How We Determine the Best Money Market Accounts
SmartAsset’s experts scrutinized more than 30 accounts to determine this year’s best MMAs. As part of our consideration, we considered APYs, minimum balance requirements and monthly fees to appraise the MMA offerings. In addition, we took into account the quality of each bank’s customer service, which includes factors like mobile app ratings, customer service availability, ATM access and more.
CIT Bank Money Market Account
Money Market Account
0.50% APYMinimum Deposit: $100Pros
- Great APY
- No monthly fees
- Low minimum deposit
Cons
- Essentially an online-only bank
Best For
- Those who prefer an online banking experience
The CIT Bank Money Market Account is a strong offering, as it boasts a 0.50% APY and no monthly fees. Additionally, you only need to deposit $100 to become an account holder. This is an online-only account, so there’s no branch access to speak of.
In fact, most of the bank’s MMA customers only use online and mobile services. CIT has a user-friendly website, as well as a highly-rated mobile app on the Apple App Store. Unfortunately, the same cannot be said for its Android-based app, as users have rated it under three stars.
CIT Bank’s MMA has some drawbacks. For example, you will not receive a debit card or checks from the bank when you open your account. CIT currently also does not support online bill pay, though the bank claims that it’s on the way. People Pay, CIT’s free money transfer service, does help with these issues to a certain extent. However, you are limited to a maximum money transfer amount of $50 a day through this program.
Discover Bank Money Market Account
Money Market Account
0.35% APYMinimum Deposit: $2,500Pros
- High APY
- Well-rated customer service, 24/7 hotline
- Strong ATM access
Cons
- $2,500 minimum deposit for APY
Best For
- Those looking for a high-yield, online-only account
Discover Bank’s Money Market Account earns a 0.35% APY when the account’s balance is under $100,000, though that rate jumps to 0.40% when the balance crosses the $100,000 threshold. There is a $2,500 minimum opening balance for the aforementioned APYs.
After around 2.7 million user ratings on the iOS App Store, the Discover Mobile app holds a rating of 4.8 stars out of 5, making it the 26th most popular financial app on the store. From the app, you’ll be able to handle anything from general mobile banking and transfers to online bill pay and mobile check deposit, along with getting a fee-free ATM locator. If you encounter some sort of issue with the app, fear not, as Discover also has a 24/7 customer service hotline ready to help you out.
This account is actually quite a strong offering if you’re in the market for an online MMA. Using your new debit card at fee-free ATMs should be easy, as Discover Bank offers a massive 60,000-machine ATM network all around the U.S. There are no hidden fees with the account, and you can even request an official bank check at no charge.
Sallie Mae Money Market Account
Money Market Account
0.55% APYMinimum Deposit: $0Pros
- High APY
- No minimum balance necessary for APY or to avoid fees
- Customer service available seven days a week
Cons
- Only one location nationally
Best For
- Prospective account holders who are more concerned with earning than customer service
It’s the best of both worlds — a robust APY without the stress of having to reach a high required balance to earn it. And in the case of Sallie Mae’s high-yield MMA, you won’t even have to worry about a minimum balance at all, as you’ll receive a 0.55% APY (compounded daily) regardless of balance. That’s tied for fourth highest APY in our study. Sallie Mae also has no monthly maintenance fees.
Sallie Mae offers clients over-the-phone customer service seven days a week along with a highly-quality website. Unfortunately, the same cannot be said for the bank’s mobile app, as past customers have complained about insufficient transaction histories and an inability to transfer funds between Sallie Mae accounts.
The majority of the other financial institutions on this list have extensive ATM networks that allow you easy access to the funds in your account. Sallie Mae doesn’t include such a service for its customers, and because of this weakness, it should be seen as a bank that can deliver solid financial growth for your MMA without providing the customer experience most of its competitors do.
Axos Bank High Yield Money Market Account
Money Market Account
0.60% APYMinimum Opening Deposit: $1,000Pros
- High APY
- Access to a nationwide network of 91,000 free ATMs
Cons
- Need at least $1,000 to open an account
Best For
- Customers who want an online account with a massive ATM network
Axos Bank is an entirely online- and mobile-based bank that offers a number of strong accounts. One of these is the Axos High Yield Money Market Account, which boasts a 0.60% APY on all balances. While you will need to deposit at least $1,000 when you open your account, there are no monthly fees that will eat away at your interest earnings.
If you open the Axos High Yield Money Market Account, you’ll receive a debit card. This will allow you to use your card for purchase and ATM transactions. The ATM network of Axos is one of its top benefits, as the bank boasts a free, nationwide ATM network that’s around 91,000 ATMs strong. However, don’t forget that federal regulations limit the number of transactions a money market account can have at six per month. This account also comes with check-writing privileges.
Synchrony Bank Money Market Account
Money Market Account
0.50% APYMinimum Opening Deposit: $0Pros
- Great APY
- Competitive customer service
- No monthly fees or minimum balance requirements
Cons
- Internet access only
Best For
- Those who value customer service and prefer competitive rates without minimum balance requirements
You’ll be able to save with a 0.50% APY if you open the Synchrony Bank Money Market account. The account also has no minimum balance requirements, monthly fees or average daily balance requirements. And if you need to write checks or access cash, you can do so online, by ATM or by phone. Free mobile check deposits, online transfers and free ATM access are among the many perks the bank offers.
Synchrony Bank is an online-only institution, but the bank still excels when it comes to customer support. Synchrony offers customer support seven days a week, and the bank has high customer satisfaction ratings both in the Apple and Google Play stores.
Ally Bank Money Market Account
Money Market Account
0.50% APYMinimum Opening Deposit: $0Pros
- Competitive APY
- Free ATM network
- No monthly fees or minimum balance requirements
Cons
- Internet access only
Best For
- Customers looking for high-yield money market account without having to meet minimum balance requirements or pay monthly fees
Ally Bank’s Money Market account comes with a competitive 0.50% APY, and that rate applies to all balance tiers. You’ll also be able to skip out on minimum account balances or monthly maintenance fees. With this account, you won’t pay for standard or expedited ACH transfers, copies of online statements, incoming wire transfers, postage-paid deposit envelopes or cashier’s checks. You’ll only be charged for overdraft items, returned deposit items, excessive transactions fees, expedited delivery, outgoing domestic wires and account research fees.
If you decide to open Ally’s money market account, you’ll also be able to make unlimited ATM withdrawals at any Allpoint ATM for free. Ally will reimburse you for up to $10 per statement cycle for fees from other ATMs. And if you’ve got any questions, the bank offers 24/7 customer service support.
TIAA Bank Yield Pledge® Money Market
Money Market Account
0.45% APYMinimum Opening Deposit: $500Pros
- High Intro APY
- Large free ATM network
- No monthly account fee
Cons
- $500 minimum to open
Best For
- Anyone who wants both online and branch access
TIAA Bank offers a unique pledge to all of its Yield Pledge® Money Market account holders: your yield will be in the top 5% of Competitive Accounts, no matter what. The bank has evidently delivered on that promise, as it’s currently offering a one-year intro APY of 0.45% on balances up to $250K for first time account holders, while keeping its monthly maintenance fees at $0. It has five ongoing APY tiers, which you’ll find in the table below.
This MMA really stands out because of its impressive customer service package. TIAA Bank offers a free mobile app for both iOS and Android that allows you to handle just about all of your banking needs, including mobile check deposit, personal payments and cross-account transfers.
You’ll also get either a Visa® debit card or an ATM card when you create your account and will have access to a sizeable free ATM network and a full ATM fee reimbursement program that applies to all accounts with more than $5,000.
Yield Pledge® Money Market Account Rates | |
Balance | APY |
Up to $9,999.99 | 0.40% |
$10,000 – $24,999.99 | 0.40% |
$25,000 – $49,999.99 | 0.40% |
$50,000 – $99,999.99 | 0.40% |
$100,000 – $10,000,000 | 0.40% |
Northern Bank Direct Money Market Account
Money Market Account
0.50% APYMinimum Deposit: $5,000Pros
- Free checks, ATM card and online bill pay
- Third-highest APY in our study
- $0 monthly fees
Cons
- $5,000 minimum for APY
Best For
- Those who favor the ability to write checks without sacrificing APY
Even though much of the world has gone digital, checks remain one of the simplest ways to make payments and take care of debts. Northern Bank Direct isn’t the only bank on this list that gives customers free checks for their MMAs, but it sacrifices the least to make that possible with a 0.50% APY. In other words, the incorporation of both a high APY and no monthly maintenance fees fails to appear with any other bank that includes free checks in this study.
Although you’ll handle much of your business with Northern Bank Direct via its website or mobile app, you can still visit a branch to do your banking. However, you can access what’s available in-person remotely as well, including online account transfers, transaction histories and online bill pay. If you need money and you’re not near any of this bank’s locations or ATMs, your best bet is to use your ATM card at a fee-free SUM® ATM, a network with which Northern Bank Direct is partnered.
Northern Bank Direct only has branches in Massachusetts and is a part of Northern Bank. S&P Global Market Intelligence ranked it the best community bank in the nation in 2015.
First Internet Bank Money Market Savings
Money Market Account
0.50% APYMinimum Opening Deposit: $100Pros
- Unlimited online and mobile banking
- High APY
- Flexible customer service
Cons
- High minimum average daily balance
Best For
- People who value mobile banking, exceptional customer service and competitive interest rates
You can earn a competitive APY with First Internet Bank if you’ve got a high enough account balance. The bank’s Money Market Savings account boasts a 0.50% APY, but you’ll need a minimum opening deposit of $100 to set up the account. You’ll also need to maintain an average daily balance of $4,000 to get this rate without additional fees. If you don’t meet that balance, you’ll incur a $5 monthly maintenance fee.
First Internet Bank also excels in the online and mobile banking department. Its mobile app allows you to view account information, check account balances, transfer funds, deposit checks and view recent transactions. The bank also offers several online banking services.
If you need any account-related assistance, you can contact First Internet Bank six days a week, from Monday to Saturday.
My eBanc SuperSaver Money Market Account
Money Market Account
0.60%Minimum Opening Deposit: $5,000Pros
- Fantastic APY
- Offers live chat feature
- Easily accessible customer service
Cons
- High minimum balance and monthly fees
Best For
- Those who want a high-yield account but don’t mind high minimum balance requirements
My eBanc offers the highest money market APY on this list. To earn the rate, you’ll need a minimum of $5,000. You’ll have to maintain an average daily balance of $5,000, or you’ll be charged a $15 monthly maintenance fee. The bank’s minimum balance requirements are high compared to the other money market accounts on this list, but it’s important to mention some of the features and perks that come with the SuperSaver account.
Among those features are unlimited deposits, free online and mobile banking, free online bill payment, free mobile check deposits, debit card and ATM card options, interbank transfers, free e-statements and more.
My eBanc mainly offers phone support from Monday to Friday, but the bank’s website also provides a contact form and a live chat option.
Dime Community Bank Premier Money Market Account
Money Market Account
0.30% APYMinimum Opening Deposit: $1,000Pros
- Multiple money market accounts available
- High-yield APY
- Mobile offerings
Cons
- Customer service support during business hours only
Best For
- Anyone looking for a high-yield money market account with mobile banking solutions
Dime Community Bank says on its website that all of its money market accounts are relationship-priced and allow customers to secure additional rate benefits if qualifying levels of activity are accomplished. The bank offers three money market accounts: the Core Money Market Account, the Ascend Money Market Account and the Premier Money Market Account. The Core account carries a 0.10% APY, while the Ascend account comes with an APY of 0.25%. The Premier account holds a 0.30% APY.
Each money market account requires a $1,000 monthly minimum balance. If you choose the Premier account, you’ll earn the high APY, but you’ll also get up to 10 transactions per period if you’ve got a Dime checking account.
Dime Community Bank also has competitive mobile banking and online banking offerings. With the bank’s mobile app, you can monitor account balances and transaction history, transfer money, deposit checks and pay bills. You’ll only be able to access customer support during business hours, though.