Here are the best money market accounts for August 2022

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If you’re a saver who likes to have easy access to your account, a money market account may be worth exploring. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card. 

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Below, you’ll find our picks for the best money market accounts right now. Our top picks are also free of monthly service fees, with the exception of CFG Bank, which waives its fee if you maintain an account balance of $1,000. 

Sallie Mae Money Market Account


Annual Percentage Yield (APY)


1.85% APY


Minimum Deposit Amount


$0


Annual Percentage Yield (APY)


1.85% APY


Minimum Deposit Amount


$0

More Information

  • Comes with paper checks, but no debit card
  • Interest compounded daily, paid monthly
  • FDIC insured

Ally Money Market Account


Annual Percentage Yield (APY)


2% APY


Minimum Deposit Amount


$0


Annual Percentage Yield (APY)


2% APY


Minimum Deposit Amount


$0

Pros

  • No opening deposit or minimum account balance
  • No monthly service fee
  • Access to a debit card
  • Access to paper checks
  • Out-of-network ATM reimbursements of up to $10 per month
  • 24/7 customer service
  • Easy-to-use mobile app
  • Link to other Ally bank accounts

Cons

  • Not the highest money market account APY
  • No physical branch locations
  • $10 excess transaction fee (paused during COVID-19)


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More Information

  • Access to checks and a debit card
  • Interest compounded daily, paid monthly
  • FDIC insured

Synchrony Money Market Account


Annual Percentage Yield (APY)


1.50% APY


Minimum Deposit Amount


$0


Annual Percentage Yield (APY)


1.50% APY


Minimum Deposit Amount


$0

More Information

  • Access your cash online, by phone, or via ATM
  • No opening deposit or minimum account balance
  • Comes with a debit card and paper checks

CIT Bank Money Market Account


Annual Percentage Yield (APY)


1.40% APY


Minimum Deposit Amount


$100


Annual Percentage Yield (APY)


1.40% APY


Minimum Deposit Amount


$100

Pros

  • Competitive APY
  • Free year of Amazon Prime subscription if you meet the requirements
  • Low opening deposit of $100
  • Connect your account to Zelle or PayPal
  • No monthly service fee

Cons

  • No paper checks
  • No debit card
  • No way to access funds at an ATM
  • No physical locations


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More Information

  • Connect to Zelle and PayPal
  • To get a free year of Amazon Prime you must use the promo code AMZN22 and deposit at least $15,000 during the first 15 days of opening an account; you must also maintain at least $15,000 in your account for 60 days after the initial funding period
  • Interest compounded daily, paid monthly
  • FDIC insured

Premier Members Credit Union Money Market Account


Annual Percentage Yield (APY)


0.10% to 2.00% APY


Minimum Deposit Amount


$5


Annual Percentage Yield (APY)


0.10% to 2.00% APY


Minimum Deposit Amount


$5

More Information

  • 13 branches in Colorado, or open an account online from around the US
  • Over 5,000 shared branches in the US
  • There are many ways to become a member if you live in Colorado, or join Impact on Education if you don’t otherwise qualify
  • Reverse-tiered account, with 7 tiers
  • Earn high rates on balances under $10,000, with highest rates under $2,000
  • Interest compounded monthly, paid monthly
  • Federally insured by the NCUA

Affinity Plus Federal Credit Union Superior Money Market Account


Annual Percentage Yield (APY)


0.75% to 1.25% APY


Minimum Deposit Amount


$0


Annual Percentage Yield (APY)


0.75% to 1.25% APY


Minimum Deposit Amount


$0

More Information

  • 26 branches in Minnesota, or open an account online from around the US
  • Many ways to become a member if you live in Minnesota, or donate $25 to the Affinity Plus Foundation to join
  • 60,000 free ATMs around the US in the MoneyPass, SUM, and CO-OP networks
  • Earn 4 MyPlus Rewards points each month for every $1,000 in average daily balances; use rewards on categories such as travel, gift cards, or charitable donations
  • Reverse-tiered account
  • Earn highest APY on balances under $25,000
  • Earn only 0.10% APY without monthly direct deposits of $500 and enrollment in digital statements
  • Interest is compounded and paid monthly
  • Federally insured by the NCUA

CFG Bank Money Market Account


Annual Percentage Yield (APY)


2.55% APY


Minimum Deposit Amount


$1,000


Annual Percentage Yield (APY)


2.55% APY


Minimum Deposit Amount


$1,000

More Information

  • 2 branches near Baltimore, Maryland
  • Free access to over 1,600 M&T Banks ATMs on the East Coast
  • $1,000 opening deposit and minimum balance to earn APY
  • Avoid $10 monthly fee with balance of $1,000
  • Interest compounded daily and paid monthly
  • Member FDIC

Quontic Money Market Account


Annual Percentage Yield (APY)


2.00% APY


Minimum Deposit Amount


$100


Annual Percentage Yield (APY)


2.00% APY


Minimum Deposit Amount


$100

Pros

  • Competitive APY
  • $100 minimum opening deposit
  • No monthly service fees
  • Includes a debit card and paper checks
  • No out-of-network ATM fees

Cons

  • Doesn’t reimburse any fees charged by out-of-network ATM providers

More Information

  • Earn up to 2.00% APY with a Quontic Annual Percentage Yield with a Quontic Money Market Account
  • No Monthly Maintenance or Overdraft Fees
  • $100 minimum deposit required to open an account

Comparing the best money market accounts of September 2022

Sallie Mae Money Market Account (jump to Sallie Mae account details »)

Why it stands out: Sallie Mae pays a competitive rate, and the bank doesn’t require an opening deposit. Sallie Mae also sends paper checks for you to access your money.

Rate: 1.85% APY

Minimum opening deposit: $0

What to look out for: There’s no debit card or ATM card included. You will receive paper checks, though.

Ally Money Market Account (jump to Ally account details »)

Why it stands out: You can get paper checks and a debit card to make purchases when you open a money market account with Ally, and there’s no minimum deposit. The bank reimburses up to $10 per month in fees charged by out-of-network ATMs.

Rate: 2% APY

Minimum opening deposit: $0

What to look out for: If you make more than six withdrawals per month, you’ll pay a $10 fee. (Ally may waive this fee during the COVID-19 pandemic, though.)

Synchrony Money Market Account (jump to Synchrony account details »)

Why it stands out: Synchrony doesn’t have a minimum opening deposit, and the bank sends you both an ATM card and paper check.

Rate: 1.50% APY

Minimum opening deposit: $0

What to look out for: There’s fees for out-of-network ATM withdrawals. On the plus side, Synchrony reimburses up to $5 per month in out-of-network ATM fees. But you can find banks that refund more money.

CIT Bank Money Market Account (jump to CIT account details »)

Why it stands out: With CIT Bank, you’ll earn the same rate regardless of how much money is in your account, and there’s no minimum balance requirement. You can link your CIT Bank money market account with PayPal and Zelle to make payments. 

CIT Bank is also offering a free one-year Amazon Prime members if you meet the requirements listed here.

Rate: 1.40% APY

Minimum opening deposit: $100

What to look out for: The money market account doesn’t include check writing or debit/ATM card access. You can make payments from your account digitally through sites such as Zelle and PayPal, but it might be inconvenient to not be able to write a check, pay with a card, or withdraw money from an ATM.

Premier Members Credit Union Money Market Account (jump to Premier Members Credit Union account details » )

Why it stands out: While some money market accounts offer higher rates for higher balances, Premier Members Credit Union takes the opposite approach — it rewards people who have lower balances with higher rates. Premier Members also doesn’t require a minimum balance, and it includes check-writing privileges.

Rate: Premier Members Credit Union’s reverse-tiered rates are as follows:

  • $0 to $2,000: 2.00% APY
  • $2,000.01 to $5,000: 1.01% to 2.00% APY
  • $5,000.01 to $10,000: 0.63% to 1.01% APY
  • $10,000.01 to $50,000: 0.29% to 0.63% APY
  • $50,000.01 to $100,000: 0.22% to 0.29% APY
  • $100,000.01 to $250,000: 0.15% to 0.22% APY
  • More than $250,000: 0.10% to 0.15% APY

Minimum opening deposit: $5

What to look out for: You may start with a low balance and earn a high rate, but if your account balance grows substantially, you could end up earning less than you would with a different company.

The account also doesn’t have a debit card or ATM card which means you might have limited access to your account.

Affinity Plus Federal Credit Union Superior Money Market Account (jump to Affinity Plus Federal Credit Union account details »)

Why it stands out: This is a reverse-tiered account that pays a higher rate for lower balances. If your account balance stays under $25,000, you’ll keep earning the highest rate possible. Affinity Plus also provides you with both paper checks and an ATM card, giving you easy access to your savings.

Rate: 0.75% to 1.25% APY

Minimum opening deposit: $0

What to look out for: You must set up monthly direct deposits of at least $500 and sign up for digital statements to qualify for a competitive rate. Otherwise, you’ll earn 0.10% APY. It’s also worth noting that interest compounds monthly, while many competitors’ rates compound daily, giving you the opportunity to build more wealth.

CFG Bank High Yield Money Market Account (jump to CFG Bank account details »)

Why it stands out: CFG offers a competitive interest rates on its money market account.

Rate: 2.55% APY

Minimum opening deposit: $1,000

What to look out for: You’ll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee.

Quontic Money Market Account (jump to Quontic Bank account details »)

Why it stands out: Quontic is offering a competitive interest rate regardless of your account balance.

Rate: 2.00% APY

Minimum opening deposit: $100

What to look out for: If you use an out-of-network ATM, you won’t be reimbursed for ATM fees.

Money market accounts that didn’t make the cut and why

  • Northern Bank Direct Money Market Account: Northern Bank Direct has a solid money market account, but other banks and credit unions on our list offer higher interest rates right now. Read the full review of Northern Bank Direct here.
  • Axos Bank: This money market accounts offers both paper checks and a debit card with your account, but its rates are lower than other accounts on our list. Read Insider’s full review of Axos here
  • TIAA Bank: This money market account offers a decent introductory APY, but its rate drops after the first year, depending on your balance, and it requires a $500 initial deposit. Read Insider’s full review of TIAA Bank here
  • NBKC Money Market Account: This is a solid money market account, but its rate isn’t quite as high as what you’ll earn with our top picks. Read Insider’s full review of NBKC here
  • UFB Direct: While the UFB Money Market Account has a high interest rate, you’ll need to keep at least $5,000 in your account to avoid a $10 monthly service fee. Our top picks either have no monthly service fees or require a lower minimum account balance.
  • Investors eAccess: This money market account doesn’t require any initial deposit or minimum account balance, but its APY is slightly lower than more competitive money market accounts.
  • BMO Harris: You’ll need to place an initial deposit of $5,000 and maintain at least that amount to earn any interest. Read Insider’s full review of BMO Harris here
  • Discover (Member FDIC): This low-fee account pays a decent rate, but Discover requires a $2,500 initial deposit. Read Insider’s full review of Discover here
  • Redneck Bank: This is another solid reverse-tiered option, but it requires a $500 opening deposit, and rates don’t go as high as Premier Members’ rates.
  • Sun East Federal Credit Union: Sun East offers a low APY, and you’ll have to make and maintain an account balance of $2,500.
  • Pacific National Bank: You’ll need an initial deposit of $5,000 to open this account; you’ll need to maintain a $5,000 balance to avoid monthly fees and $10,000 to earn interest.
  • Prime Alliance Bank Personal Money Market Account (Member FDIC): You’ll earn a decent rate with this account, but it doesn’t grant you easy access to your money with checks, an ATM card, or a debit card.

Which banks are the most trustworthy?

Here are the Better Business Bureau scores for each institution on our list:

The BBB measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices. Ally and CIT have the lowest grades on our list due to the number of complaints on the BBB website.  

CIT Bank has also been involved in a recent public scandal. 

In 2019, the Department of Housing and Urban Development sided with the California Reinvestment Coalition in its allegations against a division of CIT Bank called OneWest Bank. The CRC claimed that OneWest discriminated against Latinx and Black people in Los Angeles. Although OneWest never admitted to the discrimination, the bank did agree to pay over $7 million to homeownership programs for racial minorities in LA.

If any of these issues worry you, you may decide to go with one of the banks in this guide with a better BBB score and/or no scandals.

How did we choose the best money market accounts?

There are a lot of money market accounts out there. Through our research, we’ve found that the best money market accounts are offered by banks with a strong online presence and mobile access.

We reviewed money market accounts at nearly two dozen institutions to identify the strongest options. We also cross-referenced our list against popular comparison sites like Bankrate and NerdWallet to make sure we didn’t miss a thing. 

While interest rates are an important aspect of any money market account, several offer the same annual percentage yield (APY). To differentiate between them, we also considered minimum deposit and balance requirements, overdraft and excess transaction fees, ability to access funds, and any other standout features. 

Frequently asked questions

Why trust our recommendations?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

Why open a money market account over a high-yield savings account?

Money market accounts typically make it easier to access your money than high-yield savings accounts. Many come with check-writing privileges, debit cards you can use to make purchases, or ATM cards for withdrawing cash. Money market accounts and high-yield savings accounts both offer more interest and nearly as much flexibility as traditional checking or savings accounts. 

Are you on the fence about whether to open a money market or high-yield savings account? You could choose a company and compare its money market and savings accounts. One may have a higher rate, lower initial deposit, or lower monthly fee. 

You may want to work with a specific bank or credit union, but it only offers either a high-yield savings account or a money market account, not both. This limitation could help you make a decision, too.

Are money market accounts worth it?

Yes — a money market account has very few downsides, if any. There’s no risk that you’ll lose money, your account is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation.

The only time a money market account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.

Which banks have the best money market interest rates?

As of September 2022, the national average APY on money market accounts is 0.14% according to the FDIC

Right now, the following banks offer the best money market interest rates:

  • CIT Bank
  • Ally
  • Synchrony Bank
  • Sallie Mae
  • CFG Bank
  • Premier Members Credit Union, for savers with $2,000 or less
  • Affinity Plus Federal Credit Union, for savers with less than $25,000
  • Quontic Bank

However, rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.

Generally you’ll find the best interest rates at online banks. If you’re more comfortable banking with a brick-and-mortar, you can usually open a money market account there, too — just know that you may not be getting the best possible interest rate.

How often do money market account rates change?

Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve. 

The Fed meets eight times a year and decides whether to increase, decrease, or maintain interest rates. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won’t earn as much interest on your savings. But that doesn’t mean you shouldn’t save at all. When interest rates inevitably go back up, you’ll see a greater return on your money than if you started from scratch. 

Because the Fed spent several years raising rates since the Great Recession, it cut interest rates three times toward the end of 2019 in an effort to regulate the economy and side step another recession, and it slashed rates twice in 2020. Although rates are at an all-time low, they will eventually increase and continue to fluctuate over time.

Experts’ advice on choosing the best account for you

To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:

PFI Banking Expert Panel that includes Tania Brown, Roger Ma, Laura Grace Tarpley, and Mykail James



Insider


We’re focusing on what will make a money market account most useful, including APY, access to your money, and more.

Here’s what they had to say about money market accounts. (Some text may be lightly edited for clarity.)

What makes a money market account good or not good?

Laura Grace Tarpley, Personal Finance Insider:

“You might like a money market account if the APY is higher than what you’ll find with a high-yield savings account. Money market accounts should also give you a way to access your funds, whether it’s a debit card, ATM card, paper checks, or access to Zelle. Whichever one the bank offers, make sure it’s the right fit. For example, if a bank only offers paper checks, but you make all your payments digitally, then that money market account probably isn’t for you.”

Roger Ma, CFP:

“I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Mykail James, CFEI:

“How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD.”

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com.
See below for some of her work.
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