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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

1.29%
Rate
1.30%
APY
$1
Min to earn APY

Advertiser Comments

  • Great Rates + Safety = Peace of Mind
  • Member FDIC
1.29%
Rate
1.30%
APY
$0
Min to earn APY

Advertiser Comments

  • 100% U.S. Based Customer Service
  • No monthly minimum balance, no monthly fees
  • Open in Minutes
1.24%
Rate
1.25%
APY
$0
Min to earn APY

Advertiser Comments

  • Consistently Competitive Rates
  • 24/7 Customer Care
  • Ally Bank, Member FDIC
Ultima Bank
Minimum to earn APY $0
2.02% APY
Rates as of 2017-12-10
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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Dollar Savings Direct
Minimum to earn APY $0
1.50% APY
Rates as of 2017-12-15
Advertiser Comments
Dollar Savings Account - apply online- must have a personal checking account in a US See morebank.

Type: Savings

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Salem Five Direct
Minimum to earn APY $0
1.50% APY
Rates as of 2017-12-10
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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UFB Direct
Minimum to earn APY $0
1.41% APY
Rates as of 2017-12-10
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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Popular Direct
Minimum to earn APY $0
1.40% APY
Rates as of 2017-12-10
Advertiser Comments
Popular Direct Plus Savings - $4 monthly fee waived with $500 minimum daily balance

Type: Savings

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Nationwide Bank
Minimum to earn APY $10,000
1.40% APY
Rates as of 2017-12-12
Advertiser Comments
Tiered Money Market - tier $10,000 - $24,999 - apply online

Type: MMA

Learn More
Nationwide Bank
Minimum to earn APY $25,000
1.40% APY
Rates as of 2017-12-12
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
1.40% APY
Rates as of 2017-12-12
Advertiser Comments
Tiered Money Market - tier $50,000 - $99,999.99 - apply online

Type: MMA

Learn More
Nationwide Bank
Minimum to earn APY $100,000
1.40% APY
Rates as of 2017-12-12
Advertiser Comments
Tiered Money Market - tier $100,000 - apply online

Type: MMA

Learn More
CIT Bank
Minimum to earn APY $0
1.35% APY
Rates as of 2017-12-13
Advertiser Comments
CIT Bank Savings - Premier High Yield - Tier $0 - $250,000 - Apply online

Type: Savings

Learn More
SFGI Direct
Minimum to earn APY $1
1.31% APY
Rates as of 2017-12-10

Type: Savings

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EverBank
Minimum to earn APY $0
1.31% APY
Rates as of 2017-12-10
Advertiser Comments
Yield Pledge Money Market - APY for all balances

Type: MMA

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EverBank
Minimum to earn APY $0
1.31% APY
Rates as of 2017-12-10
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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Radius Bank
Minimum to earn APY $2,500
1.30% APY
Rates as of 2017-12-10
Advertiser Comments
Radius High-Yield Savings - APY for balances $2,500 and above - apply online

Type: Savings

Learn More
ableBanking
Minimum to earn APY $0
1.30% APY
Rates as of 2017-12-13
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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UFB Direct
Minimum to earn APY $25,000
1.30% APY
Rates as of 2017-12-10
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

Learn More
Sallie Mae Bank
Minimum to earn APY $0
1.30% APY
Rates as of 2017-12-10
Advertiser Comments
Nationwide - Apply online

Type: MMA

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Capital One 360
Minimum to earn APY $10,000
1.30% APY
Rates as of 2017-12-13
Advertiser Comments
360 Money Market - Tier $10,000 or more

Type: MMA

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Nationwide Bank
Minimum to earn APY $0
1.30% APY
Rates as of 2017-12-12
Advertiser Comments
Regular Savings - APY for all balances - Online savings account

Type: Savings

Learn More
Barclays
Minimum to earn APY $0
1.30% APY
Rates as of 2017-12-13
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 2017-12-13
Advertiser Comments
High Yield Savings - APY for all balances - Apply online

Type: Savings

Learn More
FNBO Direct
Minimum to earn APY $0
1.15% APY
Rates as of 2017-12-11
Advertiser Comments
Online Savings - Rated Kiplinger's Best Online Savings Account - No minimums, no monthly fees, See moremanage account securely online

Type: Savings

Learn More
SmartyPig
Minimum to earn APY $10,000
1.15% APY
Rates as of 2017-12-10
Advertiser Comments
SmartyPig Savings - Tier $10,000.01 - $50,000

Type: Savings

Learn More
Nationwide Bank
Minimum to earn APY $0
1.15% APY
Rates as of 2017-12-12
Advertiser Comments
Tiered Money Market - APY for balances between $0-$999.99

Type: MMA

Learn More
Nationwide Bank
Minimum to earn APY $1,000
1.15% APY
Rates as of 2017-12-12
Advertiser Comments
Tiered Money Market - tier $1,000 - $9,999.99 - apply online

Type: MMA

Learn More
Bank of Internet
Minimum to earn APY $1
1.05% APY
Rates as of 2017-12-13
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 2017-12-10
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 2017-12-13
Advertiser Comments
Smart 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 2017-12-10
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 2017-12-13
Advertiser Comments
Limit of six transactions per month - APY for all balances - apply online

Type: Savings

Learn More
Ultima Bank
Minimum to earn APY $1,000
1.01% APY
Rates as of 2017-12-10
Advertiser Comments
UBM Direct Savings Account

Type: Savings

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TIAA Direct
Minimum to earn APY $0
1.01% APY
Rates as of 2017-12-10
Advertiser Comments
Money Market - Tier 0-$2,499.99

Type: MMA

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TIAA Direct
Minimum to earn APY $2,500
1.01% APY
Rates as of 2017-12-10
Advertiser Comments
Money Market - Tier $2,500 - $24,999.99

Type: MMA

Learn More
TIAA Direct
Minimum to earn APY $25,000
1.01% APY
Rates as of 2017-12-10
Advertiser Comments
Money Market - Tier $25,000 - $49,999.99

Type: MMA

Learn More
TIAA Direct
Minimum to earn APY $50,000
1.01% APY
Rates as of 2017-12-10
Advertiser Comments
Money Market -Tier $50,000 -$99,999.99

Type: MMA

Learn More
First Internet Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-11
Advertiser Comments
Money Market Savings - Rate earned on balances from $0 to $250,000 - Transaction limitations See more- apply online

Type: MMA

Learn More
iGOBanking
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-12
Advertiser Comments
iGO Online Savings

Type: Savings

Learn More
Amboy Direct
Minimum to earn APY $3,000
1.00% APY
Rates as of 2017-12-13
Advertiser Comments
eSavings - Tier $3,000 - $10,000 - Apply online or by mail, offer not available See moreat branches.

Type: Savings

Learn More
Biscayne Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-13
Advertiser Comments
Regular Savings - APY for balances of $.01 and over

Type: Savings

Learn More
Colorado Federal Savings Bank
Minimum to earn APY $2,500
1.00% APY
Rates as of 2017-12-13
Advertiser Comments
High Yield Savings - You may access your funds only through ACH (ACH fee applies)

Type: Savings

Learn More
Main Street Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-12
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

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Sallie Mae Bank
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-10
Advertiser Comments
High-Yield Savings - No minimum balance and no monthly service fees - Nationwide - Apply See moreonline

Type: Savings

Learn More
Mutual of Omaha Bank
Minimum to earn APY $1,000
1.00% APY
Rates as of 2017-12-12
Advertiser Comments
Online Money Market - Rate/APY for balances from $1,000 - $1,000,000

Type: MMA

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MySavingsDirect
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-12
Advertiser Comments
MySavings Account

Type: Savings

Learn More
Capital One 360
Minimum to earn APY $0
1.00% APY
Rates as of 2017-12-13
Advertiser Comments
360 Savings Account - APY for all balances - No fees - No minimum balance See more- Online account

Type: Savings

Learn More
UFB Direct
Minimum to earn APY $20,000
1.00% APY
Rates as of 2017-12-10
Advertiser Comments
UFB Savings - Tier $20,000 and above - No monthly maintenance fee

Type: Savings

Learn More
CIBC
Minimum to earn APY $0
0.90% APY
Rates as of 2017-12-10
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

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