Rates updated between Oct. 16 and Oct. 22 | Content updated Oct. 21
A money market account can be an ideal place to earn a competitive yield on your savings. Bankrate’s top money market rates are yielding more than 11 times today's national average annual percentage yield (APY) of 0.42 percent. Top-yielding money market accounts often have higher APYs than traditional savings accounts. What’s more, money markets typically offer check-writing privileges, a unique feature which gives you more flexibility when withdrawing your money than you would with a savings account.
It’s likely that money market account yields will decrease in the near future as the Federal Reserve decreased the federal funds rate by 50 basis points on Sept. 18. It was the first time since March 2020 that the Fed has lowered rates. Money market rates tend to follow the Fed’s movements – and could even decrease before the Fed takes action. But the good news for savers is that top money market yields are still outpacing inflation, so your cash in a money market account isn’t losing purchasing power.
Bankrate's picks for the top money market account rates
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 Oct. 16 and Oct. 22. All other information is current as of Oct. 21. 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
Vio has consistently provided the top yield so far for 2024. However, the yield has seen reductions in the wake of the Federal Reserve lowering interest rates by 50 basis points on Sept. 18. The APY has declined from a high of 5.30 percent, decreasing twice since September and now resting at 5.05 percent, as of October 21, 2024.
Savers who prefer to lock in a rate for a set amount of time should consider a certificate of deposit (CD). Generally, money market accounts have variable APYs, so a CD is the most viable way to earn a fixed return.
Even though Bankrate’s national average for savings accounts is higher than the average money market account, generally top yielding savings accounts and money market accounts have similar yields.
Even though national averages on various deposit accounts have been decreasing slightly in 2024, money market account rates in the current cycle are at their highest levels in more than a decade. The money market account national average APY is at 0.43 percent as of Oct. 14, 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 the national average.
Greg McBride
CFA, Bankrate Chief Financial Analyst
Like a rock dropped in the middle of a pond, a Fed interest rate cut will ripple out in all directions. Money market rates will continue to move lower as the Federal Reserve repeatedly cuts interest rates. It will be important to seek out the most competitive offers, as even in a declining rate environment those returns will be ahead of inflation for the foreseeable future.
Money market accounts are a good option for achieving your savings goals. 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:
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, 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.
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.
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.
