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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 also 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 savings accounts, but they also may have higher minimum requirements.
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.
» 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 tenth of a percent. Say you save $10,000 in such an account; after a year, your balance would earn less than ten bucks. Put that same amount in a money market account with a 0.50% APY, and you would earn just over $50. You earn extra money with no extra effort. Read on for more details about NerdWallet’s top money market accounts.
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 also 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 savings accounts, but they also may have higher minimum requirements.
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.
» 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 tenth of a percent. Say you save $10,000 in such an account; after a year, your balance would earn less than ten bucks. Put that same amount in a money market account with a 0.50% APY, and you would earn just over $50. You earn extra money with no extra effort. Read on for more details about NerdWallet’s top money market accounts.
Summary of Best Money Market Accounts of 2021
| Bank/Institution | NerdWallet Rating | APY | Bonus | Learn More |
|---|---|---|---|---|
 CIT Bank Money Market Account Learn more at CIT Bank, Member FDIC | 0.45% With $0.01 minimum balance | N/A | Learn more at CIT Bank, Member FDIC | |
 Sallie Mae Money Market Account | 0.50% With $0.01 minimum balance | N/A | Read review | |
 TIAA Bank Yield Pledge® Money Market | 0.40% With $0.01 minimum balance | N/A | Read review | |
 Ally Bank Money Market Account | 0.50% With $0.01 minimum balance | N/A | Read review | |
 Vio Bank Cornerstone Money Market Account | 0.56% With $0.01 minimum balance | N/A | Read review | |
 BrioDirect High-Yield Money Market Savings | 0.55% With $0.01 minimum balance | N/A | Read review | |
 Navy Federal Credit Union Money Market Account | 0.40% With $2,500 minimum balance | N/A | Read review | |
 Zynlo Money Market Account | 0.80% With $0.01 minimum balance | N/A | Read review |
at CIT Bank, Member FDIC
CIT Bank Money Market Account
APY
With $0.01 minimum balance
Bonus
N/Aat CIT Bank, Member FDIC
Sallie Mae Money Market Account
APY
With $0.01 minimum balance
Bonus
N/ATIAA Bank Yield Pledge® Money Market
APY
With $0.01 minimum balance
Bonus
N/AAlly Bank Money Market Account
APY
With $0.01 minimum balance
Bonus
N/AVio Bank Cornerstone Money Market Account
APY
With $0.01 minimum balance
Bonus
N/ABrioDirect High-Yield Money Market Savings
APY
With $0.01 minimum balance
Bonus
N/ANavy Federal Credit Union Money Market Account
APY
With $2,500 minimum balance
Bonus
N/AZynlo Money Market Account
APY
With $0.01 minimum balance
Bonus
N/AThis article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.
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 four to five times higher.
What is the difference between a money market account and a standard savings account?
A money market account is a type of deposit account that typically requires a higher minimum balance to open than a standard savings account. It traditionally earns a higher interest rate, though recently some high-yield savings accounts have been offering better returns with lower minimum balance requirements.
Some money market accounts 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. Most banks, including the online banks listed on this page, are 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 depositor, 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 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 and primer on federally insured money market accounts.
Top traditional 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.
American Express Personal Savings, 0.40% APY (read full review).
Marcus by Goldman Sachs High-Yield Savings, 0.50% APY (annual percentage yield) as of 11/17/2020 (read full review).
Barclays Online Savings Account, 0.40% APY (read full review).
Citizens Access Online Savings Account, 0.40% APY (read full review).
Last updated on September 10, 2021
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Marcus by Goldman Sachs Online Savings Account
APY
Bonus
at Marcus by Goldman Sachs, Member FDIC
Axos Bank® High Yield Savings
APY
Bonus
at Axos Bank®, Member FDIC
American Express® High Yield Savings Account
APY
Bonus
at American Express National Bank, Member FDIC
Methodology
We took a close look at over 70 financial institutions, 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 surveyed are: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA, BMO Harris, Boeing Employees Credit Union, Capital One 360, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Comenity Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E*TRADE Bank, Fifth Third Bank, First Foundation Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GoBank, Golden 1 Credit Union, Goldman Sachs Bank USA, HSBC Bank, Huntington Bank, KeyBank, LendingClub, Live Oak Bank, M&T Bank, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Redneck Bank, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees' Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TAB Bank, TCF Bank, TD Bank, TIAA Bank, U.S. Bank, UFB Direct, Union Bank, USAA, Varo, Vio Bank, Wells Fargo, Woodforest National Bank and Zions Bank.
To recap our selections...
NerdWallet's Best Money Market Accounts of 2021
- CIT Bank Money Market Account: 0.45% APY
- Sallie Mae Money Market Account: 0.50% APY
- TIAA Bank Yield Pledge® Money Market: 0.40% APY
- Ally Bank Money Market Account: 0.50% APY
- Vio Bank Cornerstone Money Market Account: 0.56% APY
- BrioDirect High-Yield Money Market Savings: 0.55% APY
- Navy Federal Credit Union Money Market Account: 0.40% APY
- Zynlo Money Market Account: 0.80% APY
Frequently asked questions
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 $25,000 to earn the best rates. Some also have a monthly fee of around $10 if you don’t keep a daily minimum balance, typically $1,000 or more. Accounts featured on this page have high rates and low fees.
No, rates are variable and can change over time. The money market accounts featured on this page are among those with the most consistently highest rates.
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.
