Jacob holds a bachelors degree in finance and has spent his professional career crunching numbers and mastering spreadsheets in the corporate world. He moonlights as a fantasy football commissioner, back-yard bbq amateur, and freelance writer/money blogger.
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A good money market account does more than just hold your money, it helps your money grow. In today’s world of banking, simply putting your money into a savings account is no longer good enough.
Savings accounts across the nation are offering an average interest rate of 0.06% according to the FDIC.
Rates this low mean you are losing out to inflation every single day, and the money in that savings account was worth more yesterday and it is today.
But there are some banks and financial institutions that are tackling this issue head-on, offering high-yield savings accounts with many times the annual percentage yield (APY) than the national average and usually no monthly fee.
In addition to these high-yield savings account products, many also offer a money market account with similarly high-interest rates.
Summary of Best Money Market Accounts in 2024
Product | APY | Learn More |
|---|---|---|
 UFB Premium Money Market Account | 2.00% With $25000 minimum balance | at UFB DIrect, Member, FDIC |
 Citizens Access Online Savings Account | 1.85% With $5000 minimum balance | at Citizens Access, Member, FDIC |
 CIT Bank Money Market Account | 1.85% With $0 minimum balance | at CIT Bank, Member, FDIC |
 Betterment | 1.85% With $0 minimum balance | at Betterment, Member, FDIC |
 Goldman Sachs Bank USA Online Savings | 1.70% With $0 minimum balance | at Goldman Sachs Bank USA, Member, FDIC |
 Barclays Online Savings Account | 1.80% With $0 minimum balance | at Barclays, Member, FDIC |
 Personal Capital | 1.55% With $0 minimum balance | at Personal Capital, Member, FDIC |
 Discover Money Market Account | 1.55% With $2500 minimum balance | at Discover, Member, FDIC |
 BBVA Money Market Account | 1.90% With $10000 minimum balance | at BBVA USA, Member, FDIC |
 Capital One 360 Bank | 1.80% With $0 minimum balance | at Capital One 360 Bank, Member, FDIC |
What is a Money Market Account and How is it Different than a Savings Account?
A money market account is a savings account that has some checking account features. They will typically come with a debit card or checks and allow a limited number of transactions each month.
In the past, money market accounts used the be the go-to account for a higher interest rate, but these days a lot of savings accounts are keeping up.
But that doesn’t mean you should ignore them.
Because money market accounts typically have some checking account features, they can offer more flexibility and easier access to your savings than a traditional online savings account.
In fact, the primary difference between a money market account and a saving account is the way you access the funds.
With a savings account, you usually have ATM access, but you can’t write checks. You will also likely need to take money out via electronic transfer.
The flexibility of checks and/or a debit card with money market accounts is a clear advantage for flexibility, but you’ll want to pay attention to the interest rate and decide what’s more important to you - rate or flexibility?
Our Top 10 Best Money Market Account Picks This Year
*Note: All money market account rates accurate as of November 27, 2021
UFB Direct
2.00% APY with a $25,000 minimum account balance
UFB Direct offers an excellent interest rate on their money market account, however, in order to earn that rate, the account balance must be at least $25,000.
Balances lower than that earn only 0.50%.
Account features with UFB Direct include check-writing capabilities, a visa debit card, complimentary postage-paid envelopes, and free transfers between direct-deposit accounts.
Their money market account requires a minimum deposit of $5,000 to open, but again, you’ll need to have a balance above $25,000 to take advantage of their high-interest rate.
Citizens Access
1.85% APY with a $5,000 minimum deposit
Citizens Access is the online arm of Citizens Bank. Its online savings account offers a very competitive interest rate, but there is a relatively high minimum opening deposit of $5,000. Like many others, Citizens Access does not charge any operating or other fees for their savings account, and the account is Federal Deposit Insurance Corporation (FDIC) insured.
In addition to great rates on their savings accounts, Citizens Access also offers highly competitive CD rates and will build a CD ladder for you.
If you’re simply after the highest savings rates possible, Citizens Access is worth your attention.
Betterment
1.85% APY with a $10 minimum deposit to open an account
Betterment’s Everyday money market savings account offers an industry-leading interest rate and is part of their Everyday cash management suite that they have been rolling out to customers.
Because Betterment is not a bank, they spread your savings across four different partner banks, meaning your money is insured by the FDIC up to $1 million.
Additionally, since the money market account is not attached to their investment accounts, there is no management fee associated with it.
The account is eligible for a debit card and ATM fees are reimbursed worldwide.
Marcus by Goldman Sachs
1.70% APY with no minimum balance requirement
Marcus is the personal banking arm of Goldman Sachs. They offer competitive interest rates on their savings accounts and an easy-to-use website, making for a pleasant banking experience.
In addition to having no fees or minimums on their accounts, their US-based customer service center is open 7 days a week to provide support.
Barclays Bank
1.80% APY with no minimum
Based in London, the US arm of Barclays Bank is online-only and offers competitive interest rates on their savings accounts.
Their savings accounts are insured by the FDIC, have no minimum deposit, and charge no fees for operations.
Barclays Bank also provides a savings tool to help you set and track your savings goals over time.
Personal Capital
1.55% APY with no minimum
Personal Capital is a well-known money management and investment software company that is best known for its net worth dashboard which tracks your income, spending, debt, investments, retirement goals, and more.
In addition to this free service, they also offer a new Cash Management savings account through their partner banks that has no operating fees, unlimited monthly transactions, and is FDIC insured.
Personal Capital is worth a look based on its industry reputation alone, and their new Cash Management account has no monthly fees and is an improvement to an already well-respected product offering.
Discover Bank
1.55% APY with no minimum
While they might be most well known for its credit cards, Discover Bank also offers competitive rates on their online money market account.
Discover Bank actually offers a higher rate of 1.60%, but it is for account balances greater than $100,000.
Fortunately, the 1.55% rate offered on all other balances is still very competitive in the industry.
A money market account with Discover comes with a debit card, standard checks, and online bill pay.
With the account, you have access to over 60,000 ATMs nationwide, and there are no fees on the account, regardless of your balance.
A nice extra perk is the ability to freeze your debit card via their mobile app if you ever lose or misplace it.
BBVA
1.50% APY with a $10,000 minimum account balance
BBVA’s interest rate is lower than many of its competitors, but it’s still significantly higher than the average savings rate in the industry.
However, to take advantage of their highest money market rates, you’ll need a minimum balance of $10,000 in the account.
Accounts with less than $10,000 earn only 0.05%. If your balance is below $10,000, you should look elsewhere on this list to take advantage of the higher rates offered by others.
What separates BBVA from many of the other banks on this list is that they have physical locations in Alabama, Arizona, California, Colorado, New Mexico, and Texas.
If you’re in one of these states and are searching for a high-interest account with no monthly maintenance fee from a bank with physical branches, BBVA should be on your list to check out.
Capital One 360 Bank
1.80% APY with no minimum
Capital One 360 is Capital One’s online banking option that provides checking and savings accounts.
Their savings account rate is one of the tops in the industry and as an added bonus, they have some physical locations across the US called “Capital One Cafes”.
Their accounts carry no fees and are FDIC insured. In addition to this account, Capital One also offers great digital savings tools and a top-rated mobile app.
Are Money Market Accounts Safe?
Before you do business with any bank or credit union, always make sure it is insured. Banks should be a member of the FDIC and credit unions should be insured by the National Credit Union Administration (NCUA).
The FDIC insures deposits up to $250,000, making it vital that your bank is a member.
If the bank carries the FDIC designation, then their money market account (and all others) are safe to do business with.
Be careful not to confuse money market accounts with money market funds though - the latter is an investment product and not insured.
Why You Should Consider Putting Your Savings in a Money Market Account
Money market accounts similar to a savings account, but with the added ability to write checks or use a debit card that is connected directly to the account.
Banks have also begun offering competitive interest rates on these accounts, making them a perfect option for both short-term and long-term savings.
Because they are so similar to savings accounts, it up to you to decide which account is right for you.
Savings accounts may offer higher interest rates, but they also don’t offer the flexibility of a money market account.
That said, there are some money market accounts that offer interest rates that are the same or very close to the rates offered on savings accounts, providing the best of both worlds.
Jacob holds a bachelors degree in finance and has spent his professional career crunching numbers and mastering spreadsheets in the corporate world. He moonlights as a fantasy football commissioner, back-yard bbq amateur, and freelance writer/money blogger.
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