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Standout Money Market Accounts
Plus, everything you need to know about today’s accounts
The new money market accounts
The days when money market accounts paid sky-high interest rates are gone along with cassette tapes, dial-up internet and other once-amazing things. Today, they’re on par with most high-yield savings accounts, which pay a mighty fine interest rate by the way.
Choosing the account for you
Savings accounts typically have a lower minimum balance — making it easier for everyday consumers to open an account. MMAs, however, usually include a debit card. And both offer similar rates. In the end, it’s a matter of preference.
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Why online banks dominate the list
The two most important factors for virtually every bank-shopper are APYs and maintenance fees (since they have the biggest impact on your bottom line). And, as it happens, online banks are offering massive APYs — as much as 21x the average APY* — plus, they also offer rock-bottom maintenance fees.
*21x more interest based on the national average annual percentage yield ("APY") of 0.06% (as reported by the Federal Deposit Insurance Corporation as of May 27, 2020) as compared to online banks with interest-bearing savings account APYs of 1.30% or more. Estimated annual earnings result assumes principal and interest remain on deposit for one year and interest rates and APY do not change. Estimated annual earnings are for informational purposes only. Interest rates and APY are subject to change and specific results cannot be guaranteed.
1 The national average annual percentage yield ("APY") is listed as 0.06% as reported by the Federal Deposit Insurance Corporation as of May 27, 2020.
EXAMPLE OF POTENTIAL SAVINGS
If your money is in an account that earns a high interest rate, your balance will grow faster without any additional effort on your part. After one year, a balance of $10,000 would earn about $10 in an account with a 0.10% APY. That same balance would earn about $150 in an account with a 1.50% APY.
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We regularly update our list of savings accounts as they introduce new features and offers.