When interest rates are high, it’s a good time to take advantage of money market accounts (MMAs). With an MMA, you could earn a high interest rate while still having access to your money.
Online banks like ZYNLO Bank, Ally Bank, and Vio Bank offer many of the best money market rates. We’ll go over the best rates from several banks that offer high annual percentage yields (APYs), minimal fees, and make it easy to access your funds.
- Key takeaways
- The 10 best money market accounts
- Best money market accounts comparison
- ZYNLO Bank: best overall
- Quontic Bank: best for underserved communities
- Ally Bank: best for multiple transactions
- EverBank: best for ATM fee reimbursement
- Sallie Mae: best for paying student loans
- Vio Bank: best for incoming wire transfers
- UFB Direct: best for unlimited funds transfers
- First Internet Bank: best for accounts with more than $1 million
- Discover: best for no fees
- U.S. Bank: best for in-person customer service
- How to choose the best money market accounts
- Alternatives to money market accounts
- FAQ about money market accounts
- Best money market accounts: bottom line
- MMAs earn high APYs with average rates between 4.00% and 5.25%.
- Most MMAs are insured by the Federal Deposit Insurance Corporation (FDIC) with coverage up to $250,000.
- Transactions on MMAs may be limited to six per month or statement cycle.
- MMAs provide more access to your money than certificates of deposit (CDs), and you can use debit cards or paper checks with an MMA like you would a traditional checking account.
- The best banks for your money have zero or limited fees.
The 10 best money market accounts
- Best overall: ZYNLO Bank
- Best for underserved communities: Quontic Bank
- Best for multiple transactions: Ally Bank
- Best for ATM fee reimbursement: EverBank
- Best for paying student loans: Sallie Mae
- Best for incoming wire transfers: Vio Bank
- Best for unlimited funds transfers: UFB Direct
- Best for accounts with more than $1 million: First Internet Bank
- Best for no fees: Discover
- Best for in-person customer service: U.S. Bank
Best money market accounts comparison
|Bank||Best for||APY||Minimum deposit|
|ZYNLO Bank||Overall||5.00% (as of Oct. 26, 2023)||$10|
|Quontic Bank||Underserved communities||5.00% (as of Nov. 7, 2023)||$100|
|Ally Bank||Multiple transactions||4.40% (as of Oct. 17, 2023)||$0|
|EverBank||ATM fee reimbursement||4.75 (as of Oct. 26, 2023) intro rate||$0|
|Sallie Mae||Paying student loans||4.75% (as of Oct. 26, 2023)||$0|
|Vio Bank||Incoming wire transfers||5.25% (as of Oct. 26, 2023)||$100|
|UFB Direct||Unlimited funds transfers||5.25%||$0|
|First Internet Bank||Accounts with more than $1 million||5.46% (as of Oct. 26, 2023) or 3.76% (as of Oct. 26, 2023) (depending on balance)||$100|
|Discover||No fees||4.20%-4.25% (as of Oct. 27, 2023)||$2,500|
|U.S. Bank||In-person customer service||4.50% or 0.01% (as of Oct. 26, 2023) (depending on balance)||$100|
ZYNLO Bank: best overall
- 5.00% (as of Oct. 26, 2023) APY
- No transaction limits
- No penalties
- No fees
- $0.01 minimum balance to obtain APY
- $10 minimum deposit to open
- No checks provided
To open an MMA with ZYNLO Bank, you’ll need a $10 minimum deposit, and you only need to maintain a balance of one penny to receive 5.00% (as of Oct. 26, 2023) APY on the account.
ZYNLO Bank is a completely online bank that provides financial services through PeoplesBank of Massachusetts. Its MMA is the best overall because it has no transaction limits, penalties, or fees. However, the bank doesn’t offer checks with the account.
ZYNLO Bank is FDIC insured.
Quontic Bank: best for underserved communities
- 5.00% (as of Nov. 7, 2023) APY on all balance tiers
- No monthly fees
- No hidden fees
- Includes debit card
- No overdraft fees
- $100 minimum deposit
- Limited to six transfers and withdrawals per statement cycle
- $10 fee for each transaction over six
- $35 fee for outgoing international wire transfers
- $25 fee for outgoing domestic wire transfers
Quontic is a digital bank founded in 2009 that reimagines traditional banking. It’s designated as a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury. CDFIs help low-income and minority communities usually underserved by traditional banks.
Quontic Money Market Account provides a high 5.00% (as of Nov. 7, 2023) APY on all balance tiers with no monthly fees or overdraft fees. You’ll need $100 to open an account, and once you fund your account, you can access your funds with a debit card, bill pay, account transfers, and Zelle.
However, you’re limited to six free transfers and withdrawals per statement cycle. Any transactions over six will cost you $10 each. There are also hefty fees for outgoing wire transfers, both foreign and domestic.
Quontic Bank is a Member FDIC.
Quontic Bank Money Market Account Benefits
- Earn high interest yields on your balance with the added benefits of a checking account
- FDIC insured and advanced security measures
- Open an account online in just 3 minutes and with only a $100 opening deposit
- No monthly or overdraft fees
- Forbes Advisor's Best Online Bank of 2023
Ally Bank: best for multiple transactions
- 4.40% (as of Oct. 17, 2023)
- No minimum balance required
- Unlimited deposits and ATM withdrawals
- Up to 10 withdrawals per statement cycle
- $25/hr fee for extensive research into transaction histories
- Cash deposits aren’t accepted
Many MMAs require a minimum balance but not at Ally Bank. You can open an Ally Bank Money Market Account with little or even no money. Of course, you’ll eventually need to add funds to the account so you can start earning interest. Ally Bank has three balance tiers for its money market accounts, but all tiers earn the same 4.40% (as of Oct. 17, 2023) APY. However, the tiers rates all being the same could change in the future.
Another benefit of Ally Bank’s Money Market Account over other financial institutions is that it allows unlimited deposits and ATM withdrawals plus 10 withdrawals per statement cycle. Many MMAs limit the number of withdrawals, transfers, or deposits you can make in a month, so we appreciate that Ally Bank is a lot more flexible.
Ally Bank is a Member FDIC.
EverBank: best for ATM fee reimbursement
- 4.75 (as of Oct. 26, 2023) APY intro rate
- No minimum deposit to open
- No monthly account fee
- No ATM fees
- Reimburses up to $15/mo in ATM fees from other banks
- High introductory rate drops after one year
- Lower account balances may earn lower interest rates
- Must be an existing customer to open an MMA
EverBank, formerly TIAA Bank, offers the Yield Pledge Money Market Account with 4.75 (as of Oct. 26, 2023) introductory APY that you can open with no minimum deposit. However, this is only an introductory rate, and the interest earned on the MMA drops after a year based on the balance in your account. After the one-year introductory APY is over, your APY can range from 3.75%-4.30% (as of Oct. 26, 2023), depending on your account balance.
EverBank charges no monthly account fees, overdraft transfer fees, or official check fees. There are also no ATM fees, and the bank will even reimburse ATM fees you pay at other banks. If you have a minimum average daily balance of $5,000, you’ll receive unlimited ATM fee reimbursements, and if your account is under $5,000, the bank will reimburse up to $15/mo in ATM fees.
EverBank is FDIC insured.
Sallie Mae: best for paying student loans
- 4.75% (as of Oct. 26, 2023) APY
- No minimum deposit required
- No monthly maintenance fees
- Free unlimited transfers to other Sallie Mae accounts
- No debit card
- $500,000 transfer limit per transaction
- $20 fee for wire transfers to other banks
- Doesn’t initiate international wire transfers
Sallie Mae is best known as a student loan lender, but it also offers several savings products such as CDs, high-yield savings accounts, and MMAs. The Sallie Mae Money Market Account earns a decent interest rate of 4.75% (as of Oct. 26, 2023) APY.
The Sallie Mae Money Market Account doesn’t have a debit card that you can use to access your funds, but you can write checks off the account or set up transfers. For anyone with student loans, transfers to Sallie Mae student loan accounts, as well as savings accounts, are free. However, you’ll have to pay $20 for wire transfers to other banks.
Sallie Mae is a Member FDIC.
Vio Bank: best for incoming wire transfers
- 5.25% (as of Oct. 26, 2023) APY
- Same interest earned on all balances
- No monthly fee
- No charge for incoming domestic and international wire transfers
- $100 to open an account
- $5 monthly fee for paper statements
- $30 fee for outgoing domestic wire transfers
- No debit card, wallet checks, or bill pay
- No outgoing international wire transfers
Vio Bank is an online bank division of MidFirst Bank, the largest privately-owned U.S. bank with $36.5 billion in assets. Vio Bank only offers online savings accounts, MMAs, and CDs. It doesn’t provide checking accounts or other financial products.
Vio Bank’s Cornerstone Money Market Savings Accounts earn a generous 5.25% (as of Oct. 26, 2023) APY, but that rate comes with some conditions other MMAs may not have. You must have a minimum initial deposit of $100 to open a Cornerstone Money Market account.
Once you deposit funds into the account, you can make withdrawals, but you may have a hard time doing so. You won’t be able to use a debit card, wallet checks, or bill pay. You can do an external transfer through an ACH transaction to an outside bank, but that can take up to five days to process. External transfers are limited to $25,000/day and $100,000/mo. There is no charge for incoming domestic and international wire transfers, so Vio Bank is best for those occasions.
Vio Bank is FDIC insured through MidFirst Bank.
UFB Direct: best for unlimited funds transfers
- 5.25% APY on all balance tiers
- No limits on fund transfers
- No minimum opening balance
- Check writing privileges
- $10 monthly maintenance fee for balances under $5,000
UFB Direct is an online bank division of Axos Bank, which primarily provides high-yield savings accounts, MMAs, and mortgages. The bank offers one of the higher-interest MMAs with a 5.25% APY on all balance tiers.
UFB High Yield Money Market accounts come with an ATM card and check-writing privileges. We also think it stands out because there are no limits on the number of fund transfers you can make. Although there’s no minimum balance required to open an account, you’ll be subject to a $10 monthly maintenance fee if your account balance is less than $5,000.
UFB Direct is FDIC insured through Axos Bank.
First Internet Bank: best for accounts with more than $1 million
- 5.46% (as of Oct. 26, 2023) APY on accounts over $1 million
- ATM surcharge rebate of up to $10 monthly
- $100 minimum opening balance
- Lower APY for accounts under $1 million
- $5 monthly maintenance fee for accounts under $4,000
First Internet Bank provides one of the highest-yielding MMAs available, but you’ll have to have over $1 million in the account to earn the generous 5.46% (as of Oct. 26, 2023) APY. Accounts under $1 million only earn3.76% (as of Oct. 26, 2023), which is lower than the other MMAs we considered. You’ll also have to maintain an average daily balance of at least $4,000 to avoid the $5 monthly maintenance fee.
First Internet Bank is a Member FDIC.
Discover: best for no fees
- APY ranges from 4.20%-4.25% (as of Oct. 27, 2023) depending on balance
- No monthly maintenance fees
- No expedited delivery fees
- No insufficient funds fees
- No excessive withdrawal fees
- $2,500 minimum to open an account
- $30 service charge for outgoing wire transfers
- $2,000 daily limit on ATM withdrawals
Discover is a household name many people associate with the Discover credit card. However, the company offers other banking products like checking and savings accounts, CDs, and MMAs. Discover Money Market Account offers competitive rates of 4.20%-4.25% (as of Oct. 27, 2023), depending on your account balance.
You’ll need at least $2,500 to open a Discover Money Market Account. Once opened, the account doesn’t charge fees like monthly maintenance, insufficient funds, or excessive withdrawals. There is also no minimum balance requirement. The only fee we can see with Discover's MMA is a $30 service charge for outgoing wire transfers.
You can access your money through a debit card, ATMs, or paper checks. However, there is a $2,000 daily limit on ATM withdrawals.
Discover is FDIC insured.
U.S. Bank: best for in-person customer service
- Access funds any time
- Physical branch locations available
- Overdraft protection available
- Includes debit card and checks
- $25,000 minimum balance required to earn up to 4.50% APY
- $100 minimum opening deposit
- $10 monthly maintenance fee
U.S. Bank is a well-established financial institution with 2,100 brick-and-mortar banks nationwide. If you’d like to bank in person, U.S. Bank is your best bet. Otherwise, you can find higher APYs with MMAs at other banks.
U.S. Bank provides a competitive APY of up to 4.50% on its Elite Money Market Account, but you need at least $25,000 or more in the account to earn that rate. Balances under $25,000 earn 0.01% (as of Oct. 26, 2023). And, to avoid the monthly $10 maintenance fee, you need to maintain at least a $10,000 daily balance or open a U.S. Bank Smartly Checking account.
U.S. Bank is a Member FDIC.
How to choose the best money market accounts
When it comes to choosing the best money market account rates, there are several factors that you need to consider besides the interest an MMA earns. While some accounts may earn a high APY, the bank may require you to maintain a certain minimum balance to earn that rate. Here are the account features you should consider when choosing the best money market account rates for you.
- Interest rates: The higher the APY is on an MMA, the more your money will earn in interest. However, some banks will advertise a high APY on their website, but when you read the fine print, you may find you have to maintain a certain balance to earn the high rate.
- Accessibility to funds: The advantage of an MMA over a CD is that you have more access to your funds. You should find out if the account provides you with a debit card or checks and if there are any limits on how many transactions you can make in a month or statement cycle.
- Fees: Some banks will charge a monthly maintenance fee for an MMA or other fees for wire transfers, excessive transactions, or expedited delivery. Remember, fees eat away at any interest you earn on the account.
- Minimum balances required: The best MMAs enable you to earn the same high APY regardless of how much money you have in the account.
- Opening deposit: The opening deposit is the amount of money the bank requires you to have to open an MMA. Most accounts we looked at needed between $0 to $100 to open except for Discover, which requires a hefty opening deposit of $2,500.
- Withdrawal limits: Many MMAs give you a high interest rate in exchange for limits on the number of transactions and withdrawals you make. The typical transaction limit is six per month, after which you are either charged a fee or prevented from making any further transactions.
Alternatives to money market accounts
Featured High Yield Savings Accounts
High-yield savings account. $1 minimum deposit. FDIC insured.
High Yield Savings Account. $1,000 minimum balance. FDIC Insured through Cross River Bank.3
Earn 4.60% APY4 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.5 FDIC Insured.
FAQ about money market accounts
What is a money market account?
A money market account (MMA) is a bank account similar to a checking or savings account, but it usually earns a higher interest rate than a traditional account. However, MMAs may require you to keep a substantially higher minimum balance to earn higher interest rates.
Unlike certificates of deposit (CDs), you have more access to your money with an MMA. You can withdraw and deposit money, but you may be limited on the number of transactions you can make monthly.
What is the difference between money market rates and bank rates?
The difference between money market rates and bank rates is that interest rates on the money market are usually higher than you would get on a traditional savings account.
Is there a money market account with no minimum balance?
Almost all the MMAs we’ve reviewed here have no minimum balance requirement. First Internet Bank and UFB Direct charge monthly maintenance fees for MMAs with balances under $4,000 and $5,000, but those accounts still earn interest. U.S. Bank is the only bank on our list that requires a significant minimum balance ($25,000) to earn interest.
Best money market accounts: bottom line
Having a money market account is worth it if you want to earn more with the money you already have. Many MMAs earn high interest rates while enabling you to access your funds if and when needed. While there may be restrictions on the number of transactions you can make with an MMA versus a traditional checking or savings account, the earning potential could be worth it for savers.
Of the MMAs we looked at, the best account rate with the least fees and requirements was offered by ZYNLO Bank. ZYNLO offers 5.00% (as of Oct. 26, 2023) APY on its MMAs with no limits on the number of transactions and no fees. While UFB Direct offered a slightly higher rate of 5.25%, unless you have more than $5,000 in the account, you would lose any additional interest earned in the $10 monthly maintenance fee.
The companies we chose for our best money market account rates list may be current or past FinanceBuzz partners. We did not review all companies in the market. When evaluating these companies, we considered factors such as APY, minimum deposit, and monthly service fees.