is a better option.

What to consider when picking a money market account

Not all money market accounts are the same. These are some factors you should consider before opening an account.

• Interest rate: Compare the various interest rates across different institutions. A higher rate means your money will grow faster, so finding a competitive rate should be a top priority.
• Minimum balance requirements: Check if a minimum balance is needed to open the account. Some accounts will penalize you or offer less interest if your balance falls below a certain amount. It’s worth looking for an account with a balance requirement you can feasibly meet.
• Account accessibility: How liquid do you need your savings to be? Consider how easily you can access your funds, as many money market accounts limit the number of monthly transactions you can make.
• FDIC or NCUA insurance: To keep your money safe, ensure the institution you choose to bank with has insurance.

How we rated the best money market accounts 

To determine the best money market accounts, we carefully evaluated a wide range of factors, including interest rates, fees, minimum deposit and balance requirements, and product mix.

Our team analyzed numerous bank offers and selected the top contenders based on these key criteria. The options on this list represent the best value benefits available.

Here are some of the key factors we considered:

• Interest rate: The interest rate is the primary reason someone would choose a savings, CD, or money market account over another, so this is our most heavily weighted factor. 
• Check-writing and debit card access: This accessibility is one of the main reasons someone would consider a MMA. 
• Fees: Low fees can help minimize the cost of managing your money and accessing essential financial services, allowing you to keep more of your hard-earned cash.
• Minimum balance requirements: High minimum deposits can be a barrier, and high balance requirements to avoid fees or earn the best rate limit the account's usefulness.
• Customer service: Reliable customer service is essential for a positive banking experience. 
  Digital experience: With more banking done online, the quality of an account's digital offerings is increasingly important.
• ATM & branch access: Access to ATMs and branches gives bank customers the flexibility to handle their banking needs in person when necessary while also providing easy access to cash when they need it.

The bottom line

A money market account is a great way to earn interest on your savings and grow your money faster. With that in mind, it’s important to compare rates and features to find the best account for you.

That way, you can be sure you’re maximizing the interest you earn and can access your money when you need it most.

Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.