If you’re interested in a money market account, it’s likely because these accounts may offer some advantages over regular savings accounts, such as a little better return, use of a debit card or the ability to write checks.
It’s important, though, to shop around. Compare factors other than savings rates, such as fees, customer service and access to free ATMs. But keep this tip in mind:
Savings accounts are often a better bet
- They often have higher or comparable interest rates
- Their minimum deposits are lower than MMAs
If you’ve determined money market accounts are your best option, we can help you comparison shop. We’ve highlighted some of the best money market accounts available:
1. Capital One
To get that leading rate, however, you’ll need a balance of $10,000 or more. If you don’t have that much, you’ll have to settle for a rate of 0.6% on balances up to $9,999. Still, that’s head and shoulders above the national average rate on money market accounts.
Ally’s money market account shines in other ways, too. For one, it comes with a debit card. And you can make free ATM withdrawals at more than 43,000 Allpoint cash machines.
Ally offers live customer service 24/7, and it reimburses up to $10 per statement cycle for fees incurred at ATMs outside the bank’s network.
3. Discover Bank
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 gets 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.
Synchrony offers 0.85% APY on its money market account. There’s no minimum balance requirement or monthly maintenance fee.
Synchrony also has a vast free network of more than 2 million Plus and Accel ATMs. The bank offers a monthly $5 rebate on fees incurred for using cash machines outside the free network.
The special rate lasts a year before the standard money market rate of 0.86% kicks in. You’ll need at least $5,000 to open the account.
Want to see what else is out there? Check out our money market tool for more options.
Updated July 7, 2017.
To determine the best accounts, we took a close look at over 60 financial institutions: 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.
Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, Andrews Federal Credit Union, 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, Citibank, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, EverBank, Fidelity, Fifth Third Bank, First Tech Federal Credit Union, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MemoryBank, MetaBank, M&T Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, People’s United Bank, PNC, 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, Wells Fargo, Woodforest National Bank, Zero Financial and Zions Bank.