Top Money Market Accounts December 2023

Save your cash in one of the best money market accounts available.

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Money market accounts are interest-bearing accounts at a bank or credit union. These accounts usually have higher interest rates than traditional savings accounts and are safe options to save your money for short-term savings goals. Money market accounts differ from traditional savings accounts, as they allow check-writing privileges and sometimes come with a debit card that can be used to access money at an ATM. Therefore, they provide a higher level of liquidity you likely won’t find in other forms of high-yield savings accounts. The APY of a money market account includes compounding interest, which is usually credited monthly.

Top money market accounts right now

Use the tool to find the right Money Market Account for you. You can search by savings and Money Market Accounts, or filter to compare only Money Market Accounts.

Pros of money market accounts

  • Offer higher interest rates than traditional savings account 
  • Because some money market accounts have check-writing and debit card privileges, they offer a higher degree of liquidity compared to other savings accounts. 
  • Money market accounts are safe ways to grow your cash as most are FDIC or NCUA insured. 

Cons of money market accounts 

  • Many banks require a minimum deposit to open an account, and also have minimum balance requirements as well. 
  • Interest rates for money market accounts can be lower than those of high-yield savings accounts or CDs. 
  • The interest rate on money market accounts is variable, meaning it fluctuates with market conditions.
  • Having easy access to savings can encourage some to spend more than they ought to. 

Why open a money market account?

Opening a high-yield savings account, a CD or money market account are all great options to save your cash. If you plan on keeping your cash stored away where it can remain untouched until a future date, then a CD or high-yield account is the better choice. If, on the other hand, you think you might need to make a purchase using your savings, like in the case of an emergency, a money market account could be the better option. Just make sure you’re able to meet any minimum balance and initial deposit requirements associated with the account, and that it comes with a competitive interest rate. 

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Here are some of the best Money Market accounts. All are FDIC-insured banks or NCUA credit unions, letting you keep your savings safe

First Internet Bank

APY: 3.76%-5.46% 

Minimum deposit: $100

Vio Bank

APY: 5.30% 

Minimum deposit: $100

All America Bank 

APY: 5.05% (deposits up to $100,000)

Minimum deposit: $0

Quontic Bank

APY: 5.00% 

Minimum deposit: $100

UFB Direct

APY: 5.25%

Minimum deposit: $0

Northern Bank Direct

APY: 4.95%

Minimum deposit: $5,000

American First Credit Union

APY: 5.29%

Minimum deposit: $1

Ponce Bank

APY: 5.28%

Minimum deposit: $1

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.