7 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.
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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 one of the best money market accounts 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 December 1, 2023. All other information is current as of July 14, 2023.
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 one of the best money market accounts 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 December 1, 2023. All other information is current as of July 14, 2023.
Best Money Market Accounts (up to 5.30%)
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 Vio Bank Cornerstone Money Market Account Learn more at Vio Bank, Member FDIC | Best for Money Market Account | 5.30% With $0.01 min. balance for APY | N/A | Learn more at Vio Bank, Member FDIC |
 Discover Bank Money Market Account Learn more at Discover Bank, Member FDIC | Best for Money Market Account | 4.20% With $1 min. balance for APY | N/A | Learn more at Discover Bank, Member FDIC |
 Sallie Mae Money Market Account | Best for Money Market Account | 4.75% With $0.01 min. balance for APY | N/A | Read review |
 Ally Bank Money Market Account | Best for Money Market Account | 4.40% With $0.01 min. balance for APY | N/A | Read review |
 Zynlo Money Market Account | Best for Money Market Account | 5.00% With $0.01 min. balance for APY | N/A | Read review |
 EverBank Yield Pledge® Money Market - 1-Yr Intro APY | 4.75% With $0 min. balance for APY | N/A | Read review | |
 First Foundation Bank Online Money Market | 5.25% With $0.01 min. balance for APY | N/A | Read review |
Our pick for
Money Market Account
5.30%
N/A
Why We Like It
Money market rate: The Vio Bank Cornerstone Money Market Account earns 5.30% APY on all balances.
Minimum balance and fee: There is a $100 minimum to open and no monthly fee.
What you should know: Vio Bank is a division of Oklahoma City-based MidFirst Bank. Customer service is available by phone 7 a.m. to 9 p.m. CT on weekdays, 8 a.m. to 6 p.m. CT on Saturdays and 12 p.m. to 4 p.m. CT on Sundays.
4.20%
N/A
Why We Like It
Money market rate: Discover’s money market account has a 4.20% APY on balances below $100,000. If you have more to deposit, the rate is 4.25% APY.
Minimum balance and fee: The minimum opening deposit for a money market account is $2,500, but beyond the initial deposit, there is no requirement to maintain a minimum balance. There is also no monthly fee.
What you should know: This money market account has check-writing and debit card privileges. It offers customer support 24 hours a day, seven days a week. Discover also has a cash back rewards checking account with no monthly fee.
4.75%
N/A
Why We Like It
Money market rate: Earn 4.75% APY on any balance.
Minimum balance and fee: There is no minimum balance requirement and no monthly fee.
What you should know: This account also comes with check-writing privileges. Customer service is available weekdays from 9 a.m. to 6 p.m. ET.
4.40%
N/A
Why We Like It
Money market rate: The Ally Money Market Account earns 4.40% across all balance tiers.
Minimum balance and fee: There is no monthly fee or minimum amount required to open an account.
What you should know: This account offers a debit card and the ability to write checks. Customer service is available 24 hours a day, seven days a week.
5.00%
N/A
Why We Like It
Money market rate: Zynlo's money market account earns 5.00% APY on balances up to $250,000, and 0.10% APY on amounts above that level.
Minimum balance and fee: There is a $10 minimum deposit to open an account and no monthly fees.
What you should know: While Zynlo Bank doesn’t have any branches, it does have customer service representatives available by phone 24 hours a day, seven days a week. Services are backed by PeoplesBank, which is based in Massachusetts.
4.75%
N/A
Why We Like It
Money market rate: The Yield Pledge Money Market from EverBank (formerly TIAA Bank) lets account holders earn a 4.75% APY on balances up to $250,000. This is a one-year introductory rate. For balances above that amount, and for accounts that have been opened for longer than one year, the APY is slightly lower.
Minimum balance and fee: There is no minimum amount to open an account, and there is also no monthly fee.
What you should know: EverBank (formerly TIAA Bank) does not charge ATM fees. In addition, if you use domestic ATMs that are not in the bank’s network, EverBank will reimburse any ATM fees charged by the machine owner, up to $15 each month. If your average daily bank balance is at least $5,000, the ATM fee reimbursement is uncapped. Customer service is available by phone weekdays from 8am to 8pm ET and Saturdays from 9am to 7pm ET.
5.25%
N/A
Why We Like It
Money market rate: First Foundation Bank’s Online Money Market account earns a 5.25% APY.
Minimum balance and fee: You’ll need $1,000 to open an account. After that, there is no monthly fee, even if the balance dips below $1,000.
What you should know: A debit card is available upon request. This account also has check-writing privileges. Customer service is available by phone Monday through Saturday.
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 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. 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. Traditional brick and mortar banks and online banks, including the ones listed on this page, are typically insured by the Federal Deposit Insurance Corp. 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, 4.65% APY (read full review).
Capital One 360 Performance Savings, 4.30% APY (read full review).
Last updated on December 1, 2023
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, Alaska USA Federal Credit Union, 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, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, 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 Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, 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, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, 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, Union Bank, 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%)
- Vio Bank Cornerstone Money Market Account: Best for Money Market Account, 5.30% APY
- Discover Bank Money Market Account: Best for Money Market Account, 4.20% APY
- Sallie Mae Money Market Account: Best for Money Market Account, 4.75% APY
- Ally Bank Money Market Account: Best for Money Market Account, 4.40% APY
- Zynlo Money Market Account: Best for Money Market Account, 5.00% APY
- EverBank Yield Pledge® Money Market - 1-Yr Intro APY: 4.75% APY
- First Foundation Bank Online Money Market: 5.25% APY
Frequently asked questions
Look for a money market account with a high rate and no monthly fees. Some money market accounts have a monthly fee of around $10 or more 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.
