The 10 best money market accounts of July 2024 (rates up to 5.25%)

You’ve probably heard that cash is king right now. But where can you stash your cash, earn a great rate, and avoid early withdrawal penalties if you want to access your money? Consider getting a money market account, which is a unique combination of a checking and savings account. Currently, some of the best money market accounts offer annual percentage yields (APYs) as high as 5.25%%. 

And luckily, it’s pretty easy to find these top-paying accounts. The Fortune Recommends^TM editorial team analyzed over 45 money market accounts to find the best.

The best 10 money market accounts: Our top picks

Institution	APY*	Minimum opening deposit	Great for:	See details
Quontic Bank	5%	$100	Savers who prefer digital banking	View offer at Quontic
Redneck Bank	4.75%	$500	Savers who have at least $500 on hand	View offer at Bankrate
First Foundation Bank	4.9%	$1000	Savers who already have a nest egg built up	View offer at Bankrate
All America Bank	4.75%	$500	Savers looking for mobile banking with the feel of a small, local bank	View offer at Fiona
Ally Bank	4.2%	$0	Savers who want 24/7 customer service access	View offer at Bankrate
Zynlo Bank	5%	$10	Savers who don’t need either checks or a debit card	View offer at Bankrate
UFB Direct	5.25%	$0	Savers who can maintain a $5,000 balance	View offer at UFB Direct
Northern Bank Direct	4.95%	$5000	Savers who can keep at least $500 in the account	Learn more
EverBank	4.05%	$0	Savers who don’t want to worry about fees or minimum opening deposits	View offer at Fiona
Merchants Bank of Indiana	5%	$50	Savers who want a high APY with a low minimum deposit	Learn more

Best money market accounts: Our top picks*
Quontic Bank	View offer at Quontic
APY*	5%
Minimum opening deposit	$100
Great for:	Savers who prefer digital banking
Redneck Bank	View offer at Bankrate
APY*	4.75%
Minimum opening deposit	$500
Great for:	Savers who have at least $500 on hand
First Foundation Bank	View offer at Bankrate
APY*	4.9%
Minimum opening deposit	$1000
Great for:	Savers who already have a nest egg built up
All America Bank	View offer at Fiona
APY*	4.75%
Minimum opening deposit	$500
Great for:	Savers looking for mobile banking with the feel of a small, local bank
Ally Bank	View offer at Bankrate
APY*	4.2%
Minimum opening deposit	$0
Great for:	Savers who want 24/7 customer service access
Zynlo Bank	View offer at Bankrate
APY*	5%
Minimum opening deposit	$10
Great for:	Savers who don’t need either checks or a debit card
UFB Direct	View offer at UFB Direct
APY*	5.25%
Minimum opening deposit	$0
Great for:	Savers who can maintain a $5,000 balance
Northern Bank Direct	Learn more
APY*	4.95%
Minimum opening deposit	$5000
Great for:	Savers who can keep at least $500 in the account
EverBank	View offer at Fiona
APY*	4.05%
Minimum opening deposit	$0
Great for:	Savers who don’t want to worry about fees or minimum opening deposits
Merchants Bank of Indiana	Learn more
APY*	5%
Minimum opening deposit	$50
Great for:	Savers who want a high APY with a low minimum deposit

*Note: Rates are updated daily but are subject to change.
Check out our full methodology here.

Find the best savings account for you

Not sure if an MMA is the right move for you? Compare savings account rates in your area to see if you can get a comparable rate of return.

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SPONSORED PARTNER

SoFi Checking & Savings

APY	4.60%
Minimum Balance Required to Earn APY	$0
Minimum Opening Deposit	$0
Monthly Maintenance Fee	None

Advertiser Disclosure

View offer

at SoFi

About

SoFi (which stands for Social Finance, Inc.) began as a student loan refinancing company and has since expanded into a broad financial services company that offers a range of products, including bank accounts, loans, investments, insurance, and more. SoFi operates primarily online and does not have physical branches.

Additional Details

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found here.

View offer

at SoFi

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The 10 best money market accounts for July 2024

Quontic Bank

Quontic Bank is a New York City-based digital bank that also serves as a community development financial institution (CDFI), providing banking services to low-income communities. It was founded in 2009 and is licensed to offer loans in all 50 states. Its online banking offers checking accounts, savings accounts, and certificates of deposit (CDs).

Quontic Bank

Great for: Savers who prefer digital banking

APY	5%
Minimum opening deposit	$100
Minimum balance to receive APY	$0.01
Maintenance fees	$0

View offer

at Quontic

Why we picked it

Quontic’s MMA offers a stellar 5% APY, very low opening minimum deposit, and no maintenance fees. Plus, you get check writing abilities and a debit card to access your cash easily. If you ever need to contact customer service, you can reach out via phone call, audio chat on your computer, or text chat. 

The minimum deposit on Quontic’s MMA is $100 and there are over 90,000 surcharge-free ATMs across the United States. It has a variety of digital payment options, including Zelle, Apple Pay, Google Pay, and Samsung Pay, so when you’re at the register, you can pay quickly and conveniently using your preferred method.

Quontic cares about your financial literacy and makes it easy to gain a full picture of your entire financial health by monitoring your credit, providing your entire credit report, and seeing all of your synced accounts from one dashboard. Plus, opening an account takes three minutes—that’s less time than it takes to brew a cup of coffee.

Other rates and products from Quontic

Aside from its MMA, Quontic offers a variety of other banking products, including high-interest checking accounts, cash rewards checking, high-yield savings accounts, and a wearable checking account that uses chip technology embedded into a ring.

High-interest checking account	Minimum opening deposit: $100 Monthly fees: $0 Top APY: 1.10% ATM fee reimbursement: $0
Cash rewards checking	Minimum opening deposit: $100 Monthly fees: $0 Cash back: 1.00% ATM fee reimbursement: $0
Wearable checking	Minimum opening deposit: $100 Monthly fees: $0 ATM fee reimbursement: $0
High-yield savings	Minimum opening deposit: $100 Monthly fees: $0 Top APY: 4.50%

Aside from banking products, you can find a variety of mortgage options, including traditional and nontraditional mortgages, refinancing, and home equity loans.

Learn more: Read our Quontic Bank review

Redneck Bank

Redneck Bank is the online banking division of All America Bank—a bank first established in Oklahoma in 1969. Its motto is “where bankin’s funner,” and its website features farm animals, complete with a housefly that moves across the page as you navigate the site.

Redneck Bank

Great for: Savers who have at least $500 on hand

APY	4.75%
Minimum opening deposit	$500
Minimum to receive APY	$0
Maintenance fees	$0

View offer

at Bankrate

Why we picked it

There’s a saying that you shouldn’t be all things to all people, and Redneck Bank has certainly found its niche. Its brand is kitschy and more than a little redneck. On its Mega Money Market sales page, you can see an animated squirrel mowing a lawn of dollar bills as it pushes the lawnmower across the page, complete with sound effects. 

In a field where banking is filled with blue-and-white, early-internet-style websites, Redneck Bank’s vibrant and playful approach brings a refreshing change. Its debit card has a goat, a squirrel holding a fishing pole, and a pig, and you can use these at ATMs worldwide.

Although this account requires at least $500 to open, its other features may make it worth the trade-off. The account comes with a high 4.75% APY, which is among the top on our list. In addition, you won’t pay any maintenance fees.

Some of the other notable benefits of this account include a Mastercard debit card, checks, and up to six monthly withdrawals. If you need more than six monthly withdrawals, there’s a $5 fee per withdrawal.

Learn more: Read our review of Redneck Bank

First Foundation Bank

First Foundation Bank was founded in 2008 and is headquartered in California, with a handful of locations in Texas, Florida, Hawaii, and Nevada. It offers a few online banking products, such as certificates of deposit (CDs), savings accounts, and MMAs.

First Foundation Bank

Great for: Savers who already have a nest egg built up

APY	4.9%
Minimum opening deposit	$1000
Minimum balance to receive APY	$0.01
Maintenance fees	$0

Why we picked it

When you opt for an MMA with First Foundation, you’ll get an APY rate of 4.9%. However, to open an account, you’ll need to have a nest egg already built up: the minimum opening deposit is $1000, and the money cannot come from an account you’ve already got open with First Foundation Bank. Whenever you’re ready to access the money in your account, you can do so with a debit card, available by request, or checks.

Unlike many major banks, First Foundation Bank doesn’t run credit checks for you to open an MMA. This means if other banks have declined you, you have a good chance for approval. Once you’ve been approved, you can add beneficiaries or a joint signer. You cannot, however, have the name in a trust.

As soon as you make a deposit, your money begins to earn interest. This interest compounds daily and will post at the end of the month.

Learn more: Read our First Foundation Bank review

Ally Bank

Ally Bank is an online-only bank that offers all the benefits of a traditional big bank—like access to various products and a variety of customer service options. Bonus: Ally has 24/7 customer service and you can contact them via phone, email, and chat.

Ally Bank

Great for: Savers who want 24/7 customer service access

APY	4.2%
Minimum opening deposit	$0
Minimum to receive APY	$0
Maintenance fees	$0

View offer

at Bankrate

Why we picked it

Ally Bank’s MMA has a 4.2% APY and no minimum opening deposit or monthly fees. You’ll earn this rate no matter the balance in your account, which is an unusual feature for an MMA. These features make this MMA a great option for those just starting to build their savings. You’ll also have plenty of access to your funds when banking with Ally—you’ll get checks and a debit card with your account. 

You can open your Ally Bank MMA account in the name of a trust, which not all banks allow. You’ll receive 24/7 support via phone, chat, or email. This is handy if you travel internationally frequently, as there’s nothing worse than having an issue with your account while overseas and having to wait until the middle of the night to contact your bank during American business hours.   

Use any Allpoint ATM—there are 43,000-plus of them—and they’ll reimburse up to $10 for each statement cycle at other ATMs. You won’t pay any monthly fees, nor do you have a minimum balance. With its mobile app, you can make deposits on the go with Ally eCheck Deposit.

Learn more: Read our review of Ally Bank

All America Bank

All America Bank is an Oklahoma-based institution with a robust number of online offerings nationwide, including personal and business banking and loans. It’s the same bank that offers you Redneck Bank, which is its online division.

All America Bank

Great for: Savers who prefer digital banking

APY	4.75%
Minimum opening deposit	$500
Minimum balance to receive APY	$0
Maintenance fees	$0

Why we picked it

The All America Bank Mega Money Market account offers a generous 4.75% APY with no minimums or monthly fees. The account allows for six fee-free withdrawals or transfers per billing cycle and it comes with a debit card for easy access to your funds.

You can also make mobile deposits, set up direct deposit, and make transfers bank-to-bank and person-to-person. Should you overdraft, your account might be eligible for Overdraft Privilege. This will cover overdrafts of up to $500, although it will cost $25 per item, and specific conditions must be met to qualify. 

You can set up bill pay on your MMA, which allows 10 free online bill pays per month. It will cost you 50 cents for each additional bill pay. E-statements are free; however, if you opt for paper statements, it’s $3 per month. 

Learn more: Read our All America Bank review

UFB Direct

UFB Direct is an online bank and division of Axos Bank, offering a limited selection of products that currently include a high-yield savings account, MMA, and mortgages. It’s headquartered in San Diego although customers can reach a personal banker by phone or secure message 24/7.

UFB Direct

Great for: Savers who can maintain a $5,000 balance

APY	5.25%
Minimum opening deposit	$0
Minimum balance to receive APY	$0
Maintenance fees	$10 (can be waived if you maintain a $5,000 balance)

View offer

at Bankrate

Why we picked it

UFB’s MMA had one of the highest interest rates, clocking in at a 5.25% APY. This account does charge a monthly maintenance fee of $0, but customers who maintain a balance of $5,000 or greater get the monthly maintenance fee waived. This account also offers a debit card and check writing privileges. 

With a UFB Direct account, you can enjoy the freedom of unlimited fund transfers, which is a significant advantage over traditional MMAs, which often impose restrictions on the number of transactions you can make. This flexibility makes managing your finances easier and more convenient, allowing you to move your money as needed without worrying about limitations. 

In addition to moving funds whenever you want, you can set up automatic funds transfers. This way, you can set it and forget it, helping you maintain consistent savings or investment habits without the need for manual intervention.

Learn more: Read our UFB Direct review

Zynlo Bank

Zynlo is a digital bank that allows customers to manage their money from anywhere. It’s backed by Massachusetts-based Peoples Bank and offers three products: a savings account, checking account, and MMA.

Zynlo Bank

Great for: Savers who can keep $100 in their account

APY	5%
Minimum opening deposit	$10
Minimum deposit to receive APY	$0.01
Maintenance fees	$0

View offer

at Bankrate

Why we picked it

The Zynlo MMA made our list because it had a high 5% APY, $10 minimum deposit, and no monthly maintenance fees. Another notable benefit of this account is that there are no monthly withdrawal limits, unlike some of the other banks on our list. The one drawback? Zynlo doesn’t offer check or debit card access with its MMAs. 

Despite this restriction, its high-yield APY significantly outperforms the national average, which helps your money grow faster. Because there is no minimum balance requirement, you can start earning more on your money, even if it’s as little as $10. 

There are no fees and no penalties, either, which gives you the freedom to manage your money without worrying about added costs.

Learn more: Read our Zynlo Bank review

Northern Bank Direct

Northern Bank Direct is the online-only branch of Northern Bank, an institution serving the financial needs of New England since 1960. As a member of the SUM network, customers have access to thousands of fee-free ATMs.

Northern Bank Direct

Great for: Savers who can keep $5000 in the account

APY	4.95%
Minimum opening deposit	$5000
Minimum balance to receive APY	$500
Maintenance fees	$0

Why we picked it

While the Northern Bank Direct Money Market Account requires a much higher minimum opening deposit of $5000, the 4.95% APY could make that investment worth it for anyone willing to keep at least $5,000 in the account. There’s also no limit to the number of withdrawals you can make and access to surcharge-free ATMs through the SUM network.

With online and mobile banking, you can manage your money from anywhere. You won’t pay any monthly service charges, so your money can grow without added fees eating away at it. These great interest rates and lack of maintenance fees make up for its high minimum opening deposit requirement.

Setting up an account takes a few minutes, and you’ll need to provide the standard information asked by all financial institutions, such as your name, citizenship, Social Security number, and ID. Once your account is opened, aside from accessing your account via your web browser, you will also have access to an iOS and Android app for banking on the go.

Learn more: Read our Northern Bank Direct review

EverBank

Founded in 1998, EverBank, formerly known as TIAA Bank, is a Jacksonville, Florida-based bank offering CDs, high-yield savings accounts, checking accounts, and more. It sponsors EverBank Stadium, where the NFL’s Jacksonville Jaguars play.

EverBank

Great for: Savers who don’t want to worry about fees or minimum opening deposits

Intro APY	4.05%
Minimum opening deposit	$0
Minimum to receive APY	$0
Maintenance fees	$14.95 (waived if account balance is over $5,000)

Why we picked it

EverBank’s MMA offers a solid 4.05% introductory one-year APY for first-time money market clients, regardless of how much you have to invest. After the first year, you’ll get a 3.75% APY for balances below $50,000 and a higher rate if you maintain a larger balance. You’ll get a debit card and checks, which means accessing your money is simple.  

If you have a lot to deposit, you’ll earn better rates. For deposits of $50,000 to $99,999.99, you can earn 4.05% APY, while balances of $100,000 and above receive an impressive 4.30% APY. This tiered structure rewards higher balances and ensures that your money works harder for you.

There is no minimum opening deposit, however, so if you only have a few dollars to deposit, you’ll still earn a great rate so your money can grow. You’ll also still get bill pay, mobile check deposits, and ATM fee reimbursements up to $15 monthly.

Learn more: Read our EverBank review

Merchants Bank of Indiana

Merchants Bank of Indiana is based in its namesake state and was founded in 2002. It offers consumers a range of products, such as home equity loans, CDs, and checking accounts. It has $17 billion in assets and $14.1 billion in deposits.

Merchants Bank of Indiana

Great for: Savers who want a high APY with a low minimum deposit

APY	5%
Minimum opening deposit	$50
Minimum balance to receive APY	$0
Maintenance fees	$0

Why we picked it

This bank’s MMA offers a high APY of 5%, a low minimum deposit of $50, and no maintenance fees. You can tap the cash in your MMAs with checks, but you’ll be limited to six withdrawals per statement cycle. 

With only $50 required to open an account and no hidden fees to worry about, Merchants Bank allows you to earn its stated APY with any balance, making it an ideal location to park your money for growth. Its competitive rates are also among some of the highest in the country.

You can also access your funds quickly, although there is a limit of six withdrawals per statement cycle. Regarding customer service, you can get assistance by calling or going to one of its brick-and-mortar locations in Indiana. 

Learn more: Read our Merchants Bank of Indiana review

What is a money market account?

A money market account is like a combination between a checking account and a savings account. These accounts typically offer higher APYs than checking accounts and, in many cases, identical features—check-writing abilities, debit card access, and the ability to make withdrawals and deposits via ATM. 

However, unlike checking accounts, there may be a limit on the number of withdrawals—usually six—made from your money market account each month. And not all money market accounts come with all the features mentioned above.

It’s also not unusual for money market accounts to be tiered, offering higher APYs on higher balances. There may also be a minimum opening deposit or a balance you must maintain to avoid paying maintenance fees.

Before opening a money market account, it’s essential to shop around and research APYs, fees, and other features to ensure you find the best account fit for your finances. 

Recent news that could impact your MMA APY

With inflation at 3.3% year-over-year, the Federal Reserve’s June 11-12, 2024, decision to maintain the federal funds rate of 5.25% to 5.5% is a cautious approach. This means your MMA APY rates may remain high for the time being, but once the Fed cuts rates, you can expect these MMA rates to decline as well.

Pros and cons of money market accounts

Money market accounts are useful financial tools, offering higher APYs than traditional checking or savings accounts. But it’s important to understand some of the pros and cons before opening one.   

Advantages of MMAs

One of the primary advantages of money market accounts is that they provide higher interest rates than other deposit accounts. 

While there may be a limit on the number of withdrawals you can make each month, your money is easily accessible—many money market accounts offer debit or ATM cards and check-writing access, so you can tap into your money when you need it.   

Disadvantages of MMAs

MMAs can be pricey, and you may need to have a certain amount of money saved up to open an account. Some financial institutions have minimum opening deposit requirements for MMAs, which can range from just a few dollars to thousands. 

Plus, after you open an account, there may be a minimum balance requirement you need to maintain as well. Some banks and credit unions charge a monthly maintenance fee just for having an account. However, that fee may be waived for some accounts if the customer meets a minimum balance requirement.

Lastly, some money market accounts limit customers to just six withdrawals per month. If you want unlimited access to your cash, a checking account could be a better option.

How to choose the best money market account

When deciding between money market accounts, you’ll want to consider various account features such as:

• Interest rate: A higher APY means your account will earn more interest annually. 
• Account minimums: Many financial institutions require a minimum deposit or balance to open an account and earn a certain APY. While some institutions offer accounts with minimums as low as $10, others impose larger sums to get started. You may face fees and penalties if your balance falls below the required minimum balance.
• Fees: Fees can eat into your balance, whether big or small. Before opening an account, read the fine print to determine if your account charges any monthly maintenance, withdrawal, or low-balance fees. You’ll also want to look for balance thresholds that might get these fees waived.
• Withdrawal rules: If you expect to make frequent withdrawals from your MMA, you’ll want to know if there’s a monthly cap. You’ll also want to know your options for accessing your funds, like whether you get a debit card or check-writing privileges.

Alternatives to money market accounts

Think of a money market as a hybrid between a savings account and a checking account: You can earn a solid interest rate on your savings and access your cash when needed. When deciding which deposit account is best for you—a savings account, CD, or checking account—you should consider your financial goals, how much liquidity you need, and whether you want a fixed or variable interest rate.

MMAs vs. savings accounts

There are many similarities between money market accounts and savings accounts: Both offer higher APYs than checking accounts, are covered FDIC or NCUA insurance, and typically have monthly withdrawal limits

However, there are some small differences between the two accounts. With a money market account, customers typically have easy access to cash via ATM, debit card, or checks. Yet with a savings account, customers are typically limited to accessing their cash via electronic transfer.   

MMAs vs. CDs

While money market accounts offer variable APYs, CDs provide a fixed interest rate when you lock up your money for a set amount of time, usually a few months or years. CDs, unlike money market accounts, offer no liquidity—if you need to access your cash before the CD’s term is up, you’ll have to pay an early withdrawal penalty which is worth a few months of interest.

Since CDs require you to tie your money up for a fixed period, these deposit accounts are best for a financial goal in the future such as saving up for a housing down payment. On the other hand, money market accounts can be a good place to store cash you need immediately like for an emergency fund.

MMAs vs. checking accounts

Checking accounts are typically used for everyday expenses like your credit card bill or rent payments. These accounts offer low variable interest rates as they’re not meant for long-term saving. You may be able to access your cash with an ATM or debit card, checks, and electronic transfer.

If you’re seeking a higher APY, a money market account offers higher interest rates than checking accounts. Customers, however, may be limited in the number of withdrawals they can make from their money market account.

Money market accounts vs money market mutual funds (MMMFs)

MMAs and MMMFs both have the goal of earning you interest, but they’re two different vehicles to do so. The former is a savings account offered by a credit union or bank while the other is an investment account offered by a financial institution. For this reason, an MMA is FDIC-insured up to $250,000, while the MMMF isn’t FDIC-insured and could lose money.

MMAs typically have restrictions on the number of transactions you can conduct per month, although they usually come with check writing and debit card capabilities. Meanwhile, MMMFs don’t allow check writing or debit card transactions, although you can often redeem your shares at any time.

Are money market accounts safe? 

Your money is safe in a money market account if your bank or credit union is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), respectively. These organizations insure your deposits of up to $250,000 per depositor, per account, per ownership category in the unlikely event of bank failure. You can check if your bank or credit union is covered by FDIC or NCUA insurance through their websites.

Are the best money market accounts insured?

Your money is safe in an MMA if your bank or credit union is insured by the FDIC or NCUA, respectively. These organizations insure your deposits of up to $250,000 per depositor, per account, per ownership category in the unlikely event of bank failure. You can check if your bank or credit union is covered by FDIC or NCUA insurance through their websites.

Our methodology 

The Fortune Recommends^TM team has analyzed more than 40 banks and credit unions across the U.S. to compare and find its top picks available to you. All banks that made the cut are available no matter where you live in the U.S.

Here are the key elements we ranked each bank by:

• APY (50%): APY is the interest you earn on the balance you carry in your account; the higher the APY, the higher it likely will be on our list.
• Minimum opening or required deposit (15%): This is the minimum dollar amount you’ll need to invest to open an account. Banks that required little or no minimum deposit scored higher on our list.
• Minimum balance to receive the APY (5%): This is the minimum dollar amount you’ll need to keep in your account to earn its APY. Banks that required little or no minimum balance scored higher on our list.
• Maintenance fees (15%): Some banks charge fees to keep the account open, ranging from $0 to $20 monthly. These fees may be waived if customers maintain a certain minimum balance.
• Access to funds (10%): Banks will offer various ways to withdraw funds from your account (e.g., checks, debit cards, and ATM cards). We looked at whether banks offered debit cards and check writing privileges, with those offering both or one option higher than those with fewer options. 
• Customer service (5%): Being able to reach your bank in multiple ways (e.g., email, phone, chat support) is critical. We ranked places with more options higher than those with fewer options, with the most weight toward being able to reach the bank by phone.

Rates and fees are subject to change. All the accounts on this list are NCUA- or FDIC-insured.

Dig deeper: learn more about our banking methodology.

Frequently asked questions about MMAs