Best money market accounts in June 2024

A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.

Best money market accounts in June 2024
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Top 12 based on variable annual percentage yield (APY %):

APY Institution Min Deposit Monthly Fee
5.35% Brilliant Bank → $1,000 $0
5.3% Vio Bank → $100 $0
5.25% UFB Direct → $0 $10
5.25% CFG Bank → $1,000 $0
5% Zynlo Bank → $10 $0
5% Quontic Bank → $100 $0
4.9% Redneck Bank → $500 $0
4.65% Sallie Mae → $0 $0
4.5% Prime Alliance Bank → $0 $0
4.3% EverBank → $500 $0
4.20% Ally Bank → $0 $0
4% Discover Bank → $2,500 $0

What is Money Market account

A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.

The interest rates paid are generally higher than those of savings accounts and checking (transaction) accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.

Checking vs Savings vs MMA vs High-Yield Savings vs CD

Checking Savings Money Market Account High-Yield Savings Certificate of Deposit
Interest Rate Low Higher than Checking Higher than Savings Higher than MMA Highest
APY Variability Variable Variable Variable Variable Fixed, with exceptions like variable rate CDs
Withdrawals Unlimited Unlimited (restriction lifted in 2020 by the Federal Reserve to allow more than six withdrawals or transfers) Unlimited (restriction lifted in 2020 by the Federal Reserve to allow more than six withdrawals or transfers) Unlimited (restriction lifted in 2020 by the Federal Reserve to allow more than six withdrawals or transfers) None, unless a penalty fee is paid for early withdrawal
Minimum Balance Low, or no minimum balance required Low, or no minimum balance required Low, or no minimum balance required Low, or no minimum balance required $500+
Debit Card Available Not available Available Not available Not available
Check Writing Available Not available Available Not available Not available