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Top MMAs to stash cash until things settle

By Susan Ladika · Bankrate.com
Wednesday, November 9, 2016
Posted: 11 am ET
Top MMAs to stash cash until things settle

PhotoAlto/Frederic Cirou/Getty Images


This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author's alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty.

Looking for a haven for your money away post-election gyrations in the financial markets? A money market account is a savings account that allows a limited number of checks to be drawn from the account each month. The best MMAs offer high rates on deposits, rate guarantees and safety for your cash.

You won't earn as much on deposits into a money market account as you would on an investment like an individual retirement account. But money market accounts typically offer a better return than standard savings accounts.

The account that will work best for you depends on your personal financial situation.

To help you sort through the options, we've rounded up some of the best money market accounts available.

All of the accounts we've included come from financial institutions with accounts available nationwide.

RATE SEARCH:Compare money market account rates on Bankrate.

Here are some of the best money market accounts – our top picks for 2016:

Best Money Market Accounts: Top Picks for 2016
Bank/Credit Union Rate Best Feature
All America Bank, Redneck Bank 1.25% Best money market rate
EverBank 1.11% for 12 mos. Best guarantee
ableBanking 1.00% Best way to support a charity
Self-Help Credit Union 0.78% Best credit union
BBVA Compass 0.65% Best full-service bank

Best money market account rate

  • All America Bank/Redneck Bank
  • Rate: 1.25% APY

These sister banks, based in Oklahoma, are paying 1.25% APY on a money market account, one of the highest rates available.

The banks' Mega Money Market account requires just a $50 opening deposit. There's no minimum balance required to earn interest.

Redneck Bank is the online division of All America Bank. Both offer the same money market account terms.

One catch is that the 1.25% is paid only on balances up to $35,000. Higher balances earn 0.50% APY. So if you've got a stack of cash? to deposit, you may be better off looking somewhere else.

Best MMA guarantee

  • EverBank
  • Rate: 1.11% APY for 1 year

There's no immediate need to worry about falling rates with this offer from EverBank. Unlike other money market accounts, EverBank's will lock in its rate of 1.11% APY for a full year.

EverBank's Yield Pledge Money Market pays 1.11% APY on balances up to $250,000 for one year. After that, the account pays a standard rate, currently as much as 0.61% APY, depending on your balance.

You'll need to deposit at least $5,000 to open an account, but there's no minimum to earn interest.

EverBank is primarily an online bank, based in Jacksonville, Florida.

Best account for supporting charity

  • ableBanking
  • Rate: 1.00% APY

ableBanking not only offers a great rate on its money market account, it also makes a contribution to your favorite charity when you open one.

It pays 1.00% APY on its Money Market Savings account.

You need to deposit at least $250 to open an account, but there’s no minimum balance required to earn interest.

As a new customer, once you open your account ableBanking will donate $25 to the charity of your choice.

ableBanking is the online division of Northeast Bank, a community bank based in Maine.

Best credit union MMA

  • Self-Help Federal Credit Union
  • Rate: 0.78% APY

If you want to deposit your money at a credit union that strives to provide economic opportunity for everyone, particularly working families and under-served communities, check out Self-Help Federal Credit Union, based in Modesto, California.

Its money market account pays a solid 0.78% APY on balances of at least $500.

You need to deposit $500 to open an account. If your balance falls below $500, you’ll pay a $5 monthly service fee.

Anyone who pays a $5 fee to support the Center for Community Self-Help can join the credit union.

Best full-service bank MMA

  • BBVA Compass
  • Rate: 0.65% APY

Anyone around the country can open a ClearChoice Money Market Account from this brick-and-mortar bank based in Birmingham, Alabama.

You’ll earn a respectable 0.65% APY on the money market account, though you must maintain a minimum balance of $10,000. Lower balances earn just 0.05% APY. And if you don't keep at least $10,000 in your account, you'll get hit with a $15 monthly service charge.

But you'll also get access to a full range of services, including checking, savings, credit cards, lending, mortgages, investments and other personal finance solutions.

If you can't make the $10,000 minimum, it will pay to look elsewhere.

BBVA Compass has nearly 700 branches in seven states, including California, Florida and Texas.

RATE SEARCH:Compare money market accounts on Bankrate.


This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author’s alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty.

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