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What is a money market savings account?

A money market savings account is a safe, highly liquid investment for your money. Also known as a money market account (MMA) or money market deposit account, this kind of account is ideal for conservative or balanced savers who want to get the better interest rates than savings rates for their cash.

A money market savings account, offered by banks and credit unions, is a type of savings account with some of the same features as a checking account. You may add money to your money market account at any time--something you can't do with a certificate of deposit.

Additionally, you may withdraw money from or write checks against your money market savings account. Oftentimes there are limitations to the number of transactions you can perform in a month--for instance, perhaps you can make six transactions per month in all, three of which may be in the form of written checks.

Money market savings accounts usually have a minimum balance requirement. But because money market accounts aren't really the place for day-to-day expense money anyway, this minimum balance will curb your temptation to withdraw too much of your funds and use them frivolously.

Money market savings account key features and benefits

As with savings accounts, balances in a money market savings account earn interest. With money market savings accounts, the interest rates tend to be higher on average than savings rates. Typically, interest is compounded daily and paid monthly, though you can check on the terms with the particular bank you choose. Sometimes, depending upon the financial institution, money market accounts with balances of $100,000 or higher (also known as "jumbo" deposits) earn higher money market rates.

Money market savings accounts, like other deposit accounts, are federally insured--by the Federal Deposit Insurance Corporation if the account is at a member bank or the National Credit Union Administration if it's at a member credit union. This is a great reassuring benefit because if the banking institution fails, you don't lose your money up to predetermined limits.

When a money market account is best

A money market account is ideal for large lump sums in savings that can meet many banks' minimum balance requirements and that you don't need to access every day. Consider money market accounts for funds that you:

  • have earmarked for upcoming investments (or have received from the sale of recent investments)
  • are saving up for a home downpayment
  • tap for occasional home repairs or renovation
  • maintain as the conservative cash portion of your retirement portfolio
  • keep around for emergency expenses

With so many uses for money market savings accounts, these lesser-known variants of traditional savings accounts deserve a look. Compare money market account rates to see how much you may be able to yield from your cash savings.

Money Market Rates

0.85%
Rate
0.85%
APY
$0
Min to earn APY

Advertiser Comments

  • Debit card access.
  • Open and fund with any amount.
  • Ally Bank, Member FDIC.
0.60%
Rate
0.60%
APY
$0
Min to earn APY

Advertiser Comments

  • 360 Money Market®
  • One of the Nations Top Rates Without Fees
  • Member FDIC
1.19%
Rate
1.20%
APY
$1
Min to earn APY

Advertiser Comments

  • Great Rates + Safety = Peace of Mind
  • Member FDIC
1.19%
Rate
1.20%
APY
$0
Min to earn APY

Advertiser Comments

  • A rate that's 15x better than the national average
  • No minimum balance and no hidden fees
  • Link directly to any existing bank account
1.14%
Rate
1.15%
APY
$0
Min to earn APY

Advertiser Comments

  • Consistently Competitive Rates
  • 24/7 Customer Care
  • Ally Bank, Member FDIC
1.14%
Rate
1.15%
APY
$0
Min to earn APY

Advertiser Comments

  • 100% U.S. Based Customer Service
  • No monthly minimum balance, no monthly fees
  • Open in Minutes
Ultima Bank
Minimum to earn APY $0
2.02% APY
Rates as of 2017-08-11
Advertiser Comments
SMART Savings Account - for young adults 18 yrs or younger, withdrawals prior to 18th See morebirthday may result in a penalty

Type: Savings

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Dollar Savings Direct
Minimum to earn APY $0
1.40% APY
Rates as of 2017-08-10
Advertiser Comments
Dollar Savings Account - apply online- must have a personal checking account in a US See morebank.

Type: Savings

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BankDirect
Minimum to earn APY $10,000
1.35% APY
Rates as of 2017-08-16
Advertiser Comments
BankDirect Online Money Market - Tier $10,000 and greater

Type: MMA

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ableBanking
Minimum to earn APY $0
1.30% APY
Rates as of 2017-08-16
Advertiser Comments
Money Market Savings - up to 6 withdrawals are permitted per month - apply online See more- a division of Northeast Bank based in Maine

Type: MMA

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UFB Direct
Minimum to earn APY $50,000
1.30% APY
Rates as of 2017-08-11
Advertiser Comments
UFB Premium Savings Account offers a rate of 1.30% APY with interest compounded daily - See moreAPY for balances $50,000 and above - Must be new funds to receive stated rate

Type: Savings

Learn More
Sallie Mae Bank
Minimum to earn APY $0
1.30% APY
Rates as of 2017-08-11
Advertiser Comments
Nationwide - Apply online

Type: MMA

Learn More
CIT Bank
Minimum to earn APY $1
1.30% APY
Rates as of 2017-08-16
Advertiser Comments
CIT Bank Savings - APY for daily balances $1 to $100,000 - Apply online

Type: Savings

Learn More
Salem Five Direct
Minimum to earn APY $0
1.25% APY
Rates as of 2017-08-11
Advertiser Comments
eOne Savings - APY on balances up to $500,000. Companion account to eOne Checking, no See moreminimum balance, no monthly fees, free ATM card, Online applicants only, who do not have existing deposit accounts with Salem Five

Type: Savings

Learn More
SFGI Direct
Minimum to earn APY $1
1.21% APY
Rates as of 2017-08-11

Type: Savings

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Popular Direct
Minimum to earn APY $0
1.21% APY
Rates as of 2017-08-11
Advertiser Comments
Popular Direct Savings - $4 monthly fee waived with $500 minimum daily balance

Type: Savings

Learn More
EverBank
Minimum to earn APY $0
1.21% APY
Rates as of 2017-08-10
Advertiser Comments
Yield Pledge Money Market - APY for all balances

Type: MMA

Learn More
Radius Bank
Minimum to earn APY $2,500
1.20% APY
Rates as of 2017-08-11
Advertiser Comments
Radius High-Yield Savings - APY for balances $2,500 and above - apply online

Type: Savings

Learn More
American Express
Minimum to earn APY $0
1.15% APY
Rates as of 2017-08-16
Advertiser Comments
High-Yield Savings - Bank by phone or online only.

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $10,000
1.15% APY
Rates as of 2017-08-11
Advertiser Comments
SmartyPig Savings - Tier $10,000.01 - $50,000

Type: Savings

Learn More
FNBO Direct
Minimum to earn APY $0
1.10% APY
Rates as of 2017-08-11
Advertiser Comments
Online Savings Act - Rated Kiplinger's Best Online Savings Account, no minimums, no monthly fees, See moremanage accounts securely online

Type: Savings

Learn More
Capital One 360
Minimum to earn APY $10,000
1.10% APY
Rates as of 2017-08-16
Advertiser Comments
360 Money Market - Tier $10,000 or more

Type: MMA

Learn More
SmartyPig
Minimum to earn APY $0
1.05% APY
Rates as of 2017-08-11
Advertiser Comments
SmartyPig Savings - Tier $0.01 - $2,500

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $2,500
1.05% APY
Rates as of 2017-08-11
Advertiser Comments
SmartyPig Savings - Tier $2500.01 - $10,000

Type: Savings

Learn More
AloStar Bank of Commerce
Minimum to earn APY $0
1.05% APY
Rates as of 2017-08-16
Advertiser Comments
Limit of six transactions per month - apply online

Type: Savings

Learn More
Dollar Bank Federal Savings Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-08-10
Advertiser Comments
Everything Savings - 1.00% APY on balances $20,000 and below when linked with an See moreEverything Checking Account. The rates require Everything Checking with six qualifying monthly posted payments for example: check, Online Banking bill payment, Telephone Banking bill payment, ACH debit, Point-of-Sale transactions (signature or PIN based).- Open online and mail in forms. Available in Pennsylvania, and Ohio market area. Rate collected within: 15222 (PA)

Type: Savings

Learn More
iGOBanking
Minimum to earn APY $0
1.00% APY
Rates as of 2017-08-11
Advertiser Comments
iGO Online Savings

Type: Savings

Learn More
Ultima Bank
Minimum to earn APY $1,000
1.00% APY
Rates as of 2017-08-11
Advertiser Comments
UBM Direct Savings Account

Type: Savings

Learn More
Biscayne Bank
Minimum to earn APY $1
1.00% APY
Rates as of 2017-08-16
Advertiser Comments
Regular Savings - Maintain $1,000 balance each day and avoid a $25 monthly maintenance fee See more- Miami-Dade County, Florida market area only

Type: Savings

Learn More
Main Street Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-08-11
Advertiser Comments
Kasasa Saver - Must be linked to a free Kasasa Cash or Kasasa Cash Back See morechecking account - 1.00% APY on balances up to $50,000 - No minimum balances - No monthly service fee

Type: Savings

Learn More
Sallie Mae Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-08-11
Advertiser Comments
High-Yield Savings - No minimum balance and no monthly service fees - Nationwide - Apply See moreonline

Type: Savings

Learn More
MySavingsDirect
Minimum to earn APY $0
1.00% APY
Rates as of 2017-08-11
Advertiser Comments
MySavings Account

Type: Savings

Learn More
UFB Direct
Minimum to earn APY $25,000
1.00% APY
Rates as of 2017-08-11
Advertiser Comments
UFB Direct High-Yield Savings - Tier $25,000 and above - No monthly maintenance fee

Type: Savings

Learn More
First Internet Bank
Minimum to earn APY $0
0.90% APY
Rates as of 2017-08-11
Advertiser Comments
Money Market Savings - Rate earned on balances from $0 to $250,000 - Transaction limitations See more- apply online

Type: MMA

Learn More
The Palladian Private Bank
Minimum to earn APY $0
0.90% APY
Rates as of 2017-08-11
Advertiser Comments
Currently there is a promotional interest rate for Palladian Savings Account which is fixed at See more1.30% for the first six months. After the promotional interest rate ends, the interest rate will be the non-promotional variable interest rate that is offered for Palladian Savings Account at that time (currently 0.90%). There is a minimum initial deposit of $1,000 and maximum initial deposit of $100,000.

Type: Savings

Learn More
Chesapeake Bank
Minimum to earn APY $1
0.90% APY
Rates as of 2017-08-02
Advertiser Comments
Clear Sky Savings - Tier $1 - $249,999

Type: Savings

Learn More
Colorado Federal Savings Bank
Minimum to earn APY $2,500
0.85% APY
Rates as of 2017-08-16
Advertiser Comments
High Yield Savings - You may access your funds only through ACH (ACH fee applies)

Type: Savings

Learn More
EH National Bank
Minimum to earn APY $100,000
0.85% APY
Rates as of 2017-08-10
Advertiser Comments
Premium Money Market - Tier $100,000 and over

Type: MMA

Learn More
EH National Bank
Minimum to earn APY $0
0.81% APY
Rates as of 2017-08-10
Advertiser Comments
Premium Money Market - Tier $0 - $99,999.99

Type: MMA

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Virtual Bank
Minimum to earn APY $0
0.80% APY
Rates as of 2017-08-11
Advertiser Comments
eMoney Market online account

Type: MMA

Learn More
Virtual Bank
Minimum to earn APY $10,000
0.80% APY
Rates as of 2017-08-11
Advertiser Comments
eMoney Market online account

Type: MMA

Learn More
Virtual Bank
Minimum to earn APY $25,000
0.80% APY
Rates as of 2017-08-11
Advertiser Comments
eMoney Market online account

Type: MMA

Learn More
Amboy Direct
Minimum to earn APY $3,000
0.80% APY
Rates as of 2017-08-16
Advertiser Comments
eSavings - Apply online or by mail, offer not available at branches.

Type: Savings

Learn More
EH National Bank
Minimum to earn APY $0
0.79% APY
Rates as of 2017-08-10
Advertiser Comments
Personal Savings - Must maintain a $1000 balance to avoid monthly $10 fee

Type: Savings

Learn More
Mutual of Omaha Bank
Minimum to earn APY $1,000
0.77% APY
Rates as of 2017-08-11
Advertiser Comments
Online Money Market - Rate/APY for balances from $1,000 - $1,000,000

Type: MMA

Learn More
Bank of Internet
Minimum to earn APY $1
0.75% APY
Rates as of 2017-08-16
Advertiser Comments
Money Market Savings Account - No monthly maintenance fees - No minimum monthly balance requirements

Type: MMA

Learn More
California First National Bank
Minimum to earn APY $0
0.75% APY
Rates as of 2017-08-16
Advertiser Comments
Money Market Checking - Tier Up to $14,999.99

Type: MMA

Learn More
Workers' Credit Union
Minimum to earn APY $50
0.75% APY
Rates as of 2017-08-09
Advertiser Comments
cuSave - Online Savings - Membership is limited to residents of Massachusetts or New Hampshire See moreor those who work for a company that is based in Massachusetts

Type: Savings

Learn More
Nationwide Bank
Minimum to earn APY $100,000
0.75% APY
Rates as of 2017-08-11
Advertiser Comments
Tiered Money Market - tier $100,000 - apply online

Type: MMA

Learn More
TIAA Direct
Minimum to earn APY $50,000
0.75% APY
Rates as of 2017-08-11
Advertiser Comments
Money Market -Tier $50,000 -$99,999

Type: MMA

Learn More
Capital One 360
Minimum to earn APY $0
0.75% APY
Rates as of 2017-08-16
Advertiser Comments
360 Savings Account - No fees - No minimum balance - Online account

Type: Savings

Learn More
Century Bank Direct
Minimum to earn APY $0
0.74% APY
Rates as of 2017-08-16
Advertiser Comments
Online MM Rate - Apply online

Type: MMA

Learn More