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Best Money Market Accounts 2024

Discover the top money market accounts available today, offering competitive interest rates and flexible access to your funds.
Written by
Grace Lemire
Last Update on Jan 19, 2024

In a financial landscape where maximizing your savings is paramount, money market accounts have emerged as a popular choice for individuals seeking a balance between high yields and liquidity. With countless options available, it can be overwhelming to determine which money market accounts offer the best combination of competitive interest rates, low fees, and convenient access to funds. 

We delve into the top money market accounts on the market, presenting a comprehensive overview of their features, benefits, and considerations, empowering you to make an informed decision and optimize your savings strategy.

Money Market AccountRatingBest For…APYMinimum DepositMonthly Fee
Ally Bank Money Market Account4.7ATM access4.15%NoneNone
Bethpage Federal Credit Union Money Market Account3.2Credit union mobile banking2.00%$500None
Connexus Credit Union High Yield Money Market Account3.1High balancesUp to 4.76%$1,000None
First Internet Bank Money Market Account4.3Full-service bankingUp to 5.20%$100$5 for balances under $4,000
Quontic Bank Money Market Account4.8Overall money market account4.75%$100None
Sallie Mae Bank Money Market Account4.7Reaching savings goals4.15%NoneNone
TIAA Bank Yield Pledge Money Market Account4.4Competitive interest rate guaranteedUp to 4.50%$500None
Vio Bank Cornerstone Money Market Account4.1Setting cash asideUp to 4.88%$100None
Zynlo Bank Money Market Account4.5Low minimum deposit requirement4.30%$10None
BEST FOR ATM ACCESS

Ally Bank Money Market Account

4.7
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
None
APY
4.15%
Unique Features
Reimburses up to $10 per statement for out-of-network ATM fees
Monthly Fee
None
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The Ally Bank Money Market Account offers a solid APY, no minimum deposit or monthly maintenance fee, and easy access to cash with their network of over 43,000 surcharge-free ATMs across the U.S. The one downside is their lack of physical branch locations.

Pros:

  • No minimum deposit
  • No monthly maintenance fee
  • 24/7 customer support via live chat, email, and phone
  • APY remains the same for all balance tiers

Cons:

  • Charges a $10 fee for excessive transactions
  • No in-person branch locations
Additional Details

Ally’s money market accounts come with checks and a debit card.

BEST FOR MOBILE BANKING WITH A CREDIT UNION

Bethpage Federal Credit Union Money Market Account

3.2
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$500
APY
2.00%
Unique Features
Highly-rated mobile app
Monthly Fee
None
Show More Details

Bethpage Federal Credit Union’s Money Market Account comes with an easy-to-use mobile app that includes budgeting and savings tools. The major downside is the low APY in comparison to other options.

Pros:

  • User-friendly mobile app
  • No monthly fee

Cons:

  • Lower APY than most competitors
  • $500 minimum deposit
  • Balances lower than $500 earn 0.10% APR
  • Limit on the number of checks you can write per month
Additional Details

The Bethpage Money Market Account doesn’t come with a debit card, and you’re limited to writing three checks per month. Because of these factors, this account is likely only ideal for current Bethpage customers. Otherwise, it’s best to explore other options.

BEST FOR INCREDIBLY HIGH BALANCES

Connexus Credit Union High Yield Money Market Account

3.1
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$1,000
APY
Up to 4.76%
Unique Features
Membership requires a one-time $5 donation
Monthly Fee
None
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Connexus Credit Union offers a high yield money market account with up to 4.76% APY — but don’t be fooled. You’ll only earn that rate with a balance over $1 million. Balances between $1,000 and $19,999.99 will earn just 0.25% APY.

So, unless you plan to store a very high balance, it’s best to look elsewhere.

Pros:

  • No monthly maintenance fee
  • Ability to write checks from the account
  • 24/7 online and mobile banking

Cons:

  • Higher minimum deposit requirement than competitors
  • Incredibly high balance is needed to earn a substantial APY
  • Balances below $1,000 don’t earn dividends
Additional Details

Connexus money market accounts are limited to four transactions per statement period. Anything over that limit will cost you $9.

BEST FOR FULL SERVICE BANKING

First Internet Bank Money Market Account

4.3
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$100
APY
Up to 5.20%; 3.56% for balances under $1 million
Unique Features
Offers a full suite of banking products
Monthly Fee
$5
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With a First Internet Bank Money Market Account, you’ll earn 5.20% APY on balances over $1 million. Balances below that threshold will earn 3.56% APY, which is still fairly competitive. The major downside of the option is the $5 monthly maintenance fee — although you can avoid it by keeping an average daily balance of $4,000.

Pros:

  • Competitive APY
  • Reimburses up to $10 per statement for ATM surcharges
  • Offers an array of other banking products
  • Initial deposit requirement is low

Cons:

  • You’ll need a high balance to earn the full 5.20% APY
  • Charges a $5 monthly maintenance fee for balances under $4,000
  • No debit card
Additional Details

If you’d like a debit card with First Internet Bank, you’ll need to open a separate checking account and transfer funds between the two accounts.

BEST FOR OVERALL MONEY MARKET ACCOUNT

Quontic Bank Money Market Account

4.8
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$100
APY
4.75%
Unique Features
High APY offered for all balance tiers
Monthly Fee
None
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Quontic Bank’s money market account comes with a 4.75% APY for all balance tiers, which is higher than most competitors. They have a network of over 90,000 ATMs across the U.S. and a low minimum deposit requirement of $100. The one downside of Quontic is that customer service is only available on weekdays, not weekends.

Pros:

  • Highly-rated mobile app
  • Competitive APY
  • Large ATM network
  • Comes with a debit card
  • No monthly maintenance fee

Cons:

  • Charges a $10 excess transaction fee
  • No customer service on the weekends
Additional Details

With a Quontic Bank money market account, you’re limited to six transactions per statement cycle. Transactions after that will cost $10.

BEST FOR REACHING SAVINGS GOALS

Sallie Mae Bank Money Market Account

4.7
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
None
APY
4.15%
Unique Features
Option to connect to a SmartyPig account
Monthly Fee
None
Show More Details

Sallie Mae’s money market account offers a competitive APY with no monthly fee or minimum deposit. If you prefer to use mobile banking features, however, know that their mobile app isn’t as highly rated as some competitors.

Pros:

  • No minimum deposit required
  • No monthly maintenance fee
  • Interest compounds daily and deposits monthly
  • 4.15% APY for all balances

Cons:

  • Doesn’t come with a debit card
  • Mobile app isn’t the best
Additional Details

Sallie Mae also offers their SmartyPig Account, which is designed to help you reach savings goals. Combining the two accounts could be ideal for people looking to monitor their progress toward savings goals.

BEST FOR COMPETITIVE INTEREST RATE GUARANTEED

TIAA Bank Yield Pledge Money Market Account

4.4
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$500
APY
Up to 4.50%
Unique Features
Guarantees a competitive interest rate
Monthly Fee
None
Show More Details

TIAA Bank offers the Yield Pledge promise, which guarantees that the interest rate you receive on your money market account is “among the top 5% of competitive accounts.” Currently, the account pays 4.50% APY for the first year on balances up to $250,000, then between 2.05% and 4.00% APY depending on the balance.

Pros:

  • No monthly maintenance fee
  • Network of over 80,000 surcharge-free ATMs
  • Reimburses up to $15 per month for out-of-network ATM fees; Unlimited fee reimbursement for customers whose balances are over $5,000
  • Comes with a debit card

Cons:

  • Higher minimum balance requirement than some competitors
  • Charges a $10 excessive transaction fee
Additional Details

After the first year, you won’t be able to earn the maximum APY offered.

BEST FOR SETTING CASH ASIDE

Vio Bank Cornerstone Money Market Account

4.1
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$100
APY
4.88%
Unique Features
Might encourage saving
Monthly Fee
None
Show More Details

The Vio Bank Cornerstone money market account offers a competitive APY, but it doesn’t come with a debit card, ATM network, or checks. Because of that, it’s only ideal for people that could benefit from having cash stored somewhere that makes it challenging to transfer back out.

Pros:

  • No monthly maintenance fee
  • Low minimum deposit required
  • Competitive APY

Cons:

  • No ATM or debit card
  • No ATM network
  • No checks
  • Charges a $10 excessive transaction fee
Additional Details

With this account, you’re allowed six transactions per month. Transactions after that will be subject to a $10 excessive transaction fee.

BEST FOR LOW DEPOSIT REQUIREMENT

Zynlo Bank Money Market Account

4.5
★★★★★ ★★★★★ ★★★★★
Minimum Deposit
$10
APY
4.30%
Unique Features
24/7 customer service via phone
Monthly Fee
None
Show More Details

Zynlo Bank’s money market account offers a competitive 4.30% APY on balances up to $250.000. The one downside is the lack of checks or a debit card. You can, however, access your account through their mobile app.

    Pros:

  • Low minimum deposit requirement
  • Competitive APY
  • 24/7 phone customer service

Cons:

  • No checks or debit card
Additional Details

All money market accounts are FDIC-insured, which means that balances up to $250,000 are protected. Zynlo’s money market account also offers Massachusetts Depositor Insurance, which provides extra protection for balances over $250,000.

Frequently Asked Questions (FAQs)

How Do Money Market Accounts Work?

Money market accounts work similarly to regular savings accounts, but they require a higher minimum balance. They often come with the ability to write a limited number of checks each month. The banks use the funds deposited in these accounts for short-term investments, which allows them to offer a higher interest rate.

How Are Interest Rates Determined For Money Market Accounts?

The interest rates for money market accounts are determined by various factors, including the Federal Reserve’s monetary policy, economic conditions, and the specific bank’s strategy. Banks often adjust the interest rates on these accounts in response to changes in these factors.

What Is The Difference Between A Money Market Account And A Savings Account?

While both money market and savings accounts are designed to hold your money and earn interest, there are a few key differences. Money market accounts typically offer higher interest rates and have higher minimum balance requirements. They also often come with limited check-writing abilities, while most savings accounts do not.

Are Money Market Accounts Insured?

Yes, money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC) at banks and by the National Credit Union Administration (NCUA) at credit unions. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

Grace Lemire is a full-time content writer and part-time social media creator with a passion for helping people navigate life's toughest financial decisions – from moving out of your parents' house to buying a home.