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Best Money Market Accounts for October 2024: Up to 5.00% By Sabrina Karl
Full Bio
Sabrina Karl has over two decades of experience writing about savings, CDs, and other banking topics. She is currently a staff writer at Investopedia and one of the country's top experts on how to earn as much as possible on the money you hold in the bank. She previously wrote for Bankrate.com, CreditCards.com, DepositAccounts.com, and RateSeeker. Learn about our editorial policies Updated October 11, 2024 Reviewed by Michael J Boyle
Reviewed by Michael J Boyle Full Bio Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. Learn about our Financial Review Board Fact checked by Maddy Simpson
Fact checked by Maddy Simpson Full Bio Maddy Simpson is an experienced data journalist and fact-checker with a background in financial analytics. Learn about our editorial policies
The best money market account rate from a nationally available institution is 5.00% APY available from Quontic Bank. That's nearly eight times the FDIC's national average for money market accounts of 0.64% APY, and is just one of 15 or more top rates you can find in our rankings below. All money market accounts and rates in our rankings were collected, verified, and available to open as of Oct. 11, 2024.
Every business day, we publish a ranking based on the highest money market account APYs available that day. Below, you'll find our partners' savings and cash management accounts—from banks, credit unions, and other financial institutions that use partner banks—followed by our top 15 ranking of the best money market account rates available nationwide.
Open a New Account Advertiser Disclosure × The offers that appear in this table are from partnerships from which we receive compensation. For more details, see our full advertiser disclosure. Institution Apy Min. To Earn Apy Highlights Open a New Account Advertiser Disclosure × The offers that appear in this table are from partnerships from which Dotdash receives compensation.
Money market accounts are not the same thing as money market funds or money market mutual funds. Those are investment-type accounts typically offered at brokerage firms, and their value can go up and down. In contrast, the money market accounts featured here are offered by banks and credit unions, and they operate as a hybrid between savings and checking accounts. Aside from any fees you incur, your funds cannot lose value.
Best Money Market Account Rates
The best money market account rates in the country are listed below in order of APY. In cases where more than one institution has the same rate, we've ranked accounts by the size of their minimum balance requirement, with smaller requirements ranking higher on the list.
- Quontic Bank – 5.00% APY
- Brilliant Bank – 4.85% APY
- Northern Bank Direct – 4.85% APY
- MYSB Direct – 4.80% APY
- Merchants Bank of Indiana – 4.75% APY
- Republic Bank of Chicago – 4.71% APY
- UFB Direct – 4.57% APY
- Prime Alliance Bank – 4.50% APY
- All America Bank – 4.40% APY
- Redneck Bank – 4.40% APY
- Presidential Bank – 4.37% APY
- Sallie Mae Bank – 4.20% APY
- Ally Bank – 4.00% APY
- Discover Bank – 3.90% APY
- Spectrum Credit Union – 3.80% APY
Tip
These are the top contenders if you want to be able to write checks from a savings account. But if check-writing is not critical to you, you may find a better-paying option in our daily ranking of the best high-yield savings accounts.
Quontic Bank, Money Market Account – 5.00% APY
- Minimum opening deposit: $100
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: No
- Debit card available: Yes
- Withdrawals allowed per month: 6, with a fee of $10 each after that
- Checking accounts available: Yes
- About: Quontic offers online banking products to customers nationwide. It has been an FDIC member since 2005.
- Rate verified as of Oct. 11, 2024
Brilliant Bank, Surge Money Market – 4.85% APY
- Minimum opening deposit: $1,000
- Minimum ongoing balance: Any amount
- Monthly fee: None with $2,000 balance; otherwise $10/month
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: Unlimited
- Checking accounts available: Yes
- About: Brilliant Bank is an online division of Equity Bank, which has been an FDIC member since 1985 and has more than 60 branches across Arkansas, Kansas, Missouri, and Oklahoma.
- Rate verified as of Oct. 11, 2024
Notes: Online accounts from Brilliant Bank are not available to residents of Arkansas, Kansas, Missouri, and Oklahoma. This account will pay its top APY on a maximum balance of $500,000. Amounts over that will pay a significantly lower APY.
Northern Bank Direct, Money Market Premier – 4.85% APY
- Minimum opening deposit: $5,000
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: Yes
- Debit card available: No
- Withdrawals allowed per month: Unlimited
- Checking accounts available: No
- About: FDIC-insured since 1960, Northern Bank serves online customers across the country with Northern Bank Direct, while also operating branches in Massachusetts.
- Rate verified as of Oct. 11, 2024
MYSB Direct, Direct Money Market – 4.80% APY
- Minimum opening deposit: Any amount
- Minimum ongoing balance: $5,000
- Monthly fee: None with $5,000 balance; otherwise $10/month
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: 10
- Checking accounts available: No
- About: MYSB Direct is the online banking arm of M.Y. Safra Bank, which is headquartered in New York City and operates a single branch there.
- Rate verified as of Oct. 11, 2024
Merchants Bank of Indiana, Money Market Savings – 4.75% APY
- Minimum opening deposit: $50
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: No
- Debit card available: No
- Withdrawals allowed per month: 6, with a fee of $2 each after that
- Checking accounts available: Not available online
- About: FDIC-insured since 1934, Merchants Bank of Indiana operates branches in the greater Indianapolis area, while serving online customers across the country.
- Rate verified as of Oct. 11, 2024
Republic Bank of Chicago, Digital Money Market – 4.71% APY
- Minimum opening deposit: $2,500
- Minimum ongoing balance: Any amount
- Monthly fee: None with a $2,500 balance; otherwise, $25/month
- ATM card available: No
- Debit card available: No
- Withdrawals allowed per month: Unlimited
- Checking accounts available: Yes
- About: Republic Bank of Chicago has 19 locations in the Chicago area. FDIC-insured since 1964, it is headquartered in Oak Brook, Illinois.
- Rate verified as of Oct. 11, 2024
Note: The Digital Money Market account is not available to customers in Illinois, Indiana, Iowa, or Michigan.
UFB Direct, Portfolio Money Market Account – 4.57% APY
- Minimum opening deposit: $0
- Minimum ongoing balance: Any amount
- Monthly fee: None with a $5,000 balance; otherwise, $10/month
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: Unlimited
- Checking accounts available: No
- About: UFB Direct is an online banking portal of Axos Bank, which has branches in San Diego and Las Vegas. Axos has been FDIC-insured since 2000.
- Rate verified as of Oct. 11, 2024
Prime Alliance Bank, Personal Money Market Account – 4.50% APY
- Minimum opening deposit: $0
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: No
- Debit card available: No
- Withdrawals allowed per month: 6, with a fee of $25 each after that
- Checking accounts available: Yes
- About: FDIC-insured since 2004, Prime Alliance serves customers at its location in Woods Cross, Utah, as well as nationwide through its online portal.
- Rate verified as of Oct. 11, 2024
All America Bank, Mega Money Market Checking – 4.40% APY
- Minimum opening deposit: $500
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: 6, with a fee of $5 each after that
- Checking accounts available: Yes
- About: FDIC-insured since 1969, All America Bank operates branches in Oklahoma, while serving nationwide customers online.
- Rate verified as of Oct. 11, 2024
Note: This account will pay its top APY on a maximum balance of $100,000. Amounts over that will pay a significantly lower APY.
Redneck Bank, Mega Money Market Checking – 4.40% APY
- Minimum opening deposit: $500
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: 6, with a fee of $5 each after that
- Checking accounts available: Yes
- About: Redneck Bank is an online division of All America Bank, which has been an FDIC member since 1969, with physical branches in Oklahoma.
- Rate verified as of Oct. 11, 2024
Note: This account will pay its top APY on a maximum balance of $100,000. Amounts over that will pay a significantly lower APY.
Presidential Bank, Money Market Advantage Checking – 4.37% APY
- Minimum opening deposit: $25,000
- Minimum ongoing balance: $25,000 to earn stated APY
- Monthly fee: None with $25,000 balance; otherwise $5/month
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: Unlimited
- Checking accounts available: Yes
- About: Based in Bethesda, Maryland, Presidential Bank operates branches in the greater Washington, D.C. metro area. It has been an FDIC member since 1985.
- Rate verified as of Oct. 11, 2024
Sallie Mae Bank, Money Market Account – 4.20% APY
- Minimum opening deposit: $0
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: No
- Debit card available: No
- Withdrawals allowed per month: Unlimited
- Checking accounts available: No
- About: Alongside its massive student lending operation, Sallie Mae Bank offers online banking products to customers nationwide, with FDIC insurance coverage since 2005.
- Rate verified as of Oct. 11, 2024
Ally Bank – 4.00% APY
- Minimum opening deposit: $0
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: Yes
- Debit card available: Yes
- Withdrawals allowed per month: 6, with a fee of $10 each after that
- Checking accounts available: Yes
- About: One of the nation's largest online-only banks, and the 20th largest consumer bank in the U.S., Ally has been FDIC-insured since 2004.
- Rate verified as of Oct. 11, 2024
Discover Bank – 3.90% APY
- Minimum opening deposit: $0
- Minimum ongoing balance: Any amount
- Monthly fee: None
- ATM card available: Yes
- Debit card available: No
- Withdrawals allowed per month: 6
- Checking account available: Yes
- About: Complementing its extensive credit card business, Discover Bank offers online-only bank accounts to customers nationwide. Dicover has been FDIC-insured since 1934.
- Rate verified as of Oct. 11, 2024
Spectrum Credit Union, MarketEdge Money Market – 3.80% APY
- Required opening deposit: Any amount
- Minimum balance requirement: $2,500 to earn stated APY
- Monthly fee: None
- ATM card available: No
- Debit card available: Yes
- Withdrawals allowed per month: Unlimited
- Checking accounts available: Yes
- Overview: Spectrum Credit Union and Chevron Federal Credit Union operate under the same umbrella, and both offer this rate. Anyone can join either credit union by donating $15 to the Contra Costa County Historical Society and keeping $25 or more in a savings account.
- Rate verified as of Oct. 11, 2024
In the News
The Fed cut rates for the first time since 2020, reducing them by 50 basis points to a range of 4.75%–5.00% at its Sept. 18 meeting. The federal funds rate had been at a two-decade high after 11 increases from March 2022 through July 2023 in an effort to bring down inflation. Further cuts are expected, which means money market account rates will decline after reaching heights not seen in more than 20 years.
What Is a Money Market Account?
A money market account is a type of bank account that pays a better interest rate than what you can earn on the money in your checking account (which typically pays no interest) or in a regular savings account. That makes it a great place to move some of the funds that you don't need on an everyday basis, boosting the amount of interest you earn over the course of each month.
Money market accounts are smart for anyone who wants to earn a high-yield interest rate, but also wants check-writing privileges. Though you may not be able to find a money market APY quite as high as the best savings account, you can often get close, while adding an additional way to withdraw your funds.
Interest rates on money markets are variable and can change over time. They are not fixed like with a CD. They are more like a savings or checking account where the rate is variable and the account is liquid. That means you can deposit and withdraw funds more or less as you choose. But unlike a savings account, money market accounts give you the option to write checks, making them a sort of hybrid between savings and checking accounts.
Warning
Don't assume that because an account has the words "money market" in its name that it is a true money market account with check-writing privileges. In recent years, financial institutions have started to use the phrase "money market" as a marketing term, sometimes applied to accounts with no check-writing abilities and therefore they are essentially high-yield savings accounts.
Pros and Cons of Money Market Accounts
Pros
-
Your balance earns interest
-
Withdraw and deposit when you like
-
Offers virtually risk-free safety
-
If rates rise, your APY could increase
Cons
-
Scoring a high APY may require opening an account at another bank
-
Easy access to your money can make it tempting to spend
-
If rates drop, your APY could be lowered
Pros Explained
- Your balance earns interest: Unlike a typical checking account, your balance in a money market will earn an annual percentage yield (APY), usually paid to you at the end of each monthly statement cycle.
- Allows withdrawals and deposits when you like: You can deposit money into a money market account at any time, and you can generally withdraw it when you like. Some accounts limit your withdrawals to six per month, but many accounts no longer have this restriction.
- Offers virtually risk-free safety: You cannot lose money on a money market account, and if you open it at an FDIC-insured bank or NCUA-insured credit union, your deposits are federally insured in the unlikely scenario that the institution fails.
- If rates rise, your APY could increase: Like a savings account, money market accounts pay a variable rate, which means the APY may rise when interest rates are on an upswing.
Cons Explained
- Scoring a high yield may require opening an account at another bank: To earn a leading rate on a money market account, you'll need to shop around. And the odds are high that scoring a top rate will require opening a money market account at a bank different than where you already have a checking and savings account.
- Easy access to your money can make it tempting to spend it: Because you can withdraw funds from a money market at any time, there is little to stop the temptation of pulling out money and spending it.
- If rates drop, your APY could be lowered: When interest rates are dropping, the rate on your money market account is likely to be reduced.
Expert Take
"Though there’s no way to know how much the Fed will ultimately lower rates—or how long they’ll keep cutting—we’re likely to see at least one more rate reduction this year, and then more cuts next year. That could lower the Fed rate a full percentage point or two, which would push rates on money market accounts down by a roughly similar amount." ~Sabrina Karl, Investopedia Staff Writer
How to Choose the Best Money Market Account for You
The best money market account for you will be one that pays a competitive interest rate and has account requirements that will work for you. Some of the account features you'll want to consider are:
- An opening deposit minimum
- An ongoing balance requirement
- Any monthly maintenance fees
- The number of withdrawals you'll be allowed to make per month
- Whether an ATM card is provided and can be used for cash withdrawals
To determine which of the factors above are the most important to you, think about how you expect to use the account, such as the minimum balance you feel confident you can maintain and how often you'll want to take funds out of the account.
Tip
If you’ve never opened an account somewhere other than your primary bank or credit union, you may worry that top-paying small institutions or online-only banks are riskier, or that it will be inconvenient. Fortunately, your funds are as protected as they are at any federally insured institution, regardless of size or whether it has branches. And though transferring funds between institutions can take one to three days, today’s online banking systems make transfers very easy.
How to Open a Money Market Account
Once you've decided which money market account is best for you, opening the account should be pretty straightforward and will follow the same process as opening a savings or checking account.
- Start the online account opening process: Most institutions allow online account opening, so look for an "Open Account" button or a link on the institution's website.
- Provide personal information: Fill in all of the information asked of you on the online application. Note that you'll be asked security questions to confirm your identity.
- Upload required documents: The process varies from institution to institution, but most will ask you to provide a copy of identification, such as a photo or scan of your driver's license. Some banks will ask for this within the online account opening process, while others may ask you to upload it or send it via secure message after you've submitted your application.
- Fund the account: Adding money your account may need to take place at the same time as you open the account, or may be able to be done later. If the money market account has a required opening deposit, you'll be asked toward the end of the application process how you'll fund your account. The most common way is via an ACH transfer from another bank, but other methods include a wire from another bank, sending in a paper check, or sometimes even charging a credit or debit card.
- Register for online banking: Once you've completed the account application, some banks will make online banking immediately available to you. But others may require some time to fully approve your application, providing the info you need for online banking within a few days of your completion of the application.
Wondering why these accounts are called money markets? It has to do with their highly accessible funds, which can be turned into cash very quickly. Hence the term "money market".
Alternatives to Money Market Accounts
Here are a few additional options to consider instead of, or in addition to, putting funds in a money market account.
- Traditional Savings Account: Because traditional savings account tend to pay modest rates, a primary advantage of money market accounts is their higher return. A money market account may require a larger initial deposit or ongoing balance—or both—than a standard savings account, but that is not always the case so it’s useful to shop around. Money market accounts will also allow you to write checks, which traditional savings accounts do not offer.
- High-Yield Savings Account: High-yield savings accounts and money market accounts are fairly interchangeable, with the only specific difference being that money market accounts offer check-writing. If you don’t care so much about having paper checks you can write from your savings, then it’s smart to also shop the best high-yield savings accounts, as they often pay higher APYs.
- Certificate of Deposit (CD): If you know you can live without a portion of your savings for months or years, you can often earn more by opening a certificate of deposit (CD). That’s because banks and credit unions typically offer a higher APY on CDs in exchange for your agreement that you’ll keep the funds in the CD until it matures. Another advantage of CDs is that their rate is fixed. If interest rates drop in the future, your money market rate will drop as well, but a CD rate is locked for the full CD term. Note that early withdrawals from a CD will trigger a penalty, but for some, this is a useful tool for thwarting the temptation to spend your savings.
- U.S. Savings Bonds: Another option for your cash savings is U.S. savings bonds. EE bonds offer a fixed interest rate that you’ll know at the time of making your deposit decision, while I bonds offer a rate that changes every six months based on current inflation levels (hence, the name I bonds). These investments are exceptionally safe, but note that they do not, for any reason, allow a withdrawal within the first 12 months.
- U.S. Treasuries: You could also consider a U.S. Treasury bill. T-bills allow you to lend money to the U.S. government for a short, fixed amount of time. Considered one of the safest investments in the world, T-bills offer durations ranging from four weeks to one year.
Tip
For money you know you won’t need access to for a while, also consider one of the options in our daily ranking of the best nationwide CDs. You may be able to earn a higher APY than with a savings or money market account, and your rate will be locked for the full duration of the CD term.
Why You Should Trust Us
Investopedia has been researching bank deposit rates from over 200 nationwide banks and credit unions every weekday since 2019—and publishing our ranking of the best money market APYs since early 2023. When ranking money market accounts, we ensure the institutions meet our requirement of being federally insured by the FDIC or NCUA, and we research the basic account features, such as minimum required balances, any fees, and other factors that will help readers choose the account that will best meet their needs. Launched in 1999, Investopedia has been helping readers find the best savings account and CD rates since 2019, and the best money market accounts since 2021.
Frequently Asked Questions
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Are Money Market Accounts Safe? Are They FDIC Insured?
Money market accounts are an exceptionally safe place to keep your funds. First, every money market account in our rankings is federally insured by the Federal Deposit Insurance Corporation (FDIC)—or for credit unions, the National Credit Union Administration (NCUA)—with coverage up to $250,000 per depositor and per institution. FDIC and NCUA insurance works exactly the same regardless of the size of the institution. So banking with a bigger or smaller bank does not change your risk for deposits up to $250,000.
Second, even if your money market account is offered by an online bank, you'll have federal protection there, too. If the bank is simply an online division of an existing brick-and-mortar bank that's FDIC-insured, then the online division is also protected. And even if the bank is internet-only, it likely is an FDIC member as well.
Third, money market accounts are not investments—they are simply deposit accounts. So the money you put in always belongs to you and cannot lose value, aside from any banking fees you may be charged.
-
Can I Use a Money Market Account as My Checking Account?
A money market generally isn't a substitute for your checking account because many money market accounts limit how many transactions you can make in a month. In addition, not all money market accounts offer ATM or debit cards.
Though the federal regulation limiting withdrawals to six per month was suspended in 2020, many banks and credit unions still impose withdrawal limits. That's because reducing the transactional costs of these accounts is what enables the bank to offer a higher interest rate. (Note, however, that ATM and in-branch withdrawals are always unlimited.)
Some money market accounts do offer unlimited withdrawals of all types. So if that's important to you, be sure to research account features before making a final choice.
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What Is a Good Money Market Account Rate?
A competitive rate for a money market account varies over time, based on the current interest rate environment. Across 2022 and 2023, rates surged due to the Federal Reserve's aggressive inflation-fighting campaign, resulting in the top money market accounts paying over 5%. But before the Fed's campaign, the best rates were less than 1%. What the future holds for money market rates is unpredictable, but if you shop from our daily ranking, you'll know you're choosing from the best rates that are currently available.
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How Much Can I Earn on $10,000 in a Money Market Account? What About $100,000?
Your earnings from a money market account depend on the average daily balance you hold in the account and the exact APY your account is paying. But we can make an estimate of what you'd earn if we assume an interest rate of 5.00% APY. On a $10,000 balance held in the account for one year, your earnings would be approximately $500, or roughly $41/month. If you're lucky enough to have a $100,000 balance in the account, your earnings would be about $5,000 for the year, or about $416/month.
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Do You Pay Taxes on Money in a Money Market Account?
You don't pay taxes on the money you deposit into a money market account, but instead, on the interest you earn. Interest earned in money market accounts, CDs, and high-yield checking and savings accounts is subject to taxes when it's a total of $10 or more.
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What Is the Downside of a Money Market Account?
The biggest drawback to putting your savings in a money market account is that the rate is not guaranteed. What you earn will be at the mercy of general interest rate fluctuations, so your money market rate can be expected to fall once the Federal Reserve starts lowering the federal funds rate. In contrast, money put in a CD will earn a fixed and guaranteed rate until the end of the certificate's term.
Some money market accounts put a limit on the number of withdrawals you can make. If you choose one of these accounts with restrictions, a downside could be that you're not able to withdraw funds as freely each month as you may like.
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What If I Want to Hold More than $250,000 in Money Market Accounts?
For those with a lot of cash on hand that they want to keep liquid while still earning a return, there are various ways to have more than $250,000 covered by federal FDIC insurance. The easiest is by holding your deposits in more than one name (like yours and your spouse's), in more than one FDIC institutions, or both.
The FDIC coverage limit applies per person and per institution. So that means if you and your spouse each have accounts at an FDIC bank (in your own names, not jointly held), you would have coverage up to $500,000. Alternatively, if you want to keep all the funds in your own name, you can put up to $250,000 in more than one bank.
Just remember: All your deposit accounts at a bank count toward the same $250,000 limit, so you'll need to tally up your balances of checking, savings, CD, and money market accounts to know how close you are to the $250,000 cap.
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What Will Happen to Money Market Rates in 2025?
Money market account rates are variable and can change over time. Like with savings and CDs, they are influenced by the Federal Reserve's monetary policy. When the fed funds rate is high, money market accounts are more likely to be high. When the fed cuts rates, they are likely to decline. With the Fed expected to make rate cuts in both 2024 and 2025 now that inflation is under control, money market account rates will be lower in 2025 than they were in 2023 and 2024.
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Banks We Reviewed
We regularly review the rates of the following FDIC banks and NCUA credit unions: 5Star Bank, All America Bank, Ally Bank, Amalgamated Bank, American Heritage Credit Union, BankUnited, Bellco Credit Union, Bethpage Federal Credit Union, BluPeak Credit Union, Brilliant Bank, Chevron Federal Credit Union, CIT Bank, ConnectOne Bank, Connexus Credit Union, Dept of Commerce Federal Credit Union, Digital Federal Credit Union, Discover Bank , EverBank, Finworth, First Capital Bank, First Foundation Bank, First Internet Bank, Forbright Bank, Genisys Credit Union, Hanscom Federal Credit Union, Hughes Federal Credit Union, Ideal Credit Union, KS StateBank, Latino Federal Credit Union, Luana Savings Bank, Merchants Bank of Indiana, Mountain America Credit Union, MutualOne Bank, My eBanc, MYSB Direct, Nationwide by Axos, nbkc bank, Northern Bank Direct, Northpointe Bank, Pen Air Credit Union, PenFed Credit Union, Presidential Bank, Prime Alliance Bank, Princeton Federal Credit Union, PSECredit Union, Quontic Bank, Redneck Bank, Republic Bank of Chicago, Sallie Mae Bank, Seattle Bank, Self-Help Federal Credit Union, Spectrum Federal Credit Union, Summit Credit Union, Synchrony Bank, TAB Bank, The Federal Savings Bank, UFB Direct, U.S. Bank, USAlliance Financial, Utah First Federal Credit Union, Webster Bank, and Zeal Credit Union.
How We Find the Best Money Market Account Rates
Every business day, Investopedia researchers and fact-checkers track the rate data of more than 60 banks and credit unions that offer money market accounts to customers nationwide, resulting in a daily ranking of the top-paying money market accounts. To qualify for our list, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. The account also must allow check-writing.
Banks and credit unions must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. If the account is accessible only through a mobile app, we require that the app be available on both the iOS and Android platforms.
Investopedia was founded in 1999, and our coverage of the best money market accounts began in 2019. For more about how we choose the best money market accounts, read our full methodology.
Learn More About Money Market Accounts
- What Is a Money Market Account?
- Guide to Money Market Accounts
- What Is a Retirement Money Market Account?
- How Do Money Market Accounts Work?
- How to Open a Money Market Account
- Pros and Cons of Money Market Accounts
- Are Money Market Accounts Safe?
- How Are Money Market Account Rates Determined?
- Money Market Account vs. Money Market Fund
- Money Market Account vs. Savings Account
- Money Market Account vs. High-Yield Checking Account
