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Best Money Market Account Rates 2018

June 21, 2018
Banking, Savings Accounts
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The accounts with the best money market rates can help you grow your savings while keeping your money secure. Just know that when it comes to interest rates, high-yield savings accounts may be just as good — or better.

Is a money market account right for you?

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. MMAs often require a higher deposit but on the plus side may offer a debit card and the ability to write checks.

Best money market rates

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

Great APY on low balances
Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony High Yield Savings

Overall bank rating:
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings

Overall bank rating:
Top interest rates
CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank Money Market Account

Overall bank rating:

UFB Direct Money Market Account

Overall bank rating:
Strong APY and online experience

Ally Online Savings

Overall bank rating:
Stellar introductory rate

TIAA Bank* Money Market Account

Overall bank rating:
*formerly known as EverBank
Competitive interest rate
Discover

at Discover,

Member, FDIC

Discover Bank Money Market Account

Overall bank rating:

Capital One 360 Money Market Account

Overall bank rating:
Solid interest rate plus checks

Bank of Internet USA Money Market Account

Overall bank rating:

Great APY on low balances: Synchrony

1.75% APY
No minimum deposit

NerdWallet has rated this bank:
Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony doesn’t offer a checking account, but you do get a top savings rate 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. There’s no monthly fee or minimum balance required for Synchrony’s high-yield savings or money market account, but the money market rate is much lower, 1.05% APY.

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Great APY on low balances: Barclays

1.65% APY
No minimum deposit

NerdWallet has rated this bank:
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, no ATM network or branches and no mobile app for U.S. customers.

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Top interest rate: UFB Direct

1.60% APY
$5,000 minimum deposit

NerdWallet has rated this bank:

One of the highest annual percentage yields available for money market accounts is at UFB Direct: 1.60%. 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.

This money market account was named one of the best in NerdWallet’s 2018 Bank Awards.

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Top interest rate: CIT Bank

1.85% APY
$100 minimum deposit

NerdWallet has rated this bank:
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 high-yield savings account — 1.55%. There’s a minimum opening deposit of $100 for either account. That minimum is higher than what some other savings accounts require, but much less than the minimum for many money market accounts. Speaking of the money market account, the 1.85% APY applies to all balances, and it soundly beats the 0.12% national average. Likewise, the 1.55% APY for CIT Bank Premier Savings is much higher than the 0.08% savings account national average. Neither account has a monthly maintenance fee.

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Great APY and online experience: Ally

1.65% APY
No minimum deposit

NerdWallet has rated this bank:

Ally’s mobile apps work with Apple, Android and Windows devices. Its website is easy to use, and there are multiple channels for customer service, including real-time chat. Interest is compounded daily at this online bank, which means you make a bit more on interest compared with accounts that compound monthly. Ally’s online savings and money market accounts both avoid charging monthly fees, but the savings rate is much higher.

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Strong introductory rate: TIAA Bank

1.50% APY
$5,000 minimum deposit

NerdWallet has rated this bank:

TIAA Bank, formerly known as EverBank, offers a generous 1.50% introductory rate on its money market account for balances up to $250,000. The special rate lasts a year before its standard money market rate of 1.05% kicks in for balances of less than $10,000. You need at least $5,000 to open the account.

TIAA Bank 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 in the U.S.

This money market account was named one of the best in NerdWallet’s 2018 Bank Awards.

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Competitive interest rate: Discover

1.50% APY
$2,500 minimum deposit

NerdWallet has rated this bank:
Discover

at Discover,

Member, FDIC

Discover’s money market account has an attractive 1.50% APY on balances below $100,000. If you have more to deposit, the rate is 1.55%.

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 1.65%. (To see how Discover’s savings account compares, check out the best high-yield online savings accounts.)

This money market account was named one of the best in NerdWallet’s 2018 Bank Awards.

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Competitive interest rate: Capital One 360

1.60% APY
$10,000 minimum deposit

NerdWallet has rated this bank:

Capital One’s fee-free 360 Money Market account provides a high rate of 1.60% 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.

This money market account was named one of the best in NerdWallet’s 2018 Bank Awards.

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Solid interest rate plus checks: Bank of Internet

1.05% APY
No minimum deposit

NerdWallet has rated this bank:

Unlike most institutions offering money market accounts, Bank of Internet makes it easy to earn a high yield without worrying about your balance. There’s no monthly fee and no minimum balance requirements, so you can earn interest easily with its 1.05% APY.

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.

This money market account was named one of the best in NerdWallet’s 2018 Bank Awards.

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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

Here are the best money market rates 2018

Bank or Credit UnionAPYMinimum Balance
Synchrony High Yield Savings1.75%None
Barclays Online Savings1.65%None
CIT Bank Money Market Account1.85%None, but minimum $100 to open
UFB Direct Money Market Account1.60%$5,000
Ally Online Savings1.65%None
TIAA Bank Money Market Account1.50% $5,000
Discover Bank Money Market Account1.50%$2,500
Capital One 360 Money Market Account1.60%$10,000. Otherwise 0.85% APY
Bank of Internet USA Money Market Account1.05%None

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.

METHODOLOGY

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 are: 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, TIAA Bank, Fidelity, Fifth Third Bank, First Citizens Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, HSBC Bank USA, Huntington Bank, KeyBank, M&T Bank, Marcus by Goldman Sachs, MetaBank, 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.

How we rate banks and credit unions