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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

Ultima Bank Minnesota
Minimum to earn APY $0
2.78% APY
Rates as of 2018-12-10
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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MySavingsDirect
Minimum to earn APY $0
2.40% APY
Rates as of 2018-12-12
Advertiser Comments
MySavings Account

Type: Savings

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Popular Direct
Minimum to earn APY $0
2.36% APY
Rates as of 2018-12-10
Advertiser Comments
Popular Direct Plus Savings - $4 monthly fee waived with $500 minimum daily balance

Type: Savings

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MemoryBank
Minimum to earn APY $0
2.30% APY
Rates as of 2018-12-12
Advertiser Comments
Online Money Market - APY for balances $0.01 - $1,000,000

Type: MMA

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Northpointe Bank
Minimum to earn APY $25,000
2.30% APY
Rates as of 2018-12-12
Advertiser Comments
Ultimate Money Market - $25,000 - $1,000,000

Type: MMA

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Vio Bank
Minimum to earn APY $100
2.27% APY
Rates as of 2018-12-10
Advertiser Comments
High Yield Online Savings Account - No monthly service fee - Interest is compounded daily See more- 6 free withdrawals per monthly statement cycle

Type: Savings

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All America Bank
Minimum to earn APY $0
2.25% APY
Rates as of 2018-12-12
Advertiser Comments
Mega Money Market - Online account

Type: MMA

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Citizens Access
Minimum to earn APY $5,000
2.25% APY
Rates as of 2018-12-12
Advertiser Comments
Online Savings Account - Tier $5,000 and above - No monthly service fees

Type: Savings

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Sallie Mae Bank
Minimum to earn APY $0
2.20% APY
Rates as of 2018-12-10
Advertiser Comments
Nationwide - Apply online

Type: MMA

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CIBC Bank USA
Minimum to earn APY $0
2.16% APY
Rates as of 2018-12-12
Advertiser Comments
CIBC Agility Savings - APY for balances up to $250,000

Type: Savings

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TIAA Direct
Minimum to earn APY $0
2.15% APY
Rates as of 2018-12-12
Advertiser Comments
1 Year Introductory APY - Yield Pledge Money Market - For first-time Yield Pledge Money See moreMarket account holders, for eligible balances (i) up to $250,000, a fixed, 1-year introductory APY of 2.15% applies, and (ii) from $250,000.01 to $10,000,000, a blended APY, based on the fixed, 1-year introductory APY described above and the applicable variable ongoing APY

Type: MMA

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Sallie Mae Bank
Minimum to earn APY $0
2.10% APY
Rates as of 2018-12-10
Advertiser Comments
High-Yield Savings - No minimum balance and no monthly service fees - Nationwide - Apply See moreonline

Type: Savings

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SFGI Direct
Minimum to earn APY $1
2.07% APY
Rates as of 2018-12-10
Advertiser Comments
SFGI Direct Savings - Online account

Type: Savings

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Salem Five Direct
Minimum to earn APY $0
2.05% APY
Rates as of 2018-12-10
Advertiser Comments
eOne Savings - APY on balances of 0.01- $1,000,000 - Companion account to eOne Checking, See moreno minimum balance, no monthly fees, free ATM card - Online applicants only, who do not have existing deposit accounts with Salem Five

Type: Savings

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Goldman Sachs Bank USA
Minimum to earn APY $1
2.05% APY
Rates as of 2018-12-09
Advertiser Comments
GS Online Savings - No transaction fees - No minimum deposit to open - FDIC See moreinsurance up to the maximum allowed by law

Type: Savings

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Barclays
Minimum to earn APY $0
2.05% APY
Rates as of 2018-12-12
Advertiser Comments
Online Savings - APY for all balances

Type: Savings

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Synchrony Bank
Minimum to earn APY $0
2.05% APY
Rates as of 2018-12-12
Advertiser Comments
High Yield Savings - APY for balances up to $4,999.

Type: Savings

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Synchrony Bank
Minimum to earn APY $5,000
2.05% APY
Rates as of 2018-12-12
Advertiser Comments
High Yield Savings - APY for balances between $5,000- $24,999.

Type: Savings

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Synchrony Bank
Minimum to earn APY $25,000
2.05% APY
Rates as of 2018-12-12
Advertiser Comments
High Yield Savings - APY for balances $25,000 and above.

Type: Savings

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Incredible Bank
Minimum to earn APY $25,000
2.02% APY
Rates as of 2018-12-10
Advertiser Comments
High Yield Online Savings - Tier $25,000 and above

Type: Savings

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Beal Bank, USA
Minimum to earn APY $25,000
2.01% APY
Rates as of 2018-12-12
Advertiser Comments
Money Market - $25,000 and more

Type: MMA

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Ally Bank
Minimum to earn APY $0
2.00% APY
Rates as of 2018-12-12
Advertiser Comments
Online Savings - APY for all balances - Free online transactions, no monthly fees, no See moreminimums - Apply online - Rate collected within: CA

Type: Savings

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FNBO Direct
Minimum to earn APY $0
2.00% APY
Rates as of 2018-12-08
Advertiser Comments
Online Savings - APY for all balances - No minimums, no monthly fees, manage account See moresecurely online

Type: Savings

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Discover Bank
Minimum to earn APY $0
2.00% APY
Rates as of 2018-12-15
Advertiser Comments
Online Savings Account - No monthly fee and no minimum required balance

Type: Savings

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Capital One
Minimum to earn APY $10,000
2.00% APY
Rates as of 2018-12-12
Advertiser Comments
360 Money Market - Tier $10,000 or more

Type: MMA

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Cadence Bank, N.A.
Minimum to earn APY $0
2.00% APY
Rates as of 2018-12-12
Advertiser Comments
Propel Savings - Tier $0-$5,000 - Requires recurring auto-deposit from Cadence checking of at least See more$25 in aggregate monthly

Type: Savings

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Alliant Credit Union
Minimum to earn APY $0
2.00% APY
Rates as of 2018-12-12
Advertiser Comments
Alliant Savings - APY for all balances - Must be an Alliant CU member

Type: Savings

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Chesapeake Bank
Minimum to earn APY $1,000
2.00% APY
Rates as of 2018-12-12
Advertiser Comments
Money Market - APY for balances $1,000 and above

Type: MMA

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Radius Bank
Minimum to earn APY $25,000
1.96% APY
Rates as of 2018-12-10
Advertiser Comments
Radius High-Yield Savings - APY for balances $25,000 and above

Type: Savings

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Northpointe Bank
Minimum to earn APY $25,000
1.95% APY
Rates as of 2018-12-12
Advertiser Comments
Ultimate Savings - Tier $25,000 - $1,000,100

Type: Savings

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iGOBanking
Minimum to earn APY $0
1.90% APY
Rates as of 2018-12-10
Advertiser Comments
iGO Online Savings - APY for all balances

Type: Savings

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BankPurely
Minimum to earn APY $0
1.90% APY
Rates as of 2018-12-12
Advertiser Comments
SavingPurely - Zero monthly fees - One tree will be planted for every SavingPurely account See moreopened

Type: Savings

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E*Trade Bank
Minimum to earn APY $0
1.90% APY
Rates as of 2018-12-15
Advertiser Comments
Premium Savings Account - An average monthly balance of $1,000 is required to avoid a See more$10 monthly fee

Type: Savings

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Discover Bank
Minimum to earn APY $0
1.85% APY
Rates as of 2018-12-15
Advertiser Comments
Money Market Tier $0 - $99,999.99 - $10 montly fee if average daily balance is See moreless than $2,500

Type: MMA

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ableBanking
Minimum to earn APY $0
1.85% APY
Rates as of 2018-12-12
Advertiser Comments
Money Market Savings - APY for all balances - Up to 6 withdrawals are permitted See moreper month - apply online - a division of Northeast Bank based in Maine

Type: MMA

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Beal Bank
Minimum to earn APY $25,000
1.85% APY
Rates as of 2018-12-12
Advertiser Comments
Money Market - $25,000 and up - Rate collectted within 94104 (N CA) Beal Bank, See moreSSB

Type: MMA

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CIT Bank
Minimum to earn APY $100
1.85% APY
Rates as of 2018-12-12
Advertiser Comments
CIT Bank Money Market - APY for balances $100 and above

Type: MMA

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MyBankingDirect
Minimum to earn APY $25,000
1.85% APY
Rates as of 2018-12-12
Advertiser Comments
Online Money Market - Tier $25,000 and above - No monthly account maintenance fees

Type: MMA

Learn More
First Internet Bank
Minimum to earn APY $0
1.81% APY
Rates as of 2018-12-15
Advertiser Comments
Money Market Savings - Rate earned on balances from $0 to $250,000 - Transaction limitations See more- apply online

Type: MMA

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Dollar Savings Direct
Minimum to earn APY $0
1.80% APY
Rates as of 2018-12-15
Advertiser Comments
Dollar Savings Account - Apply online - Must have a linked personal checking account in See morea US bank

Type: Savings

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SmartyPig
Minimum to earn APY $0
1.75% APY
Rates as of 2018-12-10
Advertiser Comments
SmartyPig Savings - Tier $0.01 - $2,500

Type: Savings

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SmartyPig
Minimum to earn APY $10,000
1.75% APY
Rates as of 2018-11-23
Advertiser Comments
SmartyPig Savings - Tier $10,000.01 - $50,000

Type: Savings

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SmartyPig
Minimum to earn APY $2,500
1.75% APY
Rates as of 2018-11-23
Advertiser Comments
SmartyPig Savings - Tier $2500.01 - $10,000

Type: Savings

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Quorum Federal Credit Union
Minimum to earn APY $0
1.75% APY
Rates as of 2018-12-10
Advertiser Comments
HighQ Savings - No monthly fee and no balance minimums

Type: Savings

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Green Bank
Minimum to earn APY $0
1.70% APY
Rates as of 2018-12-09
Advertiser Comments
Personal Money Market Promotion - Limited-time offer - Available to personal accounts only - Funds See morenot currently on deposit with Green Bank required - After the one-year fixed rate period, your APY will revert to the APY in effect for Green Money Market account - $5,000 minimum daily balance required to avoid $15 monthly service charge

Type: MMA

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UFB Direct
Minimum to earn APY $0
1.60% APY
Rates as of 2018-12-10
Advertiser Comments
UFB Direct High-Yield Money Market - APY for all balances - $10 monthly maintenance fee See morewaived with a minimum $5,000 average daily collected balance - Apply online

Type: MMA

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Amalgamated Bank
Minimum to earn APY $0
1.60% APY
Rates as of 2018-12-12
Advertiser Comments
Online Savings Promotion - No monthly maintenance fees

Type: Savings

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East Boston Savings Bank
Minimum to earn APY $10,000
1.57% APY
Rates as of 2018-12-15
Advertiser Comments
Money Market Special 3 - Tier $10,000 to less than $2,000,000

Type: MMA

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CIT Bank
Minimum to earn APY $0
1.55% APY
Rates as of 2018-12-12
Advertiser Comments
CIT Premier High-Yield Savings - Tier Less than $250,000 - No account opening or maintenance See morefees - Apply online

Type: Savings

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Amboy Direct
Minimum to earn APY $3,000
1.51% APY
Rates as of 2018-12-12
Advertiser Comments
e-Savings - Tier $3,000 - $100,000

Type: Savings

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