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8 Best Money Market Account Rates February 2019

Feb. 1, 2019
Banking, Savings Accounts
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The best money market rates help you build your bank balance faster, while also keeping your money safe. Just remember that when it comes to interest rates, high-yield savings accounts may be just as good — or better.

What is a money market account?

A money market account is a type of savings account that often requires a minimum deposit, but may offer a debit card and the ability to write checks. Weigh your options: High-yield savings with rates that beat money market accounts mean you’ll come out ahead in the long run, and the best savings accounts have low to no minimum deposits.

» Curious about the difference between money market accounts, basic savings and CDs? Check out NerdWallet’s primer on money market accounts.

Best money market rates February 2019

To help you compare, we show high-yield savings options alongside top money market account rates. Here are our favorites:

Capital One

at Capital One,

Member, FDIC

Capital One 360 Money Market Account

4.5 NerdWallet rating
Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access Savings Account

4.0 NerdWallet rating
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs Online Savings Account

4.0 NerdWallet rating
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings

4.0 NerdWallet rating
Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony High Yield Savings

4.0 NerdWallet rating
PurePoint Financial, a Division of MUFG Union Bank, NA

at PurePoint Financial, a Division of MUFG Union Bank, NA,

Member, FDIC

PurePoint Financial Online Savings

3.5 NerdWallet rating
UFB Direct

at UFB Direct,

Member, FDIC

UFB Direct Premium Money Market Account

3.5 NerdWallet rating
CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank Money Market Account

4.0 NerdWallet rating
Discover

at Discover,

Member, FDIC

Discover Bank Money Market Account

4.5 NerdWallet rating
BBVA Compass

at BBVA Compass,

Member, FDIC

BBVA Compass Money Market Account

3.5 NerdWallet rating

Capital One 360 Money Market Account

2.00% APY
$10,000 minimum deposit

Capital One

at Capital One,

Member, FDIC

Capital One’s fee-free 360 Money Market account provides a high rate of 2.00% as well as access to digital tools to help you create goals and automate savings.

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 0.85% on balances up to $9,999. Still, that’s better than the national average rate on money market accounts. There’s no minimum deposit required to open an account.

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Citizens Access Savings Account

2.35% APY
$5,000 minimum deposit

Citizens Access

at Citizens Access,

Member, FDIC

With an APY of 2.35%, Citizens Access’ savings account has one of the best interest rates on offer among savings accounts or money market accounts.

Though the $5,000 minimum balance to earn the APY is steeper than what is required at some other banks, the account comes with no monthly fees that you’ll have to worry about, and Citizens’ CDs are also top of the line.

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Marcus by Goldman Sachs Online Savings Account

2.25% APY
No minimum deposit

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs has an online savings account with a rate that’s better than that of many money market options. You need to deposit only $1 to take advantage of the top rate, and there’s no minimum to open an account.

The account doesn’t charge transaction fees, but Marcus doesn’t offer checking accounts or ATM access. You’ll need an external account to withdraw money, so it might not be your best bet if you need to move cash regularly.

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Barclays Online Savings

2.20% APY
No minimum deposit

Barclays

at Barclays,

Member, FDIC

Barclays Online Savings’ high rate is strong incentive to park your cash with the bank. There’s also no minimum deposit or monthly fee. Be aware, though, there’s no checking option and no ATM network or branches.

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Synchrony High Yield Savings

2.25% APY
No minimum deposit

Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony doesn’t offer a checking account, but you do get a high yield savings account with no minimum deposit. You also get a bank card and access to free ATMs. If ATM operators charge a fee, Synchrony reimburses up to $5 a month. You can also earn perks, such as discounts on car rentals and hotels. The savings account is separate from Synchrony’s money market account, which also has no monthly fee or minimum balance required. However, the rate is 1.20% APY, which is attractive, but lower than Synchrony’s high yield savings.

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PurePoint Financial Online Savings

2.35% APY
$10,000 minimum deposit

PurePoint Financial, a Division of MUFG Union Bank, NA

at PurePoint Financial, a Division of MUFG Union Bank, NA,

Member, FDIC

PurePoint offers a leading rate on its savings account, but you will have to deposit $10,000 to open it. And if you don’t keep a balance of at least $10,000 in the account, your return drops to 0.25% APY.

The bank charges minimal fees and offers in-person customer service in Florida, Illinois, New York and Texas, as well as assistance via phone and secure messaging. Just know that it doesn’t have checking accounts.

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UFB Direct Premium Money Market Account

2.45% APY
$25,000 minimum deposit

UFB Direct

at UFB Direct,

Member, FDIC

One of the highest annual percentage yields available for money market accounts is at UFB Direct: 2.45%.

You need $5,000 to open and have to keep at least that much in your account daily to avoid a $10 monthly fee. Plus, you’ll need to maintain a balance of at least $25,000 to qualify for the high rate.

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CIT Bank Money Market and Savings Builder accounts

1.85% APY
2.45% APY
$100 minimum deposit

CIT Bank

at CIT Bank,

Member, FDIC

What’s notable about CIT Bank is the great APYs on both its new money market account — 1.85% — and its Savings Builder account — 2.45%. There’s a minimum opening deposit of $100 for either account. That’s a reasonable minimum for a money market account. For the Savings Builder, as its name implies, you’ll also need to deposit $100 monthly to earn the top interest rate. Neither account has a monthly maintenance fee.

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Discover Bank Money Market Account

1.95% APY
$2,500 minimum deposit

Discover

at Discover,

Member, FDIC

Discover’s money market account has an attractive 1.95% APY on balances below $100,000. If you have more to deposit, the rate is 2.00%.

The bank, which operates online, has over 60,000 ATMs in its network. In addition, the bank has high ratings for its mobile app on iOS and Android devices. With a Discover money market account, you can make debit card purchases and write checks, though you’re limited to six of these types of transactions each month.

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. If you don’t have that much to deposit, or you don’t need to write checks or use a debit card, Discover’s online savings account is an option that has no minimum deposit and a better yield at 2.10%. (To see how Discover’s savings account compares, check out the best high-yield online savings accounts.)

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BBVA Compass Money Market Account

1.90% APY
$10,000 MINIMUM DEPOSIT

BBVA Compass

at BBVA Compass,

Member, FDIC

With an APY of 1.90%, BBVA Compass’ money market account is among the more competitive accounts in the landscape. There is a $10,000 minimum balance to qualify for the rate. The account earns 0.05% APY on balances below that amount. (APYs may vary by location). Be aware that there is a $15 monthly fee on the account, avoided with a balance of at least $10,000 or with recurring transfers from a BBVA checking account.

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» If you’re looking for higher interest rates and can afford to stash your money for one or more years, check out our best CD rates for this month

Other top accounts

Here are a few other exceptional choices for money market and savings accounts. If you are looking around for the best savings vehicle for you, they’re worth checking out.

  • TIAA Bank Money Market Account, 2.15% APY (read full review)
  • Popular Direct Plus Savings Account, 2.36% APY
  • Sallie Mae Money Market Account, 2.20% APY (read full review)
  • Axos Bank High Yield Money Market Account, 1.05% APY (read full review)
  • FNBO Direct Online Savings Account, 2.15% APY (read full review)

Top savings and money market rates 2019

Bank or Credit UnionAPYMinimum Balance
Capital One 360 Money Market Account2.00%$10,000
Marcus by Goldman Sachs Online Savings Account2.25%None
Citizens Access Online Savings
Account
2.35% $5,000
Barclays Online Savings2.20%None
Synchrony High Yield Savings2.25%None
PurePoint Financial Online Savings2.35%$10,000
CIT Bank Money Market Account1.85%None, but minimum $100 to open
Discover Bank Money Market Account1.95%$2,500
UFB Direct Premium Money Market Account2.45%$25,000
BBVA Compass Money Market Account1.90%$10,000

METHODOLOGY

We took a close look at over 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 yields, 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, Axos Bank, Bank5 Connect, Bank7, Bank of America, 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 Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank,  TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo and Zions Bank.

How we rate banks and credit unions

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