Best Money Market Accounts
A money market account offers you ease of access to your cash that other savings accounts don't. You'll also earn a rate outpacing inflation.

Inflation continues to be on the minds of consumers. The latest CPI reported showed prices rose by 2.4% on annual basis in May.
One of the best ways to combat rising costs is to park your money someplace where it outpaces inflation. And a money market account is one wise option to consider.
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.

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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 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 a traditional savings account
- Because some money market accounts have check-writing and debit card privileges, they give you more flexibility to access your cash when emergencies arise
- 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 have minimum balance requirements as well.
- The return on money market accounts can be lower historically than investing your money in the stock market.
- The interest rate on money market accounts is variable, meaning if the Federal Reserve cuts interest rates in the future, your money market rate could drop.
- 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 high-yield account or CD 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.
Here are some of the best Money Market accounts. All are FDIC-insured banks or NCUA credit unions, letting you keep your savings safe:
Account | APY | Min. Opening Deposit |
---|---|---|
4.35% | $1,000 | |
4.32% | $1,000 | |
4.31% | $100 | |
4.25% | $50 | |
4.25% | $100 | |
4.15% | $500 | |
4.04% | $2,500 | |
4.01% | $0 | |
3.75% | $5,000 | |
3.61% | $100 |
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Sean is a veteran personal finance writer, with over 10 years of experience. He's written finance guides on insurance, savings, travel and more for CNET, Bankrate and GOBankingRates.
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