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Opening a money market account can be a great way to increase your savings, as many offer higher interest rates than you may find with a savings account. Money market accounts offer a hybrid of the best features of both savings and checking accounts. They are low-risk investments that are perfect for keeping an emergency fund or other extra cash you’d like to have earning consistent returns.

Here’s a closer look at 10 top money market accounts.

MyFirst_Private_Student loan

MyFirst_Private_Student loan

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Best Money Market Accounts

BMO Harris Bank

Able Banking

TotalDirectBank

TotalDirectBank

TotalDirectBank

TotalDirectBank

Annual Percentage Yield

0.80%

with $2,500 minimum balance

Minimum Deposit Requirement

$2,500

Monthly Maintenance Fee

$0

Minimum Balance Required to Avoid Fee

N/A

View Details
Why We Picked It

Money market accounts from TotalDirectBank earn one of the best rates among the options. Opening an account does require an initial deposit of $2,500 and a minimum balance of $2,500 to earn interest. Deposits to a money market account are unlimited, but withdrawals and transfers are limited to six per month. TotalDirectBank is a division of City National Bank of Florida.

Details
TotalDirectBank accounts aren’t available to those living in Florida or Puerto Rico. The maximum allowed in all TotalDirectBank accounts total is $500,000 per client.

Pros
  • No maintenance fees
  • All balances over $2,500 earn high-yield interest
Cons
  • Transfers by external account only
  • Steep initial deposit requirement
  • Not available everywhere in the U.S.

Quontic

Quontic

Quontic

Quontic

Annual Percentage Yield

0.80% to 1.01%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$0

Minimum Balance Required to Avoid Fee

N/A

View Details
Why We Picked It

Quontic offers tiered interest earning, with all balances still earning at a competitive rate. You can open an account for just $100. There also are no monthly fees with Quontic money market accounts. Another perk is that its money market account comes with a complimentary debit card and access to 90,000+ fee-free ATMs across the country. Customers can access funds online or through its mobile app.

Details
Account balances below $5,000 earn 0.80% APY. Balances from $5,000 to $149,999.99 earn 0.90%. Top APY of 1.01% requires a minimum account balance of $150,000.

Pros
  • No monthly fees
  • Low initial deposit requirement
  • Large fee-free ATM network
Cons
  • Requires large balance to earn the highest APY

First Internet Bank of Indiana

First Internet Bank of Indiana

First Internet Bank of Indiana

First Internet Bank of Indiana

Annual Percentage Yield

0.81%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$5

Minimum Balance Required to Avoid Fee

$4,000

View Details
Why We Picked It

Along with high APY earning, money market accounts from First Internet Bank of Indiana come with several complimentary benefits like:

  • Debit card
  • Incoming wire transfers
  • Incoming ACH transfers
  • Unlimited deposits

First Internet Bank of Indiana offers some of the best money market rates around. There is a $5 monthly maintenance fee, but you can avoid this by keeping a balance of at least $4,000. Customers can open an account for just $100, much lower than required by many banks.

Read our full First Internet Bank of Indiana review.

Details
Money Market Accounts through First Internet Bank of Indiana do not come with check-writing privileges.

Pros
  • Low initial deposit requirement
  • All balances earn APY
  • Up to $10 in rebates on out-of-network ATM fees
Cons
  • Monthly fee for balances under $4,000
  • No check-writing privileges

CIT Bank

CIT Bank

CIT Bank

Learn More

On CIT Bank's Secure Website

CIT Bank

Annual Percentage Yield

1.00%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$0

Minimum Balance Required to Avoid Fee

N/A

View Details
Why We Picked It

CIT Bank is an online bank with popular savings account options as well as money market accounts. Its money market account offers high APY with a rather low initial deposit requirement of $100. Any balance big or small earns interest with CIT Bank. There are also no monthly maintenance fees charged on money market accounts. Transactions are limited to six transfers or withdrawals per statement period, with a $10 charge for each transaction over the limit.

Read our full CIT Bank review.

Details
Interest on CIT Bank’s money market accounts is compounded daily and paid monthly.

Pros
  • Low minimum deposit
  • No monthly fees
  • Mobile check deposit
Cons
  • Steep overdraft fees
  • No debit card or check-writing privileges

VirtualBank

VirtualBank

VirtualBank

VirtualBank

Annual Percentage Yield

0.80%

Minimum Deposit Requirement

$100

Monthly Maintenance Fee

$5

Minimum Balance Required to Avoid Fee

$100

View Details
Why We Picked It

Besides requiring a low initial deposit of $100 to open an account, VirtualBank‘s eMoney Market account earns high-yield interest on all balances. There is a $5 monthly maintenance fee, but to waive, it only requires a $100 average daily balance. A money market account with the online bank also comes with online and mobile banking access, including mobile check deposits.

Details
VirtualBank eMoney Market accounts can only be opened with new money, not funds from existing VirtualBank accounts.

Pros
  • No monthly fees
  • Low initial deposit requirement

 

Cons
  • No debit cards or check-writing privileges

Northern Bank Direct

Northern Bank Direct

Northern Bank Direct

Northern Bank Direct

Annual Percentage Yield

0.90%

with $0.01 minimum balance

Minimum Deposit Requirement

$5,000

Monthly Maintenance Fee

$0

Minimum Balance Required to Avoid Fee

N/A

View Details
Why We Picked It

Another high-earning money market account is at Northern Bank Direct, the online division of New England-based Northern Bank. A $5,000 initial deposit is required to open a money market account, but it has no minimum balance requirement or monthly maintenance fees. 

Balances under $250,000 earn the highest APY. Similar to most money market accounts, transfers and withdrawals are limited to six a month, with a $20 charge per transaction over the limit. A Northern Bank Direct money market account comes with a debit card and no fees at participating ATMs.

Details
Northern Bank Direct charges $20 per transaction over the allowable limit of six per statement cycle. Balances between $5,000 and $249,999.99 earn the listed APY, while balances over that amount earn at a lower rate. 

Pros
  • No monthly fees
  • Comes with a complimentary debit card
Cons
  • Steep initial deposit requirement
  • High excessive transaction fee 

Sallie Mae Bank

Sallie Mae Bank

Sallie Mae Bank

Sallie Mae Bank

Annual Percentage Yield

0.95%

Minimum Deposit Requirement

N/A

Monthly Maintenance Fee

$0

Minimum Balance Required to Avoid Fee

N/A

View Details
Why We Picked It

You may be familiar with Sallie Mae Bank because of its student loans, but it also offers banking solutions, including money market accounts. Its money market accounts feature high APY earning potential, along with check-writing privileges, no minimum balance and no monthly maintenance fees. The MMAs do not come with a debit card, though.

Sallie Mae money market account transfers are unlimited, but customers are limited to six withdrawals per month. Customers can add funds to their money market account by mobile deposit, direct deposit, ACH transfers and mailed checks. Withdrawals occur through transfers to linked accounts.

Read our full Sallie Mae Bank review.

Details
Interest on Sallie Mae money market accounts is compounded daily and paid monthly.

Pros
  • No monthly fee
  • No minimum opening deposit
  • All balances earn APY
  • Check-writing privileges
Cons
  • No debit card
  • Low-rated mobile apps

TIAA Bank

TIAA Bank

TIAA Bank

TIAA Bank

Annual Percentage Yield

0.75% (1st Year)

Minimum Deposit Requirement

$500

Monthly Maintenance Fee

$0

Minimum Balance Required to Avoid Fee

N/A

View Details
Why We Picked It

TIAA Bank offers a higher fixed APY rate for the first year on its money market account. The first-year rate is locked in for the whole year and is eligible for any balance up to $250,000. After that, money market accounts have tiered rates based on account balances.

Money market accounts are viewable through TIAA’s mobile app, with mobile check deposit available. Another benefit is that TIAA’s money market accounts are IRA eligible.

Read our full TIAA Bank review.

Details
After the first year, the APY varies, depending on account balance, from 0.50% to 0.70%. TIAA Bank offers its Yield Pledge promise: to assess competitors’ rates, on a weekly basis, and to make adjustments to ensure TIAA’s money market account is among the top 5% of Competitive Accounts.

Pros
  • No monthly fees
  • Mobile access
Cons
  • Rate is lower after the first year
  • Minimum opening deposit

How to Choose a Money Market Account

A money market account (MMA) is a type of deposit account—offered by traditional banks, credit unions and online banks—that includes some features typically associated with checking accounts. The real draw for money market accounts, though, is that they often offer higher interest rates than traditional savings accounts. However, they also generally require a higher minimum deposit and may have higher balance requirements.

In considering the best money market account for your needs, in addition to the APY offered, confirm whether the account you’re considering includes check-writing privileges and a debit card, and whether the bank limits the number of transactions each month.

Methodology

Forbes Advisor analyzed available money market account offers to find top picks for a range of categories. Characteristics taken into consideration while evaluating these money market accounts included the current APY paid, minimum deposit and balance requirements, fees and other account parameters.

Most frequently asked questions

How credit cards work ?

The idea behind credit cards is simple: When you use a credit card, you are borrowing money to pay for something. Later on, you must repay what your borrowed. If you take time to pay it back (rather than pay it in full when your credit card statement comes), you’ll be charged interest. The whole credit cards industry rests on this basic premise.

A basic credit card transaction works like this:

What's the difference between Visa and Mastercard?

This is one of the most common questions about credit card companies. Just about every place that takes credit cards takes both Visa and Mastercard, with only a couple of exceptions (such as Visa-only Costco), so consumers are left wondering whether there’s a difference at all.

The most important thing to remember is that neither Visa nor Mastercard issues credit cards. These companies are just payment networks that process transactions. Most of the benefits that come with a card are provided by the card issuer, not the network. And since their acceptance rates are nearly identical, you’re better off focusing on the features of individual cards rather than which network they operate on. Read more about Visa vs. Mastercard.

What's the lowest interest rate on any credit card?

If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.

How many credit cards should you have?

If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.

What's the best credit card company?

HTML Table

If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.

Company Contact Country Country Country Country Country Country
Alfreds Futterkiste Maria Anders Germany Alfreds Futterkiste Maria Anders Germany Maria Anders Germany
Centro comercial Moctezuma Francisco Chang Mexico Alfreds Futterkiste Maria Anders Germany Maria Anders Germany
Ernst Handel Roland Mendel Austria Alfreds Futterkiste Maria Anders Germany Maria Anders Germany
Island Trading Maria Anders Germany Helen Bennett UK Alfreds Futterkiste Maria Anders Germany
Laughing Bacchus Winecellars Yoshi Tannamuri Canada Alfreds Futterkiste Maria Anders Germany Maria Anders Germany
Magazzini Alimentari Riuniti Giovanni Rovelli Italy Alfreds Futterkiste Maria Anders Germany Maria Anders Germany

Which is the best Credit card?

Sapphire Chase is one of the best credit card with good apr and good credit.

Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Naren Harwani
Naren Harwani
administrator

First Published: Jul 21, 2020, 1:39pm