Best money market accounts for March 2024
- • Consumer banking
- • Savings accounts and CDs
Matthew Goldberg is a consumer banking reporter at Bankrate where he uses his more than 13 years of financial services experience to help inform readers about their important personal finance decisions.
- • Personal finance
- • Savings accounts
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.
Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor of Finance for ZDNet, both Red Ventures companies, where he wrote and edited news articles and features on a variety of topics including banking, blockchain, credit cards, cryptocurrency, fintech, home equity, investing and taxes.
- • Personal finance
- • Investing
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
- • Personal finance
- • Savings accounts
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.
Before joining Bankrate, Marc was Senior Editor at CNET Money and Senior Editor of Finance for ZDNet, both Red Ventures companies, where he wrote and edited news articles and features on a variety of topics including banking, blockchain, credit cards, cryptocurrency, fintech, home equity, investing and taxes.
- • Personal finance
- • Investing
Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Updated March 25, 2024
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.A money market account can be an ideal place to earn a competitive yield on your savings. Some money market accounts offer check-writing privileges, which is another option for when you need to use your money. Bankrate’s top money market rates are much higher than today's national average APY of 0.48 percent.
Bankrate provides you with timely news and rate information on the top money market accounts from some of the most popular and largest FDIC banks and NCUA credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.
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Table of contents
Bankrate's picks for the top money market account rates
- Vio Bank — 5.30% APY, $100 minimum deposit
- UFB Direct — 5.25% APY, $1 minimum deposit
- CFG Community Bank — 5.25% APY, $1,000 minimum deposit
- Quontic Bank — 5.00% APY, $100 minimum deposit
- Sallie Mae Bank — 4.65% APY, no minimum deposit
- EverBank (formerly TIAA Bank) — 4.30% APY, no minimum deposit
- Ally Bank — 4.25% APY, no minimum deposit
- First Internet Bank of Indiana — 3.77% APY, $100 minimum deposit
- Synchrony Bank — 2.25% APY, $1 minimum deposit
Note: Annual percentage yields (APYs) shown are as of March 29, 2024. All other information is current as of March 25, 2024. All APYs are based on the lowest balance tier offered by the bank. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
*Introductory APY offer for Everbank.
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
On This Page
Best money market accounts and rates for March 2024
Note: Annual percentage yields (APYs) shown are as of March 29, 2024. All other information is current as of March 25, 2024. All APYs are based on the lowest balance tier offered by the bank. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
UFB Direct
Overview
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- UFB Direct’s Preferred Money Market account offers a top-tier yield on all balances.
- This account offers expanded FDIC insurance of up to $150 million through the bank’s InsureGuard+ Savings program.
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- You’ll need at least $5,000 in your UFB Preferred Money Market account to avoid the $10 monthly service fee.
- UFB Direct’s Preferred Savings Account was offering the same APY as the Preferred Money Market but didn’t have a potential monthly service fee. So that option might be better for savers keeping less than $5,000 in an account.
- You need to make sure you’re within the FDIC insurance limit if you have other accounts through Axos Bank, since they all use the same FDIC certificate.
CFG Community Bank
Overview
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- CFG offers a competitive APY on its High Yield Money Market account. The account is available both online and in its branches.
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- You only earn interest if your balance is $1,000 or more. You’ll pay a $10 monthly service fee if you don’t keep at least $1,000 in your CFG Bank money market account.
Quontic Bank
Overview
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- Quontic Bank’s money market account offers a competitive yield.
- You get a debit card with this account.
- You only need $100 to open a Quontic Money Market Account.
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- You can only make a total of six transfers or withdrawals from your Quontic money market account.
- Some money market accounts at other banks earn a higher APY.
- You can only make six transfers and withdrawals from your money market account per statement period.
Sallie Mae Bank
Overview
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- Sallie Mae Bank offers a competitive yield with its Money Market Account.
- Its money market account doesn’t require a minimum opening deposit.
- It has check-writing privileges. Sallie Mae Bank’s money market account earned a higher yield than its savings account during Bankrate’s review.
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- You’re only able to reach Sallie Mae Bank during the week from 9 a.m. to 6 p.m. Eastern. The bank doesn’t have weekend hours. Some banks offer higher APYs on money market accounts.
EverBank (formerly TIAA Bank)
Overview
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- EverBank offers a competitive yield on its money market account. The account features a debit card, and the bank reimburses you up to $15 per month when other banks charge ATM fees.
- You can use mobile deposit to deposit checks with this account.
- EverBank is currently offering a one-year introductory offer. Those who think the Federal Reserve will be lowering rates a few times in 2024 might want to consider this account.
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- TIAA Bank is now EverBank. TIAA sold TIAA Bank.
- Different balances earn different yields — with balances of $100,000 or more earning the top-tiered yield and balances of $50,000-$99,999.99 earning the second highest tiered yield. (The bank’s intro APY earns the highest APY on balances of $250,000 or less.)
Ally Bank
Overview
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- Ally Bank’s money market account offers a competitive yield.
- It also reimburses up to $10 of out-of-network ATM fees during your statement cycle.
- Ally Bank’s app has mobile deposit.
- The account has check-writing privileges and a debit card.
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- All three of Ally Bank’s balance tiers had the same yield during our review. But this could change in the future.
- You need to make a deposit within the first 30 days you have this account to keep it open.
- The bank charges $15 for expedited items, such as checks or a debit card.
First Internet Bank of Indiana
Overview
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- First Internet Bank offers one of the most competitive yields on its Money Market Savings account.
- First Internet Bank’s money market account reimburses $10 worth of out-of-network ATM fees each month. The First Internet Bank Money Market Savings account rewards those with a balance of $1 million or more. It also has a competitive yield for those with less than $1 million. (Always make sure you’re within FDIC limits and guidelines.)
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- Only accounts with balances above $1 million earn the top APY for the account. There are money market accounts with competitive APYs that don’t require a balance that high to earn the top APY.
- You’ll need to keep a daily average balance of at least $4,000 in your Money Market Savings account to avoid paying a $5 monthly service fee.
Synchrony Bank
Overview
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- Synchrony Bank’s money market account offers a yield that’s much higher than the national average.
- This account lets you access your money from an ATM and has check-writing privileges.
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- Some money market accounts have a more competitive yield.
- Synchrony has three balance tiers that were paying the same yield during our review. But this could change in the future.
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Our banking editorial team regularly evaluates data from more than a hundred of the top financial institutions across a range of categories (brick-and-mortar banks, online banks, credit unions and more) to help you find the options that work best for you.
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Recent news on money market rates
The Federal Reserve held rates steady at its last meeting Jan. 31. Even without a 12th rate increase in the current cycle, money market account rates are already at their highest levels in more than a decade. The money market account national average APY is at 0.48 percent as of Mar. 29, 2024, according to Bankrate’s most recent survey of banks. Top money market account yields – generally at FDIC-insured online banks – are more than 11 times this.
The Federal Reserve is forecasting possible rate cuts in 2024. This could mean that competitive money market account yields could decrease a little in 2024.
However, the Fed raised rates 11 times during its current cycle — and some of the increases were 75 or 50 basis points. So top-yielding accounts should remain competitive.
Money market account yields aren’t moving higher but they will remain at very attractive levels, even as we see some pullback due to changing Fed policy.— GREG McBRIDE, CFA, BANKRATE CHIEF FINANCIAL ANALYST
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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.
What is a money market account and how does it work?
A money market account with a high yield is similar to a high-yield savings account, except it might offer check-writing privileges.
A money market account is a type of savings deposit account that can be found at banks and credit unions. Money market accounts work like a savings account, where you can deposit and withdraw money. You will also earn interest on the money you keep in a money market account.
Money market accounts generally let you withdraw money, but banks may limit withdrawals and transfers. Unlike most savings accounts, money market accounts may provide check-writing privileges. You also might have a debit card and be able to access money at an ATM. The check-writing capability of money market accounts provides a degree of flexibility and liquidity often not found in other savings accounts.
High-yielding money market accounts may pay a higher interest rate than traditional savings accounts, but their minimum deposit and balance requirements might be higher, too.
Important money market account terminology
- Check-writing privileges
- A money market account may allow you to write checks against the account. This is one of the main differences between money market accounts and savings accounts. Savings accounts don’t usually offer this.
- Interest
- Money that you earn for having your funds deposited with a bank.
- Compound interest
- Earning interest on the previous interest you’ve earned.
- Interest rate
- The percentage of your balance that is paid to you over the course of one year for having your funds on deposit. This number doesn't take into account the effects of compounding.
- Annual percentage yield (APY)
- This takes into account the effects of compounding during the year. The best way to compare yields is to use this number, rather than comparing interest rates. The higher the APY, the more interest you’ll earn on your cash.
- Minimum balance requirement
- The amount you have to keep in a savings account in order to avoid a monthly maintenance fee.
Steps to choose a money market account
Money market accounts are a good option for achieving your savings goals, especially if you choose. Choosing the right money market account that helps should help you earn a competitive annual percentage yield (APY). Some of the best money market accounts allow savers to earn a high yield as well as have check-writing privileges. Follow the steps below to see if a money market account is right for you.
- Determine what you’re saving for and when the funds will be used.
- Research banks and credit unions. Compare accounts to find a good match. A competitive APY, check-writing capabilities and ATM access are some of the top features to look for.
- Be aware of any minimum balance requirements and whether there are potential monthly service fees.
- Assess whether the account comes with FDIC or NCUA insurance. Always make sure your money is within FDIC or NCUA limits and guidelines.
How to open a money market account
Opening a money market is as easy as choosing which bank and account is right for you. Some money market accounts don’t have a minimum opening balance requirement, so you won’t have to worry about keeping a certain amount in the account or incurring a maintenance fee. Compare the top APY accounts with the minimum balance that you’re comfortable with to make the best decision for your saving needs.
Prior to opening a money market account online you’ll want to:
- Have your government-issued photo identification with you.
- Be prepared, if needed, to lift a security freeze on your credit file to open the account.
- Have your routing number and account number handy for the account you’re using to fund this new account.
- Have your social security number available.
Almost all of this information may also be needed if you open a new account in person. You may need cash or a check (or checks) to fund a new account opened in a branch.
Who should get a money market account?
Anyone looking for a safe place to stash a good chunk of money and earn some interest may benefit from a money market account. But these accounts make particularly good sense in a handful of situations, such as:
Some money market accounts let you write checks from the account.
Some money market accounts offer a debit card, which can help you access money at an ATM.
Once the wedding day comes to an end, expenses begin, such as paying vendors, caterers and the band. A money market account that gives you check-writing privileges can help pay for major expenses.
Pros 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/or a debit 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 have higher APYs
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You may be restricted to six withdrawals per statement cycle at certain banks.
Alternatives to money market accounts
MMAs vs. savings and checking accounts
Money market accounts are a good alternative to traditional savings accounts if you want the ability to write checks or use a debit card.
And you'll often get a better return. But if earning a high return is your priority, compare rates on online high-yield savings accounts, which may be superior to money market accounts and traditional savings accounts.
Meanwhile, money market accounts often combine the perks of paying interest and allowing some transactional features such as check-writing and debit card access. Most checking accounts are noninterest bearing, but they typically have no limits on the number of transactions each month.
MMAs vs. CDs
A money market account is for money that needs to be accessible. A certificate of deposit (CD) is for longer-term savings that you won’t use during the CD’s term, mainly because you don’t want to incur an early withdrawal penalty fee. Since money market account yields are usually variable, a CD could give you a fixed APY to protect you from future money market account rate decreases.
Sometimes you’re rewarded with a higher APY in a CD than you would earn in a liquid money market account. Which one is better for you will depend on your financial goals.
MMAs vs. NOW accounts
A negotiable order of withdrawal (NOW) account is classified as a transaction account, while a money market account is a non-transaction account, according to the Federal Reserve.
NOW accounts allow for an unlimited number of third-party payments, while money market accounts are restricted to six “convenient” transfers or withdrawals per month under Regulation D. Some banks may restrict money market account transactions further.
Regular MMAs vs. jumbo MMAs
A jumbo money market account is likely to have a higher minimum balance requirement than a normal money market account. Generally, a jumbo deposit product requires a minimum balance of $100,000. The same minimum balance requirement is also true of many jumbo CDs.
Jumbo money market accounts aren't very common, but there are at least two institutions that offer them:
- Navy Federal Credit Union offers up to 2.25 percent APY on balances of $1 million and higher.
- Canvas Credit Union offers a jumbo money market account that requires a $100,000 minimum balance to earn the account’s top yield of 3.50 percent APY.
Money market account FAQs
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Money market accounts are safe at an FDIC-insured bank or a federally insured credit union as long as they’re within limits and guidelines. FDIC deposit insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. An account at an NCUA credit union is insured up to the same amount. At both an FDIC bank and an NCUA credit union, your money that’s within limits and guidelines is 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. The tool may also help you realize if multiple banks use the same FDIC certificate. Always double-check with the FDIC or NCUA and your financial institutions to confirm insurance coverage.
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A high-yield money market account is one that earns a competitive yield. Generally, these money market accounts with higher rates are found at online banks and top credit unions. Some don’t have any minimum deposit requirements or monthly service fees while others may require a minimum opening deposit and could have minimum balance requirements to avoid a monthly service fee.
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Money market funds and money market accounts are different products. You’ll find money market accounts at FDIC-insured banks and at NCUA credit unions.
You’ll likely find money market funds at a brokerage. Money market mutual funds aren’t insured by the FDIC or the NCUSIF at an NCUA credit union. But they’re considered to be low-risk investments that are liquid. Some money market funds may also be exempt from income taxes.
Both money market accounts and money market funds may offer the ability to write checks.
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Generally, a high-yield money market account pays a higher APY than a checking account because banks can assume that your money will be in there for a longer period. You can withdraw from a money market account just like a checking account, although you may be limited to a certain maximum number of transfers or withdrawals per month.
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Most money market rates are variable, not fixed. That means the rate and APY you receive can rise or fall as market conditions change. A fixed introductory APY is the exception. During the promotional period, the fixed yield gives you a certain APY for a specific period of time. You might lose the fixed yield, however, if you don’t follow certain rules. An introductory rate may also require a deposit made with new money, which usually must come from outside the bank.
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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.
Research methodology
Bankrate has been around since 1976. It is a leading publisher of rates and personal finance articles. It is also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.
Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.
We select banks that have high annual percentage yields (APYs) and that are popular and broadly available, and we include some of the largest banks.
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These financial institutions are featured in our money market account rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Huntington National Bank, Investors Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, SoFi Bank, State Employees' Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.
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.