Best money market accounts of October 2026 (Up to 4.05%)
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A money market account is a type of deposit account that earns interest and often includes check-writing privileges or debit card access — providing more flexibility than a standard savings account for accessing your money. While the average money market account annual percentage yield (APY) is only 0.46, Bankrate’s best money market accounts pay more than eight times as much.
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How Bankrate works
Compare rates
See savings and CD rates from different banks and credit unions in one place, so you can quickly compare your options.
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Check the rate, terms and requirements, then pick the account that helps your savings grow faster.
Continue to the bank
Click through to the bank or credit union to open your account and start earning interest.
Recent news on money market rates
The Federal Reserve raised its benchmark federal funds during the Sept. 2026 meeting. The Federal funds rate is currently at 3.75%-4.00%.
Even after rates decreased following the three late-2025 rate cuts, the most competitive accounts are still more than eight times the national average, which is at 0.46 percent, according to Bankrate’s most recent survey of banks. With the bump in the rate, money market rates may start to inch up slowly.
The discrepancy between high and low rates is most pronounced when comparing online-only banks to the nation’s largest banks with branches. Some megabanks don’t offer money market accounts; when they do, you’ll often get a competitive rate only when you clear a high balance threshold. The accounts on this page, mostly from online banks, pay in the 3% to 4% APY range, often regardless of balance.
How to choose a money market account
A high-yield money market account can help you reach your savings goals on time. What’s more, the best options commonly don’t charge fees that would eat into your balance — and some also allow you to write checks.
When choosing the right account for you, consider finding one with perks.
- Competitive yield: The best money market account rates are currently above 3%. Many accounts earn lackluster rates, however — including at some of the country's biggest banks, which only offer competitive APYs when you meet high minimum balance requirements. Those with lower balances often earn a rock-bottom APY of just 0.01%.
- No fees: Monthly maintenance fees will cut into your interest earnings. It can pay to look for an account that won’t ever charge these fees, regardless of the balance.
- Check-writing privileges: Not all money market accounts provide the ability to write checks — but this feature isn’t too difficult to find, if it’s a priority for you in a money market account.
Where you keep your savings matters
Competitive money market accounts sometimes earn similar APYs to those of high-yield savings accounts — although money market accounts may offer some distinct features you won’t get from a savings account. Here are some key similarities and differences to watch for:
| Money market account | High-yield savings account |
| Variable APY that can change anytime. | Variable APY that can change anytime. |
| May come with check-writing privileges and a debit card. | Does not allow for check-writing and rarely comes with an ATM card. |
| Some have a tiered structure that reward greater balances with higher APYs. | All balances typically earn the same APY. |
If you’re choosing among multiple accounts that earn different APYs, try entering them into a savings calculator to see the difference in what they’ll earn over time. Bear in mind that both money market accounts and high-yield savings accounts earn variable APYs, which can increase or decrease at any time.
Bankrate staff insights
"My partner and I opened up a money market account soon after getting married because our bank was offering a higher rate on that account than on its savings account,” says a Bankrate staff member. “We also sometimes wrote one or two checks from the account in a month, so we appreciated the ability to do that."
How to use a money market account
A money market account could serve as a safe place to grow your savings, while providing the flexibility to withdraw funds without penalty.
- Earn high rates: A money market account may require you to deposit a certain amount of money to unlock the best rate. Meanwhile, others pay the same rate to everyone, regardless of the balance.
- Maintain a set minimum balance, as needed. Some accounts require you to keep a certain amount of money to avoid monthly fees. (Your best bet may be to find an account without any such requirements.)
- Build your savings: You’ll benefit more from a high rate if you add to the account over time. If you get paid into your checking account, you can make regular transfers to the money market account to save for emergencies or a major purchase.
- Access unlimited transactions (when permitted): Use the account for withdrawals, debit purchases or check-writing, as permitted. Keep in mind that some money market accounts do limit the number of withdrawals every month.
How to open a money market account
A money market may pay a competitive rate and provide some of the key perks of a checking account. Here’s everything you need to know about opening one.
Learn morePros and cons of money market accounts
Some money market accounts have certain features that you won’t find in a savings account. Here’s a look at some of the key advantages and disadvantages of money market accounts.
Pros
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You can earn a competitive APY.
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You may have check-writing privileges and sometimes a debit or ATM card.
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Some money market accounts allow you to withdraw money from an ATM.
Cons
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Some savings accounts and CDs might offer higher APYs.
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You may be restricted to six withdrawals per statement cycle at certain banks.
Alternatives to money market accounts
High-yield savings account
An account that typically earns a higher yield compared with a traditional savings account (although it doesn’t offer check-writing privileges as with a money market account).
Checking account
An account designed to deposit and access your money, specifically for everyday transactions such as buying goods and services and paying bills.
CDs
A time deposit account that earns a fixed rate of return over a set period of time, with terms typically ranging from three months to five years.
No-penalty CDs
A no-penalty CD helps you earn a fixed yield while still being able to access your money if you need to.
Money market account FAQs
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Research methodology
Bankrate researches over 100 banks and credit unions, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
To find the best money market accounts, we rated these institutions on their money market account’s APY, fees, minimum deposit requirements, funds access and more. Banks and credit unions receive penalties against their overall scores for each consent decree, penalty in a case brought by a federal regulator or in a certified, federal class-action lawsuit, or adverse federal judgment for harming deposits customers.
The highest-rated money market accounts from broadly-available banks and credit unions, with the highest APYs, made our list. Learn more about how we choose the best banking products and our methodology for reviewing banks.
Learn more
Pros and cons of a money market account
Weigh the benefits and drawbacks of money market accounts to decide if this type of account is right for you.
Bank ratings and reviews
Read Bankrate's expert reviews before deciding where to deposit your money.
Average money market rates
Stay up-to-date on how top-yielding money market accounts compare to the national average.