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5 Best Money Market Accounts

The best money market accounts have strong rates and low fees to help you grow your bank balance.

Nov 17, 2022

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The best money market accounts have rates that help you grow your bank balance faster than money market accounts with average rates.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Depending on your needs, a high-yield savings account might help you save more. We’ve included a few options at the bottom of the page to help you compare.

What is a money market account?

A money market account is typically a type of savings account that may also offer a debit card and the ability to write checks. Money market accounts sometimes offer higher rates than high-yield savings accounts, but they also may have higher minimum requirements.<br><br>Weigh your options: Some high-yield savings accounts beat money market accounts’ rates and have lower fees, which means you’ll come out ahead with the former. And the best savings accounts have low to no minimum deposits. But, without debit cards or checks, it might be slightly harder to access your money in a regular savings account compared to an MMA.

» For more savings options, check out NerdWallet's best high-yield online savings accounts

The difference a high rate makes

The average money market rate is less than a quarter of a percent. Say you save $10,000 in such an account; after a year, your balance would earn about 25 bucks. Put that same amount in a money market account with a 2.50% APY, and you would earn about $250. You earn extra money with practically no extra effort. Read on for more details about NerdWallet’s top money market accounts. 

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Best Money Market Accounts

Our pick for

Money Market Account

NerdWallet rating 

4.0

/5
Discover Bank Money Market Account
Learn more

at Discover Bank, Member FDIC

APY

3.20%

With $1 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Sallie Mae Money Market Account

APY

3.20%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Ally Bank Money Market Account

APY

2.75%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Zynlo Bank More Money Market Account

APY

2.25%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Vio Bank Cornerstone Money Market Account

APY

4.17%

With $0.01 min. balance for APY

Bonus

N/A

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Why high money market rates matter

Your funds grow faster in a high yield account. The average money market rate is a fraction of a percent, while the best money market accounts earn rates that are many times higher.

What is the difference between a money market account and a standard savings account?

A standard savings account is a deposit account offered by a financial institution that typically earns interest. A money market account is also a type of deposit account but it also typically requires a higher minimum balance to open than a standard savings account.

MMAs traditionally earn a higher interest rate than standard savings accounts, though recently some high-yield savings accounts have been offering better returns with lower minimum balance requirements.

» Learn more about high-yield savings accounts

Some MMAs also come with a debit card or checks — but institutions may require that they not be used more than six times per month. Some will charge a fee if you go over that number.

A high-interest savings account earns attractive rates, but typically does not have debit card or check-writing access.

The main reason to open a money market account is to have a higher interest rate compared with a traditional savings or checking account, while also having the ability to write a few checks.

» Curious about the difference between money market accounts, basic savings and CDs? Check out NerdWallet's primer on types of savings accounts

Are money market accounts insured?

Yes, as long they are a deposit account that comes from a bank or credit union that is federally insured. Traditional brick and mortar banks and online banks, including the ones listed on this page, are typically insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor, per bank, per ownership category. If the account is with a credit union, the account will likely be federally insured through the National Credit Union Administration, also up to  $250,000 per share owner, per credit union, per ownership category.

If a bank or credit union were to fail and go out of business, you would not lose the money you have in the account, up to the insured amount. Note that this is different from money market mutual funds, which are not federally insured.

» Want to know more about how your money is protected? Read how FDIC and NCUA insurance programs work.

The difference between a money market account and a money market mutual fund

A money market account is a federally insured account that earns interest. A money market mutual fund, on the other hand, is an investment in short-term debt. It is considered low risk but doesn't have a guaranteed return.

» Learn more about both by reading NerdWallet’s guide on money market mutual funds

Top savings options

These days, there isn’t always much difference between the rates paid by money market accounts and the best savings accounts. If you don’t need checks or a debit card, you might consider one of these federally insured high-yield savings accounts, which also pay great rates.

  • LendingClub High-Yield Savings, 4.00% APY with $0 minimum balance to earn APY (read full review).

  • Capital One 360 Performance Savings, 3.40% APY with $0 minimum balance to earn APY (read full review).

  • Marcus by Goldman Sachs Online Savings, 3.30% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 12/21/2022. (read full review).

Last updated on November 17, 2022

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People often identify opening a savings account as their next money move.

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

3.30%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

3.30%

With $0 min. balance for APY

Bonus

$100

Requirements to qualify

at Marcus by Goldman Sachs, Member FDIC

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best Money Market Accounts

Frequently asked questions