Best of

7 Best Money Market Account Rates

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Summary of 7 Best Money Market Account Rates

BankAPYLearn More
UFB Direct

UFB Direct

at UFB Direct,

Member, FDIC

2.15%

With $25000 minimum balance

at UFB Direct,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

2.00%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

1.90%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.90%

With $0 minimum balance

at Barclays,

Member, FDIC

Discover

Discover

at Discover,

Member, FDIC

1.75%

With $2500 minimum balance

at Discover,

Member, FDIC

BBVA USA

BBVA USA

at BBVA USA,

Member, FDIC

2.00%

With $10000 minimum balance

at BBVA USA,

Member, FDIC

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

2.00%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

2.00%

With $10000 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

2.30%

With $5000 minimum balance

CIT Bank

CIT Bank

1.85%

With $100 minimum balance

BankAPYLearn More
UFB Direct

UFB Direct

at UFB Direct,

Member, FDIC

2.15%

With $25000 minimum balance

at UFB Direct,

Member, FDIC

Citizens Access Online Savings Account

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

2.00%

With $5000 minimum balance

at Citizens Access,

Member, FDIC

Goldman Sachs Bank USA Online Savings

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

1.90%

With $0 minimum balance

at Goldman Sachs Bank USA,

Member, FDIC

Barclays Online Savings Account

Barclays Online Savings Account

at Barclays,

Member, FDIC

1.90%

With $0 minimum balance

at Barclays,

Member, FDIC

Discover

Discover

at Discover,

Member, FDIC

1.75%

With $2500 minimum balance

at Discover,

Member, FDIC

BBVA USA

BBVA USA

at BBVA USA,

Member, FDIC

2.00%

With $10000 minimum balance

at BBVA USA,

Member, FDIC

FNBO Direct Online Savings Account

FNBO Direct Online Savings Account

2.00%

With $1 minimum balance

PurePoint® Financial Online Savings

PurePoint® Financial Online Savings

2.00%

With $10000 minimum balance

Popular Direct Ultimate Savings Account

Popular Direct Ultimate Savings Account

2.30%

With $5000 minimum balance

CIT Bank

CIT Bank

1.85%

With $100 minimum balance

UFB Direct

at UFB Direct,

Member, FDIC

at UFB Direct,

Member, FDIC

APY

2.15%

With $25000 minimum balance

Citizens Access Online Savings Account

at Citizens Access,

Member, FDIC

APY

2.00%

With $5000 minimum balance

Goldman Sachs Bank USA Online Savings

at Goldman Sachs Bank USA,

Member, FDIC

at Goldman Sachs Bank USA,

Member, FDIC

APY

1.90%

With $0 minimum balance

Barclays Online Savings Account

at Barclays,

Member, FDIC

APY

1.90%

With $0 minimum balance

Discover

at Discover,

Member, FDIC

at Discover,

Member, FDIC

APY

1.75%

With $2500 minimum balance

BBVA USA

at BBVA USA,

Member, FDIC

at BBVA USA,

Member, FDIC

APY

2.00%

With $10000 minimum balance

APY

2.00%

With $1 minimum balance

APY

2.00%

With $10000 minimum balance

APY

2.30%

With $5000 minimum balance

APY

1.85%

With $100 minimum balance

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, 2.00% 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

To recap our selections...

NerdWallet's 7 Best Money Market Account Rates