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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

O Bee Credit Union
Minimum to earn APY $0
7.52% APY
Rates as of 2019-10-18
Advertiser Comments
Savings Account - Tier $0 - $500 - Must be a member - Must meet See morerequirements to obtain this APY

Type: Savings

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Ultima Bank Minnesota
Minimum to earn APY $0
2.52% APY
Rates as of 2019-10-18
Advertiser Comments
SMART Savings Account - for young adults 18 years or younger - Withdrawals prior to See more18th birthday may result in a penalty

Type: Savings

Learn More
Northern Bank Direct
Minimum to earn APY $0
2.50% APY
Rates as of 2019-10-18
Advertiser Comments
Online Money Market - APY for balances Less than $250,000 - No monthly service charges

Type: MMA

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All America Bank
Minimum to earn APY $0
2.40% APY
Rates as of 2019-10-16
Advertiser Comments
Mega Money Market - Online account

Type: MMA

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Popular Direct
Minimum to earn APY $0
2.30% APY
Rates as of 2019-10-18
Advertiser Comments
Popular Direct Plus Savings - $4 monthly fee waived with $500 minimum daily balance

Type: Savings

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SFGI Direct
Minimum to earn APY $1
2.27% APY
Rates as of 2019-10-18
Advertiser Comments
SFGI Direct Savings - Online account

Type: Savings

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Vio Bank
Minimum to earn APY $100
2.27% APY
Rates as of 2019-10-18
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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MemoryBank
Minimum to earn APY $0
2.25% APY
Rates as of 2019-10-18
Advertiser Comments
Online Money Market - APY for balances $0.01 - $1,000,000

Type: MMA

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UFB Direct
Minimum to earn APY $25,000
2.15% APY
Rates as of 2019-10-18
Advertiser Comments
UFB Premium Money Market - Tier $25,000 - $49,999.99 - $10 monthly maintenance fee waived See morewith a minimum $5,000 average daily collected balance - Apply online

Type: MMA

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WebBank
Minimum to earn APY $1,000
2.10% APY
Rates as of 2019-10-18
Advertiser Comments
Savings - APY for balances $1,000 and above - No monthly fee - Interest compounds See moredaily

Type: Savings

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MySavingsDirect
Minimum to earn APY $0
2.10% APY
Rates as of 2019-10-18
Advertiser Comments
MySavings Account - APY for all balances - No fees - No minimum balance

Type: Savings

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Western State Bank
Minimum to earn APY $0
2.10% APY
Rates as of 2019-10-18
Advertiser Comments
High Yield Money Market - APY for balances up to $3,000,000 - Online account - See moreNo monthly fees

Type: MMA

Learn More
CIBC Bank USA
Minimum to earn APY $0
2.05% APY
Rates as of 2019-10-18
Advertiser Comments
CIBC Agility Savings - APY for balances up to $250,000

Type: Savings

Learn More
Northpointe Bank
Minimum to earn APY $25,000
2.05% APY
Rates as of 2019-10-18
Advertiser Comments
Ultimate Savings - Tier $25,000 - $1,000,000

Type: Savings

Learn More
First Internet Bank
Minimum to earn APY $0
2.02% APY
Rates as of 2019-10-18
Advertiser Comments
Money Market Savings - Rate earned on balances from $0

Type: MMA

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Salem Five Direct
Minimum to earn APY $0
2.01% APY
Rates as of 2019-10-18
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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Sallie Mae Bank
Minimum to earn APY $0
2.00% APY
Rates as of 2019-10-18
Advertiser Comments
Money Market Account - APY for all balances - Apply online

Type: MMA

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Cadence Bank, N.A.
Minimum to earn APY $0
2.00% APY
Rates as of 2019-10-16
Advertiser Comments
Propel Savings - Tier $0 - $25,000 - Requires recurring auto-deposit from Cadence checking of See moreat least $25 in aggregate monthly

Type: Savings

Learn More
Citizens Access
Minimum to earn APY $5,000
2.00% APY
Rates as of 2019-10-18
Advertiser Comments
Online Savings - Tier $5,000 and above - No monthly service fees

Type: Savings

Learn More
Northpointe Bank
Minimum to earn APY $25,000
2.00% APY
Rates as of 2019-10-18
Advertiser Comments
Ultimate Money Market - Tier $25,000 - $1,000,000 - This rate is guaranteed for at See moreleast 24 months from date of opening account

Type: MMA

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Radius Bank
Minimum to earn APY $25,000
2.00% APY
Rates as of 2019-10-18
Advertiser Comments
Radius High-Yield Savings - APY for balances $25,000 and above

Type: Savings

Learn More
Live Oak Bank
Minimum to earn APY $0
2.00% APY
Rates as of 2019-10-18
Advertiser Comments
Personal Savings - APY for all balances - No monthly service fees

Type: Savings

Learn More
Beal Bank, USA
Minimum to earn APY $25,000
1.91% APY
Rates as of 2019-10-16
Advertiser Comments
Money Market - $25,000 or more - Beal Bank USA products are not currently available See moreto potential depositors in Texas and Ohio, however, Beal Bank products are - Rate collected within: 94104 (CA)

Type: MMA

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FNBO Direct
Minimum to earn APY $0
1.90% APY
Rates as of 2019-10-18
Advertiser Comments
Online Savings - APY for all balances - No minimums, no monthly fees, manage account See moresecurely online

Type: Savings

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Marcus by Goldman Sachs
Minimum to earn APY $1
1.90% APY
Rates as of 2019-10-18
Advertiser Comments
Online Savings - No transaction fees - No minimum deposit to open - FDIC insurance See moreup to the maximum allowed by law

Type: Savings

Learn More
Sallie Mae Bank
Minimum to earn APY $0
1.90% APY
Rates as of 2019-10-18
Advertiser Comments
High-Yield Savings - No minimum balance and no monthly service fees - Nationwide - Apply See moreonline

Type: Savings

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Barclays
Minimum to earn APY $0
1.90% APY
Rates as of 2019-10-16
Advertiser Comments
Online Savings - APY for all balances

Type: Savings

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Synchrony Bank
Minimum to earn APY $25,000
1.90% APY
Rates as of 2019-10-18
Advertiser Comments
High Yield Savings - APY for balances $25,000 and above

Type: Savings

Learn More
Synchrony Bank
Minimum to earn APY $5,000
1.90% APY
Rates as of 2019-10-18
Advertiser Comments
High Yield Savings - APY for balances between $5,000- $24,999

Type: Savings

Learn More
Synchrony Bank
Minimum to earn APY $0
1.90% APY
Rates as of 2019-10-18
Advertiser Comments
High Yield Savings - APY for balances Up To $4,999

Type: Savings

Learn More
Capital One
Minimum to earn APY $0
1.90% APY
Rates as of 2019-10-16
Advertiser Comments
360 Performance Savings Account - APY for all balances - No fees - No minimum See morebalance - Online account

Type: Savings

Learn More
Discover Bank
Minimum to earn APY $0
1.85% APY
Rates as of 2019-10-18
Advertiser Comments
Online Savings Account - No monthly fee and no minimum required balance

Type: Savings

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ableBanking
Minimum to earn APY $0
1.85% APY
Rates as of 2019-10-16
Advertiser Comments
Money Market Savings - APY for all balances - Up to 6 withdrawals are permitted See moreper month - apply online - ableBanking is a division of Northeast Bank

Type: MMA

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Mutual of Omaha Bank
Minimum to earn APY $1,000
1.85% APY
Rates as of 2019-10-18
Advertiser Comments
Online Money Market - Rate/APY for balances from $1,000 - $1,000,000

Type: MMA

Learn More
CIT Bank
Minimum to earn APY $100
1.85% APY
Rates as of 2019-10-18
Advertiser Comments
CIT Bank Money Market - APY for balances $100 and above

Type: MMA

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Ally Bank
Minimum to earn APY $0
1.80% APY
Rates as of 2019-10-16
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

Learn More
Dollar Savings Direct
Minimum to earn APY $0
1.80% APY
Rates as of 2019-10-18
Advertiser Comments
Dollar Savings - No need to change your checking account, your Dollar Savings Account will See morebe linked to your current checking account

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $0
1.80% APY
Rates as of 2019-10-18
Advertiser Comments
SmartyPig Savings - Tier $0.01 - $2,500

Type: Savings

Learn More
iGOBanking
Minimum to earn APY $0
1.80% APY
Rates as of 2019-10-18
Advertiser Comments
iGO Online Savings - APY for all balances

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $10,000
1.80% APY
Rates as of 2019-10-18
Advertiser Comments
SmartyPig Savings - Tier $10,000.01 - $50,000

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $2,500
1.80% APY
Rates as of 2019-10-18
Advertiser Comments
SmartyPig Savings - Tier $2500.01 - $10,000

Type: Savings

Learn More
BankPurely
Minimum to earn APY $0
1.80% APY
Rates as of 2019-10-16
Advertiser Comments
SavingPurely - APY for all balances - Zero monthly fees - One tree will be See moreplanted for every SavingPurely account opened

Type: Savings

Learn More
Alliant Credit Union
Minimum to earn APY $100
1.80% APY
Rates as of 2019-10-16
Advertiser Comments
Alliant Savings - APY for balances of $100 or more - Must be an Alliant See moreCU member

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $50,000
1.80% APY
Rates as of 2019-10-18
Advertiser Comments
SmartyPig Savings - APY for balances $50,000.01 and above

Type: Savings

Learn More
Beal Bank
Minimum to earn APY $25,000
1.76% APY
Rates as of 2019-10-16
Advertiser Comments
Money Market - Tier $25,000 and up - Rate collectted within 94104 (N CA) Beal See moreBank, SSB

Type: MMA

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Discover Bank
Minimum to earn APY $100,000
1.76% APY
Rates as of 2019-10-18
Advertiser Comments
Money Market - Tier $100,000 and over - $10 monthly fee if balance falls below See more$2,500 after third statement cycle

Type: MMA

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Colorado Federal Savings Bank
Minimum to earn APY $1
1.75% APY
Rates as of 2019-10-18
Advertiser Comments
High Yield Savings - You may access your funds only through ACH (ACH fee applies)

Type: Savings

Learn More
Bank of Blue Valley
Minimum to earn APY $0
1.75% APY
Rates as of 2019-10-16
Advertiser Comments
Platinum Savings - APY for balances up to $50,000 - $7,500 average daily balance to See moreavoid $12 monthly maintenance fee - Platinum Checking or Signature Series Checking is required to open a Platinum Savings account

Type: Savings

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Quorum Federal Credit Union
Minimum to earn APY $0
1.75% APY
Rates as of 2019-10-18
Advertiser Comments
HighQ Savings - No monthly fee and no balance minimums

Type: Savings

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E*Trade Bank
Minimum to earn APY $0
1.75% APY
Rates as of 2019-10-18
Advertiser Comments
Premium Savings Account - APY for all balances - $10 monthly fee waived with an See moreaverage monthly balance of $1,000 in this account, or $5,000 in total E*TRADE Bank deposit balances

Type: Savings

Learn More