Vio Bank
![Vio Bank_logo](https://www.brimg.net/system/img/inst/10462_hires_logo_2x.png?auto=webp&fit=&width=200&format=pjpg)
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.
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.
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.
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.
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 April 15, 2024
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 0.46 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.
Page preview:
Note: Annual percentage yields (APYs) shown were updated between April 11 and April 17. All other information is current as of April 15. 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.
Note: Annual percentage yields (APYs) shown were updated between April 11 and April 17. All other information is current as of April 15. 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.
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.
48 years
of industry experience
3 k
deposits rates tracked
120
banks reviewed
The Federal Reserve held rates steady at its last meeting March 20. 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 0.46 percent as of April 18, 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 three 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
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.
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.
Here are the three most important things to consider when choosing a money market account:
There are money market accounts with APYs that are outpacing current inflation.
Check-writing privileges can be a great additional feature that some money market accounts have and savings accounts generally don’t have. Compare savings accounts with money market accounts if you don’t need check-writing privileges.
Fees will cut into your interest earnings, so make sure you aren’t paying these.
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.
A money market account could be an ideal option if you’re someone who’s looking for an account to boost your savings or looking for more flexibility to withdraw your savings without incurring penalties. Some of the popular reasons savers open a money market account include:
Here are three instances when opening a money market account is advantageous to your personal finances:
Still, money market accounts make particularly good sense in such situations as:
Some money market accounts let you write checks from your savings account.
Some money market accounts offer a debit card, which can help you access, and deposit, your savings at an ATM.
A money market account that gives you check-writing privileges can help pay for major expenses from your savings. But first check with your bank to see if it allows unlimited payments using checks or if there’s a withdrawal limit.
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 moreSome 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.
You can earn a competitive APY.
You may have check-writing privileges and/or a debit card.
Some money market accounts allow you to withdraw money from an ATM.
Some savings accounts and CDs might offer higher yielding APYs
You may be restricted to six withdrawals per statement cycle at certain banks.
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, specifially 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 accounts are safe at federally-insured banks or credit unions as long as they’re within limits and guidelines. FDIC deposit insurance at member banks, for example, covers up to $250,000 per depositor, per insured bank for each account ownership category. An account at a credit union that’s a member of the NCUA offers the same insurance coverage. Whether your money market account is in a member FDIC bank or member 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, 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.
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.
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.
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.
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.
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), low minimum balances, banks that have highly-rated apps and banks that are popular and broadly available. We also include some of the largest banks, to help readers compare those to online-only banks.
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.
Weigh the benefits and drawbacks of money market accounts to decide if this type of account is right for you.
Read Bankrate's expert reviews before deciding where to deposit your money.
Stay up-to-date on how top-yielding money market accounts compare to the national average.