The best money market accounts have sky-high APYs and easy access to cash when you need it most. Unlike some high-yield savings accounts that take a day or two to transfer money out, many MMAs come with a debit card and checks you can use right away.
We looked at top money market accounts from Ally, Synchrony, Vio Bank, and more. Here’s how the best ones compare, along with how to pick the right fit for your goals.
Table of Contents
Best money market accounts to consider this month
Ally Bank
About Ally Bank’s Money Market Account
| APY | 3.30% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $0 |
| Monthly fee | $0 |
| Ways to access money | Debit card, checks, online transfer, wire transfer |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
Ally Bank’s Money Market Account is one of the easiest MMAs to live with. There’s no minimum balance, no monthly maintenance fee, and no hoops to jump through to earn the standard APY. You also get a debit card and free checks.
The ATM access is another standout. Ally connects you to more than 75,000 Allpoint and MoneyPass ATMs for free and reimburses up to $10 per month if you get hit with an out-of-network fee.
If you want an MMA you can open in five minutes and never worry about fees again, Ally is one of the best all-around picks.
Synchrony Bank
About Synchrony’s Money Market Account
| APY | 2.00% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $0 |
| Monthly fee | $0 |
| Ways to access money | ATM card, checks, online transfer, wire transfer |
| Mobile check deposit | Yes |
| Checking accounts available | No |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
The Synchrony Bank Money Market Account is ideal if you’re starting with a smaller balance and want easy access to your cash. There’s no minimum deposit, no monthly fee, and no balance requirement to earn interest.
The APY is lower than others on this list, but it’s still stronger than what most brick-and-mortar banks offer. (For reference, the average money market account interest rate is 0.58%, according to the FDIC.)
We also love that Synchrony gives you both an ATM card and optional checks. That combination makes this account surprisingly flexible for emergencies or the occasional day-to-day access. Plus, Synchrony has an IRA Money Market account for retirement savings.
Vio Bank
About Vio Bank Cornerstone Money Market Savings
| APY | 3.70% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $100 |
| Monthly fee | $0 ($5 for paper statements) |
| Ways to access money | Online transfers only (no debit card or checks) |
| Mobile check deposit | Yes |
| Checking accounts available | No |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
Vio Bank consistently comes in strong on rates, and its Cornerstone Money Market Savings Account is no exception. If your main goal is to earn as much interest as possible without tying your money up in a CD, Vio is one of the highest-yield accounts on the MMA market.
The trade-off is that it’s not built for quick withdrawals. There’s no debit card or check-writing privileges, so you’ll move money via online transfer only. But if you already keep your emergency fund elsewhere, or you like a little friction to discourage impulsive spending, Vio has one of the best money market accounts.
U.S. Bank
About U.S. Bank Elite Money Market Account
| APY | Up to 1.00% |
| Minimum balance for APY | $25,000 |
| Minimum opening deposit | $100 |
| Monthly fee | Varies |
| Ways to access money | ATM card, debit card, checks, online transfer, wire transfer |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
The U.S. Bank Elite Money Market shines if you’re working with a sizable balance. When you deposit at least $25,000, you unlock one of the higher MMA rates offered by a traditional brick-and-mortar bank. (Remember: Most big banks barely crack 0.58% APY.) But with U.S. Bank, you can earn competitive returns and still walk into a branch or access your funds with a debit card.
It’s not the best fit for small balances, since the boosted APY disappears if you drop below $25,000. But if you prefer a well-known national bank, want full ATM and check access, and like the security of in-person support, this is one of the best money market accounts for hitting that sweet spot.
Huntington Bank
About Huntington High Interest Relationship Money Market Account
| APY | Up to 4.18% |
| Minimum balance for APY | $25,000 (new money) |
| Minimum opening deposit | $25,000 |
| Monthly fee | $25 (waived with $25,000 balance or eligible checking account) |
| Ways to access money | ATM card, online transfer |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
The Huntington High Interest Relationship Money Market Account is really best for current customers. If you have a qualifying checking account, like Perks Checking, Platinum Perks, or a Private Client account, you can unlock relationship rates far higher than what most regional banks offer, especially if you prefer in-person service over fully online banking.
Just know that this account rewards size and loyalty. You’ll need at least $25,000 in new money to open it, and you’ll need to keep your balance above that threshold to earn the top rate and avoid the monthly fee.
If you’re a Huntington customer with a larger cash cushion, it’s a strong pick. If not, one of the other top money market accounts on this list will likely give you better rates with fewer hoops.
Sallie Mae
About Sallie Mae Online Money Market Account
| APY | 3.65% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $0 |
| Monthly fee | $0 |
| Ways to access money | Checks, online transfers (no debit or ATM card) |
| Mobile check deposit | Yes |
| Checking accounts available | No |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
Sallie Mae’s Money Market Account gives you a strong APY with zero fees, and it even comes with free starter checks when you open the account. That’s a nice perk if you want easy access to your savings without relying on a debit card.
It’s also incredibly low-lift: no minimum deposit, no balance requirement, and no hoops to earn the high APY. The only trade-off is access: You won’t get an ATM or debit card, so this account works best if you want the option to write a check but don’t need daily liquidity from an ATM.
Quontic Bank
About Quontic Money Market Account
| APY | 4.00% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $100 |
| Monthly fee | $0 |
| Ways to access money | Debit card, checks, online transfer |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
If your top priority is chasing the highest APY without dealing with balance requirements, Quontic is tough to beat. Its rate is one of the best money market account rates available from an FDIC-insured bank, and you only need $100 to get started. There are no monthly fees, no minimum balance rules, and you still get easy access via checks and a debit card.
Quontic is also a Community Development Financial Institution (CDFI), which means part of its mission is expanding banking access in underserved communities. That’s a unique bonus if you want a high-yield account with a values-driven angle. Plus, you get access to more than 90,000 surcharge-free ATMs nationwide and free credit monitoring.
Zynlo Bank
About Zynlo Money Market Account
| APY | 3.90% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $0 |
| Monthly fee | $0 |
| Ways to access money | Debit card, online transfer |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | No |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
Zynlo is the online division of PeoplesBank (the largest community bank around). The Zynlo Money Market Account is a great starter pick for beginners because it earns an impressively high APY with zero balance requirements. Open the account, fund it when you’re ready, and instantly start earning a yield.
One MMA feature that caught our eye is Zynlo’s automatic savings tool (ZYNG). Every time you make a purchase with your linked debit card, Zynlo rounds up the transaction and moves the spare change into your savings, and for the first 100 days, it matches those round-ups 100%.
EverBank
About EverBank Performance Money Market
| APY | 3.80% |
| Minimum balance for APY | $0 |
| Minimum opening deposit | $0 |
| Monthly fee | $0 |
| Ways to access money | Debit card, checks, online transfers |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
EverBank’s Performance Money Market Account is one of the best options if easy cash access is a priority. Not only does it offer a strong APY with no minimum balance requirements, but it also includes nationwide ATM access with automatic fee reimbursements. You’ll get up to $15 back each month for out-of-network ATM fees (or unlimited reimbursements if you keep at least $5,000 in the account).
The main downside is that you must open this account in person at an EverBank Financial Center. These centers are mainly located in Florida, California, and New York, so availability is limited.
First Foundation Bank
About Foundation Bank’s Online Money Market account
| APY | 3.75% |
| Minimum balance for APY | $0.01 |
| Minimum opening deposit | $1,000 |
| Monthly fee | $0 |
| Ways to access money | Debit card (must request); checks, online transfers |
| Mobile check deposit | Yes |
| Checking accounts available | Yes |
| CDs available | Yes |
| FDIC or NCUA insured | FDIC insured |
Why we think it’s great
Most high-yield money market accounts live exclusively online, but First Foundation Bank gives you the best of both worlds: a competitive APY and access to more than 30 physical branches across California, Florida, Hawaii, Nevada, and Texas. If you like earning a strong rate but still want the option to walk into a branch when needed, this account is a rare find.
The $1,000 opening deposit is higher than most online MMAs, but after that, you only need to keep a penny in the account to earn the full APY. You also get the flexibility of check writing and an optional debit card, so it’s easier to tap your savings during emergencies.
What is a money market account?
A money market account is basically a mash-up between a checking account and a high-yield savings account. You earn interest like you would with a savings account, but you also get some spending features, like a debit card or limited check-writing.
The trade-off is that banks may require a higher minimum balance to open the account, earn the best rate, or avoid fees. For example, U.S. Bank’s money market account has a $25,000 requirement to earn the advertised rate.
Similar to the best savings accounts, MMAs are not meant for everyday spending, so you may face monthly limits on certain types of withdrawals.
Money market account vs. savings account: Which is better?
Money market accounts and savings accounts do similar jobs: They help you grow your cash safely. The main differences lie in the details.
Savings accounts keep things simple: you earn interest on the money you stash away, and you can transfer it out when needed. Money market accounts offer that plus limited check-writing, debit access, and sometimes higher rates, usually in exchange for a higher minimum balance.
So what’s the best one for you?
A money market account might be better if:
- You prefer having a debit card or checkbook tied to your savings account
- You can maintain a higher minimum balance, if required
A savings account might be better if:
- You want a high-yield account with (generally) no fees or minimums
- You don’t need spending features, like a checkbook, debit card, or ATM card
With money market accounts now offering competitive interest rates, they can be an excellent place to “park” short-term savings. I often recommend them for emergency funds or cash reserves because they provide liquidity while earning a reasonable return. Additionally, money market accounts held at banks or credit unions are typically FDIC- or NCUA-insured (within applicable limits), offering an added layer of safety and peace of mind.
Pros and cons of a money market account
Pros
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The best MMAs earn a competitive APY
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Come with limited check-writing or debit card access
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Usually FDIC or NCUA-insured up to $250,000
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Good for emergency funds or short-term goals where you need quick access to money
Cons
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May require a higher minimum balance to open or earn APY
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More likely to have monthly fees than a high-yield savings account
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Similar to other savings accounts, withdrawal limits may apply
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Similar to other savings accounts, rates can change over time
One of the most common issues I see is clients believing their funds are fully invested, when in reality, they are sitting in a money market fund. While money market funds can serve a purpose for short-term liquidity, they typically do not align with mid- to long-term growth goals.
Another important consideration is taxation interest earned in most money market funds is taxed as ordinary income at the federal level and, in many cases, at the state level as well. Understanding both the role and the tax implications of these accounts is key to ensuring they support your broader financial plan.
How to choose a money market account
If you know you want a money market account, but you’re torn on which one, here’s how to narrow it down without overthinking it:
- Nail down your goals. Before you even look at APYs, get clear on how you’ll use the account. Is this your emergency fund? A place to park extra cash? A short-term goal? Your answer determines what features matter most.
- Decide what features you want. Depending on how you plan to use the account, you may want an ATM card, a full-blown debit card, checks, or just the option to walk into a branch if you need additional support.
- Figure out how much you can deposit upfront. Some MMAs require a few thousand dollars to open or to earn the highest APY. Don’t drain your checking account just in the name of opening an account with a large deposit requirement. There are plenty of high-yield MMAs with no requirements (like Quontic Bank or Ally).
- Make a shortlist of banks or credit unions. Your current bank might already offer an MMA you can open quickly, or you can start with one of the best money market accounts from this list.
- Compare fees. Avoid any money market accounts with monthly maintenance fees you can’t easily waive.
- Then compare APYs. Once the basics line up, choose the best rate from a reputable, FDIC- or NCUA-insured institution.
How to open a money market account
Once you’ve chosen your favorite money market account, the process for opening it typically looks like this:
- Gather your info. You’ll need your government-issued photo ID, Social Security number or individual taxpayer identification number (ITIN), and possibly a routing number and account number if you plan to fund your new MMA using an online transfer from another bank.
- Apply online. Go to the bank’s website, fill out the application, and choose your initial deposit amount.
- Fund the account. You can usually do an ACH transfer, wire transfer, mobile deposit, or mailed check. Choose what’s easiest for you.
- Wait for your debit card or checks (if offered). These usually arrive by mail in seven to 14 business days.
- Start using your account. Once your money market account is officially open, you can use it however you want. Set up recurring transfers, monitor your balance, and make sure you’re meeting any requirements to earn the highest APY.
Recap of the best money market accounts
FAQ
How much will $10,000 make in a money market account?
How much you’ll earn depends on your interest rate. If you earn 4.00% APY on a $10,000 balance, for example, you’d make about $408 in the first year, which would bring your balance to $10,408. (This is with no additional deposits.) If you keep the money parked and let the interest compound, you’d have roughly $12,214 after five years and $14,918 after 10 years.
Remember: Even the best money market rates can change at any time. But this gives you a ballpark of how a $10,000 balance could grow.
Does Discover have a money market account?
Not anymore. Discover used to offer a money market account, but it stopped accepting new applications. Existing account holders can keep using theirs, but new customers will need to look elsewhere.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Coalition of Community Development Financial Institutions: What Are CDFIs?
- Federal Deposit Insurance Corporation, National Rates and Rate Caps
- Consumer Financial Protection Bureau, What Is a Money Market Account?
- Ally Bank, Money Market Account
- Synchrony Bank, Money Market Account
- Vio Bank, Cornerstone Money Market Savings
- U.S. Bank, Elite Money Market Account
- Huntington Bank, Relationship Money Market Account
- Sallie Mae, Online Money Market Account
- Quontic Bank, Money Market Account
- Zynlo Bank, Money Market Account
- PeoplesBank, About
- EverBank, Performance Money Market Account
- First Foundation Bank, Online Money Market Account
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About our contributors
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Written by Cassidy Horton, MBACassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than 1,000 times online.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Erin Kinkade, CFP®Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.