The 10 best money market accounts of April 2024 (rates up to 5.30%)

Luckily, it’s easy to find these top-paying accounts. The Fortune Recommends^TM editorial team analyzed over 40 money market accounts to find the best.

Current rates for our top 10 money market accounts*

*Note: Rates are current as of April 24, 2024, and are subject to change.
Check out our full methodology here.

SPONSORED PARTNER

SoFi Checking & Savings

APY	4.60%
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$0
Monthly Maintenance Fee	None

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About

SoFi (which stands for Social Finance, Inc.) began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.

Additional Details

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found here.

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The 10 best money market accounts (MMAs)

Why we picked it

Quontic’s money market account offers a stellar 5% APY, very low opening minimum deposit, and no maintenance fees. Plus, you get check-writing abilities and a debit card, so you can access your cash easily. If you ever need to contact customer service, you can reach out via phone call, audio chat on your computer, or text chat. 

Why we picked it

Ally Bank’s money market account is our top pick because of its 4.25% APY and lack of minimum opening deposit or monthly fees. These features make this money market account a great option for those starting to build their savings. You’ll also have plenty of access to your funds when banking with Ally—you’ll get checks and a debit card with your account. 

Why we picked it

UFB’s money market account had one of the highest interest rates, clocking in at a 5.45% APY. This account does charge a monthly maintenance fee of $10, but customers who maintain a balance of $5,000 or greater get the monthly maintenance fee waived. This account also offers a debit card and check-writing privileges. 

If you ever need customer service, UFB Direct offers help 24/7 via secure message or phone call.

Why we picked it

Though this account requires at least $500 to open, its other features may make it worth the trade-off. The account comes with a high 4.9% APY, which is among the top on our list. In addition, you won’t pay any maintenance fees. 

Some of the other notable benefits of this account include a Mastercard debit card, checks, and up to six monthly withdrawals. If you need more than six monthly withdrawals, there’s a $5 fee per withdrawal. 

Why we picked it

When you opt for an MMA with First Foundation, you’ll get a rate that’s close to 5%. However, to open an account, you’ll need to have a nest egg already built up: the minimum opening deposit is $1000. And whenever you’re ready to access the money in your account, you can do so with a debit card, available by request, or checks.

Why we picked it

This bank’s money market account offers a high APY of 5%, a low minimum deposit of $50, and no maintenance fees. You can tap the cash in your money market accounts with checks, but you’ll be limited to six withdrawals per statement cycle. 

When it comes to customer service, you can get assistance by calling or going to one of their brick-and-mortar locations in Indiana.

Why we picked it

Sallie Mae’s money market account offers a high APY of 4.65% with no minimum deposit or monthly maintenance fees. Note that even though there is no minimum balance requirement, Sallie Mae has the right to close your account if the balance drops to $100 or less with no activity on the account. 

While there’s no debit card, you can access your funds with free transfers and checks.

Why we picked it

EverBank’s money market account offers a solid  4.3% introductory 1-year APY for first-time money market clients, regardless of how much you have to invest. After the first year, you’ll get a 3.75% APY for balances below $50,000, and an even higher rate if you maintain a larger balance. You’ll get a debit card and checks, which means accessing your money is simple.  

Why we picked it

Vio had the highest APY on our list at 5.30%. It has a low minimum opening deposit of $100 and no maintenance fees, making it a solid option for investors just getting started. Unfortunately, you won’t get a linked debit card or checks with your account. If you ever need help with your account, you can call them or contact them via a form on their website.

Why we picked it

The ZYNLO money market account made our list because it had a high5% APY,  $10 minimum deposit, and no monthly maintenance fees. Another notable benefit of this account is that there are no monthly withdrawal limits, unlike some of the other banks on our list. The one drawback? ZYNLO doesn’t offer check or debit card access with its money market accounts.

What is a money market account?

A money market account is like a combination between a checking account and a savings account. These accounts typically offer higher APYs than checking accounts and, in many cases, identical features—check-writing abilities, debit card access, and the ability to make withdrawals and deposits via ATM. 

However, unlike checking accounts, there may be a limit on the number of withdrawals—usually six—made from your money market account each month. And not all money market accounts come with all the features mentioned above.

It’s also not unusual for money market accounts to be tiered, offering higher APYs on higher balances. There may also be a minimum opening deposit or a balance you must maintain to avoid paying maintenance fees.

Before opening a money market account, it’s essential to shop around and research APYs, fees, and other features to ensure you find the best account fit for your finances.

Pros and cons of money market accounts

Money market accounts are useful financial tools, offering higher APYs than traditional checking or savings accounts. But it’s important to understand some of the pros and cons before opening one.   

Advantages of MMAs

One of the primary advantages of money market accounts is that they provide higher interest rates than other deposit accounts. 

While there may be a limit on the number of withdrawals you can make each month, your money is easily accessible—many money market accounts offer debit or ATM cards and check-writing access, so you can tap into your money when you need it.   

Disadvantages of MMAs

MMAs can be pricey, and you may need to have a certain amount of money saved up to open an account. Some financial institutions have minimum opening deposit requirements for MMAs, which can range from just a few dollars to thousands. 

Plus, after you open an account, there may be a minimum balance requirement you need to maintain as well. Some banks and credit unions charge a monthly maintenance fee just for having an account. However, that fee may be waived for some accounts if the customer meets a minimum balance requirement.

Lastly, some money market accounts limit customers to just six withdrawals per month. If you want unlimited access to your cash, a checking account could be a better option.

How to choose the best market account

When deciding between money market accounts, you’ll want to consider various account features such as:

• Interest rate: A higher APY means that your account will earn more interest over the year. You’ll also want to ask about the compounding frequency—how often interest is calculated and credited to your account. 
• Account minimums: Many financial institutions require a minimum deposit or balance to open an account and earn a certain APY. While some institutions offer accounts with minimums as low as $10, others impose more demanding minimums. You could sometimes face fees and penalties if your balance falls below the required minimum balance.
• Fees: Fees can eat into your balance, whether big or small. Before opening an account, read the fine print to determine if your account charges any monthly maintenance, withdrawal, or low-balance fees. You’ll also want to look for balance thresholds that might get these fees waived.
• Withdrawal rules: If you expect to make frequent withdrawals from your MMA, you’ll want to know if there’s a monthly cap. You’ll also want to know your options for accessing your funds, like whether you get a debit card or check-writing privileges.
• Easy access to your funds: Many MMAs offer debit cards and checkbooks for customers who want to use the money in their account regularly. If you’re looking for a savings vehicle that you plan to dip into frequently, you may want to opt for an MMA that provides one or both of these options.

Alternatives to money market accounts

Think of a money market as a hybrid between a savings account and a checking account: You can earn a solid interest rate on your savings and access your cash when needed. When deciding which deposit account is best for you—a savings account, CD, or checking account—you should consider your financial goals, how much liquidity you need, and whether you want a fixed or variable interest rate.

MMAs vs. savings accounts

There are many similarities between money market accounts and savings accounts: Both offer higher APYs than checking accounts, are covered FDIC or NCUA insurance, and typically have monthly withdrawal limits

However, there are some small differences between the two accounts. With a money market account, customers typically have easy access to cash via ATM, debit card, or checks. Yet with a savings account, customers are typically limited to accessing their cash via electronic transfer.   

MMAs vs. CDs

While money market accounts offer variable APYs, CDs provide a fixed interest rate when you lock up your money for a set amount of time, usually a few months or years. CDs, unlike money market accounts, offer no liquidity—if you need to access your cash before the CD’s term is up, you’ll have to pay an early withdrawal penalty which is worth a few months of interest.

Since CDs require you to tie your money up for a fixed period, these deposit accounts are best for a financial goal in the future such as saving up for a housing down payment. On the other hand, money market accounts can be a good place to store cash you need immediately like for an emergency fund.

MMAs vs. checking accounts

Checking accounts are typically used for everyday expenses like your credit card bill or rent payments. These accounts offer low variable interest rates as they’re not meant for long-term saving. You may be able to access your cash with an ATM or debit card, checks, and electronic transfer.

If you’re seeking a higher APY, a money market account offers higher interest rates than checking accounts. Customers, however, may be limited in the number of withdrawals they can make from their money market account.

Are money market accounts safe? 

Your money is safe in a money market account if your bank or credit union is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), respectively. These organizations insure your deposits of up to $250,000 per depositor, per account, per ownership category in the unlikely event of bank failure. You can check if your bank or credit union is covered by FDIC or NCUA insurance through their websites.

Our methodology 

The Fortune Recommends^TM team has analyzed more than 40 banks and credit unions across the U.S. to compare and find its top picks available to you. All banks that made the cut are available no matter where you live in the U.S.

Here are the key elements we ranked each bank by:

• APY (50%): APY is the interest you earn on the balance you carry in your account; the higher the APY, the higher it likely will be on our list.
• Minimum opening or required deposit (20%): This is the minimum dollar amount you’ll need to invest to open an account or earn its APY. Banks that required little or no minimum required deposit scored higher on our list.
• Maintenance fees (15%): Some banks charge fees to keep the account open, ranging from $0 to $20 monthly. These fees may be waived if customers maintain a certain minimum balance.
• Access to funds (10%): Banks will offer various ways to withdraw funds from your account (e.g., checks, debit cards, and ATM cards). We looked at whether banks offered debit cards and check writing privileges, with those offering both or one option higher than those with fewer options. 
• Customer service (5%): Being able to reach your bank in multiple ways (e.g., email, phone, chat support) is critical. We ranked places with more options higher than those with fewer options.

Rates and fees are subject to change. All the accounts on this list are NCUA- or FDIC-insured.

Frequently asked questions about MMAs

What determines the APY on the money market account? 

Your individual bank or credit union determines money market account APYs and may fluctuate in response to macroeconomic changes, changes to the federal funds rate, and more.

Are money market accounts taxed? 

Any interest earned on your money market account balance is considered taxable income and is reported to the IRS on Form 1099-INT.

Are money market accounts and money market funds the same? 

No. Money market accounts are deposit accounts offered by your bank or credit union that are liquid and federally insured. Money market funds are a type of mutual fund that invests in debt securities and may pay a small amount of interest on a monthly basis. These funds are not federally insured.

Do money market accounts come with debit cards? 

Many money market accounts offer debit cards, but not all do. Check with your financial institution to confirm that your MMA has a debit card.

Can you write checks from money market accounts? 

Many money market accounts offer check-writing privileges, although some financial institutions may charge an additional fee for ordering checks.

Can you lose the money you invest in a money market account?

Money market accounts are considered deposit accounts, so they’re riskless as long as your bank or credit union has FDIC or NCUA insurance, which provides up to $250,000 of coverage.

Do money market accounts have a fixed interest rate?

Money market accounts offer variable interest rates tied to the federal funds rate, or the interest rate set by the Federal Reserve. This means that the APY you receive on your account varies based on Fed policy.