The best money market accounts (MMAs) have sky-high APYs and easy access to cash when you need it most. Unlike some high-yield savings accounts (HYSAs) that take a day or two to transfer money out, many MMAs come with a debit card and checks you can use right away.
However, that immediate availability isn’t always a plus when you’re trying to build savings. HYSAs can match or exceed those top-tier APYs, but feature the one or two day transfer delay that creates a helpful buffer against impulse spending. If you don’t need point-of-sale access, an HYSA gives you the same earning power with built-in financial discipline. Compare some of the top high-yield savings accounts below:
- Up to $400 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
- Earn up to 3.80% APY8
- Limited Time Offer – New accounts earn a 0.70% APY boost to 3.80% for up to 6 months with eligible direct deposit8
- $0 minimum balance to earn APY
- Earn $50 or $400 when you sign up and set up eligible direct deposit1
- Open Checking & Savings Accts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 06/24/2026. Rates may change at any time without prior notice, before or after the account is opened. The same rate may apply to multiple Tiers and Tiers may change without notice. APY earned is based on the Tier in which your end of day account balance falls. Please see Barclays Tiered Savings for current Tier and APY information.
- Earn 3.65% APY* with Barclays1 Tiered Savings
- $0 min. balance to earn APY
- No monthly maintenance fees
- Easy direct deposits & online transfers
- Deposits are FDIC Insured
ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 7/28/2026.
APYs are subject to change at any time without notice. Offers apply to personal non-IRA accounts only. Charges for specific services may reduce earnings. For High Yield Savings Accounts, the rate may change after the account is opened. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time. See all non-IRA CD rates and terms offered here.
NATIONAL AVERAGE: National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Curinos LLC through 07/01/2026. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Curinos data is obtained from public sources; accuracy and completeness is not guaranteed. Curinos is not liable for reliance on the data.
FDIC INSURANCE: up to $250,000 per depositor, per insured bank, for each ownership category.
- Earn up to 3.30% APY
- Competitive rate that is 10x the National Average*
- No required minimum balances and no monthly fees
- The Synchrony app makes it a snap to bank anywhere
- Member FDIC
Advertised annual percentage yield (APY) is for new accounts only and is accurate as of June 16, 2026. APY tiers apply to the following balances:
- 4.01% APY on balances of $0.01 – $999.99
- 4.01% APY on balances of $1,000.00 – $49,999.99
- 4.01% APY on balances of $50,000.00 – $499,999.99
- 3.14% APY on balances of $500,000.00 – $999,999.99
- 3.14% APY on balances of $1,000,000.00 & Above
This is a variable-rate account, and APY is subject to change at any time without notice. Limit of one Envision High Yield Savings account per customer. Minimum amount to open is $100, with opening funds subject to a 5-business day hold. Fees may reduce earnings on account.
- Earn up to 4.01% APY
- No monthly maintenance fees
- Open an account with as little as $100
- Open an account in as little as 5 minutes
- Backed by the financial strength of Idaho First Bank
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a “New Customer”) or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page.. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- Earn 4.10% APY* with CIT’s Savings Connect Account
- $100 minimum balance for APY
- No account opening or monthly service fees
- Deposit checks online with the CIT Bank mobile app
- FDIC Insured
Table of Contents
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.
Great money market accounts to consider
1. Ally Bank: Great for No Fees
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.
2. Synchrony Bank: Great for Smaller Balances
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 may be lower than others, but it’s still stronger than what most brick-and-mortar banks offer.
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.
3. Vio Bank: Great for Maximizing Savings
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.
4. U.S. Bank: Great for Larger Balances
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.
5. Sallie Mae: Great for Free Checks
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.
6. Quontic Bank: Great MMA Rates
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.
7. Zynlo Bank
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%.
8. EverBank
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.
9. First Foundation Bank
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 multiple states. 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.
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: What we like
- The best MMAs earn a competitive APY
- Come with limited check-writing or debit card access
- Usually FDIC or NCUA-insured up to $250,000
- Good for emergency funds or short-term goals where you need quick access to money
Cons: Things to keep in mind
- May require a higher minimum balance to open or earn APY
- More likely to have monthly fees than a high-yield savings account
- Similar to other savings accounts, withdrawal limits may apply
- 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.
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
- 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.