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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
Minimum to earn APY $0
2.28% APY
Rates as of 2018-05-20
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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Popular Direct
Minimum to earn APY $0
2.00% APY
Rates as of 2018-05-13
Advertiser Comments
Popular Direct Exclusive Savings - - $4 monthly fee waived with $500 minimum daily See morebalance

Type: Savings

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Salem Five Direct
Minimum to earn APY $0
1.85% APY
Rates as of 2018-05-20
Advertiser Comments
eOne Savings - APY on balances of 0.01- $1,000,000. 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

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CIT Bank
Minimum to earn APY $100
1.85% APY
Rates as of 2018-05-24
Advertiser Comments
CIT Bank Money Market - APY for balances $100 and above

Type: MMA

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Dollar Savings Direct
Minimum to earn APY $0
1.80% APY
Rates as of 2018-05-23
Advertiser Comments
Dollar Savings Account - apply online- must have a personal checking account in a US See morebank.

Type: Savings

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All America Bank
Minimum to earn APY $0
1.75% APY
Rates as of 2018-05-23
Advertiser Comments
Mega Money Market - Online account

Type: MMA

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Goldman Sachs Bank USA
Minimum to earn APY $1
1.70% APY
Rates as of 2018-05-24
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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ableBanking
Minimum to earn APY $0
1.70% APY
Rates as of 2018-05-23
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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CIBC
Minimum to earn APY $0
1.65% APY
Rates as of 2018-05-23
Advertiser Comments
CIBC Agility Savings - APY for balances up to $250,000

Type: Savings

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Sallie Mae Bank
Minimum to earn APY $0
1.65% APY
Rates as of 2018-05-20
Advertiser Comments
Nationwide - Apply online

Type: MMA

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Barclays
Minimum to earn APY $0
1.65% APY
Rates as of 2018-05-23
Advertiser Comments
Online Savings - APY for all balances

Type: Savings

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Synchrony Bank
Minimum to earn APY $0
1.65% APY
Rates as of 2018-05-20
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
1.65% APY
Rates as of 2018-05-20
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
1.65% APY
Rates as of 2018-05-20
Advertiser Comments
High Yield Savings - APY for balances $25,000 and above.

Type: Savings

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SFGI Direct
Minimum to earn APY $1
1.61% APY
Rates as of 2018-05-20
Advertiser Comments
SFGI Direct Savings - Online account

Type: Savings

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Ally Bank
Minimum to earn APY $0
1.60% APY
Rates as of 2018-05-23
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
1.60% APY
Rates as of 2018-05-24
Advertiser Comments
Online Savings - Rated Kiplinger's Best Online Savings Account - No minimums, no monthly fees, See moremanage account securely online

Type: Savings

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Discover Bank
Minimum to earn APY $0
1.60% APY
Rates as of 2018-05-25
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
1.60% APY
Rates as of 2018-05-23
Advertiser Comments
360 Money Market - Tier $10,000 or more

Type: MMA

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UFB Direct
Minimum to earn APY $0
1.60% APY
Rates as of 2018-05-20
Advertiser Comments
UFB Direct Money Market Savings Account - No monthly maintenance fee with a minimum $5,000 See moreaverage daily collected balance; otherwise, the fee is $10.00 per month - Apply online

Type: MMA

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Amalgamated Bank
Minimum to earn APY $0
1.60% APY
Rates as of 2018-05-23
Advertiser Comments
Online Savings - The promotional APY is available for the first 12 months from account See moreopening on the entire balance, and may be changed or withdrawn at any time without notice - No monthly maintenance fees

Type: Savings

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Sallie Mae Bank
Minimum to earn APY $0
1.55% APY
Rates as of 2018-05-20
Advertiser Comments
High-Yield Savings - No minimum balance and no monthly service fees - Nationwide - Apply See moreonline

Type: Savings

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CIT Bank
Minimum to earn APY $0
1.55% APY
Rates as of 2018-05-23
Advertiser Comments
CIT Bank Savings - Premier High Yield - Tier $0 - $250,000 - Apply online

Type: Savings

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Nationwide Bank
Minimum to earn APY $10,000
1.55% APY
Rates as of 2018-05-20
Advertiser Comments
Tiered Money Market - tier $10,000 - $24,999 - apply online

Type: MMA

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Nationwide Bank
Minimum to earn APY $25,000
1.55% APY
Rates as of 2018-05-20
Advertiser Comments
Tiered Money Market - tier $25,000 - $49,999 - apply online

Type: MMA

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Nationwide Bank
Minimum to earn APY $50,000
1.55% APY
Rates as of 2018-05-20
Advertiser Comments
Tiered Money Market - tier $50,000 - $99,999.99 - apply online

Type: MMA

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Nationwide Bank
Minimum to earn APY $100,000
1.55% APY
Rates as of 2018-05-20
Advertiser Comments
Tiered Money Market - tier $100,000 - apply online

Type: MMA

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Beal Bank, USA
Minimum to earn APY $25,000
1.55% APY
Rates as of 2018-05-23
Advertiser Comments
Money Market - $25,000 and more - Rate collected within 94104 (CA)

Type: MMA

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Radius Bank
Minimum to earn APY $2,500
1.50% APY
Rates as of 2018-05-20
Advertiser Comments
Radius High-Yield Savings - APY for balances $2,500 and above - apply online

Type: Savings

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EverBank
Minimum to earn APY $0
1.50% APY
Rates as of 2018-05-23
Advertiser Comments
Yield Pledge Money Market - APY for all balances

Type: MMA

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EverBank
Minimum to earn APY $0
1.50% APY
Rates as of 2018-05-23
Advertiser Comments
Yield Pledge Money Market - This is a 1 Year Introductory APY for balances between See more$0 - $250,000 - Must be first time money market customers with new money deposit

Type: MMA

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Cadence Bank, N.A.
Minimum to earn APY $0
1.50% APY
Rates as of 2018-05-23
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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MyBankingDirect
Minimum to earn APY $25,000
1.50% APY
Rates as of 2018-05-20
Advertiser Comments
Online Money Market - Tier $25,000 and above - No monthly account maintenance fees

Type: MMA

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Discover Bank
Minimum to earn APY $0
1.45% APY
Rates as of 2018-05-25
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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SmartyPig
Minimum to earn APY $0
1.40% APY
Rates as of 2018-05-20
Advertiser Comments
SmartyPig Savings - Tier $0.01 - $2,500

Type: Savings

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SmartyPig
Minimum to earn APY $10,000
1.40% APY
Rates as of 2018-05-20
Advertiser Comments
SmartyPig Savings - Tier $10,000.01 - $50,000

Type: Savings

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SmartyPig
Minimum to earn APY $2,500
1.40% APY
Rates as of 2018-05-20
Advertiser Comments
SmartyPig Savings - Tier $2500.01 - $10,000

Type: Savings

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MyBankingDirect
Minimum to earn APY $5,000
1.35% APY
Rates as of 2018-05-20
Advertiser Comments
Online Money Market - Tier $5,000-$24,999.99 - No monthly account maintenance fees

Type: MMA

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Bank of Internet
Minimum to earn APY $0
1.30% APY
Rates as of 2018-05-23
Advertiser Comments
Smart Savings - No monthly maintenance fees - No minimum monthly balance requirements

Type: Savings

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UFB Direct
Minimum to earn APY $25,000
1.30% APY
Rates as of 2018-05-20
Advertiser Comments
UFB Premium Savings offers a rate of 1.30% APY with interest compounded daily - APY See morefor balances $25,000 and above - Must be new funds to receive stated rate

Type: Savings

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Nationwide Bank
Minimum to earn APY $0
1.30% APY
Rates as of 2018-05-20
Advertiser Comments
Regular Savings - APY for all balances - Online savings account

Type: Savings

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First Internet Bank
Minimum to earn APY $0
1.26% APY
Rates as of 2018-05-23
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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Amboy Direct
Minimum to earn APY $3,000
1.26% APY
Rates as of 2018-05-23
Advertiser Comments
e-Savings - Tier $3,000 - $100,000

Type: Savings

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Ultima Bank
Minimum to earn APY $1,000
1.26% APY
Rates as of 2018-05-20
Advertiser Comments
UBM Direct Savings Account

Type: Savings

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TIAA Direct
Minimum to earn APY $50,000
1.25% APY
Rates as of 2018-04-29
Advertiser Comments
Money Market -Tier $50,000 -$99,999.99

Type: MMA

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Apple Bank for Savings
Minimum to earn APY $2,500
1.25% APY
Rates as of 2018-05-23
Advertiser Comments
Apple Bank Money Market - APY for balances $2,500 and above

Type: MMA

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Customers Bank
Minimum to earn APY $250,001
1.25% APY
Rates as of 2018-05-23
Advertiser Comments
Money Market - Tier $250,001 and above - Apply online - Limited to PA, NJ See moreand NY market area

Type: MMA

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Nationwide Bank
Minimum to earn APY $0
1.15% APY
Rates as of 2018-05-20
Advertiser Comments
Tiered Money Market - APY for balances between $0-$999.99

Type: MMA

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Nationwide Bank
Minimum to earn APY $1,000
1.15% APY
Rates as of 2018-05-20
Advertiser Comments
Tiered Money Market - tier $1,000 - $9,999.99 - apply online

Type: MMA

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TIAA Direct
Minimum to earn APY $25,000
1.15% APY
Rates as of 2018-04-29
Advertiser Comments
Money Market - Tier $25,000 - $49,999.99

Type: MMA

Learn More