Money market accounts are a safe place to stash your savings at competitive interest rates while having easy access to your funds.
Our Nerds researched over 60 financial institutions to help you find the best account. We rounded up our favorites below based on rates, minimum deposits and other features, such as check writing, debit cards and access to free ATMs. You can read our detailed methodology at the bottom.
Keep in mind, though: Minimum deposits for money market accounts are often higher than those required by high-yield savings, and rates can be comparable between both kinds of accounts. See our savings accounts tool to surface some of the highest rates.
Savings accounts are often a better bet
- They often have higher or comparable interest rates
- Their minimum deposits are lower than those required by money market accounts
Top interest rate and check writing: UFB Direct
One of the highest annual percentage yields available for money market accounts is at UFB Direct: 1.41%. You need $5,000 to open and have to keep at least that much in your account daily to avoid a $10 monthly fee.
The online-only bank offers a free Visa debit card as well as check-writing privileges, but you’re limited to six transactions out of the account per month from checks, debit cards or online payments or transfers. Although not all money market accounts offer checks, the monthly transaction limits are standard across banks. UFB doesn’t charge fees for ATM withdrawals.
High interest rate and savings tools: Capital One 360
Read full review
To get that rate, however, you’ll need a balance of $10,000 or more. Otherwise, you’ll have to settle for a rate of 0.60% on balances up to $9,999. Still, that’s head and shoulders above the national average rate on money market accounts. There’s no minimum deposit required.
Competitive rate for any balance: Bank of Internet
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Like UFB Direct, Bank of Internet provides the additional perks of check writing and a free Visa debit card. Checks and debit card transactions, along with online transfers and payments, fall under the federal limit of six per month.
Competitive rate for high balances: Discover
1.05% to 1.10% APY
The bank, which operates online, has over 60,000 ATMs in its network. Discover also has a mobile app for iOS and Android devices that get great ratings. The minimum opening deposit for a money market account is $2,500. If your balance drops below that amount — say, from withdrawals — there’s a $10 monthly maintenance fee.
Best promotional rate: EverBank
1.31% APY for one year
EverBank doesn’t charge any monthly maintenance or ATM fees. If you maintain a balance of $5,000, the bank reimburses any ATM fees charged by other banks.
Great promotional rate: BBVA Compass
The minimum deposit required to open an account is $25, but you need a daily balance of at least $10,000 to avoid a $15 monthly fee. This account is available nationwide, except for residents in Alaska and Hawaii, but branch locations are only in seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. BBVA Compass is part of the Allpoint network, giving access to more than 55,000 ATMs nationwide for free.
» Want to see what else is out there? Check out our money market tool for more options.
Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: email@example.com. Twitter: @margarette.
Updated Nov. 9, 2017.
To determine the best accounts, we took a close look at 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 rates, minimum balances, fees, digital experience and more.
Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Bank5 Connect, BankDirect, Bank of America, Bank of Internet, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, EverBank, Fidelity, Fifth Third Bank, First Citizens Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, M&T Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, PurePoint Financial, Qapital, Radius Bank, Regions Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Simple, Star One Credit Union, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo, Woodforest National Bank, and Zions Bank.