best online banks for money market accounts

To open a Signature Money Market account, visit any of our convenient branch Learn about Online Banking and what's offered for better money management. Our money market account helps you earn more interest than most traditional banks. The money market account is a great way for businesses to earn interest. MECU's Money Market Special gives MD members flexible access to their cash and one of the highest savings rates available. Apply for a special 1.00% APY*.

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Money Market Accounts Explained

Set yourself up to save with Key Active Saver. Use it with a KeyBank personal checking account to set up automatic savings, overdraft protection, make quick transfers between accounts and even waive the Key Active Saver monthly maintenance fee. In fact, with so many easy ways to save, maybe we should have called it Key Easy Saver.

Account Features & Benefits

No Monthly Maintenance Fee

When you also have a KeyBank personal checking account. Otherwise, $4.

Open with as Little as $10

And start saving from there.

More KeyBank Savings Accounts

Use Easyup® by KeyBank to set up automatic savings, link your checking and savings accounts to automatically cover overdrafts without a transfer fee, and see how easy it is to waive the monthly maintenance fee.

Grow your savings.

  • Gain an interest boost when your balance hits $5,000 or more
  • Several ways to waive the monthly maintenance fee1
Rates & Fees

Higher balances best online banks for money market accounts higher interest.

  • Higher interest rates on balances $25,000 and above to help grow your savings even faster
  • Easy access to your money at your local branch or ATM
Rates & Fees

Tax-free savings for qualifying medical expenses. where is the district of columbia

  • Contributions can be made by you or your employer
  • Withdraw funds tax-free to pay for qualified healthcare costs
Rates & Fees

house at the end of the street jennifer lawrence singing Perfect account for beginners.

  • For children under age 18, without monthly maintenance fees
  • Interest-bearing account, compounded daily

Please read our Agreements and Disclosures. If you opened your deposit account online within the last 90 days, you may also review the original agreements and disclosures provided to you.

The following requirements must be met in order to waive the monthly maintenance fee on each type of savings account listed in the chart above:

The $4.00 monthly maintenance fee for Key Active Saver Account will be waived if the following requirement is met:

  • There is no monthly maintenance fee if you are an owner on a KeyBank consumer checking account (including the KeyBank Hassle-Free Account®), otherwise the fee will be $4.00.

The $18.00 monthly maintenance fee for Key Gold Money Market Savings Account will be waived if both of the following requirements are met:

  • The Daily Balance is $25,000.00 or more during the monthly statement period AND
  • Maintain a KeyBank consumer relationship package checking account.

The $12.00 monthly maintenance fee for Key Silver Money Market Savings Account will be waived if at least one of the following requirements is met:

  • Currently have or open a Key Advantage®, Key Privilege® or Key Privilege Select® checking account
  • The minimum daily balance is $5,000.00 or more during the monthly statement cycle
  • A monthly direct deposit of at least $25.00 is credited to your Key Silver Money Market Savings Account during the monthly statement cycle
  • A recurring monthly online banking transfer of $25.00 or more from another KeyBank deposit account is transferred to the Key Silver Money Market Savings Account during the monthly statement cycle.

The $2.50 or $5.00 monthly maintenance fee for Health Savings Account will be waived if both of the following requirements are met:

  • The Monthly Daily Balance is $500.00 or more during the monthly statement period AND
  • Direct deposit is established.

There is no monthly maintenance fee for Key4Kids®.

Subject to the terms of the Savings Overdraft Protection Agreement.

The $50 minimum opening deposit must come from funds not currently held in accounts at KeyBank or its affiliates and will be eligible for promotional rates.

This minimum opening deposit must come from funds not currently held in accounts at KeyBank or its affiliates. If you close your account within 180 days, you will be charged an account early closure fee.

Fifth Third Bank LogoFifth Third Bank Logo

Compare Savings and Money Market Accounts1

1Those applying online for a Classic Savings account must have a working mobile phone.​

2To automatically qualify for a Premier Relationship Interest Rate, you must have an open Bank of the West Premier Checking account and one Choice Money Market Savings account with the same ownership. The Premier Relationship Interest Rate will be earned on your Choice Money Market Savings account, and is calculated as follows: On the last day of your statement cycle, your Choice Money Market Savings account’s end-of-day collected balance tier will be determined. If the Bank is paying a Premier Relationship Premium for that balance tier, that Premium will be added to the standard interest rate for the balance tier into which your daily end-of-day balance falls each day during the next full statement cycle. The Premier Relationship Premium will be applied beginning the first business day of the statement cycle. Once set, the Premier Relationship Premium will not change during that statement cycle. The standard interest rate can change as frequently as daily. The Premier Relationship Interest Rate is compounded daily and paid to your Choice Money Market Savings account on the last day of the statement cycle. If you do not qualify best online banks for money market accounts a Premier Relationship Premium as of the last day of any statement cycle, your account will earn only the standard interest rate during the next full statement cycle.

3If there are not sufficient funds in your checking account to complete a scheduled Auto-Save transfer to your savings or money market account, no transfer will occur, even if you have available overdraft protection through Savings Overdraft Protection and/or Gold Line. This means that if your savings or money market account monthly service charge would have been waived as a result how long does walmart pickup take an eligible Auto-Save or recurring transfer from your checking account, you may incur a monthly service charge for that statement cycle.

4Wireless carriers may charge fees for text transmissions or data usage. Message frequency depends on account settings. Text HELP to BKWST for help. Availability of Mobile Banking may be affected by your mobile device's coverage area.

*Rates may change at any time without prior notice, before or after the account is opened. Fees could reduce earnings on the account. Additional restrictions may apply. This account earns interest at a variable rate.

Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, (License #0C52321) and through BancWest Investment Services, Inc. in all other states where it is licensed to do business. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.

BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas.

Investment and Insurance Products:


Money Market Account

It's the market that always gives you more for your money.

Sure things in Pittsburgh? Wearing black and gold on Sundays, sitting in tunnel traffic, and using colorful phrases most of the country doesn't understand. When it comes to surefire savings strategies, a Clearview Money Market Account is right up there. Our three options all promise higher yields than traditional savings accounts and offer easy access to your money whenever you need it. 
  • High-yield, liquid accounts
  • Dividends paid regularly
  • Up to six electronic withdrawals per month 
  • Can serve as overdraft protection to checking accounts

Clearview Money Market Account

  • An excellent high-yield, yet liquid savings account.
  • No minimum deposit required to open account.
  • Dividends are based on average daily account balance. Higher balances can pay higher returns.
  • Dividends are paid on the last day of every month.1
  • Deposits can be made through automatic payroll deduction and automatic transfer, after the Money Market has been established.
  • Checks are available upon request.

Relationship Money Market

  • Our Relationship Money Market account offers a higher-tiered rate.
  • Qualify for higher rates by having an Absolute Checking® account and either $5,000 or more in monthly direct deposits or eight qualifying purchases in a month with your debit card.2 
  • Dividends are based on your average daily account balance and paid on the last day of every month.3
  • Deposits can be made through automatic payroll deduction and automatic transfer after the account has been established.

What's included?

  • Competitive rates
  • Easy access to money
  • Serves as overdraft protection

1 Dividends will be paid monthly provided you maintain an average daily balance of $1,000. A monthly fee of $7.50 will be applied if $1,000 average daily balance is not met. Please see our Rate and Fee Schedule for more information.

2 If the direct deposit or the qualifying purchases are not met, the rate reverts back to the Clearview Money Market account rate for that month.

3 Dividends will be paid monthly provided you maintain an average daily balance of $1,000. A monthly fee of $10 will be applied if $5,000 average daily balance is not met OR if member has less than a $20,000 average daily combined balance of deposits.

I've never had to change banks when I moved - Clearview moved right along with me. The people in the call center are just the best! Every call, in over 50 years, has been handled in a friendly, professional way. Who could ask for anything more? Bette, Member since 1968

Become a member- Become best online banks for money market accounts member

Become a member- Become a member


There are many ways to save money without taking the risk of investing in stocks or bonds, or making other investments whose value could either rise or fall over time.

Here's a simple guide to the main types of accounts you can open at a bank.

Savings accounts are often the first step in financial planning. With a savings account you earn interest on the money deposited into the account, and there are few restrictions on how long the money must stay or how you can withdraw it. Most savings accounts are limited by law to six withdrawals per month.

Savings accounts are easy to open online or at a branch and can be a useful way to help you achieve your goals of saving for big ticket items — from a new home to retirement, or to have an emergency fund for a rainy day. Some people will open a savings account for each major savings goal: for instance, one for a new home, one for a new car, and one for a dream vacation. Many employers can also split your paycheck and send part of it each month to your savings account, so you don't even have to think about it.

Savings accounts are generally a safe investment choice. They offer a fixed rate of return, your money can be withdrawn in an emergency with no penalty, and your account is insured for up to $250,000 by the Federal Deposit Insurance Corp. (FDIC). That means your money is safe even in a major financial crisis.

On the downside, interest rates for savings accounts can be lower than other savings options, and may vary according to how much you have deposited in a bank and how long you are required to leave your money in the account.

Some savings accounts offer sign up bonuses with a higher interest rate for the first three or six months. Look for the highest Annual Percentage Yield, or APY. That's the total interest rate you'll be getting over the full year after averaging in any special offers.

Citi allows you to open a savings account online, in branch or over the phone. See how much you can earn with a Citi savings account today.

Featured Offer

This is where you keep the money you'll need to pay your regular bills: rent, mobile phone, utilities, childcare, car payments and credit cards. Increasingly, checking accounts are a lot more best online banks for money market accounts just paper checks. More Americans are making payments through electronic payment systems and with credit cards or by direct debit from their checking accounts. Still, when you need to pay the plumber and don't want to use cash, checks come in handy.

Checking accounts usually come with an ATM card that lets you withdraw cash and make deposits without visiting a branch. And most checking accounts today have a smartphone app that lets you make payments and even deposit paper checks without having to wait in line at a branch or seek out an ATM.

Typically, checking accounts offer little or no interest on the money in your account and may charge a minimal fee for managing the account. Others may waive fees if you keep a minimum balance in the account or have another account or credit card at the same bank. Some banks also let you tie a savings or money market account to your checking account to cover you in case of an overdraft.

Checking vs. Savings Account: A checking account is where you keep the money needed to pay your bills from week to week. It offers little or no interest, but you can write checks, pay bills and draw cash from an ATM. A savings account is where you can put away money you'll probably need later. You can only perform a limited number of withdrawals each month, but you can earn interest on the money that's in it.

Think of a CD, the abbreviation for certificate of deposit, as money you have tied up for anywhere from three months to five years or more in order to assure a better interest rate. The advantage of a CD is that the higher interest rate is risk–free, as CDs are insured by the government—sponsored FDIC.

It's important to remember that if can i use my umb hsa card at an atm cash out early for any reason – for example, if you need to cover a medical expense – you may be required to pay a penalty for early withdrawal. The expiration date on a CD is important to remember. If you don't cash out your CD within a month of that date, called the term date, it may be automatically reinvested and locked up for another three months or more.

With that said, most banks now offer breakable (i.e. penalty–free) CDs, also referred to as Liquid CDs. These allow you to withdraw all or a portion of your money before the CD matures, so it's important to check which type of CD you have and the specific terms and conditions.

CD vs. Savings Account: CDs are for saving larger chunks of money that you can afford to put away for a longer period of time. The interest rate typically is higher than a savings account, but there are penalties for early withdrawal on most CD products.

Combining the benefits of a savings and a checking account, a money market account generally pays a higher interest rate than a savings account and gives you limited check–writing ability. It usually requires you to maintain a higher balance in exchange for its higher interest rate.

Money market accounts are regulated in the same way as savings accounts, so they're also restricted to six withdrawals and transfers per month. Still, you can write checks on a money market account, and some accounts offer debit cards. A money market account is insured by the FDIC for up to $250,000 per account holder.

Money Market vs. Savings: A money market account offers a higher interest rate than a savings account but, like a savings account, you can access your money at any time without a penalty. You can also write occasional checks on a money market account.

For most people, a combination of accounts is probably best. One rule of thumb is to best online banks for money market accounts enough money to cover two months' worth of expenses in your checking account, and up to six months' worth in a savings account or a money market account. That may be more money than you have available, so think of this as a goal, not a rule.

Money you won't need right away, and which you'd like to see grow over time – perhaps for retirement or a major purchase –should go in a CD.

  • Savings Account: An easy way to put money aside, but it offers a low interest rate and restricts how often you can withdraw your money.
  • Checking Account: Think of it as a spending account for everyday expenses, from food to rent to credit card bills. But it typically earns little or no interest.
  • CD: This is best for savers as there are penalties for early withdrawals on most long—term CDs. But interest rates on CDs are usually higher than on the other three account types.
  • Money Market Account: This offers higher interest rates than the traditional savings account, but it has similar withdrawal and transfer restrictions.
SavingsCheckingCDMoney Market
Monthly FeesSometimesSometimesNoSometimes
Minimum DepositSometimesSometimesYesYes
Risk of losing moneyNoneNoneNoneNone
Fixed or Variable Return*VariableVariableFixedVariable
Penalties for Early WithdrawalNoNoYesNo

*Fixed return: You are guaranteed at least a minimum rate of investment
Variable return: Investment amount fluctuates based on the investment performance.

is based on deposited funds and not overdraft and/or best online banks for money market accounts associated fees/penalties related to accounts.


Best Money Market Accounts Of November 2021

For savers who prefer to do their banking at a credit union, Connexus Credit Union’s High Yield Money Market Account is a tiered-rate account paying higher rates for larger deposits. Granted, this account from Connexus has a more complicated earning structure than other accounts on our list. But for those willing to jump through some hoops, the rewards may be worth the effort.

Savers earn 0.25% APY for balances between $1,000 and $19,999.99, and 0.60% APY for balances between $20,000 and $99,999.99. The highest tier pays 0.85% APY and also requires a hefty balance of $100,000 or more. Notably, you must have an active checking account with Connexus in order to earn those rates. Without an active checking account, the rates on this account fall significantly.

While you must deposit at least $1,000 to open an account, there’s no penalty if your balance falls below $1,000. But balances below $1,000 do not earn interest.

This account includes the ability to write checks. And Connexus offers 24/7 online and mobile banking options for access to your money.

In addition to the regular group and geographic categories of membership, you can become a member of Connexus by making a one-time $5 donation to the Connexus Association.

Read our full Connexus Credit Union review.


The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and paid monthly. All Connexus Credit Union members must have a regular savings account before adding other types of accounts.

Pros & Cons

  • Competitive to very competitive tiered interest rate structure
  • Offers check-writing privileges
  • Relatively low minimum deposit requirement
  • Requires an active Connexus checking account
  • Membership is required
  • Dividends compounded monthly
  • Minimum balance requirement to earn interest

The best money market accounts (MMAs) can be a great low-risk investment for your emergency fund or extra cash. They offer better interest rates than best online banks for money market accounts savings accounts, but are more liquid than certificates of deposit (CDs). You can find the best money market account rates available using our tool below.

We follow a rigorous editorial policy designed to keep our writers and editors independent. Articles may reference products from our partners, so here’s more information on

How we make money

The Simple Dollar is an independent, advertising-supported publisher and comparison service. The Simple Dollar is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. The Simple Dollar does not include all companies or all available products.

The best money market accounts in 2021

Sallie Mae Money Market Account Rate

Though they’re better known for student loans, Sallie Mae has an online bank offering high-yield savings options, including a money market account.


4.3 / 5.0


SimpleScore Sallie Mae 4.3

Customer Satisfaction N/A

Though they’re better known for student loans, Sallie Mae has an online bank offering high-yield savings options, including a money market account. Sallie Mae money market interest rate is 0.45% APY. Better yet, there are no minimum deposits or monthly fees with Sallie Mae, which also offers check writing and mobile check deposit.

TIAA Bank Yield Pledge Money Market Account Rate

Formerly known as EverBank, TIAA Bank sets itself apart from the crowd by promising to keep its interest rate among best online banks for money market accounts top 5% of banks nationwide.


4.3 / 5.0


SimpleScore TIAA Bank 4.3

Customer Satisfaction N/A

It also offers a new-customer promotional APY of 1.01% for a year. Other perks include no fees on positive balances, check writing, and mobile check deposit.

On the downside, you need $5,000 to open an account. And though the promotional APY is among the highest money market rates around and the yield pledge is unique, TIAA Bank’s ongoing balance-based APY of 0.40% isn’t as impressive as the interest rates offered by some of its online-bank competitors.

Capital One Money Market Account Rate

The Capital One money market account has no minimum deposit or monthly maintenance fee, and allows you to open either an individual or joint money market account.


3.8 / 5.0


SimpleScore Capital One 3.8

  • No fees
  • No minimum deposits
  • No minimum balance
  • No debit card or check-writing option
  • $10,000 minimum to get highest yield

Discover Bank, Member FDIC Money Market Account Rate

Like many banks, Discover Bank, Member FDIC offers a higher yield on its money market account when you carry a balance above a certain threshold. However, there’s only a slight variance between its two tiers, making Discover an attractive choice for individuals with lower balances.


0.30% ($1 – $99,999)


3.8 / 5.0


SimpleScore Discover Bank, Member FDIC 3.8

  • High APY regardless of balance
  • Check-writing and debit card option
  • High balance requirement for best APY

BMO Harris Bank Money Market Account Rate

This account is ideal for individuals who meet that higher deposit threshold. On the plus side, BMO Harris does not charge a monthly maintenance fee.


2.6 / 5.0


SimpleScore BMO Harris Bank 2.6

BMO Harris offers a 0.05% APY for its Platinum money market account, but you’ll need a $5,000 opening deposit in order to qualify.

The bank has also been around for 200 years, and provides a solid foundation of resources and support. You can also find physical branches in multiple states across the country.

Synchrony Money Market Account Rate

No matter how much you deposit in a Synchrony money market account, you’ll receive 0.35% APY. It’s certainly not the highest on the list, but it’s still noteworthy compared to most banks today.


4.5 / 5.0


SimpleScore Synchrony 4.5

Customer Satisfaction N/A

Plus, you’ll get a decent yield even if you don’t have a large balance. In addition to accessing your money through electronic transfers, you can also request checks and an ATM card for your money market account. Another Synchrony option to explore is the high yield savings account, which comes with a 0.35% APY.

What is a money market account?

A money market account (MMA) is a low-risk savings vehicle that banks and credit unions offer. Banks like MMAs because, unlike personal savings accounts, they can invest that money in other low-risk places including certificates of deposit (CDs) and bonds. The only thing they can do with the cash in your savings account is loan it to others. Also, unlike many personal savings accounts, you may need more cash to open an MMA, particularly at brick-and-mortar banks. Common account minimums are $1,000, $2,500, or even $10,000. Depending on your account, you may be able to write a limited number of checks. Federal regulations will limit you to no more than six electronic, check, or telephone withdrawals from your MMA per month.

In exchange for your larger balance and restricted withdrawals, you’ll receive a better interest rate than you would get with a personal savings account. Overall, an MMA can be a good choice if you want low-risk savings with a slightly higher interest rate as long as you can meet the minimum balance and will need only moderate access to your cash. If you can sock away your cash for a long period, be sure to compare your return from an MMA with what you’d earn from a CD. A CD may have a slightly higher interest rate, but you can’t withdraw cash early without a best online banks for money market accounts penalty.

In practice, money market accounts and personal savings accounts can be quite similar when it comes to online, high-yield banks that may offer similar interest rates for each product. You’ll see more of a difference at most local banks, where MMA rates will be substantially higher — this is where the choice between the two becomes more compelling. However, you may run into higher minimum deposits, too. Ultimately, both are excellent places to keep your emergency funds or short-term savings.

Money market accounts vs. money market funds

Be careful not to confuse money market accounts with money market mutual funds (MMFs). You can find an MMA at just about any bank, but a money market fund is a more serious investment product offered by brokerages and the like. MMAs are insured against losses by the Federal Deposit Insurance Corporation (FDIC); MMFs are not. (If you open an MMA at a credit union, your money is insured by the National Credit Union Administration.) Your bank guarantees a certain rate for your money market account, but the interest a money market fund earns will fluctuate along with the market. Bottom line? MMAs make sense for savings you need to keep in a liquid, low-risk account; MMFs do not.

Though seasoned investors might not blink an eye before putting their money into an money market fund, here’s another cautionary tale to illustrate how MMFs are different than MMAs. In 2008, during the subprime mortgage crisis, there was a run on MMF deposits after one such fund “broke the buck,” returning only 97 cents for each dollar invested. The panic stemmed from the fact that MMFs try to keep their share prices at one dollar with no fluctuation. Traditionally, your principal is all but guaranteed, and the only question is how much interest you’ll earn. Later studies have shown that dozens more money market fund could have broken the buck if not for regulators’ quick intervention. Though reputable MMFs are still considered very low risk, choosing an MMA that is backed by the FDIC can ease a lot of your worries.

How to pick the best money market account

Most savers choose a money market account instead of a savings account because they want a higher interest rate. Looking for banks with the highest money market rates will mostly limit your search to online banks.

However, if you prioritize a firm handshake, face-to-face relationships, and more reliable service, don’t overlook local banks in your search for money market accounts. There are plenty that fared well in J.D. Power’s 2018 Retail Banking Study. Just remember that you’re probably going to get a much lower interest rate than you would online.

The factors I considered in my search for the top money market accounts were:

  • No or low minimum deposit: While some MMAs are out of reach for average customers because of their high minimum deposits, many online banks have made MMAs more accessible by easing this common requirement.
  • High APY: Online banks tend to offer the highest yields.
  • No or low maintenance fees: Some banks charge a monthly account maintenance fee regardless of your balance. Others waive it if you maintain a certain balance, and the best money market accounts don’t charge one at all.
  • Other fees are reasonable: Note whether a bank is comparable to its competitors when it comes to fees on overdrafts, wire transfers, and the like.
  • Miscellaneous other perks: These include everyday things that make banking easier, such as check-writing privileges, unlimited ATM withdrawals, remote check deposit, online bill pay, and 24/7 account access.

We welcome your feedback on this article and would love to hear about your experience with the MMAs we recommend. Contact us at with comments or questions.

The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

For every review, our editorial team:

  • Identifies five measurable aspects to compare corolla beach camping each brand
  • Determines the rating criteria for each aspect score
  • Averages the five aspect scores to produce a single SimpleScore

Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best money market accounts of 2020.

Why do some brands have different SimpleScores on different pages?

To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For example, if we look at CD products for Ally, it scores a 4.6 out of 5 for our CD SimpleScore metrics. However, when we apply the metrics we measure for money market account SimpleScores, Ally scores a 4.4 out of 5. These two different financial products have two separate SimpleScore metric ratings to account for differences between them. We adjust our ratings based on industry standards for each category.

Have questions about our methodology?

Email Hayley Armstrong at

Minimum deposit

We compared the required minimum deposit to open a money market account. The lower the minimum deposit, the higher the score.


MMA holders want great returns on their investments. That’s why we awarded brands with higher APYs.


Customers should be able to leverage their accounts, which is why we awarded brands that offer perks like ATM withdrawals, check-writing abilities, mobile check deposit and waived monthly fees.

Monthly fee

It’s annoying to pay to use your account. That’s why we awarded brands that have low or no monthly fees.

Saundra Latham is a personal finance writer and editor. Her work has appeared in The Simple Dollar, Business Insider, USA Today, The Motley Fool, Livestrong and elsewhere.

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