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10 Best Money Market Account Rates

June 3, 2019
Banking, Savings Accounts
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

The best money market rates help you grow your bank account balance faster, and the accounts keep your money protected. 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

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

Citizens Access

at Citizens Access,

Member, FDIC

Citizens Access Savings Account

3.0 NerdWallet rating
Capital One

at Capital One,

Member, FDIC

Capital One 360 Money Market Account

4.5 NerdWallet rating
UFB Direct

at UFB Direct,

Member, FDIC

UFB Direct Money Market Account

3.5 NerdWallet rating

CIT Bank Money Market Account

4.0 NerdWallet rating
Discover

at Discover,

Member, FDIC

Discover Bank Money Market Account

4.5 NerdWallet rating
BBVA USA

at BBVA USA,

Member, FDIC

BBVA Money Market Account

3.5 NerdWallet rating

PurePoint Financial Online Savings

3.0 NerdWallet rating

TIAA Bank* Money Market Account

Overall bank rating:
3.5 NerdWallet rating
*formerly known as EverBank

FNBO Direct Online Savings Account

4.0 NerdWallet rating

Citizens Access Savings Account

2.20% APY
$5,000 minimum deposit

Citizens Access

at Citizens Access,

Member, FDIC

Best rate:  With an APY of 2.20%, Citizens Access’ savings account has one of the best interest rates on offer among savings accounts or money market accounts.

Minimum balance: There is a $5,000 minimum balance to earn the APY, which is steeper than what is required at some other banks.

What you should know: 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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Capital One 360 Money Market Account

2.00% APY
$10,000 minimum to earn highest rate

Capital One

at Capital One,

Member, FDIC

Best rate: Capital One’s fee-free 360 Money Market account provides a high rate of 2.00%.

Minimum balance: To get the top rate, 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.

What you should know: Along with the high rate, the money market account provides access to Capital One 360 digital tools to help you create goals and automate savings.

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UFB Direct Money Market Account

2.15% APY
$5,000 minimum deposit

UFB Direct

at UFB Direct,

Member, FDIC

Best rate: UFB Direct offers one of the highest APYs available for money market accounts; it is 2.15%.

Minimum balance: You need $5,000 to open and have to keep at least that much in your account daily to avoid a $10 monthly fee, and you must maintain a minimum balance of $25,000 to earn the high rate.

What you should know: 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.

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CIT Bank Money Market and Savings Builder accounts

1.85% APY
2.30% APY
$100 minimum deposit

Best rate: CIT Bank has great APYs on both its new money market account — 1.85% — and its Savings Builder account — 2.30%.

Minimum balance: 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. You can also maintain a minimum balance of at least $25,000 to earn the high rate.

What you should know: Neither account has a monthly maintenance fee.

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Discover Bank Money Market Account

1.85% APY
$2,500 minimum deposit

Discover

at Discover,

Member, FDIC

Best rate: Discover’s money market account has an attractive 1.85% APY on balances below $100,000. If you have more to deposit, the rate is 1.90%.

Minimum balance: The minimum opening deposit for a money market account is $2,500 with no monthly 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 2.00%. (To see how Discover’s savings account compares, check out the best high-yield online savings accounts.)

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

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BBVA Money Market Account

2.00% APY
$25 minimum deposit to open, $10,000 minimum TO Earn high rate

BBVA USA

at BBVA USA,

Member, FDIC

Best rate: With an APY of 2.00%, BBVA’s money market account is among the more competitive accounts in the landscape.

Minimum balance: There is a $10,000 minimum balance requirement to qualify for the high rate. The account earns 0.05% APY on balances below that amount. (APYs may vary by location.)

What you should know: 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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2.55% APY
$5,000 MINIMUM DEPOSIT

Best rate: The 2.55% APY on its savings account is near the top of the pack.

Minimum balance: You will need $5,000 to open the account. This savings account charges a $4 maintenance fee if you don’t keep $500 or more in it.

What you should know:  If any transactions or fees cause your account to be overdrawn, you could be charged an additional $10 overdraft fee, up to five times a day.

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PurePoint Financial Online Savings

2.00% APY
$10,000 minimum deposit

Best rate: 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.

What you should know: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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TIAA Bank Money Market Account

2.15% APY
$5,000 minimum deposit

Best rate: TIAA Bank, formerly known as EverBank, offers a generous 2.15% 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 1.10% kicks in for balances of less than $10,000. You need at least $5,000 to open the account.

What you should know: 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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FNBO Direct Online Savings Account

2.10% APY
$1 minimum deposit

Best rate: FNBO Direct pays a solid 2.10% APY on its online savings account.

Minimum balance: You need just $1 to open and $0.01 to earn interest.

What you should know:  The bank doesn’t charge monthly fees, and it has 24/7 customer service via phone. It also offers a checking account with a solid APY that doesn’t charge monthly fees.

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» For more savings options, check out NerdWallet’s best high-yield online savings accounts

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.

  • Barclays, 2.10% APY (read full review).
  • Marcus by Goldman Sachs, 2.15% APY (read full review).
  • Axos Bank Money Market Account, 1.05% APY (read full review).
  • Sallie Mae Money Market Account, 2.15% APY (read full review).
  • Synchrony High Yield Savings, 2.15% APY (read full review).

Why high money market rates matter

The best money market accounts have rates that are at least 2%. Your money would grow faster with this type of account than it would in an account that earned average savings rates. A balance of $10,000 would earn about $10 after one year in an account with a 0.10% APY. That same balance would earn about $200 in an account with a 2% APY.

What is the difference between a money market account and a standard savings account?

A money market account is a type of savings account that often requires a higher minimum balance and earns a higher interest rate than a standard savings account. Some MMAs come with a debit card or checks, but federal rules require that they not be used more than six times per month. Some banks 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 basic savings or checking account, while also having the ability to write a few checks.

»Want to learn more about limits on transactions? Read our guide on Federal Regulation D.

How to choose a money market account

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 $10,000 to avoid a monthly fee, which can be $10 or more.

How to open a money market account

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.

Are money market accounts insured?

The short answer is yes. Most banks, including the online banks listed on this page, are federally insured by the Federal Deposit Insurance Corp., up to $250,000 per depositor. If the account is with a credit union, the account will likely be insured through the National Credit Union Administration, also for $250,000 per depositor.

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 funds, which are not 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 savings 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 does not have a guaranteed return.

»Learn more by reading NerdWallet’s guide on money market mutual funds.

Are money market rates fixed?

No, rates are variable and can change over time. The money market accounts featured on this page are among those with the consistently highest rates.

Top savings and money market rates 2019

Bank or Credit UnionAPYMinimum Deposit to Open Account
Popular Direct Ultimate Savings Account2.55%$5,000
CIT Bank Money Market Account1.85%$100
Citizens Access Savings Account2.20%$5,000
Marcus by Goldman Sachs Online Savings Account2.15%None
PurePoint Financial Online Savings2.00%$10,000
Barclays Online Savings2.10%None
Capital One 360 Money Market Account2.00%None
BBVA Money Market Account2.00%$25
Discover Bank Money Market Account1.85%$2,500
Axos Bank Money Market Account1.05%$1,000

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, 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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