10 Best Money Market Accounts

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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 five to six 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 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 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 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 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.