Table of Contents

Best Money Market Accounts for March 2024

With the Fed holding interest rates, money market account APYs will remain elevated heading into 2024, with some of the best yielding over 4%.

Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .

A money market account, or MMA, is a savings account that offers the interest-bearing benefits of a savings account and the accessibility of a checking account. You’ll have debit card access and check-writing privileges, though some banks limit the number of monthly withdrawals and transfers. Money markets are best for those who have a lower-risk threshold and who don’t need to make numerous monthly withdrawals. 

High-yielding money market accounts typically earn competitive annual percentage yields, or APYs, that are higher than a traditional savings account. But MMAs tend to require higher initial deposits or minimum balances. If you’re considering a money market account, compare offers from different banks and credit unions to find the one with a competitive APY, low balance requirements and a fee structure most aligned with your personal savings goals.

Best Money Market Accounts
  • Vio Bank 5.30% APY, $100 Min. deposit to open, $0 Monthly fee
  • Quontic Bank 5.00% APY, $100 Min. deposit to open, $0 Monthly fee
  • Sallie Mae Bank 4.75% APY, $0 Min. deposit to open, $0 Monthly fee
  • Ally Bank 4.40% APY, $0 Min. deposit to open, $0 Monthly fee
  • First Internet Bank of Indiana 3.76% APY, $100 Min. deposit to open, $5 Monthly fee
  • EverBank 3.75% APY, $0 Min. deposit to open, $0 Monthly fee
  • Synchrony Bank 2.25% APY, $0 Min. deposit to open, $0 Monthly fee
Helpful Definitions
Money Market Account (MMA)

Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.

Checking Account

The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.

Savings Account

A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.

Certificate of deposit (CD)

A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.

Annual Percentage Yield (APY)

A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.

Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.


The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers’ terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

For details on our best products and how we chose them click here.

Terms explained

Certificate of Deposit (CD)

A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.

Checking

The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.

Savings

A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.

Money Market Account (MMA)

Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.

Annual Percentage Yield (APY)

A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.

Estimated earnings

An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.

A money market account offers the accessibility of a checking account with the interest-earning benefits of a savings account. Unlike most savings accounts, MMAs generally offer check-writing privileges. But like savings accounts, some banks limit the number of withdrawals and transfers you can make each month.

The best money market accounts offer competitive annual percentage yields, or APYs, well above the Federal Deposit Insurance Corporation’s national average of 0.63%. In fact, MMAs available at banks tracked at CNET currently offer APYs over 4%. 

The Federal Reserve opted to once again hold rates where they are at its December policy meeting, so interest rates on deposit accounts, including MMAs, remain high. The central bank also hinted at three possible rate cuts in 2024, which could bring current rates offered by banks down as the cost of borrowing decreases.”

Here’s a look at CNET’s picks for the best money market accounts.

Quick look: The best money market accounts compared

Bank APY Min. deposit to open Monthly fee
Vio Bank 5.30% $100 $0
Quontic Bank 5.00% $100 $0
Sallie Mae Bank 4.75% $0 $0
Ally Bank 4.40% $0 $0
First Internet Bank of Indiana 3.76% $100 $5
EverBank 3.75% $0 $0
Synchrony Bank 2.25% $0 $0
More details on the best money market accounts

Vio Bank

3.7/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
APY
5.0/5
Minimum deposit and fees
5.0/5
Customer service
1.2/5
APY APY = Annual Percentage Yield.
5.30%
Min. deposit to open
$100
Monthly fee
$0

A division of MidFirst Bank, Vio Bank is an online-only, privately owned bank based in Oklahoma City -- and it offers the highest APY on this list. With just $100, you can open an MMA at 5.30% APY, with interest compounding daily.

You won’t pay a monthly fee with Vio, unless you opt for paper statements ($5 per month). The only other fee to worry about is a $10 excessive transaction fee per withdrawal if you go over your six withdrawal limit per statement period. Because Vio only offers savings products (including CDs and a savings account), if you’re looking to bring your checking, credit and savings accounts under one roof, Vio may not be the bank for you. Keep in mind this account doesn’t offer debit card access or check-writing privileges.

Our take

A division of MidFirst Bank, Vio Bank is an online-only, privately owned bank based in Oklahoma City -- and it offers the highest APY on this list. With just $100, you can open an MMA at 5.30% APY, with interest compounding daily.

You won’t pay a monthly fee with Vio, unless you opt for paper statements ($5 per month). The only other fee to worry about is a $10 excessive transaction fee per withdrawal if you go over your six withdrawal limit per statement period. Because Vio only offers savings products (including CDs and a savings account), if you’re looking to bring your checking, credit and savings accounts under one roof, Vio may not be the bank for you. Keep in mind this account doesn’t offer debit card access or check-writing privileges.

4.8/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
APY
5.0/5
Minimum deposit and fees
5.0/5
Customer service
5.0/5
APY APY = Annual Percentage Yield.
5.00%
Min. deposit to open
$100
Monthly fee
$0

Quontic Bank is a New York-based online bank with no physical branches. Its money market account offers a competitive APY and no monthly maintenance fees. You can open an MMA at 5.00% APY (the second-highest yield on this list) with just a $100 minimum deposit. Interest is compounded daily and credited monthly. 

Quontic’s money market account includes debit card access and check-writing privileges. But you’ll pay a $10 excessive transaction fee per withdrawal if you exceed your six withdrawal limit for each statement period. We like the level of accessibility you get with this account, but the excessive transfer fee is among the highest on this list. However, with a yield nearly eight times the FDIC’s national average, the Quontic MMA is a solid choice as long as you’re OK with digital banking.

Quontic Bank is a New York-based online bank with no physical branches. Its money market account offers a competitive APY and no monthly maintenance fees. You can open an MMA at 5.00% APY (the second-highest yield on this list) with just a $100 minimum deposit. Interest is compounded daily and credited monthly. 

Quontic’s money market account includes debit card access and check-writing privileges. But you’ll pay a $10 excessive transaction fee per withdrawal if you exceed your six withdrawal limit for each statement period. We like the level of accessibility you get with this account, but the excessive transfer fee is among the highest on this list. However, with a yield nearly eight times the FDIC’s national average, the Quontic MMA is a solid choice as long as you’re OK with digital banking.

3.9/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
APY
4.2/5
Minimum deposit and fees
5.0/5
Customer service
2.6/5
APY APY = Annual Percentage Yield.
4.75%
Min. deposit to open
$0
Monthly fee
$0

Sallie Mae is an FDIC-insured bank headquartered in Salt Lake City, primarily known for creating, servicing and collecting private student loans. However, Sallie Mae also offers a variety of savings accounts with higher-than-average APYs. With no monthly fees or a minimum deposit required to open the account, Sallie Mae offers a highly accessible money market account.

Sallie Mae’s money market account includes check-writing features and has no withdrawal limits. It also has a relatively high 4.75% APY, which compounds daily and is paid monthly. Keep in mind that Sallie Mae will close your account if it’s dormant, defined as having $100 or less and no activity for the past 12 months.

Our take

Sallie Mae is an FDIC-insured bank headquartered in Salt Lake City, primarily known for creating, servicing and collecting private student loans. However, Sallie Mae also offers a variety of savings accounts with higher-than-average APYs. With no monthly fees or a minimum deposit required to open the account, Sallie Mae offers a highly accessible money market account.

Sallie Mae’s money market account includes check-writing features and has no withdrawal limits. It also has a relatively high 4.75% APY, which compounds daily and is paid monthly. Keep in mind that Sallie Mae will close your account if it’s dormant, defined as having $100 or less and no activity for the past 12 months.

4.7/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
APY
4.6/5
Minimum deposit and fees
5.0/5
Customer service
4.6/5
APY APY = Annual Percentage Yield.
4.40%
Min. deposit to open
$0
Monthly fee
$0

With more than 2 million customers and various checking, savings, investing and retirement accounts, Ally is one of the most popular online-only banks out there. Its money market account currently offers a 4.40% APY on all balance tiers, and Ally doesn’t charge monthly fees.

You don’t need an initial deposit to open the account, and you’ll have unlimited withdrawals if you can find one of Ally’s Allpoint ATMs (over 43,000 around the US). If you can’t find one of Ally’s ATMs, you can either transfer money to a checking or savings account with better ATM access or pay an out-of-network ATM fee, but Ally will reimburse you up to $10 per statement cycle for out-of-network ATM expenses. You can write checks from this account and request a debit card for more accessibility.

Our take

With more than 2 million customers and various checking, savings, investing and retirement accounts, Ally is one of the most popular online-only banks out there. Its money market account currently offers a 4.40% APY on all balance tiers, and Ally doesn’t charge monthly fees.

You don’t need an initial deposit to open the account, and you’ll have unlimited withdrawals if you can find one of Ally’s Allpoint ATMs (over 43,000 around the US). If you can’t find one of Ally’s ATMs, you can either transfer money to a checking or savings account with better ATM access or pay an out-of-network ATM fee, but Ally will reimburse you up to $10 per statement cycle for out-of-network ATM expenses. You can write checks from this account and request a debit card for more accessibility.

First Internet Bank of Indiana

4.3/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
APY
5.0/5
Minimum deposit and fees
3.3/5
Customer service
3.8/5
APY APY = Annual Percentage Yield.
3.76%
Min. deposit to open
$100
Monthly fee
$5

Known for its above-average CD rates, the First Internet Bank of Indiana, another online-only bank, offers a wide array of financial products, including two checking accounts, a savings account and CDs at several terms. Its money market account offers a decent APY, earning more interest than its free savings account (3.76% compared to 0.80%, respectively).

You need $100 to open the money market account, and unless you can maintain an average daily balance of $4,000 in the account, there’s a $5 monthly maintenance fee, which can cut into your savings over time.

Still, this account offers an extra perk: It will reimburse you up to $10 every month for fees incurred from using an out-of-network ATM. First Internet Bank allows up to six withdrawals per month. That said, if you don’t need ATM access or want to withdraw from your account frequently, there are higher APYs available from high-yield savings accounts at other banks.

Our take

Known for its above-average CD rates, the First Internet Bank of Indiana, another online-only bank, offers a wide array of financial products, including two checking accounts, a savings account and CDs at several terms. Its money market account offers a decent APY, earning more interest than its free savings account (3.76% compared to 0.80%, respectively).

You need $100 to open the money market account, and unless you can maintain an average daily balance of $4,000 in the account, there’s a $5 monthly maintenance fee, which can cut into your savings over time.

Still, this account offers an extra perk: It will reimburse you up to $10 every month for fees incurred from using an out-of-network ATM. First Internet Bank allows up to six withdrawals per month. That said, if you don’t need ATM access or want to withdraw from your account frequently, there are higher APYs available from high-yield savings accounts at other banks.

3.9/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
APY
4.3/5
Minimum deposit and fees
3.8/5
Customer service
3.0/5
APY APY = Annual Percentage Yield.
3.75%
Min. deposit to open
$0
Monthly fee
$0

EverBank, formerly TIAA Bank, is a full-service online bank with physical locations in Florida. Its Yield Pledge Money Market account earns an intro APY of 4.75% for the first year on balances up to $250,000. Ongoing rates vary depending on your balance. For example, balances up to $9,999.99 earn 3.75% APY after the first year. You must have a balance of at least $100,000 to earn the bank’s highest listed ongoing APY of 4.30%.

There are no monthly maintenance fees for this account. Accounts with balances over $15,000 will receive unlimited out-of-network ATM fee reimbursements. However, accounts with balances below that threshold will receive up to $15 per statement cycle for out-of-network ATM fees. 

We also like that EverBank’s money market account includes debit card access and check-writing privileges.

EverBank, formerly TIAA Bank, is a full-service online bank with physical locations in Florida. Its Yield Pledge Money Market account earns an intro APY of 4.75% for the first year on balances up to $250,000. Ongoing rates vary depending on your balance. For example, balances up to $9,999.99 earn 3.75% APY after the first year. You must have a balance of at least $100,000 to earn the bank’s highest listed ongoing APY of 4.30%.

There are no monthly maintenance fees for this account. Accounts with balances over $15,000 will receive unlimited out-of-network ATM fee reimbursements. However, accounts with balances below that threshold will receive up to $15 per statement cycle for out-of-network ATM fees. 

We also like that EverBank’s money market account includes debit card access and check-writing privileges.

3.7/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
APY
2.7/5
Minimum deposit and fees
5.0/5
Customer service
4.2/5
APY APY = Annual Percentage Yield.
2.25%
Min. deposit to open
$0
Monthly fee
$0

Synchrony is an FDIC-insured online bank that offers competitive yields on deposit accounts. Though its money market account isn’t the highest-yielding account on this list, it doesn’t require a minimum opening deposit, and there are no monthly service fees.

Synchrony’s money market account offers check-writing privileges and an optional ATM card to  access your money at any participating ATM. It will reimburse you up to $5 per statement cycle for out-of-network ATM fees.

Synchrony offers an array of savings products with high APYs, though its money market account rate is on the lower end of the spectrum. Still, Synchrony offers an accessible money market account you can manage from the convenience of your mobile device. But if you prefer a financial institution with brick-and-mortar locations, this may not be the bank for you.

Our take

Synchrony is an FDIC-insured online bank that offers competitive yields on deposit accounts. Though its money market account isn’t the highest-yielding account on this list, it doesn’t require a minimum opening deposit, and there are no monthly service fees.

Synchrony’s money market account offers check-writing privileges and an optional ATM card to  access your money at any participating ATM. It will reimburse you up to $5 per statement cycle for out-of-network ATM fees.

Synchrony offers an array of savings products with high APYs, though its money market account rate is on the lower end of the spectrum. Still, Synchrony offers an accessible money market account you can manage from the convenience of your mobile device. But if you prefer a financial institution with brick-and-mortar locations, this may not be the bank for you.

What is a money market account?

A money market account is a type of savings account that earns interest but also provides debit card access and check-writing privileges. MMAs generally offer higher yields than traditional savings accounts in exchange for higher initial deposits or minimum balance requirements. If neither of these requirements are an issue, a money market account can offer a safe way to grow your savings while still offering access to your cash. But depending on the bank, there’s usually a limit on the number of withdrawals you can make within a single month before incurring a fee.

How to choose a money market account

There are several questions to answer when evaluating a money market account. 

  • What is the highest APY available? 
  • How can you access your funds? 
  • Does the account offer check-writing privileges or ATM access?
  • What is the minimum balance requirement? Are there fees or penalties associated with balances dropping below that level?
  • Are there limitations on the number of transactions permitted each month? What’s the excessive transaction fee if you exceed that amount? 
  • Is the account federally insured by the FDIC or National Credit Union Administration?

Pros and cons of opening a money market account

Pros

  • Balances can earn a competitive APY.

  • Most banks and credit unions offer MMAs.

  • Most banks let you access your money via ATM withdrawals or in-person withdrawals without a fee.

  • Balances are insured by the FDIC or NCUA up to $250,000 per person, per ownership type, per institution.

  • Unlike most CDs, MMAs have no lockup periods or early withdrawal penalties.

Cons

  • Interest rates on MMAs are generally variable, making your return less predictable.

  • Other low-risk savings options pay higher interest rates on deposit accounts, such as certificates of deposit.

  • Some banks may limit the number of debit card purchases, online transfers and check transactions per month.

Money market accounts compared with other deposit accounts

The best high-yield savings accounts offer rates that can rival those available on money market accounts, but they don’t generally have check-writing privileges. 

A certificate of deposit, or CD, earns an APY that will vary based on the term. Longer-term CDs usually pay a higher APY than a money market account, but access to your money is limited until the CD reaches maturity. You’ll likely have a penalty fee if you withdraw funds before the CD term ends. 

Money market mutual funds sound similar, but are an investment sold by brokerages and investment firms. Money invested in these funds is not insured by the FDIC or NCUA, so investors can experience higher growth rates, but there are limited guarantees if the money is lost. The Securities Investor Protection Corporation, or SIPC, protects the cash and securities in your brokerage account for up to $500,000 if your brokerage firm fails. However, your firm must be a SIPC member to qualify.  

When should you invest in a money market account?

As a general rule of thumb, anything over 1% is considered a good rate for a money market account. In the current economy, rates are high, with the best MMAs offering up to 5%.

Money market accounts are great savings options when you don’t need constant access to your money but want check-writing privileges. You should also consider a money market account if you’re looking for a low-risk, interest-earning savings account that’s insured for balances up to $250,000 per person, per ownership type, per institution.

How to open a money market account

You can typically open a money market account online in a few steps. Here’s what to do:

1. Compare your options: Before you open an MMA, compare rates, features and account requirements at different financial institutions to make sure you select the right fit for you. 

2. Submit an application: Many financial institutions allow you to complete the application process online, or you can apply in person at a local branch. You’ll typically need to provide your Social Security number, physical address, contact information and a state-issued ID, such as a driver’s license, to verify your identity and open an account.

3. Fund your money market account. You’ll need to deposit at least the required minimum amount to fund your account. The minimum opening deposit will vary depending on the bank. 

FAQs

Savings accounts and money market accounts are currently offering around the same APYs. (An annual percentage yield -- which is the rate of return earned on an investment, including compound interest -- is effectively your interest rate for the year.) For either account, anything beyond 1.00% is considered a robust interest rate. That noted, several online-only banks, including Bask and SoFi, are offering high-yield savings account APYs that are higher than some of the money market accounts on this list (4.45.% and 4.00%, respectively). And national banks such as Wells Fargo, Chase and Bank of America aren’t offering good interest rates on either their savings accounts or their money market accounts. If you’re looking for higher rates, you might be better off opening an account with an FDIC-insured online-only bank.

While savings accounts are more widely available than money market accounts, choosing between them does not need to be an either-or situation. For example, having multiple savings accounts could be a useful way to divide up your accounts based on your financial goals -- you can open one account to save up for college and another one for a home.

There could be an advantage, however, to having a savings account at a bank where you already have a checking account and lines of credit. With savings, checking and credit accounts under one roof, it’s easier to transfer funds (free of fees) between accounts. Also keep in mind that some banks don’t issue debit cards for money market accounts, so having accounts with one bank that you can easily move money between may be helpful.

Balances up to $250,000 per person, per ownership type, per institution are insured against bank loss or failure by the FDIC or NCUA. This makes a money market account at a federally insured bank or credit union a low-risk savings option. 

You should also verify the security protocol for any institution you’re considering. Safeguarding your digital devices with passwords or biometric security features will also help protect your account access.

The fees charged by banks for money market accounts varies. Some banks don’t charge a monthly fee while others can charge fees unless your balance meets a minimum threshold. Money market accounts also typically charge a fee for excessive withdrawals if the number of withdrawals exceeds six per month.

Yes, interest earned on money deposited in your money market account is taxable at your current tax rate. This is also the case with any interest earned in a savings or checking account. 

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Liliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Editorial Guidelines

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

How we make money

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.