Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
If you're a saver who likes to have easy access to your account, you might like a money market account. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card.
The highest money market account rate overall is 5.46% APY from First Internet Bank of Indiana for account balances above $1 million. Meanwhile, the most competitive money market account rate regardless of your account balance is 5.26% APY from Hanover Bank, powered by Raisin.
If you are looking for more options, you can also find great rates at other banks too. We check rates daily to find the best rates for money market accounts. Here are our top options.
Best Money Market Accounts
- First Internet Bank of Indiana Money Market Account: 3.76% APY on balances of $1 million or less and 5.46% APY on balances over $1 million
- Hanover Bank Money Market Deposit Account, powered by Raisin: 5.26% APY
- UFB High Yield Money Market: 5.25% (as of 08/11/2023) APY
- Vio Bank Cornerstone Money Market Savings Account: 5.25% APY
- Republic Bank of Chicago Digital Money Market Account: 5.21% APY
- CFG Bank High Yield Money Market Account: 5.20% APY
- Redneck Bank Money Market Account: 0.50% to 5.05% APY
- Quontic Money Market Account: 5.00%APY
- Premier Members Credit Union Money Market Account: 0.50% to 5.00% APY
Our top picks for the best money market accounts are protected by FDIC or NCUA insurance. Although First Republic Bank, Silicon Valley Bank, and Signature Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare Money Market Accounts
Money Market Accounts FAQs
The money market account with the highest interest rate right now is is 5.46% APY from First Internet Bank of Indiana for account balances above $1 million. Meanwhile, the most competitive money market account rate regardless of your account balance is 5.26% APY from Raisin (Hanover Bank Money Market Deposit Account). Keep in mind rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.
Money market accounts typically make it easier to access your money than high-yield savings accounts. Many come with check-writing privileges, debit cards you can use to make purchases, or ATM cards for withdrawing cash. To help determine the best option for you, you could also compare interest rates, initial deposits, or monthly service fees.
Yes — a money market account has very few downsides, if any. The money in your account is insured by the FDIC or NCUA (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation. The only time a money market account may not be worth it is if you're paying excessive maintenance fees that eat into your interest payments, or if you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.
As of August 2023, the national average APY on money market accounts is 0.62% according to the FDIC. Online banks usually offer a higher interest rate on money market accounts, though.
Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year based on the Federal Reserve's decisions.
The Fed has raised interest rates in 2023, and money market interest rates have slowly been going up, too. Even if they were to drop, however, it's best practice to keep saving. That way, when rates inevitably do go back up, you'll be earning interest on a larger amount of principal.
Money Market Account Reviews
First Internet Bank of Indiana Money Market Account
First Internet Bank of Indiana has a tiered interest rate system with competitive APYs. The money market account pays 3.76% APY on account balances of $1 million or under and 5.46% APY on account balances over $1 million. You may also request an ATM card to make ATM withdrawals.
First Internet Bank of Indiana is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the $250,000 limit. The way it works is your money is spread across other FDIC-insured financial institutions in the network (there are nearly 3,000 participating banks). Up to $150 million may be FDIC-insured through IntraFi Network Deposits.
Rate: 3.76% APY on account balances of $1 million or under and 5.46% APY on account balances over $1 million
Minimum opening deposit: $100
What to look out for: This money market account has a $5 monthly service fee. To waive the fee, you'll need to maintain at least $4,000 in your account. This money market account also doesn't come with check writing privileges.
First Internet Bank of Indiana Review
Hanover Bank Money Market Deposit Account
Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions. Currently, the Hanover Bank Money Market Deposit Account offers the highest money market account interest rate on Raisin. That said, there are also other money market accounts available on Raisin that pay 5.00% APY or more.
You may like the Hanover Bank Money Market Deposit Account if you're looking for an option with a high interest rate and low minimum opening deposit. You'll only need $1 to get started.
Rate: 5.26% APY
Minimum opening deposit: $1
What to look out for: You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you'd like to do all your banking with one financial institution. Raisin doesn't offer checking accounts.
UFB High Yield Money Market
The UFB High Yield Money Market offers a competitive interest rate regardless of your balance, and it allows you to write checks.
Rate: 5.25% (as of 08/11/2023) APY
Minimum opening deposit: $0
What to look out for: This account has a $10 monthly service fee. To waive the fee, you'll have to maintain a minimum balance of $5,000.
Vio Bank Cornerstone Money Market Savings Account
The Vio Bank Cornerstone Money Market Savings Account has a low minimum opening deposit, and no monthly service fees if you sign up for online bank statements.
Rate: 5.25% APY
Minimum opening deposit: $100
What to look out for: If you get paper statements, there's a $5 monthly service fee. The Vio Bank Cornerstone Money Market Savings Account also doesn't include paper checks or a debit card.
First Republic Money Market Savings Account
The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you're searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the $25 monthly service fee.
Rate: 5.21% APY
Minimum opening deposit: $2,500
What to look out for: This account isn't available in Illinois, Indiana, Wisconsin, and Michigan. It has a $25 monthly service fee to be mindful of. It also doesn't offer an ATM card or debit card, only paper checks.
CFG Bank High Yield Money Market Account
CFG Bank offers one of the most competitive interest rates on its money market account.
Rate: 5.20% APY
Minimum opening deposit: $1,000
What to look out for: You'll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee. This money market account also doesn't come with check writing privileges or a debit card.
Redneck Bank Money Market Account
Redneck Bank is an online division of All America Bank. The Redneck Bank Mega Money Market Account offers a high interest rate for account balances up to $100,000. You'll earn 5.05% APY on balances up to $100,000, and any amount over $100,000 will earn 0.50% APY. The account also has a $500 minimum opening deposit.
Rate: 0.50% to 5.05% APY
Minimum opening deposit: $500
What to look out for: The Redneck Bank Mega Money Market Account has a limit of one account per person.
Quontic Money Market Account
Quontic Bank is a good choice if you'd like to open a money market account that has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.
Rate: 5.00% APY
Minimum opening deposit: $100
What to look out for: Depending on your account balance, you may find other financial institutions with more competitive interest rates.
Premier Members Credit Union Money Market Account
Premier Members Credit Union stands out because its money market account only requires a $5 initial deposit. The account also pays a high interest rate on low account balances. You can earn 5.00% APY on balances up to $2,000.
If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
Rate: 0.50% to 5.00% APY
Minimum opening deposit: $5
What to look out for: To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.
You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.
Premier Members Credit Union Review
Other Money Market Accounts We Considered
- Northern Bank Direct Money Market Account: Northern Bank Direct offers 4.95% APY on balances up to $250,000. However, our top picks have the potential to earn a higher interest rate right now. Read Insider's Northern Bank Direct Review.
- Brilliant Bank Luminary Money Market Account: Brilliant Bank has a money market account that pays up to 4.65% APY, but you can find even higher rates at other banks.
- Connexus Credit Union Money Market Account: You might like Connexus if you prefer credit unions over banks. To earn the highest interest rate, you'll need to maintain a high account balance of $1 million or more. Our top picks also offer the potential to earn a higher money market rate. See Insider's Connexus Review.
- Ally Money Market Account: You might like Ally if you're looking for an account that has a $0 minimum opening deposit. It pays a lower interest rate than our top picks though. See Insider's Ally Money Market Account Review.
- Sallie Mae Money Market Account: Sallie Mae's money market account doesn't have minimum balance requirements, but our top picks offer more competitive interest rates. See Insider's Sallie Mae Bank Review.
- Discover Money Market Account: The Discover Money Market Account requires a minimum of $2,500. Our top picks also offer higher rates. See Insider's Discover Bank Review.
- U.S. Bank Elite Money Market Account: If you'd like to bank with a national financial institution, U.S. is offering a promotional rate for its Elite Money Market Account. If you open an account by September 25, 2023, and maintain a balance of $25,000 or more, you'll earn a bonus rate of 4.50% APY depending on where you live. See Insider's U.S. Bank Review.
- Bethpage Federal Credit Union Money Market Account: Bethpage is a solid choice if you like banking with a credit union. The Bethpage Credit Union Money Market Account has a $500 minimum, but the highest rate you can earn is just 2.00% APY. See Insider's Bethpage Credit Union Review.
- Synchrony Money Market Account: Synchrony has a $0 minimum opening deposit, but our top picks offer higher rates that make them more appealing. See Insider's Synchrony Bank Review.
- CIT Bank Money Market Account: Our top picks offer more competitive interest rates right now. See Insider's CIT Bank Review.
- Affinity Plus Federal Credit Union Superior Money Market Account: Affinity Plus Federal Credit Union has a solid money market account, but our top picks may pay a higher interest rate or have easier requirements for earning the highest rate. See Insider's Affinity Plus Credit Union Review.
- Axos High Yield Money Market Account: This money market accounts offers both paper checks and a debit card with your account, but its rates are lower than other accounts on our list. See Insider's Axos Bank Review.
- NBKC Money Market Account: This is a solid money market account, but its rate isn't quite as high as what you'll earn with our top picks. See Insider's NBKC Review.
- Sun East Federal Credit Union Money Market Account: You'll need maintain an account balance of $2,500 at Sun East Federal Credit Union, but our top picks either offer higher interest rates or don't have minimum balance requirements.
- TAB Money Market Account: TAB Bank pays a lower interest rate than all our top picks. See Insider's TAB Bank Review.
Which Banks are the Most Trustworthy?
The Better Business Bureau measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank. Since the Hanover Bank Money Market Deposit Account is available through Raisin, we included Raisin's BBB rating.
Redneck Bank doesn't have a BBB rating yet. Here are the BBB scores for the other institutions on our list:
| Institution | BBB grade |
| Republic Bank of Chicago | A+ |
| First Internet Bank of Indiana | A+ |
| CFG Bank | None |
| Raisin | A- |
| Vio Bank | A+ |
| Premier Members Credit Union | A+ |
| Quontic Bank | A+ |
| UFB Direct | A+ |
CFG Bank currently doesn't have a rating because its profile is being updated on the BBB website. Meanwhile, Raisin has an A- grade because it has received 32 complaints on the BBB website.
A strong BBB rating does not guarantee that you'll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you.
Why You Should Trust Us: Our Expert Panel for the Best Money Market Accounts
To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:
We're focusing on what will make a money market account most useful, including APY, access to your money, and more. Here's what they had to say about money market accounts. (Some text may be lightly edited for clarity.)
What makes a money market account good or not good?
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks."
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"I don't really recommend a money market accounts for parking your money. I don't know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals."
How should someone decide whether to put their money in a money market account or another interest-earning account?
Tania Brown, certified financial planner at SaverLife:
"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD."
Sophia Acevedo, Personal Finance Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
Methodology: How we Chose the Best Money Market Accounts
There are a lot of money market accounts out there. Through our research, we've found that the best money market accounts are offered by banks with a strong online presence and mobile access.
We reviewed money market accounts using our money market account methodology at nearly two dozen institutions to identify the strongest options.
While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.