8 Best Money Market Rates

According to Reddit, readers choose Vio Bank and Zynlo Bank for the best money market accounts because of their features and interest rates.

Holding your money in an account with one of the best money market rates available will help you grow your money faster than a traditional savings account. Some accounts offer up to 5% annual percentage yield (APY), which means if you hold $100,000 in your money market account, you’ll earn $5,116 during the account’s first year. Learn more about where to find the best interest rates on a money market account. 

Quick Look: Best Money Market Accounts

• Best for $100 to Open: Vio Bank
• Best for Cash Rewards on Debit Card Purchases: Zynlo Bank
• Best for Highly Rated Mobile App: UFB Direct
• Best for Suite of Account Types: Quontic Bank
• Best for Pairing with a Low-Restrictions CD Account: CFG Bank
• Best for Low Minimum Balance for APY: First Foundation Bank
• Best for Opening an Account in the Name of a Trust: Ally Bank
• Best for $0 Minimum Opening Deposit: Sallie Mae

Who Has the Highest Money Market Rates Right Now?

Based on today’s money market rates, if you hold $10,000 in your account, you could end the year several hundred dollars richer. Here’s a look at the leading options right now.

1. Best for $100 to Open: Vio Bank

APY: 5.3%

With just $100, you can get started with a money market account with one of the highest interest rates available. Plus, you won’t have to worry about maintenance fees on the account. While you won’t be able to write checks from the account, you can open a checking account to move money between the accounts to make that possible all from the same bank. 

2. Best for Cash Rewards on Debit Card Purchases: Zynlo Bank

5% APY

Zynlo Bank is a fully online bank. The unique feature its accounts offer is cashback on debit card purchases to help you build your savings account, even when you’re spending. When you round up your debit card purchases to the nearest dollar and transfer the roundup amount to savings, Zynlo will match that during the first 100 days on the account. As long as you keep a $5,000 balance, the bank will continue the matching program. If your balance falls below $5,000, you’ll get a 25% match on roundups.

3. Best for Highly Rated Mobile App: UFB Direct

5.25% APY

You’ll enjoy an outstanding interest rate on your account with UFB Direct. Plus, the account comes with a debit card and check-writing privileges, so you can use it like any other account. It has a wide network of fee-free ATMs and provides free transfers to direct deposit accounts for ease of use. Enjoy the 24/7 customer support line to get answers whenever you need them.

4. Best for Suite of Account Types: Quontic Bank

APY: 5%

When you want to do all your banking in one place but with an account with outstanding money market interest rates, Quontic is a good choice. You’ll enjoy no monthly fees and competitive rates on all account types, including certificates of deposit (CDs) and checking accounts. The largest challenge with working with this bank is its lack of weekend support hours.

5. Best for Pairing With a Low-Restrictions CD Account: CFG Bank

APY: 5.25%

CFG Bank is based in Maryland, which means its only in-person locations are in Maryland. But like most banks, it offers a host of outstanding features online, including some of the best money market and CD rates. One perk the bank has going for it is that it has one of the lowest requirements for opening a CD, which could help you grow your assets while you’re just starting.

6. Best for Low Minimum Balance for APY: First Foundation Bank

APY: 4.9%

First Foundation Bank offers accounts with outstanding features, including the fact that you’ll keep earning interest on your account even if there is only a penny held there. The account has no monthly fees so all you earn in interest goes directly to your balance. When you open your account, you’ll need $1,000.

7. Best for Opening an Account in the Name of a Trust: Ally Bank

APY: 4.25%

Ally Bank is an online-only bank. But with that comes the ability to contact the bank 24/7, which can provide greater banking ease compared to competitors. Enjoy access to one of the largest fee-free ATM networks. You don’t need lots of cash to open the account and get access to these great features. The APY is not quite as competitive as other banks on the list, but it is a stable, reliable bank for holding your funds with decent interest.

8. Best for $0 Minimum Opening Deposit: Sallie Mae

APY: 4.65%

Sallie Mae offers flexible access to your funds through check writing when you have a money market account. However, you won’t enjoy the ease of a debit or ATM card. But transferring funds electronically is also simple to get access to your funds when you need them. 

How to Choose the Best Money Market Account

Before you sign up for a money market account with the highest interest rates, review these considerations for choosing the best option based on your needs:

• Review minimum account balances and ensure you can keep those to still get your high interest rate.
• Check how many transactions you can have on the account each month to ensure you have good access to your funds.
• Look at the interest rates offered over time to make sure today’s interest rates are not introductory to get you in the door.
• Ensure you’ll have good access to your money with a strong mobile app and ATM locations.
• Get a full picture of the potential fees you could face and why to protect your funds.
• Know the rules for withdrawals and the number of transactions to make sure they fit your budgeting and savings goals.

Alternatives to Money Market Accounts

Money market accounts (MMAs) are a great way to grow your funds in a safe, low-risk manner. But you have many alternative options that are also low risk. Take a look:

• MMAs versus savings and checking accounts: All these account types offer FDIC insurance and a safe place to store your funds. But the interest rates will vary from one to the other. MMAs have the best interest rates but the greatest transaction restrictions. Savings accounts have the second-highest interest rates and fewer restrictions. Checking accounts have the lowest interest rates but also have minimal restrictions on withdrawals and transactions with the fastest, easiest access to the funds.
• MMAs versus CDs: Both MMAs and CDs offer competitive interest rates. But with a CD, you’re locking in that rate for a set period. MMAs offer variable APYs, meaning they can change month to month. CD accounts are not liquid without paying a fee for removing the funds early. With MMAs, you can remove the funds within your transaction limits and minimum account balance requirements.
• MMAs versus money market mutual funds: The biggest difference between these account types is that money market mutual funds are not FDIC-insured. You’ll obtain a money market mutual fund from a broker or investment company. While they are low risk, the lack of insurance on the account could present challenges for some users.
• Regular MMAs versus jumbo MMAs: A regular MMA generally has a much lower initial deposit and minimum account balance than a jumbo MMA. However, jumbo accounts also offer greater interest rates that can be up to twice the amount of a regular account.

Earn Low-Risk Interest on Your Savings

Money market accounts offer many great benefits, but the greatest is a high interest rate with easy access to your funds. Consider opening a money market savings account to replace your traditional savings account to get more return on your money while still getting all the perks of FDIC insurance and the ability to use the funds immediately, unlike in a CD account.

Frequently Asked Questions