Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The highest money market account rate overall is
Meanwhile, the most competitive money market account rate regardless of your account balance is
Featured Nationally Available Money Market Accounts
| Account | Annual Percentage Yield (APY) |
If you are looking for more options, you can also find great rates at other banks too. We check rates daily to find the best rates for money market accounts. Here are our top options.
Best Money Market Accounts
The best money market accounts pay well above the average money market account interest rate and are on par with rates from the best high-yield savings accounts.
If you're a saver who likes to have easy access to your account, you might like a money market account. 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.
Our top picks for the best money market accounts are protected by FDIC or NCUA insurance. Although a few financial institutions were shut down in 2023, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
First Internet Bank of Indiana Money Market Account
The First Internet Bank of Indiana Money Market Account has a tiered interest rate system with competitive APYs. The money market account pays
First Internet Bank of Indiana is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the $250,000 limit. The way it works is your money is spread across other FDIC-insured financial institutions in the network (there are nearly 3,000 participating banks). Up to $150 million may be FDIC-insured through IntraFi Network Deposits.
This money market account has a
Rate:
Minimum opening deposit:
First Internet Bank of Indiana Review
Brilliant Bank Luminary Money Market Account
The Brilliant Bank Surge Money Market Account offers a competitive interest rate and might be a good option if you can keep at least $2,000 in your account so you can waive a
The current APY is only available for new depositors. If you live in Kansas, Missouri, Oklahoma, or Arkansas you won't be eligible to open this account.
Rate:
Minimum opening deposit:
Vio Bank Cornerstone Money Market Savings Account
The
If you get paper statements, there's a $5 monthly service fee. The
Rate:
Minimum opening deposit:
Ponce Bank Money Market Deposit Account - Product Name Only
The
You may like the
Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.
You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you'd like to do all your banking with one financial institution. Raisin doesn't offer checking accounts.
Rate:
Minimum opening deposit:
UFB Secure Money Market - Product Name Only
The
This account has a
Rate:
Minimum opening deposit:
CFG Bank High Yield Money Market Account
The CFG Bank High Yield Money Market Account offers one of the most competitive interest rates on its money market account.
You'll need
Rate:
Minimum opening deposit:
Republic Bank of Chicago Digital Money Market Account
The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you're searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the
This account isn't available in Illinois, Indiana, Wisconsin, and Michigan. It has a
Rate:
Minimum opening deposit:
Redneck Bank Money Market Account
The Redneck Bank Mega Money Market Account offers a high interest rate for account balances up to $100,000. You'll earn 5.05% APY on balances up to $100,000, and any amount over $100,000 will earn 0.50% APY. The account also has a $500 minimum opening deposit.
Redneck Bank is an online division of All America Bank.
The Redneck Bank Mega Money Market Account has a limit of one account per person.
Rate:
Minimum opening deposit:
Quontic Money Market Account
The Quontic Bank Money Market Account is a good choice if you'd like to open a money market account that has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.
Depending on your account balance, you may find other financial institutions with more competitive interest rates.
Rate:
Minimum opening deposit:
Premier Members Credit Union Money Market Account
The Premier Members Credit Union Money Market Account stands out because it requires a
If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.
You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.
Rate:
Minimum opening deposit:
Premier Members Credit Union Review
Money Market Accounts FAQs
What is the highest money market account rate right now?
The money market account with the highest interest rate right now is
Which is better, a money market account or 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. To help determine the best option for you, you could also compare interest rates, initial deposits, or monthly service fees.
Are money market accounts worth it?
Yes — a money market account has very few downsides, if any. The money in your account is insured by the FDIC or NCUA (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 if you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.
What is the average rate for a money market account?
As of November 2023, the national average APY on money market accounts is 0.65% according to the FDIC. Online banks usually offer a higher interest rate on money market accounts, though.
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 based on the Federal Reserve's decisions.
Are money market account rates going up?
The Fed has raised interest rates in 2023, and money market interest rates have slowly been going up, too. Even if they were to drop, however, it's best practice to keep saving. That way, when rates inevitably do go back up, you'll be earning interest on a larger amount of principal.
What are the best money market accounts?
First Internet Bank of Indiana Money Market Account - Product Name Only :First Internet Bank of Indiana Money Market Account - $1 million or LESS - APY APY on balances of $1 million or less andFirst Internet Bank of Indiana Money Market Account - ABOVE $1 million - APY APY on balances over $1 millionBrilliant Bank Luminary Money Market Account - Product Name Only :Brilliant Bank Luminary Money Market Account - APY APYVio Bank Cornerstone Money Market Savings Account - Product Name Only :Vio Bank Cornerstone Money Market Savings Account - APY APYOptimumBank Money Market Deposit Account - Editorial Name Only :Ponce Bank Money Market Deposit Account - APY APYUFB Premier Money Market - Product Name Only :UFB Premier Money Market - APY APYCFG Bank High Yield Money Market Account - Product Name Only :CFG Bank High Yield Money Market Account - APY APYRepublic Bank of Chicago Digital Money Market Account - Product Name Only :Republic Bank of Chicago Digital Money Market Account - APY APYRedneck Bank Money Market Account - Product Name Only :Redneck Bank Money Market Account - APY APYQuontic Money Market Account - Product Name Only :Quontic Money Market Account - APY APYPremier Members Credit Union Money Market Account - Product Name Only :Premier Members Credit Union Money Market Account - APY APY
Which Money Market Accounts are the Most Trustworthy?
The Better Business Bureau measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank. Since the
Redneck Bank doesn't have a BBB rating yet. Here are the BBB scores for the other institutions on our list:
| Institution | BBB grade |
| First Internet Bank of Indiana | A+ |
| Brilliant Bank | A- (rating from parent company, Equity Bank) |
| Vio Bank | A+ |
| Raisin | B+ |
| UFB Direct | A+ |
| CFG Bank | None |
| Republic Bank of Chicago | A+ |
| Quontic Bank | A+ |
| Premier Members Credit Union | A+ |
Brilliant Bank is an online-only division of Equity Bank. Brilliant Bank hasn't been rated by the BBB yet, but Equity Bank has received an A- grade from the BBB because it has failed to respond to one customer complaint.
Raisin has a B+ grade because it has received 39 complaints on the BBB website.
CFG Bank currently doesn't have a rating because its profile is being updated on the BBB website.
A strong BBB rating does not guarantee that you'll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you.
Why You Should Trust Us: Our Expert Panel for the Best Money Market Accounts
To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:
Insider
We're focusing on what will make a money market account most useful, including APY, access to your money, and more. 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?
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks."
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"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 money market account or another interest-earning account?
Tania Brown, certified financial planner at SaverLife:
"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, MBA, certified financial education instructor, BoujieBudgets.com:
"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."
Sophia Acevedo, Personal Finance Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
Methodology: How we Chose 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 using our money market account methodology at nearly two dozen institutions to identify the strongest options.
While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.
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.
Other Money Market Accounts We Considered
Northern Bank Direct Money Market Account - Product Name Only : Northern Bank Direct offers 4.95% APY on balances up to $250,000. However, our top picks have the potential to earn a higher interest rate right now. Read Insider's Northern Bank Direct Review.Connexus Credit Union Money Market Account - Product Name Only : You might like Connexus if you prefer credit unions over banks. To earn the highest interest rate, you'll need to maintain a high account balance of $1 million or more. Our top picks also offer the potential to earn a higher money market rate. See Insider's Connexus Review.Ally Money Market Account - Product Name Only : You might like Ally if you're looking for an account that has aAlly Money Market Account - Minimum Deposit minimum opening deposit. It pays a lower interest rate than our top picks though. See Insider's Ally Money Market Account Review.Sallie Mae Money Market Account - Product Name Only : Sallie Mae's money market account doesn't have minimum balance requirements, but our top picks offer more competitive interest rates. See Insider's Sallie Mae Bank Review.Discover Money Market Account - Product Name Only : The Discover Money Market Account requires a minimum ofDiscover Money Market Account - Minimum Deposit . Our top picks also offer higher rates. See Insider's Discover Bank Review.U.S. Bank Elite Money Market Account - Product Name Only : If you'd like to bank with a national financial institution, U.S. is offering a promotional rate for its Elite Money Market Account. If you open an account and maintain a balance of $25,000 or more, you'll earn a bonus rate of 4.50% APY depending on where you live. See Insider's U.S. Bank Review.Bethpage Federal Credit Union Money Market Account - Product Name Only : Bethpage is a solid choice if you like banking with a credit union. The Bethpage Credit Union Money Market Account has aBethpage Federal Credit Union Money Market Account - Minimum Deposit minimum, but the highest rate you can earn is just 2.00% APY. See Insider's Bethpage Credit Union Review.Synchrony Money Market Account : Synchrony has aSynchrony Money Market Account minimum opening deposit, but our top picks offer higher rates that make them more appealing. See Insider's Synchrony Bank Review.CIT Bank Money Market Account : Our top picks offer more competitive interest rates right now. See Insider's CIT Bank Review.Affinity Plus Federal Credit Union Superior Money Market Account : Affinity Plus Federal Credit Union has a solid money market account, but our top picks may pay a higher interest rate or have easier requirements for earning the highest rate. See Insider's Affinity Plus Credit Union Review.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. See Insider's Axos Bank Review.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. See Insider's NBKC Review.Sun East Federal Credit Union Money Market Account : You'll need maintain an account balance ofSun East Federal Credit Union Money Market Account at Sun East Federal Credit Union, but our top picks either offer higher interest rates or don't have minimum balance requirements.TAB Money Market Account - Product Name Only : TAB Bank pays a lower interest rate than all our top picks. See Insider's TAB Bank Review.