Best Money Market Accounts for February 2023

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If you’re a saver who likes to have easy access to your account, a money market account may be ideal for you. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card.

Below, you’ll find our picks for the best money market accounts right now. Our top picks are also free of monthly service fees, with the exceptions of CFG Bank and First Internet Bank of Indiana.

CFG Bank waives its fee if you maintain an account balance of $1,000. First Internet Bank of Indiana waives its fee if you maintain an account balance of $4,000.

Best Money Market Accounts of 2023

The Best Money Market Accounts

Our Expert Panel for the Best Money Market Accounts

To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:

We’re focusing on what will make a money market account most useful, including APY, access to your money, and more.

Experts’ Advice on Choosing the Best Account 

Here’s what they had to say about money market accounts. (Some text may be lightly edited for clarity.)

What makes a money market account good or not good?

Laura Grace Tarpley, Personal Finance Insider:

“You might like a money market account if the APY is higher than what you’ll find with a high-yield savings account. Money market accounts should also give you a way to access your funds, whether it’s a debit card, ATM card, paper checks, or access to Zelle. Whichever one the bank offers, make sure it’s the right fit. For example, if a bank only offers paper checks, but you make all your payments digitally, then that money market account probably isn’t for you.”

Roger Ma, CFP:

“I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, CFP:

“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”

Mykail James, CFEI:

“How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD.”

Compare the Best Money Market Accounts

Methodology: How Did We Choose the Best Money Market Accounts?

There are a lot of money market accounts out there. Through our research, we’ve found that the best money market accounts are offered by banks with a strong online presence and mobile access.

We reviewed money market accounts at nearly two dozen institutions to identify the strongest options. 

While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft and excess transaction fees, the ability to access funds, and any other standout features. 

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

Money Market Accounts Frequently Asked Questions (FAQ)

First Internet Bank of Indiana Money Market Account

Why it stands out: First Internet Bank of Indiana has a tiered interest rate system with competitive APYs. The money market account pays 3.35% APY on account balances of $1 million or under and 4.65% APY on account balances over $1 million. You may also request an ATM card to make ATM withdrawals.

Rate: 3.35% or 4.65% (vary by daily balance) APY

Minimum opening deposit: $100

What to look out for: This money market account has a $5 monthly service fee (with options to waive). To waive the fee, you’ll need to maintain at least $4,000 in your account. This money market account also doesn’t come with check writing privileges.

First Internet Bank of Indiana Review

CFG Bank High Yield Money Market Account

Why it stands out: CFG Bank offers a competitive interest rate on its money market account.

Rate: 4.45% APY (Annual Percentage Yield)

Minimum opening deposit: $1,000

What to look out for: You’ll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee. This money market account also doesn’t come with check writing privileges or a debit card.

CFG Bank Review

Vio Bank Cornerstone Money Market Savings Account 

Why it stands out: The Vio Bank Cornerstone Money Market Savings Account has a low minimum opening deposit, and no monthly service fees if you sign up for online bank statements. 

Rate: 4.20% APY

Minimum opening deposit: $100

What to look out for: If you get paper statements, there’s a $5 monthly service fee. The Vio Bank Cornerstone Money Market Savings Account also doesn’t include paper checks or a debit card.

Vio Bank Review

Quontic Money Market Account 

Why it stands out: Quontic is offering a competitive interest rate regardless of your account balance. It also includes paper checks and a debit card.

Rate: 3.50% as of 12/23/2022 Annual Percentage Yield (APY)

Minimum opening deposit: $100

What to look out for: If you use an out-of-network ATM, you won’t be reimbursed for ATM fees.

Quontic Bank Review

Sallie Mae Money Market Account 

Why it stands out: Sallie Mae doesn’t require an opening deposit. Sallie Mae also sends paper checks for you to access your money.

Rate: 3.60% APY

Minimum opening deposit: $0

What to look out for: There’s no debit card or ATM card included. You will receive paper checks, though.

Sally Mae Bank Review

TIAA Yield Pledge® Money Market Account 

Why it stands out: TIAA Bank has a straightforward money market account that comes with a debit card and paper checks. You’ll receive unlimited out-of-network ATM reimbursements if your balance is at least $5,000, and $15 per month in refunds for lower balances.

Rate: 3.45% APY

Minimum opening deposit: $500

What to look out for: The account pays a solid interest rate regardless of your account balance, but other online banks may have money market account with higher interest rates.

TIAA Bank Review

Ally Money Market Account 

Why it stands out: You can get paper checks and a debit card to make purchases when you open a money market account with Ally, and there’s no minimum deposit. The bank reimburses up to $10 per month in fees charged by out-of-network ATMs.

Rate: 3.40% APY

Minimum opening deposit: $0

What to look out for: If you make more than six withdrawals per month, you’ll pay a $10 fee. (Ally may waive this fee during the COVID-19 pandemic, though.)imburses up to $5 per month in out-of-network ATM fees. But you can find banks that refund more money.

Ally Bank Review

Discover Money Market Account 

Why it stands out: The Discover Money Market Account gives you easy access to your money with a debit card and paper checks. You’ll earn 3.30% APY if you have an account balance under $100,000. If you have an account balance of $100,000 and over, the rate increases to 3.25% APY. 

Rate: 3.30% or 3.35% (depending on balance) APY

Minimum opening deposit: $2,500

What to look out for: You’ll need at least $2,500 to open this Discover account. If you’re looking for a money market account that has a lower minimum opening deposit requirement, some of our other top picks let you open an account with $0.

Discover Bank Review

Money Market Accounts That Didn’t Make the Cut and Why

• Northern Bank Direct Money Market Account: Northern Bank doesn’t charge any monthly service fees on its money market account, but you’ll need a minimum of $5,000 to open an account. Read the full review of Northern Bank Direct here. 
• Synchrony Money Market Account: Synchrony has a $0 minimum opening deposit, but our top picks offer higher rates or offer unique bonuses that make them more appealing. Read the full review of Synchrony Bank here.
• Premier Members Credit Union Money Market Account: Premier Members Credit Union has a low initial deposit, but our top picks pay more competitive interest rates right now. Read the full review of Premier Members Credit Union here.
• CIT Bank Money Market Account: Our top picks offer more competitive interest rates right now. Read the full review of CIT Bank here.
• Affinity Plus Federal Credit Union Superior Money Market Account: Affinity Plus Federal Credit Union has a solid money market account, but you’ll need to meet certain requirements or you’ll only earn 0.10% APY. Our top picks may pay a higher interest rate or have easier requirements for earning the highest rate. Read the full review of Affinity Plus Credit Union here.
• Axos High Yield Money Market Account: This money market accounts offers both paper checks and a debit card with your account, but its rates are lower than other accounts on our list. Read Insider’s full review of Axos here. 
• NBKC Money Market Account: This is a solid money market account, but its rate isn’t quite as high as what you’ll earn with our top picks. Read Insider’s full review of NBKC here. 
• UFB Best Money Market Account: While the UFB Best Money Market Account has a high interest rate, you’ll need to keep at least $5,000 in your account to avoid a $10 monthly service fee. Our top picks either have no monthly service fees or require a lower minimum account balance. Read Insider’s full review of UFB Direct here.
• Investors eAccess Money Market Account: This money market account doesn’t require any minimum account balance, but its APY is slightly lower than more competitive money market accounts.
• Redneck Bank Money Market Account: This is another solid reverse-tiered option, you’ll need to perform certain transaction requirements each month to earn a high interest rate.
• Sun East Federal Credit Union Money Market Account: You’ll need maintain an account balance of $2,500 at Sun East Federal Credit Union, but our top picks either offer higher interest rates or don’t have minimum balance requirements.
• Pacific National Bank Money Market Account: You’ll need an initial deposit of $5,000 to open this account; you’ll need to maintain a $5,000 balance to avoid monthly fees and $10,000 to earn interest.

Which Banks are the Most Trustworthy?

The Better Business Bureau measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.

Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank.

Here are the BBB scores for each institution on our list:

CFG Bank currently doesn’t have a rating because it profiled is being updated. Meanwhile, Ally received an A rating from the BBB because it has three unresolved complaints. 

A strong BBB rating does not guarantee that you’ll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you. 

TIAA has been involved in one recent public controversy. In 2021, TIAA was required to pay $97 million in a settlement with the Securities and Exchange Commission. According to the settlement, the SEC said the bank failed to disclose conflicts of interest to customers who were part of employer-sponsored retirement plans.

Why Trust Our Recommendations?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so we noted the advantages and disadvantages of each account. We spent hours reviewing the features and fine print of various products so you don’t have to.