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Advertiser Disclosure Updated: Sep 1, 2020, 3:48am

The Best Money Market Accounts 2020 [Review]

Updated: Sep 1, 2020, 3:48am
Chelsea Brennan
Chelsea Brennan contributor
Editorial Note: Forbes may earn a commission on sales made from partner links on this page.- test default
The Best Money Market Accounts 2020 [Review]

The Best Money Market Accounts 2020 [Review]


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 also may 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.

Even in a low interest rate environment, it’s important to have liquid savings. Here’s a closer look at 10 top money market accounts you may want to consider as a home for your savings.

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 button for each featured account to learn more about why we picked it, the pros and cons, and to access individual bank reviews.

APYs and account details are accurate as of August 11, 2020, and will be updated monthly.

Sallie Mae Private Student Loans

Sallie Mae Private Student Loans

2.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Compare Rates

Via Credible.com's Secure Website

Sallie Mae Private Student Loans

2.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Variable APR

1.50% to 9.66%

Fixed APR

4.74% to 11.85%

View Details
Why We Picked It

Sallie Mae’s private student loans have no origination fee and no penalty for paying the loan off early. Plus, Sallie Mae gives its borrowers and cosigners free access to their FICO credit scores quarterly. Students will also get four months of free homework and study support through Chegg Study.

Extra Details
Repayment Options:
In-school: Loans are deferred and there’s a six-month grace period after leaving school or graduating. The unpaid interest during deferment will be added to your principal balance. You also have the option to pay $25 per month until the end of your grace period, or you could pay the interest monthly.

Forbearance:Available in three-month increments, up to 12 months total over the life of the loan.

Pros
  • Sallie Mae offers a graduated repayment period, during which borrowers can choose to make interest-only monthly payments for one year while they find their financial footing after college
  • Loans offered include K-12, undergraduate, graduate, parent and certification program loans
  • Options are available for international students
Cons
  • Only some loans offer co-signer release

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, weigh the pros and cons. 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.

Northwestern Mutual

Northwestern Mutual

5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Get A Quote

Via Policy Genius' Secure Website

Northwestern Mutual

5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy

Northwestern Mutual has an extremely high percentage of policies
Percent Of 5-Star Policies

18%

recently updated

View Details
Why We Picked It

Northwestern Mutual has an extremely high percentage of policies (92%) scoring 4 stars or higher from Veralytic. Its financial strength and stability in the expectations shown in its policy illustrations also help boost it to the top.

Extra Details
Northwestern Mutual sells life insurance, annuities, disability insurance and long-term care plans. Its life insurance products are term life, whole life and universal life. The company offers products through financial advisors and is headquartered in Milwaukee, Wisconsin.

Pros
  • Company earns high marks for financial strength and claims-paying ability
  • More products with lower costs than other insurers
  • Policy illustrations are generally consistent with the company’s historical experience and performance
Cons
  • Products sold only through a network of Northwestern Mutual advisors, most of whom are required to sell mostly Northwestern Mutual products
  • No indexed universal life products available

Methodology

Forbes Advisor analyzed top money market account offers (from banks specifically, not credit unions) to identify leaders across a range of categories. The 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 and likely will continue to do so.

AIG Travel Guard

AIG Travel Guard

5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Get A Quote

Via TravelInsurance.com's Secure Website

AIG Travel Guard

5.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Rating

5 stars

Top Scoring Plan

975 out of 1,000

(Deluxe plan)

View Details
Why We Picked It

AIG Travel Guard topped our rankings with the highest overall score. Its “Deluxe” travel insurance plan is for the traveler who wants to cover all their bases, with extensive coverage options and top-notch reimbursement levels in case things go wrong. 

Pros
  • Top-notch for trip cancellation coverage, with up to $150,000 in reimbursement. 
  • Excellent coverage level for medical expenses and emergency medical evacuation
  • Can cover pre-existing conditions that flare up during a trip.
  • Inconveniences covered include hotel infestation, runway delays and closed attractions.
  • The plan’s “cancel for any reason” coverage lets you cancel the trip for any reason, at your discretion, as long as it’s cancelled at least 48 hours in advance of departure.
Cons
  • The Deluxe plan’s missed connection reimbursement ($1,000) is not the highest among the plans we surveyed but was still on the generous side
  • If you want “cancel for any reason” coverage, you’ll need to purchase the policy within 15 days of your initial trip deposit. Some other companies allow 21 days.

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Chelsea Brennan
Chelsea Brennan
contributor

I write about family finance, investing, entrepreneurship, women & money, and teaching finance to kids. I love diving into the emotional and personal side of money and markets that impacts our decision making. I am a former financial analyst and investment manager who has changed gears to focus on improving financial literacy. I started the website, Smart Money Mamas, to help mothers better money and all the ways it touches our lives. This blog delves into financial issues facing Millennials.

First Published: Aug 28, 2020, 10:02am
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