Best money market accounts for October 2023

A money market account combines the interest-earning ability of a savings account with the check-writing privileges of a checking account. The best money market accounts offer competitive rates and low fees to help you grow your balance faster. 

With interest rates still elevated, the best money market account rates are topping 5.00% APY. That means you can earn a respectable return while keeping your money safe. 

Searching for the best money market account? Here are our top picks to help you get started.

TotalDirectBank was founded over 75 years ago and is now a division of City National Bank of Florida. Unlike many money market accounts, the Direct Money Market Deposit Account doesn’t come with a debit card or check-writing privileges. There’s a $25,000 minimum balance to open an account, but you can earn the APY with a balance of just $2,500. 

• There are zero monthly maintenance fees.
• The 5.26% APY is one of the highest money market account rates we’ve seen. 

• The account doesn’t come with a debit card or check-writing privileges.
• There’s a $10 excess transaction fee.

CFG Bank has been around since 2009 and is the largest bank headquartered in Baltimore, Maryland. Its High Yield Money Market account has no debit card or check-writing privileges. However, the minimum balance requirements ($1,000 to open and earn the APY) are less restrictive than some banks, and there are no excess transaction fees. 

• You can deposit up to $10,000 daily (with a maximum of $5,000 per item) via mobile deposit.
• You can open an account online or at one of the bank’s three branches in Maryland.

• The account doesn’t come with a debit card or check-writing privileges.
• There’s a $10 monthly maintenance fee if your balance falls below $1,000.

UFB Direct is a division of Axos Bank, Member FDIC. Its Preferred Money Market account offers check-writing privileges and an ATM card for easy cash access. There’s no minimum opening deposit requirement, but you need to maintain an average balance of at least $5,000 to avoid a $10 monthly fee. 

• The account comes with check-writing privileges and an ATM card.
• Customer service is available 24/7 by phone.
• Expanded protection is available for balances up to $175 million. 

• There’s a $10 monthly maintenance fee if your balance falls below $5,000.
• There’s a $10 excess transaction fee.

Vio Bank is the online bank division of MidFirst Bank, the nation’s largest privately held bank and an FDIC member. Its Cornerstone Money Market Savings Account doesn’t have a debit card or check-writing capabilities, but you can open an account with just $100. There are no monthly fees provided you opt for e-statements (paper statements cost $5 per month). 

• There are zero monthly maintenance fees.
• You can open an account with as little as $100. 
• Customer service is available seven days a week. 

• The account doesn’t come with a debit card or check-writing privileges.
• There’s a $5 monthly fee if you receive paper statements. 
• There’s a $10 excess transaction fee. 

Quontic Bank started as a community bank in 2009 and now offers digital banking to customers nationwide. Its Money Market account has a minimum opening deposit of just $100 and no monthly fees. The account comes with a debit card, and the bank’s robust mobile app supports remote check deposit, bill pay, and the option to send money via Zelle. 

• There are zero monthly maintenance fees.
• You can open an account with as little as $100. 
• It takes just three minutes to open an account (according to the website).

• The account doesn’t come with a checkbook.
• There’s a $10 excess transaction fee.

EverBank (formerly TIAA Bank): 4.75% APY

EverBank is based in Jacksonville, Florida. Its Yield Pledge Money Market account offers an introductory 4.75% APY for one year, with ongoing APYs of up to 4.30%, depending on your balance. There are no monthly fees or minimum opening deposit requirements. You can access your cash via check and debit card. There’s an extensive network of free ATMs, and the bank automatically reimburses up to $15 for ATM fees charged by other banks (or an unlimited amount with balances of at least $5,000). 

• The account comes with a debit card and checks.
• There are zero monthly maintenance fees. 
• A $0 minimum opening deposit means anyone can save. 

U.S. Bank has been around since 1863 (the Lincoln administration signed its national bank charter). Its Elite Money Market Account offers easy cash access via check and debit card, with one of the largest ATM networks in the country. There’s a $100 minimum opening deposit, but you need a balance of at least $25,000 to earn the APY (the interest rates are poor on lower balances). There are no monthly fees if you maintain a $10,000 minimum daily balance; otherwise, you’ll pay $10 per month.  

• The account comes with a debit card and checks.
• The mobile app is highly rated.

• You need to maintain a high balance to earn the best APY. 
• There’s a $10 monthly fee if your balance is below $10,000. 

Ally Bank opened its doors in 1919 in New York City and is currently headquartered in Detroit, Michigan. Its Money Market Account comes with checks and a debit card, and you can make unlimited withdrawals at one of 43,000+ Allpoint ATMs for free (Ally reimburses up to $10 per statement cycle for fees charged at other ATMs). There are no minimum balance requirements, monthly service fees, or excess transaction fees. 

• The account comes with a debit card and checks.
• The mobile app is user-friendly. 
• Customer service is available 24/7 via call, chat, and email. 

Discover is a digital bank and payments services company headquartered in Chicago. Its Money Market account lets you access cash via ATM, debit card, and checks. There’s a $2,500 minimum opening deposit, and you need a balance of at least $100,000 to earn the best APY (you’ll earn 0.05% less below that). It’s a no-fee money market account, so you’ll never pay for monthly maintenance, withdrawals at 60,000+ ATMs nationwide, checks, excess withdrawals, insufficient funds, and more. 

• The account comes with a debit card and checks.
• There are zero account fees.

• You need to maintain a high balance to earn the best APY. 
• You can find slightly higher rates elsewhere.

A money market account (MMA) is a type of savings account that banks and credit unions offer. MMAs at the best banks usually offer the interest-earning power of a high-yield savings account, and some provide the flexibility of a checking account — with debit cards, ATM cards, and check-writing capabilities. 

Like other deposit accounts, money market accounts are insured by the FDIC or NCUA for up to $250,000 (or $500,000 for joint accounts). They often pay higher rates than other types of savings accounts, but they typically limit how many transactions you can make each month via check, debit card, or electronic transfer. Still, you can usually make unlimited withdrawals via ATM, mail, or in person at a local branch. 

Money market accounts work much like other deposit accounts. You can make unlimited deposits and withdraw money at any time. However, you might be limited to six monthly “convenient” transfers and withdrawals, including electronic funds transfers, debit card transactions, and checks. You’ll earn interest on your balance, which typically compounds daily and is paid monthly. In some cases, you need to maintain a minimum balance to earn the best rate. 

The best online banks and credit unions usually offer the best money market rates. With fewer overhead costs than their brick-and-mortar counterparts, online institutions can pass their savings on to customers through higher rates and lower fees. 

Money market accounts and money market funds may sound similar, but they are very different. A money market account is a federally insured savings account you open at a bank or credit union. 

Conversely, a money market fund is a type of mutual fund that invests in low-risk money market securities, such as short-term Treasurys. They are offered by brokerage firms, mutual fund companies, and some 401(k) plans. Unlike money market accounts, money market funds aren’t federally insured. For this reason, you can lose money in a money market fund, though they are typically very low-risk investments. 

Money market accounts and savings accounts share many similarities. For example, both earn interest, are federally insured, and limit the number of withdrawals you can make each month. However, there are some differences. For instance, some market accounts come with check-writing privileges, while savings accounts typically don’t. Also, many money market accounts have minimum deposit requirements, which is rare for savings accounts. 

Money market accounts and CDs are federally insured savings accounts that earn interest. CDs tend to offer higher APYs, but you can’t deposit or withdraw funds before the CD matures without incurring an early withdrawal penalty. Meanwhile, money market accounts have rates similar to regular savings accounts, but you can access your money anytime via ATM, debit card, check, and electronic transfer (though monthly transaction limits may apply). 

You can’t lose the money you deposit in a money market account held in an FDIC-member bank or NCUA-member credit union, even if the bank fails (subject to the insurance limits). However, fees and penalties can reduce your earnings, and if they’re combined with a low APY, you could potentially lose money. 

A money market account can be an attractive option if you want a safe place to park your money while earning interest and having easy access to your funds. Still, money market accounts often come with high minimum opening deposits and monthly fees if you don’t maintain a certain balance, so they aren’t the best option for everyone. If a money market account isn’t right for you, you may want to consider a high-yield savings account or certificate of deposit (CD). 

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].