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7 Best Money Market Account Rates

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Summary of 7 Best Money Market Account Rates

BankAPYLearn More
UFB Premium Money Market Account

UFB Premium Money Market Account

at UFB Direct,

Member, FDIC

2.00%

With $25000 minimum balance

at UFB Direct,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

1.85%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

1.90%

With $0 minimum balance

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.80%

With $0 minimum balance

at Barclays,

Member, FDIC

Discover Money Market Account

Discover Money Market Account

at Discover,

Member, FDIC

1.65%

With $2500 minimum balance

at Discover,

Member, FDIC

BBVA Money Market Account

BBVA Money Market Account

at BBVA USA,

Member, FDIC

1.90%

With $10000 minimum balance

at BBVA USA,

Member, FDIC

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

1.90%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.80%

With $10000 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.90%

With $5000 minimum balance

CIT Bank Money Market Account

CIT Bank Money Market Account

1.85%

With $100 minimum balance

BankAPYLearn More
UFB Premium Money Market Account

UFB Premium Money Market Account

at UFB Direct,

Member, FDIC

2.00%

With $25000 minimum balance

at UFB Direct,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

1.85%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

1.90%

With $0 minimum balance

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.80%

With $0 minimum balance

at Barclays,

Member, FDIC

Discover Money Market Account

Discover Money Market Account

at Discover,

Member, FDIC

1.65%

With $2500 minimum balance

at Discover,

Member, FDIC

BBVA Money Market Account

BBVA Money Market Account

at BBVA USA,

Member, FDIC

1.90%

With $10000 minimum balance

at BBVA USA,

Member, FDIC

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

1.90%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

1.80%

With $10000 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

1.90%

With $5000 minimum balance

CIT Bank Money Market Account

CIT Bank Money Market Account

1.85%

With $100 minimum balance

UFB Premium Money Market Account

at UFB Direct,

Member, FDIC

APY

2.00%

With $25000 minimum balance

Best rate: UFB Direct offers one of the highest APYs available for money market accounts; it is 2.00%.

 

Minimum balance: You need $5,000 to open and have to keep at least that much in your account daily to avoid a $10 monthly fee, and you must maintain a minimum balance of $25,000 to earn the high rate.

 

What you should know: The online-only bank offers a free Visa debit card as well as check-writing privileges, but you're limited to six transactions out of the account per month from checks, debit cards or online payments or transfers. Although not all money market accounts offer checks, the monthly transaction limits are standard across banks. UFB doesn't charge fees for ATM withdrawals.

Read full review
Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

APY

1.85%

With $5000 minimum balance

Best rate: With an APY of 1.85%, Citizens Access' savings account has one of the best interest rates on offer among savings accounts or money market accounts.

 

Minimum balance: There is a $5,000 minimum balance to earn the APY, which is steeper than what is required at some other banks.

 

What you should know: The account comes with no monthly fees that you'll have to worry about, and Citizens' CDs are also top of the line.

Read full review
APY

1.90%

With $0 minimum balance

Best rate: Marcus by Goldman Sachs has an online savings account with a rate that’s better than that of many money market options: 1.90%. You need to deposit only $1 to take advantage of the top rate.

 

Minimum balance: There’s no minimum to open an account.

 

What you should know: The account doesn’t charge transaction fees, but Marcus doesn’t offer checking accounts or ATM access. You’ll need an external account to withdraw money, so it might not be your best bet if you need to move cash regularly.

Read full review
Barclays Online Savings Account

at Barclays,

Member, FDIC

APY

1.80%

With $0 minimum balance

Best rate: Barclays Online Savings' high rate of 1.80% is a strong incentive to park your cash with the bank.

 

Minimum balance: There's no minimum deposit or monthly fee.

 

What you should know: The bank has no branches or ATM network, and no checking account option.

Read full review
Discover Money Market Account

at Discover,

Member, FDIC

APY

1.65%

With $2500 minimum balance

Best rate: Discover’s money market account has an attractive 1.65% APY on balances below $100,000. If you have more to deposit, the rate is 1.70%.

 

Minimum balance: The minimum opening deposit for a money market account is $2,500 with no monthly fee. If you don’t have that much to deposit, or you don’t need to write checks or use a debit card, Discover’s online savings account is an option that has no minimum deposit and a better yield at 1.80%.

 

What you should know: Discover Bank, which operates online, has high ratings for its mobile app on iOS and Android devices. In addition, the bank has over 60,000 ATMs in its network. You can also make debit card purchases and write checks with this money market account, though you’re limited to six of these types of transactions each month.

Read full review
BBVA Money Market Account

at BBVA USA,

Member, FDIC

APY

1.90%

With $10000 minimum balance

Best rate: With an APY of 1.90%, BBVA's money market account is among the more competitive accounts in the landscape.

 

Minimum balance: There is a $10,000 minimum balance requirement to qualify for the high rate. The account earns 0.05% APY on balances below that amount. (APYs may vary by location.)

 

What you should know: Be aware that there is a $15 monthly fee on the account, avoided with a balance of at least $10,000 or with recurring transfers from a BBVA checking account.

Read full review
APY

1.90%

With $1 minimum balance

Best rate: FNBO Direct pays a solid 1.90% APY on its online savings account.

 

Minimum balance: You need just $1 to open and $0.01 to earn interest.

 

What you should know: The bank doesn’t charge monthly fees, and it has 24/7 customer service via phone. It also offers a checking account with a solid APY that doesn’t charge monthly fees.

Read full review
APY

1.80%

With $10000 minimum balance

Best rate: PurePoint offers a leading rate on its savings account, but you will have to deposit $10,000 to open it. And if you don’t keep a balance of at least $10,000 in the account, your return drops to 0.25% APY.

 

Minimum balance: No minimum balance required

 

What you should know: The bank charges minimal fees and offers in-person customer service in Florida, Illinois, New York and Texas, as well as assistance via phone and secure messaging. Just know that it doesn’t have checking accounts.

Read full review
APY

1.90%

With $5000 minimum balance

Best rate: The 1.90% APY on its savings account is near the top of the pack.

 

Minimum balance: You will need $5,000 to open the account. This savings account charges a $4 maintenance fee if you don’t keep $500 or more in it.

 

What you should know: If any transactions or fees cause your account to be overdrawn, you could be charged an additional $10 overdraft fee, up to five times a day.

Read full review
APY

1.85%

With $100 minimum balance

Best rate: CIT Bank has great APYs on both its new money market account — 1.85% — and its Savings Builder account — 1.85%.

 

Minimum balance: There's a minimum opening deposit of $100 for either account. That's a reasonable minimum for a money market account. For the Savings Builder, as its name implies, you'll also need to deposit $100 monthly to earn the top interest rate. You can also maintain a minimum balance of at least $25,000 to earn the high rate.

 

What you should know: Neither account has a monthly maintenance fee.

Read full review

Why high money market rates matter

The best money market accounts have rates that are at least 2%. Your money would grow faster with this type of account than it would in an account that earned average savings rates. A balance of $10,000 would earn about $10 after one year in an account with a 0.10% APY. That same balance would earn about $200 in an account with a 2% APY.

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

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

A money market account is a type of savings account that often requires a higher minimum balance and earns a higher interest rate than a standard savings account. Some MMAs come with a debit card or checks, but federal rules require that they not be used more than six times per month. Some banks 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 basic 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 money market accounts.

How to choose a money market account

Look for a money market account with a high rate and no monthly fees. Some money market accounts have minimum balance requirements of at least $10,000 to avoid a monthly fee, which can be $10 or more.

How to open a money market account

You can open a money market account either online or in person. Be prepared to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and valid forms of identification.)

The bank will often require you to transfer money into the new account right away. You can do that by depositing cash or checks, or through a wire transfer.

Are money market accounts insured?

The short answer is yes. Most banks, including the online banks listed on this page, are federally insured by the Federal Deposit Insurance Corp., up to $250,000 per depositor. If the account is with a credit union, the account will likely be insured through the National Credit Union Administration, also for $250,000 per depositor.

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 funds, which are not 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 savings 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 does not have a guaranteed return.

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

Are money market rates fixed?

No, rates are variable and can change over time. The money market accounts featured on this page are among those with the consistently highest rates.

Other top accounts

Here are a few other exceptional choices for money market and savings accounts. If you are looking around for the best savings vehicle for you, they're worth checking out.

  • Axos Bank Money Market Account, 1.05% APY (read full review).
  • TIAA Bank Money Market Account, 2.15% APY (read full review).
  • Sallie Mae Money Market Account, 2.15% APY (read full review).
  • Synchrony High Yield Savings, 1.90% APY (read full review).

Last updated on June 3, 2019

Methodology

We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; 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 surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO Harris, Capital One 360Charles Schwab BankChaseChimeCITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBank, MetaBank, M&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD Bank,  TIAA BankUnion BankUFB DirectUSAAU.S. BankVaroWells Fargo and Zions Bank.

How we rate banks and credit unions