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*As of April 2022, the national average APY on money market accounts is 0.08% according to the FDIC.
The best money market rates of April 2022
If you’re a saver that likes to have easy access to your account a money market account may be worth exploring. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card.
The best money market accounts offer a competitive interest rate. Below, you’ll find our picks for the best money market accounts right now. Each of these accounts is insured by the FDIC and appropriate regardless of how much money you have to open an account.
Our top picks are also free of monthly service fees, with the exception of CFG Bank, which waives its fee if you maintain an account balance of $1,000.
It’s important to note that, unlike certificates of deposit (CDs), you do not lock in a fixed interest rate when you open a money market account. The annual percentage yield (APY) may change based on what the Federal Reserve does. So while it’s smart to look at interest rates when comparing money market accounts, it’s not the be-all and end-all.
Our expert panel for this guide
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best money market accounts for your needs. You can read their insights at the bottom of this post.
Insider
We’re focusing on what will make a money market account most useful, including APY, access to your money, and more.
Learn about our top picks
Why it stands out: Northern Bank Direct pays one of the highest rates in the industry for money market accounts, and it pays the same rate for all balances up to $250,000. You’ll also get paper checks and an ATM card to withdraw cash, so you’ll have easy access to your account.
Rate:
Minimum opening deposit: $5,000
What to look out for: The $5,000 initial deposit is higher than what many banks require. If you don’t have a lot of money to make an initial deposit, some of the banks on our list don’t require a minimum opening deposit.
Why it stands out: Sallie Mae pays a competitive rate, and the bank doesn’t require an opening deposit. Sallie Mae also sends paper checks for you to access your money.
Rate:
Minimum opening deposit: $0
What to look out for: There’s no debit card or ATM card included. You will receive paper checks, though.
Why it stands out: You can get paper checks and a debit card to make purchases when you open a money market account with Ally, and there’s no minimum deposit. The bank reimburses up to $10 per month in fees charged by out-of-network ATMs.
Rate:
Minimum opening deposit: $0
What to look out for: If you make more than six withdrawals per month, you’ll pay a $10 fee. (Ally may waive this fee during the COVID-19 pandemic, though.)
Why it stands out: Synchrony doesn’t have a minimum opening deposit, and the bank sends you both an ATM card and paper check.
Rate:
Minimum opening deposit: $0
What to look out for: There’s fees for out-of-network ATM withdrawals. On the plus side, Synchrony reimburses up to $5 per month in out-of-network ATM fees. But you can find banks that refund more money.
Why it stands out: With CIT Bank, you’ll earn the same rate regardless of how much money is in your account, and there’s no minimum balance requirement. You can link your CIT Bank money market account with PayPal and Zelle to make payments.
Rate:
Minimum opening deposit: $100
What to look out for: The money market account doesn’t include check writing or debit/ATM card access. You can make payments from your account digitally through sites such as Zelle and PayPal, but it might be inconvenient to not be able to write a check, pay with a card, or withdraw money from an ATM.
Why it stands out: While some money market accounts offer higher rates for higher balances, Premier Members Credit Union takes the opposite approach — it rewards people who have lower balances with higher rates. Premier Members also doesn’t require a minimum balance, and it includes check-writing privileges.
Rate: Premier Members Credit Union’s reverse-tiered rates are as follows:
- $0 to $2,000: 2.00% APY
- $2,000.01 to $5,000: 1.01% to 2.00% APY
- $5,000.01 to $10,000: 0.63% to 1.01% APY
- $10,000.01 to $50,000: 0.29% to 0.63% APY
- $50,000.01 to $100,000: 0.22% to 0.29% APY
- $100,000.01 to $250,000: 0.15% to 0.22% APY
- More than $250,000: 0.10% to 0.15% APY
Minimum opening deposit: $5
What to look out for: You may start with a low balance and earn a high rate, but if your account balance grows substantially, you could end up earning less than you would with a different company.
The account also doesn’t have a debit card or ATM card which means you might have limited access to your account.
Why it stands out: This is a reverse-tiered account that pays a higher rate for lower balances. If your account balance stays under $25,000, you’ll keep earning the highest rate possible. Affinity Plus also provides you with both paper checks and an ATM card, giving you easy access to your savings.
Rate:
Minimum opening deposit: $0
What to look out for: You must set up monthly direct deposits of at least $500 and sign up for digital statements to qualify for a competitive rate. Otherwise, you’ll earn 0.10% APY. It’s also worth noting that interest compounds monthly, while many competitors’ rates compound daily, giving you the opportunity to build more wealth.
Why it stands out: Many money market accounts offer a higher APY to accounts with higher balances. Typically, there’s a big difference between most companies’ highest and lowest rates. But CFG’s lowest rate is already higher than many competitors’ top rates.
Rate:
Minimum opening deposit: $1,000
What to look out for: You’ll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee.
Money market accounts that didn’t make the cut and why
Axos High Yield Money Market Account : This money market accounts offers both paper checks and a debit card with your account, but its rates are lower than other accounts on our list. Read Insider’s full review of Axos here.TIAA Yield Pledge® Checking Account : This money market account offers a decent introductory APY, but its rate drops after the first year, depending on your balance, and it requires a $500 initial deposit. Read Insider’s full review of TIAA Bank here.NBKC Money Market Account : This is a solid money market account, but its rate isn’t quite as high as what you’ll earn with our top picks. Read Insider’s full review of NBKC here.UFB Direct High Yield Money Market Account : You need a balance of at least $25,000 to earn UFB Direct’s highest APY, and you must make an initial deposit of $5,000.Investors eAccess Money Market Account : This money market account doesn’t require any initial deposit or minimum account balance, but its APY is slightly lower than more competitive money market accounts.BMO Harris Platinum Money Market Account : You’ll need to place an initial deposit of $5,000 and maintain at least that amount to earn any interest. Read Insider’s full review of BMO Harris here.Discover Money Market Account : This low-fee account pays a decent rate, but Discover requires a $2,500 initial deposit. Read Insider’s full review of Discover here.Redneck Bank Money Market Account : This is another solid reverse-tiered option, but it requires a $500 opening deposit, and rates don’t go as high as Premier Members’ rates.Sun East Federal Credit Union Money Market Account : Sun East offers a low APY, and you’ll have to make and maintain an account balance of $2,500.Pacific National Bank Money Market Account : You’ll need an initial deposit of $5,000 to open this account; you’ll need to maintain a $5,000 balance to avoid monthly fees and $10,000 to earn interest.Prime Alliance Bank Personal Money Market Account (Member FDIC): You’ll earn a decent rate with this account, but it doesn’t grant you easy access to your money with checks, an ATM card, or a debit card.
Which banks are the most trustworthy?
Here are the Better Business Bureau scores for each institution on our list:
| Institution | BBB grade |
| Northern Bank Direct | A+ |
| Sallie Mae | A+ |
| Ally | C |
| Synchrony | A+ |
| CIT Bank | B |
| Premier Members Credit Union | A+ |
| Affinity Plus Federal Credit Union | A+ |
| CFG Bank | A+ |
The BBB measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Ally and CIT have the lowest grades on our list due to the number of complaints on the BBB website.
CIT Bank has also been involved in a recent public scandal.
In 2019, the Department of Housing and Urban Development sided with the California Reinvestment Coalition in its allegations against a division of CIT Bank called OneWest Bank. The CRC claimed that OneWest discriminated against Latinx and Black people in Los Angeles. Although OneWest never admitted to the discrimination, the bank did agree to pay over $7 million to homeownership programs for racial minorities in LA.
If any of these issues worry you, you may decide to go with one of the banks in this guide with a better BBB score and/or no scandals.
How did we choose the best money market accounts?
There are a lot of money market accounts out there. Through our research, we’ve found that the best money market accounts are offered by banks with a strong online presence and mobile access.
We reviewed money market accounts at nearly two dozen institutions to identify the strongest options. We also cross-referenced our list against popular comparison sites like Bankrate and NerdWallet to make sure we didn’t miss a thing.
While interest rates are an important aspect of any money market account, several offer the same annual percentage yield (APY). To differentiate between them, we also considered minimum deposit and balance requirements, overdraft and excess transaction fees, ability to access funds, and any other standout features.
Frequently asked questions
Why trust our recommendations?
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
Why open a money market account over a high-yield savings account?
Money market accounts typically make it easier to access your money than high-yield savings accounts. Many come with check-writing privileges, debit cards you can use to make purchases, or ATM cards for withdrawing cash. Money market accounts and high-yield savings accounts both offer more interest and nearly as much flexibility as traditional checking or savings accounts.
Are you on the fence about whether to open a money market or high-yield savings account? You could choose a company and compare its money market and savings accounts. One may have a higher rate, lower initial deposit, or lower monthly fee.
You may want to work with a specific bank or credit union, but it only offers either a high-yield savings account or a money market account, not both. This limitation could help you make a decision, too.
Are money market accounts worth it?
Yes — a money market account has very few downsides, if any. There’s no risk that you’ll lose money, your account is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation.
The only time a money market account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.
Which banks have the best money market interest rates?
Right now, the following banks offer the best money market interest rates:
- CIT Bank
- Ally
- Synchrony Bank
- Axos Bank
- Sallie Mae
- CFG Bank
- Northern Bank Direct
- Prime Alliance Bank
- Premier Members Credit Union, for savers with $2,000 or less
- UFB Direct, for savers with at least $25,000
- Affinity Plus Federal Credit Union, for savers with less than $25,000
However, rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.
Generally you’ll find the best interest rates at online banks. If you’re more comfortable banking with a brick-and-mortar, you can usually open a money market account there, too — just know that you may not be getting the best possible interest rate.
How often do money market account rates change?
Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve.
The Fed meets eight times a year and decides whether to increase, decrease, or maintain interest rates. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won’t earn as much interest on your savings. But that doesn’t mean you shouldn’t save at all. When interest rates inevitably go back up, you’ll see a greater return on your money than if you started from scratch.
Because the Fed spent several years raising rates since the Great Recession, it cut interest rates three times toward the end of 2019 in an effort to regulate the economy and side step another recession, and it slashed rates twice in 2020. Although rates are at an all-time low, they will eventually increase and continue to fluctuate over time.
Experts’ advice on choosing the best account for you
To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:
- Tania Brown, certified financial planner at SaverLife
- Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
- Laura Grace Tarpley, associate editor of banking, Personal Finance Insider
Here’s what they had to say about money market accounts. (Some text may be lightly edited for clarity.)
What makes a money market account good or not good?
Laura Grace Tarpley, Personal Finance Insider:
“You might like a money market account if the APY is higher than what you’ll find with a high-yield savings account. Money market accounts should also give you a way to access your funds, whether it’s a debit card, ATM card, paper checks, or access to Zelle. Whichever one the bank offers, make sure it’s the right fit. For example, if a bank only offers paper checks, but you make all your payments digitally, then that money market account probably isn’t for you.”
Roger Ma, CFP:
“I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP:
“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”
Mykail James, CFEI:
“How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD.”
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