In today’s article I will focus on the top money market accounts that can be opened today. These accounts allow you to withdraw your money when you want, charge very low service fees and pay a decent amount of interest as well.
If you want to know which ones deliver the best yields, which ones have the best customer service, or which ones make it easier to withdraw your deposits, I will show you the best so that you know what the good options are for your savings.
Key Points & Best Money Market Accounts List
| Bank Name | Features |
|---|---|
| Ally Bank Money Market Account | High interest, no fees, online banking |
| Discover Bank Money Market Account | High interest, free checks, ATM access |
| CIT Bank Money Market Account | High APY with a low minimum deposit |
| Synchrony Bank Money Market Account | Easy access to funds, ATM reimbursement |
| Capital One 360 Money Market Account | Convenient online access, no fees |
| American Express National Bank Money Market Account | High interest, secure online banking |
| Barclays Money Market Account | Online account with no minimum deposit |
| FNBO Direct Money Market Account | High interest with low minimum deposit |
| Marcus by Goldman Sachs Money Market Account | High yield, easy online access |
| UFB Direct Money Market Account | High interest rate, online banking |
| Vio Bank Money Market Account | High interest with low deposit requirement |
| HSBC Direct Money Market Account | Convenient online banking, competitive rates |
| SoFi Money Market Account | High yield with no account fees |
| PurePoint Financial Money Market Account | High interest, online account management |
| Wells Fargo Money Market Account | In-branch access, competitive for lower balances |
| Navy Federal Credit Union Money Market Account | Military-friendly, high security |
| PNC Bank Money Market Account | Branch and online access, traditional bank services |
| Regions Bank Money Market Account | Traditional banking with physical locations |
| US Bank Money Market Account | Physical branches and online banking |
| KeyBank Money Market Account | Branch access and financial services |
20 Best Money Market Accounts
1.Ally Bank Money Market Account
In the case of the Money Market Account, the clients of Ally Bank are able to deposit funds while earning a good interest rate and also are not required to pay any monthly fee. In addition, the use of mobile and online banking and a debit card along with checks to cover the account is provided.
Clients are further spared the trouble of maintaining a minimum balance in the account. Importantly, the institution also has customer support that is able to work on a 24-hour basis. All the above features combined with the ease of use of the online bank interface helps explain its popularity among savers.
Pros And Cons Ally Bank Money Market Account
Pros:
- High-interest rates with no monthly carry charges.
- Round the clock customer service and simple online access.
- Flexible for many savers due to no requirement on a minimum balancing.
Cons:
- All funds are needed to be transacted online since they do not have any physical central offices.
- Restricted number of free ATMs for withdrawal purposes.
- More high balance levels required in order to attain the most increased APY.
2.Discover Bank Money Market Account
The Money Market Account from Discover Bank also does not require its customers to make monthly payments, allows customers to access their money freely, and offers a good APY. There is a requirement for an initial minimum deposit which allows making deposits using mobile banking application amongst other online banking services free of charge.
The account also allows you to access ATM networks of Discover for free. Additionally, the customer support center operates for both weekdays and weekends. The account of Discover is known for high customer satisfaction and thus easy and fast growing account balances can be recorded in this account.
Pros And Cons Discover Bank Money Market Account
Pros:
- Fees are non-existent maintaining the account does not incur any costs. On top of that, Discover Bank offers one of the best APYs.
- With an extensive network of ATMs, one can easily withdraw cash as anticipated.
- Deposit as many checks as you like with a mobile app that allows for easy payments for any bill all over the web at no extra charge.
Cons:
- In order to set up an account, one needs to make a deposit first.
- It is impossible to receive in-person assistance since there are no local bank branches in the USA.
- Compared with the average banker, a representative from Discover has fewer working hours on the clock.
3.CIT Bank Money Market Account
CIT Bank Beats Other Competitors For The Online Savings and Money Market Accounts – CIT Bank has been able to establish itself as a formidable player in the online savings market and targets people looking to open dollar accounts. The CIT Bank’s Money Market Account has an APY as much as 1.45% which is exceedingly high and I for one am pleased to know that there are no extra monthly charges too although the account does demand a minimum opening deposit.
Besides the fact that it is sturdy, the account tends to provide reliable online and mobile management which makes saving and tracking your progress much simpler.
Similarly, those who wish to open a CIT account should familiarize themselves with the APY since CIT has stricter requirements than most other banks in the US. According to the bank statement, they have reasonable customer support, and as a final touch, the accounts are safe because FDIC provisions apply.
Pros And Cons CIT Bank Money Market Account
Pros:
- Has the most generous rates for APY.
- There are no monthly fees or minimum amounts you need to maintain in the account after creating it.
- You can manage your funds through their web or mobile applications, contributing to their accessibility.
Cons:
- This account requires a relatively larger opening balance than other accounts.
- There is no ATM and debit card for withdrawals.
- There is a constraint of branches for customers who want to be served physically.
4.Synchrony Bank Money Market Account
Synchrony Bank Money Market Account The Money Market Account which was introduced by Synchrony Bank has been able to quickly pick up steam and support a growing clientele in part due to its unique proposition of a no subscription fee for its customers. Opening an account with Synchrony Bank requires a low minimum deposit and the APY offered is not bad either so users are able to link their mobile and online banking to Synchrony which provides easy accessibility.
As an addition to this, consumers can use an ATM Card offered by Synchrony Bank for easier money access. In a nutshell, Synchrony Bank is a perfect candidate for consumers intending to open a savings account due to their trust in the bank’s exceptional service and online banking along with overwhelming APY.
Pros And Cons Synchrony Bank Money Market Account
Pros:
- No account maintenance fees and also offers a good APY.
- ATM card is provided to enable withdrawal of cash.
- Ability to easily manage the account online and mobile banking.
Cons:
- Has a minimum deposit requirement.
- Less availability of customer support when compared to bigger banks.
- There’s no capability to withdraw money and write checks.
5.Capital One 360 Money Market Account
Ideal for cost saving, Capital 360’s Money market account perfectly fits the description as it’s quite cheap with no deposit/maintenance fees and no specific minimum balance conditions whilst having fair market interest rates on offer. Additionally, features such as online banking and mobile banking apps are integrated making it easier to manage the financial assets.
There is an attached debit card which provides access for ATM amounts whist making transactions or deposits. Apart from these features Capital One has 360-degree customer support on any complications or issues regarding their account or financial plans. Overall Capital 360 seems to be an effective and useful account for deposits as it doesn’t charge for any services.
Pros And Cons Capital One 360 Money Market Account
Pros:
- It does not require you to keep a minimum balance to earn interest.
- Enables free use of ATMs within the Capital One and other partnered networks.
- It has mobile deposit feature and its online services are easy to use.
Cons:
- Interest paid on small amounts are lower than amounts paid on other accounts.
- Check writing is not an option for those with accounts open.
- There are not many branches allowing face-to-face interaction.
6.American Express National Bank Money Market Account
Another great account for a user targeting simplicity and ease of investment would be the Money Market Account from American Express National Bank. The American Express National Bank Money market account provides an easy to use and simple investment plan as it doesn’t require the user to have a minimum balance while also charging no monthly maintenance fees which allow a wide range of customers to open said account.
To make investing simpler there is a user friendly interface as well as a mobile banking platform which assists in managing the account. There is however a drawback where no ATM is provided, but that gap is covered due to the management fees which are quite generous. American Express is known for outstanding customer service and attention to detail, therefore making investment growth prospects clear.
Pros And Cons American Express National Bank Money Market Account
Pros:
- They do not have any monthly charges and equally do not need a minimum amount to start the account which in turn makes it an APY with a higher return.
- The online platform makes it easy to manage the account and offers a level of security.
- Funds are secured as they have an FDIC guaranteed insurance.
Cons:
- Withdrawing is made a bit complicated because there are no ATMs available.
- There are few times when client support can be reached.
- The account does not allow for writing and issuing of checks.
7.Barclays Money Market Account
The Barclays Money Market Account offers the best interest rate along with no monthly fees. The account offers a minimal opening deposit and grants users easy access through the mobile app or browser. Barclays does not do ATM cards for cash withdrawals, rather they have good online tools that enable you to manage your funds seamlessly.
Barclays as you globally know is a bank that is well known for its banking practices and customer service which makes this account worth you opening as you won’t have to worry about trust issues.
Pros And Cons Barclays Money Market Account
Pros:
- No monthly fees and a very good annual percentage yield APY is presented.
- Easy mobile and internet banking connectivity.
- Insurance of deposits up to the legal limits with the FDIC.
Cons:
- A minimum balance is required to open the account.
- There is no ATM card for withdrawals.
- The customer service is limited because the company is online only.
8.FNBO Direct Money Market Account
The FNBO Direct Money Market Account is able to offer a good APY with no monthly charges to account holders. The account has a low initial deposit requirement and allows users easy access to the funds through the online platform or mobile app. Save tools and account balance are also managed by FNBO Direct.
The ATM access may be somewhat limited, however, the bank makes up for it with a secure online setting. FNBO Direct is a good option for savers who are seeking a higher yield and great customer service as well as a FDIC account.
Pros And Cons FNBO Direct Money Market Account
Pros:
- Favourable APY and no monthly service charge.
- Convenient internet banking with mobile application to facilitate the deposit of funds.
- The deposits are safeguarded in the event of a bank failing; they are insured by the FDIC.
Cons:
- Very few ATMs allow unlimited withdrawals for free.
- This is a requirement for opening the account- a minimum deposit.
- Withdrawals cannot be done with cheque writing.
9.Marcus by Goldman Sachs Money Market Account
There is absolutely no fees nor an initial deposit needed when you sign up for the Money Market Account from Marcus by Goldman Sachs. This specific account offers decent interest rates as well as online banking for easy access.
Although the company does not issue ATM cards, the account is appealing to savers due to the high interest rates and ease of management. A customer who is looking to sustain their savings at an efficient financial service can always rely on strong customer support at Marcus.
Pros And Cons Marcus by Goldman Sachs Money Market Account
Pros:
- There is no minimum balance to maintain nor any fees along with an APY that is suitable.
- The management of the account is easy, through online and mobile banking.
- The funds that are deposited are safe due to FDIC insurance coverage.
Cons:
- Withdrawals cannot be made at ATMs due to no such access.
- The writing of checks is not an option.
- Customer service is available only a few hours unlike most banks.
10.UFB Direct Money Market Account
The UFB Direct Money Market account stands out because it comes with one of the highest APYs in the market. As a result, it is a great account for people that want to earn some interest on their savings. To open an account, there is a minimum initial amount needed, however, they do not charge customers any monthly fees.
Depending on the users’ preference, they can operate their account and check their balance through online banking at the comfort of their homes.
Since the account is through the bank, it is protected by the FDIC. For those who wish to save, UFB Direct is a good bank, as no-too high rates, good customer service and a safe infrastructure environment helps to achieve this goal without too much hassle.
Pros And Cons UFB Direct Money Market Account
Pros:
- Provides one of the best market’s APY offers.
- No maintenance services are charged nor is a minimum balance needed.
- Access to your account is easy and straightforward online.
Cons:
- Some accounts offer smaller amounts than these which require smaller minimum deposits.
- There is no ATM card available to enable direct cash withdrawals.
- Customer support needs a call back for instant resolution.
11.Vio Bank Money Market Account
When it comes to low fees, the APY doesn’t get much better than the Vio Bank Money Market account because the account does have a monthly charge. It can compete well in the market due to its given rate, however, the rate is nothing spectacular.
Customers can also fund their accounts through online and mobile banking services. Vio Bank also offers attractive customer support. In a strange move, there is no ATM, but considering the rate and the simplicity of online banking, the account will appeal to those looking for a good yield.
Pros And Cons Vio Bank Money Market Account
Pros:
- Monthly penalties do not exist and the annual percentage yeild is quite high.
- Online Banking and mobile apps allows easy access to funds.
- Account security is provided through FDIC insurance.
Cons:
- The account has to be opened with a minimum balance.
- There are no ATMs available for withdrawals.
- While customers would like assistance 24/7, there are times set for app support unlike most banks.
12.HSBC Direct Money Market Account
HSBC Direct’s Money Market Account charges no monthly maintenance fee and does provide a high APY. It needs an initial deposit and funds may easily be accessed by phone app or through web banking. Also, HSBC has a good brand penetration and provides service to its customers which can be an advantage to people with international financial dealings.
It may not have an ATM access but its attractive rates with high savings with their easily accessible premier accounts mean that customers who are looking for reasonable accounts with high returns will find it an easy option.
Pros And Cons HSBC Direct Money Market Account
Pros:
- With no account maintenance fee this account enables competitive APY.
- Access online account and mobile apps for simple management of deposits.
- Access to the entire range of HSBC’s global services in case of international requirements.
Cons:
- Higher minimum deposit is required to open an account than many of the major accounts.
- There’s no ATM card available for you to make direct withdrawals.
- Limited physical branch presence in certain areas to assist you face to face..
13.SoFi Money Market Account
The SoFi Money Market Account has a good APY rate and requires no monthly fees with no requirements on the minimum balance to open an account. The account allows the owner to access their funds easily through online banking, mobile apps, and free debit cards to withdraw from ATMs.
Furthermore, SoFi provides certain services such as investments and loans which enable you to get all your finances sorted in one place. The high-interest rates, features, and trustworthiness of SoFi are reasons that any tech-savvy individual who is looking for high returns would find SoFi more than suitable.
Pros And Cons SoFi Money Market Account
Pros:
- There is absolutely no fees or requirements to maintain a minimum deposit.
- Gives out an ATM card at no cost that can be used to withdraw from a large number of ATMs.
- Provides additional services for investing and borrowing as well on a single platform.
Cons:
- Smaller balances have got lower rate of interests.
- Limited face to face customer service and support because of the nature of its being an online platform.
- Account holders are not able to write checks.
14.PurePoint Financial Money Market Account
PurePoint Financial Money Market Account, is basically an interest bearing account that has a competitive interest rate while requiring a minimum deposit to open, and offers easy online and mobile banking access. With strong customer service and reliability
PurePoint is a good match for any savers. The bank is a member of FDIC which protects your money. With no monthly fees and no ATM access, this account may be favorable in increasing your savings due to high interest rate and favorable features for mobile and app usage.
Pros And Cons PurePoint Financial Money Market Account
Pros:
- It is free of any account maintenance fees and comes fully insured with a competitive APY.
- The use of mobile banking apps combined with internet banking allows all funds to be conveniently accessed.
- It is insured by the FDIC which protects your outlay within every account made.
Cons:
- Compared to other established accounts, you are required to maintain a bigger minimum deposit.
- No direct withdrawal available with no ATM debit or credit card.
- There are few branches around most places leading to challenges of needing physical support.
15.Wells Fargo Money Market Account
In order to avoid monthly fees when opening a Wells Fargo Money Market account, an amount of the says minimum, together with competitive interest rates is required. To facilitate withdrawal, more than thirteen thousand ATMs across the country can be used.
It has ease of access through mobile and online banking together with check usage. Being a well recognized brand Wells Fargo offers excellent customer service making the account strong for savers would wish for mobility and ease with an excellent banking coverage.
Pros And Cons Wells Fargo Money Market Account
Pros:
- There are a network of ATMs all over the country which can be used to make withdrawals.
- Allows for checks to be written out so that withdrawals can be made more easily.
- Provides customers access to online and mobile banking.
Cons:
- The fees charged for accounts with lower balances are higher relative to other money market accounts.
- A set amount of money has to remain in the account at all times to sidestep the service charge.
- In terms of the interest rates, they do not surpass the interest rates offered by online banks that do not have branches.
16.Navy Federal Credit Union Money Market Account
With your fun times on vacation, we can surely offer you many alternatives that don’t require much effort on your side, starting with the Navy Federal Credit Union’s Money Market Account, which comes with competitive interest rates with no troble remembering the commands since there is no monthly fee. As for above features, you do get access to mobile apps too for an even smoother experience.
But hold on, there’s more! This juntas with promises of “extravagant” customer service, all this makes sense however because this is a credit union, while there are prerequisites such as membership fees. The venture in itself is fruitful especially if you’re a member of the Navy Federal due to the high interest rates and the wide ATM area, why wouldn’t you though
Pros And Cons Navy Federal Credit Union Money Market Account
Pros:
- Opportunity to earn higher returns on investments at no expense.
- There are many ATMs and branches all over the country.
- Offers great support services through its call centers.
Cons:
- Applicants are required to become members of the union first, which is not easy for many.
- Offer low rates for low balance which is not the same with other institutions.
- Free to use other ATMs with lots of restrictions on the free non-Navy Federal ATMs.
17.PNC Bank Money Market Account
PNC Bank’s Money Market Account has quite a good APY and does not charge a monthly fee for higher balance tiers. The account requires a minimum balance and provides access to the funds through internet and mobile banking. Also, the account allows check writing meaning it can be a multifaceted account.
Also, PNC has the ability to serve its customers well with many ATMs which is good for clients who have a need to save but also want the flexibility to withdraw.
Pros And Cons PNC Bank Money Market Account
Pros:
- Permits the withdrawal of funds via an extensive number of ATMs available.
- Has a system of interest rates that varies according to the account balance which means those with high deposits will earn more in interest payments.
- Offers the ability to write checks as well.
Cons:
- Maintenance charges are to be paid to maintain the account as a minimum amount is needed.
- With rates available for other accounts, rates for smaller balances will be on the lower end for money market funds.
- The representatives are available within a limited timeframe to attend to queries related to the account.
18.Regions Bank Money Market Account
Regions Bank’s Money Market account also has a good interest offering with accounts that have tiered APYs based on balance, and has no monthly charges for higher balance accounts. It is essential to note that the accounts have a minimum deposit and the customers can transfer the funds through online banking and ATM services.
Regions also has adding features that allow customers to write checks. According to reliable verification sources, this bank is recognized for having reasonable customer service and good reputation; therefore, this account is ideal for many people who are saving and looking forward to easy access and a good backup without worrying about service.
Pros And Cons Regions Bank Money Market Account
Pros:
- It encourages you to maintain larger account balances by offering tiered interest rates.
- The size of the ATM network appeals to you as it increases the ease of access when making withdrawals.
- Lets you write checks which gives you a greater scope of freedom.
Cons:
- It provides account holders with a service level agreement through funding the account with a minimum balance.
- For accounts that are smaller than the average, they offer lower interest rates than other online-only banks.
- Customer support is limited for the majority of inquiries that are not of an urgent nature.
19.US Bank Money Market Account
Brokered accounts at US Bank such as Money Market accounts have most uniformly low interest rates and lack monthly maintenance with a low balance requirement. The accounts can be utilized to make transactions via online and mobile banking and make cash withdrawals from a network of ATMs.
US Bank has integrated a rounding out option in most of its accounts by offering check writing facilities. US Bank would also have a say in all matters to do with account management and control. In the sponsored caption to said management, expect responsive customer service. US Bank could guarantee investors who wish to save through them, precision and ease at all times as well as reasonable returns.
Pros And Cons US Bank Money Market Account
Pros:
- It permits check cashing involving less movement of transferring funds.
- Facilitates Withdrawals with a few ATMs around.
- Mobile and online banking are available for better customer experience.
Cons:
- A minimum balance is needed to avoid chargeable monthly service fees.
- When compared to accounts that are exclusively internet, US Bank’s interest are a bit more conservative.
- In regard to assistance with accounts, the provision of customer service is limited.
20.KeyBank Money Market Account
Monthly interest rate in Key Bank’s Money Market Account is interest paid which depends on account level with lower balances attracting lower rates. A minimum deposit is required to get started however there are no fees on monthly maintenance at Key Bank. This account type allows customers to make withdrawals of cash from
ATMs, as well as make other transactions through a mobile app or on a website. In relation to client services, KeyBank has check writing facilities and deals with excellent customer service. Higher prevailing rates among other account types have made them appealing to customers although there were and are some concerns over their stability and ease of access.
Pros And Cons KeyBank Money Market Account
Pros:
- Provides Hill-rated tiers which help in getting maximum returns on higher balances.
- Funds can be easily accessed through mobile and online funds.
- Offers check writing as a convenience.
Cons:
- Retains a monthly fee with a minimum balance so as not to incur a monthly amount cost.
- Retains a higher cost when dealing with accounts which have lesser balances in relation to other accounts available.
- Anecdotally defined physical exchanges provide limited exposure for personal assistance.
Here Are The Key factors To Consider When Choosing The Best Money Market Accounts
Allows Higher Rate of Interest: This is without even saying but the more the percentage in APY or the amount you get, the more your returns are increased.
Allow a Lower Cash Requirement: So when you’re looking at a money market account, you want to look for one that has a low to none minimum deposit limit, this opens up the option for multiple savers.
Do Not Offer High Charges: Stay away from accounts that may have high volume charges for maintenance, therefore the earnings may be low due to this.
Easy Withdrawal Options: Look for accounts that have a wide variety of ways to access your funds, which would be, through mobile banking, or ATMs, and even with online banking.
Have Reliable Customer Care: Having a trustworthy and dependable bank that has dedicated staff assisting with the queries and issues, is always a plus since problems get resolved in no time.
Have Check Writing Facilities: Other factors that may need to be taken into consideration include having the ability to write cheques or having the option to withdraw cash through ATMs.
Trust Worthiness: Make sure the bank is insured and the reputation of the bank is good.
Provide Special Bonuses: An example of a value addition to your savings would be some accounts allowing sign up bonuses or having a high markup on interest rates for a brief period of time.
Conclusion
In summary, the most effective money market accounts combine high interest rates with the lowest fees and the most convenient access to funds. When putting together an account, APY, minimum deposits, service and checks with the account or an ATM should be the order in succession.
Once again, by taking this factor into account, you would be able to be offered an account that ensures earnings from your money as well as easy and safe storage.
