Image via Pxhere
Are you saving up for something big? Maybe it's your dream house, or maybe you want to make sure you have a rainy day fund. Whatever your reason, a money market account is a great option for growing your savings while earning interest and still having access to your money, too. But, not all money market accounts are created equal, so to help you reach your biggest savings goals, we've got the best money market accounts listed for you, right here.
Product FAQ
1. What Is a Money Market Account?
2. What Is the Difference between a Money Market Account and a Traditional Savings Account?
3. How Do the Best Money Market Accounts Work?
4. Where Can You Get a Money Market Account?
5. Why Should You Open a Money Market Account?
How We Review
There are many variables to the best money market accounts, and to make sure you have the best options, we've taken the time to research all the most important ones. We've reviewed the best money market accounts on this list based on features, pros and cons, accessibility, user-friendliness, and more. To make sure you get the best out of your savings, we've also carefully considered fees, minimum requirements, withdrawal limits, and APY.
Overall Price Range of This Product (and Similar Products)
Maintenance fees and minimum balance requirements vary on money market accounts. The best money market accounts on this list have monthly maintenance fees that range from $0 to $25 and minimum balance requirements that range from $0 to $25,000. While a money market account with a low or no minimum balance requirement might be great for some needs, higher minimum balance requirements usually earn higher APYs.
What We Reviewed
Northpointe Bank
Features
Northpoint Bank is a large bank based out of Grand Rapids, Michigan, but you don't have to be a local to open a money market account with them. Accounts can be opened online or over the phone. This money market account offers a competitive APY, has no monthly maintenance fees, and comes with a debit card and checks. There is a monthly, six transaction limit.
APY and Balance Requirements
This money market account offers an APY of around 2.30%. While you only need $1,000 to open an account, to receive the 2.30% APY, you must maintain a daily balance of at least $25,000. APY for balances below $25,000 is around 0.20% to 0.25%. If your balance exceeds $1,000,000, your APY will drop to around 0.50%.
pros
cons
Website
Memory Bank
Features
Memory Bank's money market account is available across the nation, online only. It's great for anyone who wants to earn a competitive APY without the restriction of a high balance requirement. There is no monthly maintenance fee, but there are fees charged for insufficient funds and overdrafts, and a charge of around $3 for paper statements. There is also a six transaction limit on this card per month.
APY and Balance Requirements
This money market account offers an APY of around 2.30%, and while there is a minimum open deposit of $50.00 required, the APY will be applied to balances from $0.01 to $1,000,000.
pros
cons
Website
Redneck Bank
Features
Redneck Bank is All American Bank's online-only version, and their money market account offers a competitive APY without a minimum balance requirement. This money market account comes with a Visa debit card, efficient online banking, and access to ATMs worldwide. There is a six transaction limit per month, but the excess transaction fee is lower than other banks at around $5.
APY and Balance Requirements
This money market account offers an APY of around 2.25% APY. While there is an open deposit requirement of $500, there is no minimum balance requirement. APY is earned on balances up to $50,000.
pros
cons
Website
earn.bank
Features
earn.bank is a division of Silvergate Bank, which is a state-chartered bank based out of San Diego, California. The bank is FDIC insured and has over $1 billion in assets. This is another one of the best money market accounts great for people looking to save with a high APY, without the commitment to large minimum balance requirements.
APY and Balance Requirements
This money market account offers an APY of 2.31%. You need a $100 deposit to open an account, but after that, there is no minimum balance requirement. The $10 monthly maintenance fee can be avoided with a maintained daily balance of $10,000.
pros
cons
Website
Ally Bank
Features
Ally Bank is a popular online-only bank. While their money market account doesn't offer an APY as high as other best money market accounts on this list, it comes with other features. There's no minimum balance or monthly maintenance free, and you're provided with an Ally ATM Card that gives you access to thousands of Allpoint ATMs. Ally Bank will also reimburse up to $10 in ATM fees a month for non-Ally ATMs.
APY and Balance Requirements
This money market account offers an APY of around 0.95% on balances of $5,000 or less and around 1.00% for balances of $25,000 or more. There is no minimum balance requirement.
pros
cons
Website
Pacific National Bank
Features
Pacific National Bank offers a competitive APY on their money market account, with a relatively low minimum balance requirement. Pacific National Bank has an effective money market app, provides checks, and free ACH transfers. There is a six transaction limit, and the excess transaction fee is about $20 per transaction.
APY and Balance Requirements
This money market account offers an APY of around 2.25% with a daily balance requirement of $5,000. Accounts that fall below $5,000 will receive a lowered APY and have a monthly maintenance fee of $25.
pros
cons
Website
Virtual Bank
Features
Virtual Bank is an online-only division of IBERIABANK that offers a competitive money market APY with low minimums to open and avoid fees. Virtual Bank's money market account is simple and easy to use and comes with an efficient app.
APY and Balance Requirements
This money market account offers an APY of around 2.01% to new account holders for 12 months. There is no monthly balance requirement to earn the APY, but there is a $100 daily balance needed to waive the $5 monthly maintenance fee. There is also a $100 open deposit minimum.
pros
cons
Website
Bank7
Features
Bank7 is based out of Oklahoma but also has branches in Kansas and Texas. This bank offers online services nationwide. This money market account offers a high APY without a minimum balance requirement. This account comes with a Visa debit card, and while there is six transaction limit, the bank offers unlimited withdrawals made in person, via ATM, or by mail.
APY and Balance Requirements
This money market account offers an APY of around 2.05%. You need a minimum $5,000 deposit to open an account, but there is no balance requirement to earn the APY. A balance requirement of $5,000 will waive the monthly maintenance fee of around $15.
pros
cons
Website
CIT Bank
Features
Chances are you haven't heard of CIT Bank, but they're actually a popular bank with over $50 billion in assets. They offer an online-only money market account with a competitive interest rate that compounds daily, no monthly maintenance fees, and FDIC insured deposits.
APY and Balance Requirements
This money market account offers an APY of around 2.25%. You only need a $100 deposit to open a money market account, but to earn the high APY, you have to meet one of two monthly requirements. You must either maintain a monthly deposit of $100 or a daily balance of $25,000 or more.
pros
cons
Website
iGObanking
Features
iGobanking is a great money market option for someone who is looking to save big and ready to maintain a high daily balance. This money market account is FDIC insured and offers convenient online banking, a Mastercard debit card, and recurring transfer options.
APY and Balance Requirements
This money market account offers an APY of 2.25%. To earn this APY, a minimum balance of $25,000 must be maintained.
pros
cons
Website
The Verdict
Need a little more help to narrow down your best money market accounts options? If you're looking for a money market account that offers a competitive APY but doesn't have a minimum balance requirement, earn.bank, Redneck Bank, and Memory Bank are great options. If you're looking for a good APY and are okay with maintaining a low balance, Pacific National Bank is a great place to start. If you can manage a balance of $25,000 or more and want to watch your savings grow with a great APY, Northpointe Bank is the way to go.
The best choice for you depends on your needs, goals, and the amount of money you can keep sitting in an account. But, whatever your needs, with the best money market accounts on this list, you'll be well on your way to reaching your saving goals.
Leave a Reply