Best money market accounts in July 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.
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 |
| 4.75% | Redneck Bank → | $500 | $0 |
| 4.65% | Sallie Mae → | $0 | $0 |
| 4.5% | Prime Alliance Bank → | $0 | $0 |
| 4.2% | Ally Bank → | $0 | $0 |
| 4.05% | EverBank → | $500 | $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 |
