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.
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Best Money Market Accounts
Shown below are the criteria by which Forbes Advisor ranked these 10 Best Money Market Accounts. Click on the individual View Details buttons for each featured account to learn more about why we picked it, the pros and cons, and to access individual bank reviews.
CIT Bank
CIT Bank
1.00%
$100
$0
N/A
Sallie Mae Bank
Sallie Mae Bank
0.95%
N/A
$0
N/A
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.
Even with the ongoing volatility in savings deposit APYs, these 10 money market accounts consistently have been among the highest-paying accounts for some time, although their relative positions within this 10 Best listing have varied.
