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Finding the Best Money Market Accounts

Once you've decided to invest your savings in a money market account, how do you select the best account to open? You might choose a money market account based on the interest rate, fees or restrictions, the institution's customer service, or a likely a combination of these.

Here's what you shouldn't do: Find any bank that seems OK, open the account and call it a day.

That's because a few more keystrokes now to do some basic research could mean a lot more green in your wallet later. With up-to-date bank listings at MoneyMarketAccounts.com, you can compare the best money market accounts side by side to find the highest interest rates at reputable banks.

With the best money market accounts, watch your dollars grow

Though the best money market accounts that fit your banking needs may not necessarily be the ones offering the highest money market rates, chances are that's what you care about most.

Should you look for the highest interest rate, or the highest annual percentage yield (APY)? The interest rate is the straight annual percentage that you receive based on your money market account balance. However, banks compound interest payments at different frequencies. The APY is a number that takes that compounding schedule into account--the effective annual interest rate if you didn't withdraw any money along the way.

If two banks are offering the same interest rate but one has a higher APY, that bank is compounding your money market account balance more frequently. That translates to more cash for you.

The case for finding the highest money market rates

Is it really worth comparing rates to find the highest money market rates? What's the harm in losing a fraction of a percent? Quite a bit, as it turns out. Not searching for the highest money market rates is literally leaving money on the table.

Here's an example. Let's say you open a money market account with a $50,000 balance.

  • With 1 percent interest compounded monthly, in five years your money will have grown to $52,562.
  • With 1.3 percent interest compounded monthly, that same pot will have grown to $53,356.

Blowing off what seems like a measly 0.3 percentage point yield is like throwing away $794 over five years. Don't regret having bypassed the highest money market rates. It's quick and simple to compare the best money market accounts online.

Money Market Rates

1.34%
Rate
1.35%
APY
$100
Min to earn APY

Advertiser Comments

  • Earn 22x+ the national average
  • 1.35% APY on balances up to $250k
  • No account opening or maintenance fees - Member FDIC
1.29%
Rate
1.30%
APY
$1
Min to earn APY

Advertiser Comments

  • Build your savings through great online savings rates
1.29%
Rate
1.30%
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

  • Consistently Competitive Rates
  • 24/7 Customer Care
  • Ally Bank, Member FDIC
1.19%
Rate
1.20%
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 2017-10-14
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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UFB Direct
Minimum to earn APY $0
1.41% APY
Rates as of 2017-10-14
Advertiser Comments
UFB Direct Money Market Savings Account offers a rate of .20% APY with interest compounded See moredaily - No monthly maintenance fee with a minimum $5,000 average daily collected balance; otherwise, the fee is $10.00 per month - Apply online

Type: MMA

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Dollar Savings Direct
Minimum to earn APY $0
1.40% APY
Rates as of 2017-10-04
Advertiser Comments
Dollar Savings Account - apply online- must have a personal checking account in a US See morebank.

Type: Savings

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Popular Direct
Minimum to earn APY $0
1.40% APY
Rates as of 2017-10-13
Advertiser Comments
Popular Direct Plus Savings - $4 monthly fee waived with $500 minimum daily balance

Type: Savings

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Salem Five Direct
Minimum to earn APY $0
1.35% APY
Rates as of 2017-10-13
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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SFGI Direct
Minimum to earn APY $1
1.31% APY
Rates as of 2017-10-13

Type: Savings

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EverBank
Minimum to earn APY $0
1.31% APY
Rates as of 2017-10-19
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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ableBanking
Minimum to earn APY $0
1.30% APY
Rates as of 2017-10-18
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 $25,000
1.30% APY
Rates as of 2017-10-14
Advertiser Comments
UFB Premium Savings Account offers a rate of 1.30% APY with interest compounded daily - See moreAPY for balances $25,000 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 2017-10-13
Advertiser Comments
Nationwide - Apply online

Type: MMA

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Nationwide Bank
Minimum to earn APY $0
1.30% APY
Rates as of 2017-10-17
Advertiser Comments
Regular Savings - online savings account

Type: Savings

Learn More
Barclays
Minimum to earn APY $0
1.30% APY
Rates as of 2017-10-18
Advertiser Comments
Online Savings - APY for all balances

Type: Savings

Learn More
American Express
Minimum to earn APY $0
1.25% APY
Rates as of 2017-10-18
Advertiser Comments
High-Yield Savings - Bank by phone or online only.

Type: Savings

Learn More
Radius Bank
Minimum to earn APY $2,500
1.20% APY
Rates as of 2017-10-13
Advertiser Comments
Radius High-Yield Savings - APY for balances $2,500 and above - apply online

Type: Savings

Learn More
Capital One 360
Minimum to earn APY $10,000
1.20% APY
Rates as of 2017-10-18
Advertiser Comments
360 Money Market - Tier $10,000 or more

Type: MMA

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FNBO Direct
Minimum to earn APY $0
1.15% APY
Rates as of 2017-10-15
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
SmartyPig
Minimum to earn APY $10,000
1.15% APY
Rates as of 2017-10-13
Advertiser Comments
SmartyPig Savings - Tier $10,000.01 - $50,000

Type: Savings

Learn More
Bank of Internet
Minimum to earn APY $1
1.05% APY
Rates as of 2017-10-18
Advertiser Comments
Money Market Savings Account - No monthly maintenance fees - No minimum monthly balance requirements

Type: MMA

Learn More
SmartyPig
Minimum to earn APY $0
1.05% APY
Rates as of 2017-10-13
Advertiser Comments
SmartyPig Savings - Tier $0.01 - $2,500

Type: Savings

Learn More
Bank of Internet
Minimum to earn APY $0
1.05% APY
Rates as of 2017-10-18
Advertiser Comments
High-Yield Savings - No monthly maintenance fees - No minimum monthly balance requirements

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $2,500
1.05% APY
Rates as of 2017-10-13
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 2017-10-18
Advertiser Comments
Limit of six transactions per month - APY for all balances - apply online

Type: Savings

Learn More
Dollar Bank Federal Savings Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-10-04
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 2017-10-16
Advertiser Comments
iGO Online Savings

Type: Savings

Learn More
Ultima Bank
Minimum to earn APY $1,000
1.00% APY
Rates as of 2017-10-14
Advertiser Comments
UBM Direct Savings Account

Type: Savings

Learn More
Biscayne Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-10-18
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 2017-10-17
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 2017-10-13
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 2017-10-17
Advertiser Comments
MySavings Account

Type: Savings

Learn More
UFB Direct
Minimum to earn APY $20,000
1.00% APY
Rates as of 2017-10-14
Advertiser Comments
UFB Direct High-Interest Savings - Tier $20,000 and above - No monthly maintenance fee

Type: Savings

Learn More
TIAA Direct
Minimum to earn APY $50,000
0.91% APY
Rates as of 2017-10-14
Advertiser Comments
Money Market -Tier $50,000 -$99,999.99

Type: MMA

Learn More
First Internet Bank
Minimum to earn APY $0
0.90% APY
Rates as of 2017-10-15
Advertiser Comments
Money Market Savings - Rate earned on balances from $0 to $250,000 - Transaction limitations See more- apply online

Type: MMA

Learn More
Amboy Direct
Minimum to earn APY $3,000
0.90% APY
Rates as of 2017-10-18
Advertiser Comments
eSavings - Apply online or by mail, offer not available at branches.

Type: Savings

Learn More
The Palladian Private Bank
Minimum to earn APY $0
0.90% APY
Rates as of 2017-10-14
Advertiser Comments
CIBC Palladian Savings - Currently there is a promotional interest rate for CIBC Palladian Savings See moreAccount which is fixed at 1.30% 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
EverBank
Minimum to earn APY $0
0.86% APY
Rates as of 2017-10-04
Advertiser Comments
Yield Pledge Money Market - APY for all balances

Type: MMA

Learn More
TIAA Direct
Minimum to earn APY $0
0.86% APY
Rates as of 2017-10-14
Advertiser Comments
Money Market - Tier 0-$2,499.99

Type: MMA

Learn More
TIAA Direct
Minimum to earn APY $2,500
0.86% APY
Rates as of 2017-10-14
Advertiser Comments
Money Market - Tier $2,500 - $24,999.99

Type: MMA

Learn More
TIAA Direct
Minimum to earn APY $25,000
0.86% APY
Rates as of 2017-10-14
Advertiser Comments
Money Market - Tier $25,000 - $49,999.99

Type: MMA

Learn More
Colorado Federal Savings Bank
Minimum to earn APY $2,500
0.85% APY
Rates as of 2017-10-18
Advertiser Comments
High Yield Savings - You may access your funds only through ACH (ACH fee applies)

Type: Savings

Learn More
Virtual Bank
Minimum to earn APY $0
0.80% APY
Rates as of 2017-10-14
Advertiser Comments
eMoney Market online account

Type: MMA

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Virtual Bank
Minimum to earn APY $10,000
0.80% APY
Rates as of 2017-10-14
Advertiser Comments
eMoney Market online account

Type: MMA

Learn More
Virtual Bank
Minimum to earn APY $25,000
0.80% APY
Rates as of 2017-10-14
Advertiser Comments
eMoney Market online account

Type: MMA

Learn More
Mutual of Omaha Bank
Minimum to earn APY $1,000
0.77% APY
Rates as of 2017-10-17
Advertiser Comments
Online Money Market - Rate/APY for balances from $1,000 - $1,000,000

Type: MMA

Learn More
California First National Bank
Minimum to earn APY $0
0.75% APY
Rates as of 2017-10-18
Advertiser Comments
Money Market Checking - Tier Up to $14,999.99

Type: MMA

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Workers' Credit Union
Minimum to earn APY $50
0.75% APY
Rates as of 2017-10-18
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