A money market account is a type of savings account that typically requires a higher minimum deposit and daily balance, yet it offers higher interest rates than most standard savings accounts.
Ready to get started saving? Check out our top picks for this year’s top money market accounts.
Top 7 Money Market Accounts
If you don’t have a large nest egg but still want to take advantage of high money market rates, consider CIT Bank.
Did you know Sallie Mae doesn’t just service student loans? It has a whole area of banking features. One of these is a money market account with a 3.20% APY.
Discover Bank is mostly known for offering credit cards, but it also provides a host of online banking products, including a money market account.
TIAA Bank (formerly EverBank) offers a high APY of 3.00%, but there is a maximum balance of $100,000 to receive that rate.
Earning 0.25% APY, Axos Bank is another example of a money market account with no minimum monthly balance.
What is a money market account?
A money market account is a savvy way to save, especially if you’ve already accumulated a fair amount of funds to put away.
You also get to retain the convenience and flexibility of a regular savings account by making withdrawals as you need them without the wait time of other savings accounts. You might even be able to write a few checks from your account, depending on the bank.
This makes your funds much more accessible compared to an account like a CD with a predetermined term. There are never any penalties so you can get your money when you need it while still earning above-average yields.
Money market accounts certainly have more restrictions than your typical savings account but because they generally come with better interest rates, it can be a great way to save money.
As with any account, it’s essential to make sure you find the best money market account for your needs that banks and credit unions have to offer.