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Best money market account rates of December 2024

Earn interest and be able to spend your savings at the same time.

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By

Bethany Hickey

Edited by

Alexa Serrano Cruz

Updated

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Money market accounts (MMAs) typically combine features of checking and savings accounts by offering a debit card, checkwriting privileges, and you earn interest on your balance. The best MMAs offer rates that are well above the national average of 0.6%.

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We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

Best overall

Quontic Bank Money Market
9.2 Excellent

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on Quontic Bank's secure site
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APY 4.75%
Fee$0
Minimum deposit to open$100

American First Credit Union MMA through Raisin
9.4 Excellent

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on Raisin's secure site
APY 4.40%
Fee$0
Minimum deposit to open$1

Blue FCU MMDA through Raisin
9.4 Excellent

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on Raisin's secure site
APY 4.25%
Fee$0
Minimum deposit to open$1

Discover® Money Market
7.8 Great

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on Discover's secure site
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APYUp to 3.65%
Fee$0
Minimum deposit to open$0

Partner terms and conditions
Member FDIC
Vio Bank Cornerstone Money Market

APY 4.90%
Fee$5 per month
(can be waived)
Minimum deposit to open$100

Sallie Mae Money Market
8.6 Great

APY 4.20%
Fee$0
Minimum deposit to open$0

Ally Money Market
9.4 Excellent

APY 3.85%
Fee$0
Minimum deposit to open$0

Methodology: How we choose the best MMAs

Finder’s banking experts review over 50 money market accounts to find the best ones. While debit cards and checkwriting privileges are features we consider, we prioritize accounts that offer strong interest rates. The top accounts must meet the following factors:

  • An APY that’s at least five times higher than the national average of 0.6%
  • Minimum opening deposit of $500 or less
  • Available in most states
  • No strict membership requirements
  • FDIC- or NCUA-insured up to $250,000

What is a money market savings account?

A money market account — or MMA — blends features of a checking and savings account. While it earns interest and is typically limited to six monthly transactions, they often come with a debit or ATM card and let you write checks. Like savings accounts, most compounded interest daily.

Traditional savings accounts aren’t meant for spending, so MMA accounts are best for someone who wants a high-yield account with the ability to make purchases or withdraw money from an ATM.

How to compare money market accounts

Find the best accounts for your lifestyle by comparing these factors:

  • Competitive APY. Choose an account that offers rates higher than the national 0.6% average to maximize your earnings.
  • Tiered rates. Some MMAs have tiered interest rates, requiring certain balances to earn the highest APYs. Either choose an account without balance requirements or choose a tiered account with an APY for a balance you can hold.
  • Affordable minimum opening deposit. While the average is $2,500, there are accounts with deposit requirements as low as $0.
  • Easy access to money. Although a debit card and the ability to write checks is what differentiates a money market account from a savings account, some don’t come with these common benefits.
  • FDIC- or NCUA-insured. A trustworthy money market account will be FDIC- or NCUA-insured for up to $250,000.
  • Few fees. The average monthly maintenance fee runs around $10, but plenty of accounts don’t have a fee. Also, if you frequently use out-of-network ATMs, look for an account that reimburses ATM fees.

Pros and cons of MMAs

While money market accounts are interest-bearing and offer flexible account access, there are some pitfalls to be wary of.

Pros

  • High APYs. The national interest rates for money market accounts are much higher than those of traditional savings accounts.
  • Check-writing privileges. If you want to write checks from your account, most of these accounts come with checks.
  • Debit card. Most come with cards you can use to make purchases or withdraw money at an ATM.

Cons

  • High opening deposit. They impose higher minimum opening deposits than savings accounts, which can range anywhere from $100 to $1,000.
  • Minimum balance requirements. Tiered interest rates are common, with minimum balance requirements that must be maintained daily or monthly to earn interest.
  • Limited transactions. Similar to savings accounts, they still may limit you to six monthly transactions.

5 alternatives to money market accounts

Not sure a money market account is right for you? Explore these other types of savings accounts when deciding where to park your cash:
  • High-yield savings accounts. The best high-yield savings accounts come with an APY that’s higher than the national average, which currently sits at 0.43% APY. Most also restrict access to your funds by not offering debit cards and preventing you from writing checks.
  • Interest-bearing checking accounts. A high-yield checking account doesn’t come with transaction limits you’d find with a money market account. But their rates are much lower, with the national average resting at 0.08% APY.
  • Cash management accounts. A cash management account lets you manage your invested money in one account by allowing you to use your money to make purchases or accrue interest. FDIC insurance is often higher than the usual $250,000 limit.
  • CDs. Unlike a money market account, you cannot access your funds after you open a CD. In exchange, you’ll enjoy higher APYs that are locked in for the duration of a term you choose.
  • Money market funds. A type of mutual fund, money market funds are low-risk investments through a bank that allow withdrawals at any time. However, funds deposited aren’t insured by the FDIC.

Bottom line

Money market accounts offer the same benefits as a traditional savings account, but often with a little more access to your funds through a debit card or checkwriting privileges. For more options, check out our comparison guide to money market accounts.

Alexa Serrano Cruz's headshot
To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.
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Written by

Editor, Banking

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise
Bethany has written 448 Finder guides across topics including:
  • Personal finance
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More resources on Finder

More guides on Finder

  • What Is a Money Market Account?

    Money market accounts (MMAs) are savings accounts that earn higher APYs than checking accounts but also let you write checks and easily access funds.

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