BEST OF

8 Best Money Market Accounts (Up to 5.30%)

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

Margarette Burnette
By Margarette Burnette 
Edited by Tony Armstrong

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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.

Money market account definition

A money market account is a type of savings account that may also offer the ability to write a few checks or make a few debit card transactions each month.

Weigh your options: Some high-yield savings accounts beat money market 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 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

High money market rates: An example

The average money market rate is less than 1 percent. But let’s say you put $10,000 in an account that earns a full 1% APY. After a year, your balance would earn 100 bucks. Put that same amount in a money market account with a 4% APY, and it would gain just over $400. You earn extra money with no extra effort. Read on for more details about NerdWallet’s top money market accounts.

APYs shown are current as of April 8, 2024. All other information is current as of March 1, 2024.

Best Money Market Accounts (Up to 5.30%)

Discover the bank accounts that fit your financial goals
Just answer a few questions to compare bank accounts that meet your needs.

Our pick for

Money Market Account

NerdWallet rating 

3.5

/5
Discover® Money Market Account
Learn more

at Discover® Bank, Member FDIC

APY

4.00%

With $1 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Quontic Money Market Account
APY

5.00%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Vio Bank Cornerstone Money Market Account
APY

5.30%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Sallie Mae Money Market Account
APY

4.65%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Ally Bank Money Market Account
APY

4.25%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Zynlo Money Market Account
APY

5.00%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
EverBank Yield Pledge® Money Market - 1-Yr Intro APY
APY

4.30%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
First Foundation Bank Online Money Market
APY

4.90%

With $0.01 min. balance for APY

Bonus

N/A

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. 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 the best 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 savings account is a type of deposit account offered by a financial institution that typically earns interest. A money market account is also a type of deposit account, but it typically requires a higher minimum balance.

MMAs have traditionally earned higher interest rates compared to standard savings accounts, though recently some high-yield savings accounts have been offering better returns.

» Learn more about high-interest savings accounts

Some MMAs come with a debit card or checks — but institutions may require that they not be used more than about six times per month.

A high-interest savings account earns attractive rates, but typically does not have debit card or check-writing access. However, savings accounts generally have similar limit restrictions for some types of withdrawals, such as online transfers.

The main reason to open a money market account is to have a higher interest rate compared to 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 the best money market accounts insured?

Yes, as long they are deposit accounts that come from a bank or credit union that is federally insured. You can find federally insured accounts at traditional brick and mortar banks and online banks. The Federal Deposit Insurance Corp. insures deposits up to at least $250,000. If the account is with a credit union, the account will likely be federally insured through the National Credit Union Administration, also up to at least $250,000.

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

  • Bask Interest Savings Account, 5.10% APY (read full review).

  • LendingClub High-Yield Savings, 5.00% APY (read full review).

  • Capital One 360 Performance Savings, 4.25% APY (read full review).

Last updated on April 8, 2024

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, All America Bank, 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, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best Money Market Accounts (Up to 5.30%)

Frequently asked questions