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8 Best Money Market Account Rates May 2019

April 24, 2019
Banking, Savings Accounts
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The best money market rates help you build your bank account balance faster, and the accounts keep 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 May 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
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs Online Savings Account

4.0 NerdWallet rating
Discover

at Discover,

Member, FDIC

Discover Bank Money Market Account

4.5 NerdWallet rating
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings

4.0 NerdWallet rating
PurePoint® Financial

at PurePoint® Financial,

Member, FDIC

PurePoint Financial Online Savings

3.5 NerdWallet rating
BBVA Compass

at BBVA Compass,

Member, FDIC

BBVA Compass Money Market Account

3.5 NerdWallet rating

TIAA Bank* Money Market Account

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

Sallie Mae Money Market Account

Overall bank rating:
4.0 NerdWallet rating
FNBO Direct

at FNBO Direct,

Member, FDIC

FNBO Direct Online Savings Account

4.0 NerdWallet rating

Capital One 360 Money Market Account

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

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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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. There’s no minimum to open an account or to take advantage of the top rate.

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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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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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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PurePoint Financial Online Savings

2.35% APY
$10,000 minimum deposit

PurePoint® Financial

at PurePoint® Financial,

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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BBVA Compass Money Market Account

2.00% APY
$10,000 MINIMUM DEPOSIT

BBVA Compass

at BBVA Compass,

Member, FDIC

With an APY of 2.00%, 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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TIAA Bank Money Market Account

2.15% APY
$5,000 minimum deposit

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.

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.

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Sallie Mae Money Market Account

2.30% APY
No minimum deposit


When you think of this institution, student loans may come to mind. But Sallie Mae Bank has a money market account that pays good rates, has no monthly fees and includes the ability to write checks.

Along with the money market account, Sallie Mae Bank savings accounts and CDs also have attractive rates.

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FNBO Direct Online Savings Account

2.25% APY
$1 MINIMUM DEPOSIT

FNBO Direct pays a solid 2.25% APY on its online savings account, and maybe best of all, you need just $1 to open and $0.01 to earn interest.

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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2.36% APY
$5,000 minimum deposit

Popular Direct is the online offshoot of Popular Bank. The 2.36% APY on its savings account is at the top of the pack, and it applies to all balance tiers. You will, however, 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. And it does charge an overdraft fee, although it’s $10, which is much lower than the national median of $34.

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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.

  • CIT Bank Money Market Account, 1.85% APY (read full review)
  • Synchrony High Yield Savings, 2.25% APY (read full review)
  • Citizens Access Savings Account, 2.35% APY (read full review)
  • Axos Bank High Yield Money Market Account, 1.05% APY (read full review)
  • UFB Direct Premium Money Market Account, 2.45% 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
Barclays Online Savings2.20%None
Popular Direct Plus Savings Account2.36%$5,000
PurePoint Financial Online Savings2.35%$10,000
Sallie Mae Money Market Account2.30%None
Discover Bank Money Market Account1.95%$2,500
FNBO Direct Online Savings Account2.25%$1
BBVA Compass Money Market Account2.00%$10,000
TIAA Bank Yield Pledge Money Market Account2.15% $5,000

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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