Maximize Your Savings with the Best Money Market Accounts
Are you tired of earning minimal interest on your savings? Look no further! Money market accounts offer a higher annual percentage yield (APY) than traditional savings accounts, along with the accessibility of a checking account. Our team has evaluated over 20 money market accounts from federally insured banks and credit unions to bring you the top 10 best options available today.
Top 10 Money Market Accounts
- EverBank’s Performance Money Market Account: With a 4.00% APY, no monthly fees, and a debit card, this account is hard to beat.
- Sallie Mae Money Market Account: Earn 4.10% APY on all balances with no minimum balance requirement or monthly fees.
- Ally Money Market Account: Boasting a 3.80% APY, this account has no minimum balance requirements or monthly fees, and offers access to over 43,000 free ATMs.
- Discover Bank’s Money Market Account: With a 3.60% APY for balances under $100,000 and 3.65% APY for balances over $100,000, this account offers easy access to your funds via checks, debit card, and ATM access.
- VIO Bank’s Cornerstone Money Market Savings Account: Earn a competitive 4.56% APY, but be prepared for a $100 minimum opening deposit and a $5 monthly fee (waivable with e-statements).
- Zynlo’s Money Market Account: With a whopping 5.00% APY for balances under $250,000, this account requires a $10 minimum opening deposit and has no monthly fees.
- Synchrony Money Market Account: This account offers a 2.25% APY, no minimum balance requirement, and checks upon request, making it a great option for those who don’t want to pay fees.
- UFB Direct’s Portfolio Money Market Account: Earn 4.01% APY with no minimum opening deposit, but be prepared for a $10 monthly fee (waivable with a $5,000 minimum balance).
- First Foundation Bank’s Online Money Market Account: With a 4.50% APY, this account requires a $1,000 minimum opening deposit, but offers easy access to your funds via debit card and checks.
- Prime Alliance Bank’s Personal Money Market Account: Earn 4.15% APY with no minimum opening deposit or monthly fees, but note that this account does not come with a debit card or checks.
What You Need to Know About Money Market Accounts
Money market accounts are a type of deposit account that typically pays a higher yield than traditional savings accounts. They offer easy access to your funds, along with some of the best features of a checking account. Here are some key benefits:
- Higher APY than traditional savings accounts
- Easy access to your funds via debit card, checks, and ATM access
- Federally insured, offering protection up to $250,000 per institution, per depositor, per ownership category
- Compounding interest, which increases your APY
How to Choose the Right Money Market Account
When selecting a money market account, consider the following factors:
- APY: Look for accounts with competitive interest rates.
- Minimum opening deposit: Check if there’s a minimum deposit requirement to open the account.
- Monthly fees: Opt for accounts with no monthly fees or low fees that can be waived.
- Access to funds: Consider accounts that offer easy access to your funds via debit card, checks, and ATM access.
- Compounding frequency: Look for accounts that compound interest frequently, such as daily or monthly.
By choosing the right money market account, you can maximize your savings and achieve your short-term financial goals faster.
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