We compared over 30 money market accounts from banks and credit unions, evaluating APYs, check-writing privileges, ATM access, and fees. Here are our top picks.
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Key Takeaways
- 1 The best money market accounts offer APYs between 4.15% and 4.65%, rivaling high-yield savings accounts while providing check-writing and debit card access.
- 2 Money market accounts combine the high yields of savings accounts with the transactional flexibility of checking accounts, making them ideal for emergency funds.
- 3 Unlike money market mutual funds, money market accounts at banks are FDIC-insured up to $250,000 per depositor, per institution.
- 4 Some money market accounts require minimum balances of $1,000-$2,500 to earn the highest APY or avoid monthly fees, so compare requirements carefully.
- 5 Tiered interest rates are common with money market accounts, meaning higher balances often earn significantly better APYs.
Our Top Picks for Money Market Accounts
1. Sallie Mae Money Market Account
Monthly Fee
$0
APY
4.65% APY
Min Deposit
$0
Sallie Mae Bank's Money Market Account (FDIC Certificate #58177) consistently offers one of the highest APYs available in the money market category, currently paying 4.65% APY on all balances with no minimum deposit requirement and no monthly maintenance fees. Originally known for student loans, Sallie Mae Bank (formerly SLM Corporation) launched its deposit products division in 2005 and has grown its deposit base to over $30 billion. The money market account features up to 6 free transfers or withdrawals per statement cycle, an ATM card for cash access, and online bill pay. Interest compounds daily and is credited monthly, maximizing your effective yield. The account integrates with Sallie Mae's high-yield savings and CD products, allowing easy internal transfers. Customer service is available by phone Monday through Friday, and the online banking platform is clean and straightforward.
Pros
- Among the highest money market APYs available at 4.65%
- No minimum deposit and no monthly maintenance fees
- Daily compounding with FDIC insurance on all deposits
Cons
- Limited to 6 withdrawals per statement cycle
- No physical branches or extensive ATM network
2. Ally Bank Money Market Account
Monthly Fee
$0
APY
4.20% APY
Min Deposit
$0
Ally Bank's Money Market Account (FDIC Certificate #57803) combines a competitive 4.20% APY with unmatched transactional flexibility. Unlike many money market accounts that restrict withdrawals, Ally includes a debit card and check-writing privileges at no additional cost, making this account function nearly like a high-yield checking account. There are no monthly fees, no minimum balance requirements, and no penalties for falling below any threshold. Ally provides access to over 43,000 fee-free Allpoint ATMs nationwide and reimburses up to $10/month in out-of-network ATM fees. The account also benefits from Ally's best-in-class mobile banking app, which supports mobile check deposit, customizable alerts, and Zelle payments. With over $182 billion in total assets, Ally is one of the largest online-only banks in the country, offering exceptional financial stability alongside its consumer-friendly products.
Pros
- Debit card and check-writing included with no extra fees
- 43,000+ fee-free ATMs plus $10/month out-of-network reimbursement
- No minimums, no monthly fees, and top-rated mobile app
Cons
- APY slightly lower than some money market competitors
- No physical branches for in-person deposits
3. CIT Bank Money Market Account
Monthly Fee
$0
APY
4.45% APY
Min Deposit
$100
CIT Bank, a division of First Citizens BancShares (NASDAQ: FCNCA) with over $200 billion in combined assets following its 2023 acquisition of Silicon Valley Bank's parent company, offers a Money Market Account with a tiered APY structure that rewards higher balances. Balances of $5,000+ earn the top-tier rate of 4.45% APY, while balances below $5,000 earn a lower variable rate. The account requires a $100 minimum deposit to open. CIT Bank's money market account features check-writing capabilities, an ATM card, and online transfers. Interest compounds daily and pays monthly. CIT Bank (FDIC Certificate #58978) has been a consistent top-rate provider in the money market space, and the platform offers a straightforward online banking experience with a focus on savings and deposit products. Customer service is available by phone and secure messaging through the online portal.
Pros
- Excellent 4.45% APY on balances of $5,000 or more
- Backed by First Citizens BancShares with $200B+ in assets
- Check-writing and ATM access included
Cons
- $100 minimum deposit required to open the account
- Lower APY tier for balances under $5,000
4. Discover Money Market Account
Monthly Fee
$0
APY
4.00% APY
Min Deposit
$2,500
Discover Bank's Money Market Account (FDIC Certificate #35546) offers a solid 4.00% APY with Discover's hallmark no-fee banking philosophy. The account charges absolutely no monthly maintenance fees, and while a $2,500 minimum deposit is required to open the account, there is no ongoing minimum balance requirement. Discover's money market account includes check-writing privileges and a debit card for ATM access at 60,000+ fee-free ATMs nationwide through the Allpoint, MoneyPass, and PULSE networks. Discover's 100% U.S.-based customer support team is available 24/7 by phone, earning the bank J.D. Power recognition for customer satisfaction. The mobile app allows mobile check deposit, bill pay, and instant transfers to other Discover accounts. Interest compounds daily and credits monthly, and you can set up automatic transfers from a Discover checking account to build your money market balance over time.
Pros
- 60,000+ fee-free ATMs with debit card and check-writing access
- 24/7 award-winning U.S.-based customer support
- No monthly fees with strong mobile banking platform
Cons
- $2,500 minimum deposit required to open
- APY slightly below top money market competitors
5. Capital One 360 Money Market
Monthly Fee
$0
APY
4.25% APY
Min Deposit
$0
Capital One 360 Money Market offers 4.25% APY on all balances with absolutely no minimum deposit, no minimum balance requirement, and no monthly fees. Capital One, N.A. (FDIC Certificate #33954) is one of the 10 largest banks in the United States with over $480 billion in total assets, giving customers exceptional financial stability. The account includes a debit card for ATM withdrawals at 70,000+ fee-free Capital One and Allpoint ATMs, plus check-writing capabilities. Capital One's hybrid model provides both excellent digital banking through the Capital One mobile app and access to over 280 Capital One Cafe locations and branch offices for in-person service. The mobile app supports mobile check deposit, Zelle, bill pay, and real-time transaction notifications. Capital One's money market account also benefits from seamless integration with Capital One 360 Checking and Performance Savings accounts for easy internal transfers.
Pros
- No minimums and no fees with competitive 4.25% APY on all balances
- 70,000+ fee-free ATMs plus 280+ Capital One Cafe locations
- Backed by one of America's 10 largest banks at $480B+ in assets
Cons
- APY may not be the highest available among online-only banks
- Fewer digital budgeting tools compared to some fintech competitors
How to Choose a Money Market Account
A money market account (MMA) is a type of deposit account offered by banks and credit unions that typically pays a higher interest rate than a traditional savings account while offering some checking-like features such as debit cards and check-writing privileges. They are FDIC-insured up to $250,000, making them one of the safest places to park your money.
When choosing a money market account, compare APYs, but also look at minimum balance requirements, monthly fees, and withdrawal limits. Some accounts offer the highest rates only on larger balances, while others pay a flat rate on all deposits. Consider how often you will need to access your funds and whether check-writing or debit card access is important to you.
Do not confuse money market accounts with money market mutual funds. Money market accounts are bank deposits that are FDIC-insured, while money market funds are investment products that are not insured and could potentially lose value, although they are generally considered very low risk.
Important Tip
Money market accounts are ideal for parking your emergency fund because they offer higher yields than checking accounts while still providing quick access to your money through checks, debit cards, and transfers. Aim to keep 3-6 months of expenses in your money market account for unexpected costs.
Money Market Accounts Compared
| Provider | Monthly Fee | APY | Min Deposit | Rating |
|---|---|---|---|---|
|
Sallie Mae Money Market Account
Top Pick
|
$0 | 4.65% APY | $0 |
4.9
|
|
Ally Bank Money Market Account
|
$0 | 4.20% APY | $0 |
4.8
|
|
CIT Bank Money Market Account
|
$0 | 4.45% APY | $100 |
4.7
|
|
Discover Money Market Account
|
$0 | 4.00% APY | $2,500 |
4.7
|
|
Capital One 360 Money Market
|
$0 | 4.25% APY | $0 |
4.6
|
Our Methodology
Our banking team evaluated over 30 money market accounts from online banks, national banks, and credit unions, comparing rates, accessibility, and overall value.
APY & Rate Competitiveness
30%We compared each account's APY to the national average and to competitors, considering tiered rate structures and promotional vs. ongoing rates.
Fees & Minimums
25%We evaluated monthly maintenance fees, minimum balance requirements, minimum deposits to open, and any other charges that reduce your effective yield.
Access & Flexibility
25%We assessed check-writing privileges, debit card availability, ATM network size, transfer options, and any withdrawal limitations.
Safety & Reputation
20%We verified FDIC insurance, evaluated institutional financial strength, customer service quality, and overall banking reputation.
Frequently Asked Questions
David Park
Senior Banking Analyst
David Park is a senior banking analyst at Zogby with over 10 years of experience covering money market accounts, savings products, and digital banking platforms. He holds an MBA from the University of Michigan and has been featured in Bankrate, NerdWallet, and The New York Times. David specializes in helping consumers find high-yield deposit accounts that balance returns with accessibility.
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Important Banking & Money Market Disclaimers
- APYs (Annual Percentage Yields) shown are accurate as of the date of publication and are subject to change at any time without notice. APYs may vary by region. Contact the bank directly for the most current rates.
- Deposits at FDIC-insured banks are insured up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits are insured by the NCUA up to the same limits.
- Minimum deposit requirements, monthly maintenance fees, and other account terms may apply. Review the account's fee schedule and terms before opening.
- Money market accounts may have withdrawal limits. Exceeding these limits may result in fees or account conversion. Check your bank's specific policies.
- Zogby is not a bank. We are an independent comparison service. We do not offer banking products or hold deposits on your behalf.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.