5 Best Money Market Accounts
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.
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 high-yield 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 compared to an MMA.
» 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 half of a percent. Say you save $10,000 in such an account; after a year, your balance would earn about 50 bucks. Put that same amount in a money market account with a 2.50% APY, and you would earn about $250. You earn extra money with practically 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 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 high-yield 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 compared to an MMA.
» 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 half of a percent. Say you save $10,000 in such an account; after a year, your balance would earn about 50 bucks. Put that same amount in a money market account with a 2.50% APY, and you would earn about $250. You earn extra money with practically no extra effort. Read on for more details about NerdWallet’s top money market accounts.
Best Money Market Accounts
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 Discover Bank Money Market Account Learn more at Discover Bank, Member FDIC | Best for Money Market Account | 3.80% 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 | 4.15% With $0.01 min. balance for APY | N/A | Read review |
 Ally Bank Money Market Account | Best for Money Market Account | 4.00% With $0.01 min. balance for APY | N/A | Read review |
 Zynlo Bank More Money Market Account | Best for Money Market Account | 2.25% With $0.01 min. balance for APY | N/A | Read review |
 Vio Bank Cornerstone Money Market Account | Best for Money Market Account | 4.88% With $0.01 min. balance for APY | N/A | Read review |
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People often identify opening a savings account as their next money move.
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
SoFi Checking and Savings
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
at SoFi, Member FDIC
Marcus by Goldman Sachs Online Savings Account
APY
With $0 min. balance for APY
at Marcus by Goldman Sachs, Member FDIC
Our pick for
Money Market Account
3.80%
With $1 min. balance for APY
N/A
Why We Like It
Rate: Discover’s money market account has a 3.80% APY on balances below $100,000. If you have more to deposit, the rate is 3.85% 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 limited check-writing privileges and customer support 24 hours a day, seven days a week. Discover also has a cash back rewards checking account with no monthly fee.
4.15%
With $0.01 min. balance for APY
N/A
Why We Like It
Rate: Earn 4.15% 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.
4.00%
With $0.01 min. balance for APY
N/A
Why We Like It
Rate: The Ally Money Market Account earns 4.00% 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.
2.25%
With $0.01 min. balance for APY
N/A
Why We Like It
Rate: The Zynlo More Money Market Account earns 2.25% 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 it doesn’t have any branches, Zynlo Bank 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.
4.88%
With $0.01 min. balance for APY
N/A
Why We Like It
Rate: The Vio Bank Cornerstone Money Market Account earns 4.88% 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 also offers online savings accounts and CDs. 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.
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 many times higher.
What is the difference between a money market account and a standard savings account?
A standard savings account is a deposit account offered by a financial institution that typically earns interest. A money market account is also a type of deposit account but it also typically requires a higher minimum balance to open than a standard savings account.
MMAs traditionally earn a higher interest rate than standard savings accounts, though recently some high-yield savings accounts have been offering better returns with lower minimum balance requirements.
» Learn more about high-yield savings accounts
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 share owner, 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
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 high-yield savings accounts, which also pay great rates.
LendingClub High-Yield Savings, 4.25% APY with $0 minimum balance to earn APY (read full review).
Capital One 360 Performance Savings, 4.00% APY with $0 minimum balance to earn APY (read full review).
Marcus by Goldman Sachs Online Savings, 4.15% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 05/09/2023. (read full review).
Last updated on February 22, 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, 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, BMO, 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, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E-Trade, 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, Hope Credit Union, Huntington Bank, Industrial 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, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA 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
- Discover Bank Money Market Account: Best for Money Market Account, 3.80% APY
- Sallie Mae Money Market Account: Best for Money Market Account, 4.15% APY
- Ally Bank Money Market Account: Best for Money Market Account, 4.00% APY
- Zynlo Bank More Money Market Account: Best for Money Market Account, 2.25% APY
- Vio Bank Cornerstone Money Market Account: Best for Money Market Account, 4.88% 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 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.
