Best money market accounts of September 2026 (Up to 4.05%)

• How Bankrate calculates the national average

  In June 2023, Bankrate updated its methodology that determines the national average savings account rates. More than 500 banks and credit unions are surveyed to generate weekly national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation’s largest banks. 

A money market account could serve as a safe place to grow your savings, while providing the flexibility to withdraw funds without penalty.

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.

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• Is a money market account safe?

  Money market accounts are safe at federally insured institutions, as long as your money is within limits and guidelines. For banks covered by the Federal Deposit Insurance Corp. (FDIC) and credit unions that belong to the National Credit Union Administration (NCUA), your money is insured up to $250,000 per depositor, per insured institution, per ownership category. It’s protected and backed by the full faith and credit of the U.S. government should the bank or credit union fail. 
  
  To check whether a bank you're considering is FDIC-insured, use the FDIC’s BankFind tool, which can help you realize if multiple banks use the same FDIC certificate, or NCUA’s Credit Union Locator. Always double-check with the FDIC or NCUA and your financial institutions to confirm insurance coverage.

• Are money market account rates fixed?

  Most money account rates are variable, not fixed. That means the bank can decide to change your account’s APY at any time. An exception is when a bank temporarily offers a fixed APY as an introductory promotion for new accounts.

• Why do some banks pay so much more on money market accounts than others?

  Online-only banks often pay a competitive rate on all money market account balances. Meanwhile, big banks with branches sometimes only pay a high rate if you meet a considerable minimum balance requirement. The reason? Banks without branches don’t have the associated overhead costs — so many pass on the savings to customers in the form of higher rates.

• Are money market accounts taxed?

  All taxable and tax-exempt interest must be reported on your federal income tax return. Most interest that you receive or that’s credited to an account that you can withdraw without penalty is taxable income in the year it becomes available to you, according to the Internal Revenue Service. Consult with an accountant to answer your specific tax questions.

• Banks we monitor

  Accordia Bank, Alliant Credit Union, Ally Bank, Alto, America First Credit Union, American Express National Bank, Axos Bank, Banesco USA, Bank of America, Bank5 Connect, BankUnited Direct, Barclays Bank, Bask Bank, BMO Bank, Boeing Employees’ Credit Union, Bread Savings, BrioDirect, BTG Pactual, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase Bank, CIBC Bank USA, CIT Bank, Citibank, Citizens Access, Citizens Bank, Colorado Federal Savings Bank, Connexus Credit Union, Credit One Bank, Customers Bank, Discover Bank, E*TRADE from Morgan Stanley, Emigrant Bank, EverBank, Fifth Third Bank, First Citizens Bank, First Internet Bank, First National Bank of America, First Tech Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, Golden 1 Credit Union, Happen Bank, Huntington National Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Mountain America Credit Union, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, North American Savings Bank, Openbank, Patelco Credit Union, Peak Bank, Pentagon Federal Credit Union, PNC Bank, Popular Direct, Quontic Bank, Quorum Federal Credit Union, Regions Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, SoFi, State Employees' Credit Union, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Texas Capital Bank, The Federal Savings Bank, Third Federal Savings and Loan, Truist Bank, UFB Direct, US Bank, USAA Bank, Valley Bank, Varo Bank, Vio Bank, Wells Fargo, Western State Bank, Zions Bank, ZYNLO Bank