Strauss/Curtis/Getty Images

Strauss/Curtis/Getty Images

Savings account rates are on the rise, but if you want a bank account with more withdrawal options, the best money market accounts offer compelling rates, as well.

A money market account, or MMA, is a savings account that allows a limited number of checks to be drawn from the account each month. If you need more than occasional account access, an MMA may be a better option than a traditional savings account.

The best MMA rate available to all savers is 1.25 percent APY. But there are more than one dozen banks that offer money market rates as high as 1 percent APY. That’s more than nine times the national average, according to Bankrate’s latest national survey of banks and thrifts.

Compare the best money market accounts and pick the one that offers the right minimum deposit and interest rate for your financial situation.

10 best MMA rates in the U.S.
APY Minimum deposit
All AmericaBank 1.25% $50
Redneck Bank 1.25% $50
My BankingDirect 1.15% $5,000
EverBank 1.11% $5,000
My e-BAnC 1.11% $5,000
Dime Community Bank 1.1% $1,000
NortheastBank 1.11% $5,000
First CentralDirect 1.1% $10,000
Sallie Mae 1.05% $0
Northern BankDirect 1.05% $25

Source: Bankrate.com

How the best money market accounts stack up

Some of the best money market accounts require a significant minimum deposit. If $5,000 is too much for you to tuck away, look to a bank that has a lower requirement, like the two institutions on our list that offer the top rate.

The accounts from Oklahoma-based All America Bank and its online division Redneck Bank:

  • Pay 1.25 percent APY on balances up to $35,000; higher balances earn 0.5 percent APY.
  • Charge no monthly or maintenance fees.
  • Require a $50 minimum deposit, but no minimum balance.

All America Bank is FDIC-insured and earned four out of five stars on Bankrate’s Safe & Sound Ratings system, which measures the financial health of banks and credit unions throughout the United States.

My Banking Direct, an online division of New York Community Bank, offers the third best nationally available MMA rate. Its account:

  • Pays 1.15 percent APY on balances of $5,000 or more; lower balances earn 0.25 percent APY.
  • Charges no monthly or maintenance fees.
  • Requires a $2,500 minimum deposit.

New York Community Bank is FDIC-insured and earned three out of five stars in Bankrate’s Safe & Sound Ratings.

Use Bankrate’s simple savings calculator to see how much you stand to make with each of these accounts.

Could my interest rate change?

Yes, your interest rate can always change. Some banks have been gradually increasing interest rates, perhaps in response to the Federal Reserve, which has twice in recent months increased its benchmark interest rate. The Fed last hiked rates in March by a quarter percentage point. The central bank’s rate setting committee is still on track to increase rates two more times in 2017.

Though this could mean you’ll pay more interest on credit cards and auto loans, it could also mean higher interest rates on savings accounts. Keep an eye out for the ripple effects of the Fed’s decisions.

In the meantime, if you’re looking for a guaranteed return, compare the best savings rates with the top CD rates.

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