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Sometimes money market accounts require a higher minimum balance than savings accounts.
So if you’re looking for a money market account but don’t have a lot of money to deposit at the moment, here’s a look at the best money market accounts that don’t require a minimum balance.
Bankrate’s top picks for money market accounts with no minimum balance
- Vio Bank: 4.88% APY; $100 minimum deposit to open
- Quontic Bank: 4.75% APY; $100 minimum deposit to open
- TIAA Bank: 4.50%* APY; $0 minimum deposit to open
- Ally Bank: 4.15% APY; $0 minimum deposit to open
- Sallie Mae Bank: 4.15% APY; $0 minimum deposit to open
Note: Annual percentage yields (APYs) shown are as of June 6, 2023. Bankrate’s editorial team updates this information regularly. APYs may have changed since they were last updated and may vary by region for some products.
* This is a one-year introductory APY for first-time TIAA Bank Yield Pledge Money Market customers.
Today’s top, widely available money market account account for a bank or credit union that doesn’t have a minimum balance requirement is 4.85 percent APY.
A closer look at the top money market accounts with no minimum balance
Vio Bank: 4.88% APY; $100 minimum deposit to open
Vio Bank, established in 2018, is the national online division of MidFirst Bank.
Vio Bank offers both a High Yield Online Savings account and 10 terms of CDs. Those CDs range from the six-month CD all the way out to the 10-year CD.
Quontic Bank: 4.75% APY; $100 minimum deposit to open
Quontic Bank was established in 2005, according to the FDIC, and started as a community bank in 2009, according to Quontic’s website. Its headquarters is in New York. Quontic Bank calls itself the Adaptive Digital Bank.
In addition to its Money Market, Quontic Bank also offers CDs, a High Yield Savings account and three checking accounts.
TIAA Bank: 4.50% APY*; $0 minimum deposit to open
Where you live, attend school, work or worship are some of the more than 4,000 ways to become a member at Randolph-Brooks Federal Credit Union.
* This is a one-year introductory APY for first-time TIAA Bank Yield Pledge Money Market customers. It is only available for balances up to $250,000.
Ally Bank: 4.15% APY; $0 minimum deposit to open
Ally Bank is an online bank that offers a money market account, a savings account, CDs and a checking account. GMAC Bank was transformed into Ally Bank in 2009, according to Ally Bank’s website. Ally Bank is known for accounts that don’t require a minimum balance.
Sallie Mae Bank: 4.15% APY; $0 minimum deposit to open
Sallie Mae Bank offers a money market account that doesn’t require a minimum opening deposit and it doesn’t have a monthly service fee. The bank also doesn’t require a certain balance to earn interest.
Sallie Mae Bank’s money market account also has check-writing privileges. In addition to its money market account, Sallie Mae Bank has CDs and savings accounts.
Money market account FAQs
A money market account is a bank account that you can deposit money into. You can also withdraw money from one, though the number of withdrawals during a monthly statement cycle may be limited. Unlike most savings accounts, money market accounts may have check-writing privileges as another method to pay people, businesses or other entities through your money market account.
Generally, money market accounts might have higher minimum balance requirements than savings accounts. But banks like Ally Bank or Sallie Mae Bank don’t charge minimum balance requirements or monthly service fees on their money market accounts.
Bankrate’s editorial team regularly updates rates on this page about every two weeks. We mainly look for the highest APYs and break ties using the minimum balance to open a money market account. Bankrate’s editorial team has reviewed nearly all of the banks and credit unions that they track. These institutions were selected because they offer competitive APYs, are larger (based on the amount of deposits or assets), frequently appear in internet searches or other possible factors. These banks and credit unions typically offer accounts that are available nationwide. All of these banks are insured by the Federal Deposit Insurance Corp. (FDIC) and all of the credit unions are National Credit Union Administration (NCUA) credit unions, insured by the National Credit Union Share Insurance Fund (NCUSIF).
Bankrate’s experience on financial advice and reporting
Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.
Banks we monitor
These financial institutions are featured in our high yield savings account rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, BrioDirect, Bread Financial (formerly Comenity Direct), 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, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, HSBC, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LendingClub Bank, 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, PurePoint Financial, 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, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.