5 Best Money Market Accounts of 2024

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*Rates and APYs are subject to change. All information provided here is accurate as of Feb. 9, 2024.
Money market accounts are deposit accounts that earn you interest on top of your balance. They’re sort of like a checking and savings account combined: Your money remains liquid — as in, you can access the funds whenever you need them — and also generates higher-than-average returns compared to traditional savings accounts. Some people use money market accounts as designated emergency funds, while others use them for short-term financial goals.
Money market accounts generally pay a higher annual percentage yield (APY) than traditional savings accounts, but be sure to read the fine print before you sign up: Some companies limit the number of withdrawals you can make per month, may charge fees or not provide the advertised APY if you don’t meet minimum deposit and minimum balance requirements.
Money market deposit accounts are typically insured up to $250,000 per depositor through either the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), so these accounts are generally considered low-to-no-risk.
Our Top Picks for Best Money Market Accounts of 2024

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Best Money Market Accounts Reviews

No overdraft feesSmartphone check depositIncludes debit cardUnlimited ATM withdrawalsThe outgoing domestic wire fee is $20No cash deposits
HIGHLIGHTSAPY4.40%Minimum deposit to open $0Maintenance fees$0
With a competitive APY and no minimum deposit requirement for opening an account, Ally Bank’s money market account is perfect for new savers. There’s no monthly fee with this account, regardless of your balance. You also get unlimited ATM withdrawals, and Ally will reimburse your ATM fees up to $10/month.
Deposits can be made remotely with your smartphone, via electronic transfer online, Automated Clearing House (ACH) deposit via your employer, wire transfers or checks by mail.

No opening deposit No minimum balanceMobile deposit via appCheck-writing privileges No debit cardMost deposits do not process immediatelyThe outgoing wire transfer fee is $20Limits on mobile check deposits
HIGHLIGHTSAPY4.75%Minimum deposit to open$0Maintenance fees$0
Yes, Sallie Mae has more to offer than student loans, and one of those things is Sallie Mae’s money market deposit account. There’s no minimum balance requirement to open an account — a helpful feature for people who may be starting small with their initial deposit — and no monthly fees are applied.
Deposits can be made through the Sallie Mae mobile app, direct deposits, ACH transfers from other financial institutions or by sending a check to Sallie Mae’s Chicago office. It’s worth noting, however, that for the first 30 days after opening an account, all deposits are held for five business days. After that period, ACH credits process immediately, but check and electronic deposits still take five days to process. Sallie Mae mobile deposits are limited to 10 deposits per month.
The Sallie Mae money market account doesn’t come with a debit card, so customers don’t have instant access to cash. Still, there’s no limit on how many transfers you can make to other accounts. You can also access your funds via checks, which are offered at no cost at the time of account opening.

Zero monthly maintenance feesNo minimum deposit or balance requirementsNo fees for transferring to and from other financial institutionsNo physical branches$10 excessive transaction fee$25 overdraft feeNo checks or debit cards
HIGHLIGHTSAPY5.15%Minimum deposit to open $5,000Maintenance fees $0
Based in North Dakota, Western State Bank combines the best elements of traditional high-yield savings and money market accounts with its High Yield Money Market product. There’s no minimum balance requirement or fees, but an initial deposit of $5,000 is required.
As such, this option is great for people who are ready to set aside a lump sum for interest accrual, while retaining the option to use the bulk of those funds if need be — without being penalized for a low balance. Western also allows up to 10 withdrawals per month; most banks only offer six.
While Western State Bank doesn’t offer a mobile check deposit option for its high-yield money market accounts, there are several other ways to fund it. Clients can make ACH transfers, wire transfers (no limits, 10x per month, one outgoing and income per month reimbursed) or send checks to Western overnight, with delivery and shipping fees covered by the bank. And while there’s a 60-day waiting period from the time you open an account to the time you can link to external accounts, once that is set up, online transfers are simple.

SMS banking without Wi-FiDebit card includedChecks includedMobile deposit via appMinimum $5,000 to open account$10 monthly fee if daily balance is below $5,000Six withdrawals per month maximum
HIGHLIGHTSAPY5.25%Minimum deposit to open $5,000Maintenance fees $0 with $5,000 balance
If you’re ready to deposit $5,000 into a new money market account, the Preferred Money Market Account offered by UFB Direct, an Axos Bank brand, could be a great fit. The account comes with checks and a debit card, which can be used at more than 60,000 ATMs at no charge.
Deposits can be made through online transfers from an external account or through mobile check deposits. So long as you maintain a balance of $5,000 or greater, the account is free to use. (If your balance drops below that amount, you’re charged a $10 monthly fee.)
One caveat: Transaction limitations are specific to each account holder. When you set up your account with UFB Direct, a representative will discuss options with you. Be sure to ask specifically what your limitations are.

No minimum balance requirementFree debit card access at 60K+ ATMsMobile check depositFree overdraft protection$2,500 minimum to openWithdrawals capped at six per monthMust enroll in direct deposit for full APY on both accounts
HIGHLIGHTSAPY4.20% Minimum deposit to open $2,500Maintenance fees $0
Account holders of Discover’s money market product aren’t charged fees for maintenance or overdrafts. There’s no minimum balance fee either, but an initial deposit of $2,500 is required to open an account. Balances of $100,000 and more get the highest APY.
Discover has an extensive ATM network, with over 60,000 AllPoint and MoneyPass ATMs that you can access free of charge. To deposit money, customers can use any of the following approaches:
Use the mobile check deposit feature on the app Set up direct deposit Make online transfers from external banks Mail a check
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Other money market accounts we considered

Synchrony Bank – Money Market
No minimum opening depositNo monthly feesChecks providedDebit card providedAPY is only 2.25%, lower than other financial institutionsAccount subject to closure if $0 balance for 60-plus days
Synchrony Bank’s money market account is a virtually free product, with no minimum balance requirement and no maintenance fees. There’s no minimum amount required to open an account, either. Debit cards and checks are also included.
Why Synchrony Bank didn’t make the cut: Money market accounts at other financial institutions have a higher APY than Synchrony Bank.

CIT Bank – High Yield Money Market
No monthly service feesLink Zelle to send and receive fundsMobile check depositAPY is 1.55%, lower than other financial institutionsMinimum opening deposit $100

CIT Bank’s money market account is one of few that includes the option to link Zelle, a peer-to-peer payment platform, to send and receive money. It’s also free of monthly maintenance charges — but an initial deposit of $100 or more is required to open a CIT High Yield Money Market account.
Why CIT Bank didn’t make the cut: The interest rate for CIT Bank’s High Yield Money Market account is lower than what many other financial institutions currently offer.

EverBank – Yield Pledge Money Market Account
No monthly account feeMobile check deposits$500 minimum to openAPY for less than $10K is 3.75%
The Yield Pledge Money Market Account from EverBank — formerly TIAA Bank — offers a high one-year introductory APY as well as a high APY after the first year. However, qualifying for this rate requires a high account balance.
Why EverBank didn’t make the cut: To get the best APY with the bank’s Yield Pledge Money Market Account, you need to have $100,000 in your account.

Best Money Market Accounts Guide
What is a money market account?
A money market account — or MMA — is a type of savings account that earns interest, which is typically expressed as its APY. Most MMAs come with a debit card and checks, though withdrawals can be limited to six per month or statement cycle. The Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. government, insures money market accounts for up to $250,000 per depositor.
What is a high-yield money market account?
A high-yield money market account is very much like a typical money market account. The distinction of “high yield” indicates that the account’s APY is higher than a traditional savings account or an MMA. Like MMAs, minimum initial deposits, minimum account balances and transaction limits can vary across financial institutions.
How does a money market account work?
Money market accounts are interest-bearing deposit accounts, meaning your funds will earn interest. The interest is expressed as an APY which, with most accounts, is calculated daily based on your end-of-day balance and credited monthly. However, money market accounts are best for long-term savings. For example, in five years’ time, a money market account with a starting balance of $5,000 and an APY of 4% will earn $1,106.95 in interest.
Best money market rates
Some of the highest money market rates as of February 2024 include:

Are money market interest rates fixed?
Money market rates are not fixed; they are variable. An account’s APY is subject to change at any moment and without notice at the discretion of the financial institution. Increases or decreases in rates can be caused by a number of factors, such as a financial institution’s response to Federal Reserve policies or the rates of competitors.
Money market account pros and cons
Many accounts offer annual percentage yield rates of 2% or moreEasy access to deposits through ATMs, checks, or transfersLittle to no risk involved: MMAs are insured by government agencies (FDIC and NCUA) for up to $250,000Withdrawals may be limited to six per month; exceeding this amount may incur a feeSome accounts have minimum opening and minimum balance requirementsSome accounts have maintenance fees that are only waived with higher balances
How to choose a money market account
The best money market accounts have high annual percentage yield rates and zero or low monthly fees. If you want frequent access to your money market funds, check the account policy on transfers to outside accounts, as some institutions limit withdrawals to six per month or statement cycle. Additionally, a debit/ATM card and checks are bonuses, not standard — be sure to thoroughly review account features.
How to open a money market account
1. Compare the proper money market account to accommodate your needs.
2. Gather all necessary documentation you need to sign up for your money market account. This includes information like your Social Security number and identification.
3. Make sure you have enough money to make your minimum deposit, if necessary.
4. Complete the application to open your selected money market account. Many banks offer online applications. If your preferred bank does not offer an online application, you must visit a branch.
5. Fund your money market account through check, direct deposit or transfer.
Other alternatives to money market accounts
Savings account vs money market account
Interest rates for money market accounts and high-yield savings accounts are currently quite similar. The two financial products share other features too, but there are a few key differences.
High-yield savings account
Interest rate maximum is established by the FDIC
Interest rate maximum is established by the FDIC
Often comes with a debit card for use at ATMs or businesses
Does not typically come with a debit card
Typically comes with checks
Does not typically come with checks
Can transfer to and from external accounts, though transfers may be limited to six per month or statement cycle
Can transfer to and from external accounts, though transfers may be limited to six per month or statement cycle
May have minimum balance requirement (varies by financial institution)
Usually no minimum balance requirement (varies by institution)
May charge maintenance fee (varies by financial institution)
Usually no maintenance fee (varies by institution)

Certificates of deposit (CDs) vs money market account
Money market accounts and certificates of deposit (CDs) offer different methods for helping you make the most of your money. Note: CD rates often have higher interest rates than those of money market accounts, but not always.
Certificate of deposit (CD)
Add or withdraw money to your balance while account is open    
Account holds a fixed amount
Earns interest on balance while the account is open
Earns interest on fixed amount CD for fixed period of time, e.g., three months, one year, five years
Interest rate is subject to change
No penalty for withdrawing funds (within monthly or statement cycle limitations) 
May incur fee for early withdrawal
FDIC or NCUA insured up to $250,000
FDIC insured up to $250,000
Open account through bank or credit union
Purchase through bank, brokerage firm or independent salesperson
Minimum deposit may be required
Minimum purchase may be required to open account

Money market fund vs money market account
While they sound similar, money market accounts and money market funds, also called money market mutual funds, are two entirely different products. (Those who are new to investing may need some guidance if they’re interested in money market funds. Read up on how to choose a financial advisor to get started.)
 It is sponsored by an investment fund
Savings account that holds money
Investment account that holds a bundle of securities, e.g. certificates of deposit, Bankers’ Acceptances, commercial paper (short-term, unsecured debt), treasury bill, repurchase agreement
FDIC or NCUA insured up to $250,000
Variable interest earned based on bank/credit union rates
Variable interest earned based on market values
Open online or at branch and deposit money
Opened through a brokerage
May have monthly maintenance fee
May have management fees (also called the expense ratio)
Access to funds through a limited number of withdrawals (e.g. transfers), plus debit card and checks
Access to funds is unlimited

Jumbo money market account vs regular money market account
Jumbo money market account
Regular money market account
Interest rate maximum is established by the FDIC
Interest rate maximum is established by the FDIC
May have monthly maintenance fee
May have monthly maintenance fee
FDIC or NCUA insured up to $250,000
FDIC or NCUA insured up to $250,000
May have minimum balance requirement (varies by financial institution)
May have minimum balance requirement (varies by financial institution)
Variable interest earned based on bank/credit union rates
Variable interest earned based on bank/credit union rates
Interest rates typically around twice as much as regular money market accounts
Interest rates typically around twice as much as regular money market accounts
Higher typical minimum balance requirement than regular money market account
Lower typical minimum balance requirement than jumbo money market account

Best Money Market Accounts FAQsWhat is a money market account?Money market accounts are deposit accounts that pay interest based on rates determined by the money markets. They are popular alternatives to regular savings accounts because their interest rates are generally higher. And, they share many features of transaction accounts that savings accounts don’t, like the ability to transfer money and write checks.Are money market accounts FDIC insured?Yes. Like other deposit accounts, funds in a money market account are insured by the FDIC (or the NCUA, for accounts opened at credit unions), up to $250,000. This means they’re generally safe ways to invest your money, though they might not always be the most lucrative.Is a money market account safe?Yes, money market accounts are safe. Funds are insured up to $250,000 per account holder by either the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Are money market accounts worth it?Money market accounts are a great way to earn interest on savings. Annual percentage yields are currently high, with some financial institutions offering between 2.50% and 4.50%. However, the amount of interest earned will depend not only on the rate offered, but also on your balance. The higher your balance, the more you’ll earn.
How does a money market account compare to a checking account?While some of the best checking accounts today generate interest on your balance, the annual percentage yield is usually much lower than what’s offered with a money market account (MMA). However, unlike a checking account, MMAs often carry monthly transaction limitations, and some accounts include only checks and no debit card.
Are money market accounts taxable?Yes. You are required to report interest earned through your money market account to the Internal Revenue Service. The bank or credit union is required to provide you with a 1099-INT form ahead of tax season. The form will show how much interest your account accrued in the year prior.What are the best money market accounts? Since the point of a money market account is to earn money from your savings, the best money market accounts have competitive interest rates. Many banks offer annual percentage yield rates between 2.00% and 4.50%. (Per FDIC regulations as of February 21, 2023, money market account interest rates cannot be higher than 5.08%.)

The ideal account won’t include a minimum balance fee or a monthly maintenance fee. Debit cards and checks are provided with many accounts, and some banks do not have limitations on certain types of transactions, such as ATM withdrawals.
What is the maximum number of withdrawals per month for a money market account? Money market accounts often have withdrawal limits. Typically, they’re limited to six withdrawals or payments by check, debit card, draft or transfer to another account per the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).

Note that debit card payments, ATM withdrawals with a debit card, in-person withdrawals and withdrawals by mail or telephone are not included; limits, if any, on these transactions are determined by the financial institution of your money market account.

How We Chose the Best Money Market Accounts
Our methodology in creating our 5 Best Money Market Accounts of 2023 included researching nearly 50 financial institutions, ranging from national banks, regional banks, federal credit unions and online savings accounts.
Annual percentage yield rates played a major role in determining whether or not a financial institution’s money market product made our list. We compared competitive APYs to national average rates and showcased financial institutions with the highest interest rates.
We also considered monthly fees, minimum balance requirements and how customers can access funds (debit cards, checks, transfers). We ensured all financial institutions featured are classified as member FDIC or NCUA.
Though we always try to include accurate and up-to-date information on regulatory and legal actions, we don’t claim this information is complete or fully up to date. Interest rates/annual percentage yields are subject to change. As always, we recommend you do your own research as well.
Summary of Money’s 5 Best Money Market Accounts

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