Best Money Market Rates of July 2024: Maximize Your Savings (2024)

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The highest money market account rate overall is 5.48% APY from the First Internet Bank of Indiana Money Market Account for account balances above $1 million.

Meanwhile, the most competitive money market account rate regardless of your account balance is 5.35% APY from Brilliant Bank. Brilliant Bank's money market account isn't available for residents of Kansas, Missouri, Oklahoma, and Arkansas, though.

Top Money Market Accounts of July 2024

• First Internet Bank of Indiana Money Market Account: 3.77% to 5.48% (vary by daily balance) APY
• Brilliant Bank Luminary Money Market Account: 5.35% APY
• Vio Bank Cornerstone Money Market Savings Account: 5.30% APY
• Ponce Bank Money Market Deposit Account, powered by Raisin: 5.26% APY
• UFB Secure Money Market: 5.25% (as of 11/16/2023) APY
• CFG Bank High Yield Money Market Account: 5.25% APY
• Republic Bank of Chicago Digital Money Market Account: 5.21% APY
• Bank5 Connect Accelerator Money Market Account: 5.04% APY
• Quontic Money Market Account: 5.00% APY
• Premier Members Credit Union Money Market Account: 0.50% to 5.00% APY

Compare the Top Money Market Accounts

Top-rated money market accounts for savers have manageable fees and standout features, like ATM access or check-writing abilities. These accounts also have the most competitive money market account rates nationwide. You can learn more about the best high-yield money market accounts of 2024.

First Internet Bank of Indiana Money Market Account

The First Internet Bank of Indiana Money Market Account has a tiered interest rate system with competitive APYs. The money market account pays 3.77% APY on account balances of $1 million or under and 5.48% APY on account balances over $1 million. You may also request an ATM card to make ATM withdrawals.

First Internet Bank of Indiana is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the $250,000 limit. The way it works is your money is spread across other FDIC-insured financial institutions in the network (there are nearly 3,000 participating banks). Up to $150 million may be FDIC-insured through IntraFi Network Deposits.

This money market account has a $5 monthly service fee. 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.

Rate: 3.77% APY on account balances of $1 million or under and 5.48% APY on account balances over $1 million

Minimum opening deposit: $100

First Internet Bank of Indiana Review

Brilliant Bank Luminary Money Market Account

The Brilliant Bank Surge Money Market Account offers a competitive interest rate and might be a good option if you can keep at least $2,000 in your account so you can waive a $10 monthly service fee.

The current APY is only available for new depositors. If you live in Kansas, Missouri, Oklahoma, or Arkansas you won't be eligible to open this account.

Rate: 5.35% APY

Minimum opening deposit: $1,000

Vio Bank Cornerstone Money Market Savings Account

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.

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.

Rate: 5.30% APY

Minimum opening deposit: $100

Vio Bank Review

Ponce Bank Money Market Deposit Account

The Ponce Bank Money Market Deposit Account offers the highest money market account interest rate on Raisin. That said, there are also other money market accounts available on Raisin that pay 5.00% APY or more.

You may like the Ponce Bank Money Market Deposit Account if you're looking for an option with a high interest rate and low minimum opening deposit. You'll only need $1 to get started.

Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.

You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you'd like to do all your banking with one financial institution. Raisin doesn't offer checking accounts.

Rate: 5.26% APY

Minimum opening deposit: $1

Raisin Review

UFB Secure Money Market

The UFB Secure Money Market offers a competitive interest rate regardless of your balance, and it allows you to write checks.

This account has a $10 monthly service fee. To waive the fee, you'll have to maintain a minimum balance of $5,000.

Rate: 5.25% (as of 11/16/2023) APY

Minimum opening deposit: $0

UFB Direct Review

CFG Bank High Yield Money Market Account

The CFG Bank High Yield Money Market Account offers one of the most competitive interest rates on its money market account.

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.

Rate: 5.25% APY

Minimum opening deposit: $1,000

CFG Bank Review

Republic Bank of Chicago Digital Money Market Account

The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you're searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the $25 monthly service fee.

This account isn't available in Illinois, Indiana, Wisconsin, and Michigan. It has a $25 monthly service fee to be mindful of. It also doesn't offer an ATM card or debit card, only paper checks.

Rate: 5.21% APY

Minimum opening deposit: $2,500

Bank5 Connect Accelerator Money Market Account

The Bank5 Connect Accelerator Money Market Account might be a good option for you if you're interested in having an account with extended insurance. In addition to being FDIC-insured, the Bank5 Connect Accelerator Money Market Account insures all of your money with the Depositors Insurance Fund. This means your money will be covered, no matter how much money you put into the account.

Unfortunately, this account requires a high minimum deposit of $5,000, so if you're interested in opening an account with less than that, you'll probably want to look elsewhere.

Rate: 5.04% APY

Minimum opening deposit: $5,000

Bank5 Connect Review

Quontic Money Market Account

The Quontic Bank Money Market Account is a good choice if you'd like to open a money market account that has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.

Depending on your account balance, you may find other financial institutions with more competitive interest rates.

Rate: 5.00% APY

Minimum opening deposit: $100

Quontic Bank Review

Premier Members Credit Union Money Market Account

The Premier Members Credit Union Money Market Account stands out because it requires a $5 initial deposit. The account also pays a high interest rate on low account balances. You can earn 5.00% APY on balances up to $2,000.

If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.

To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.

You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.

Rate: 0.50% to 5.00% APY

Minimum opening deposit: $5

Premier Members Credit Union Review

Which Money Market Accounts are the Most Trustworthy?

To help you get a better understanding of the overall ethics of a company, we include Better Business Bureau ratings and recent settlement history of the last three years.

The BBB 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. Since the Ponce Bank Money Market Deposit Account is available through Raisin, we included Raisin's BBB rating.

Here are the BBB scores for the other institutions on our list:

Brilliant Bank is an online-only division of Equity Bank. Brilliant Bank hasn't been rated by the BBB yet, but Equity Bank has received a B- grade from the BBB because it has failed to respond to a few customer complaints.

Raisin has aB+ grade because it has received several complaints on the BBB website.

CFG Bank currently doesn't have a rating because its profile is being updated on the BBB website.

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.

Introduction to Money Market Accounts

Money Market Account Definition and How It Works

A money market account is a type of savings account that you can find at many financial institutions. Features can vary by bank, but usually, these accounts offer a tiered interest rate and let you access your account through writing or a debit card.

Key Benefits of Money Market Accounts

Money market accounts let you grow your savings securely and earn interest. Government agencies protect certain money in bank accounts so that even if there's a bank failure, your money will be protected.

These accounts also often offer more accessibility than traditional savings accounts or CDs — many banks offer a debit card or paper checks along with the account.

Features to Look for in a Money Market Account

Competitive Interest Rates and Interest Qualification Criteria for Money Market Accounts

According to the FDIC, the average money market account pays 0.67% APY. However, the best online banks offer money market accounts with significantly higher interest rates.

Some banks will require you to meet certain criteria to earn interest. You might also see a money market account with tiered interest rates, which means the rate you earn depends on the amount of money you keep in the account.

To maximize your interest earnings, carefully review the bank's interest requirements to ensure you qualify for the highest rate.

Also, the compounding frequency for your money market account can affect your total interest earnings if you maintain a high balance. Banks may pay compound interest daily, monthly, quarterly, or annually.

Minimal Bank Fees on Money Market Accounts

A strong money market account won't have any monthly service fees, overdraft fees, or out-of-network ATM fees. Some banks will also reimburse you if you're charged by an out-of-network provider.

Banks specify common bank fees associated with a money market account in a fee schedule. You can find this information online, or you can call customer service to request fee information.

FDIC Insurance and Security on Money Market Accounts

Money market accounts are FDIC-insured at banks or NCUA-insured at credit unions. In the event of a bank failure, these government agencies will ensure that up to $250,000 per depositor, per account ownership category, is secure.

If you have more than $250,000 in a money market account, you'll get a Receiver's Certificate from the government agency. This document says you can claim funds once the bank's assets are liquidated. It isn't guaranteed that you'll get uninsured deposits back, though.

How to Choose the Best Money Market Account

While our guide highlights the top money market accounts with the highest interest rates, that isn't the only factor you should consider when choosing an account.

Ideally, you want a low-fee money market account so bank fees don't take away from your interest earnings. Review the account's minimum opening deposit, monthly service fees, and interest rate requirements to determine whether a money market account is the best choice for you.

Selecting the right bank can also make a big difference in your overall banking experience. For example, if traditional banking hours don't work for your schedule, then perhaps you'll want a bank with 24/7 customer support. Or, if you want to open other bank accounts, you'll likely value a bank with a variety of account types in lieu of one that has limited services.

Setting Up and Using a Money Market Account

You can open a money market account online, at a branch, or by phone. Several of our top picks are online-only banks and credit unions. If you choose an online-only financial institution, be aware that you won't have access to any physical locations, so you'll have to set up and manage your account solely online.

Several of our top picks have a tiered interest rate, so you'll need to meet certain requirements to maximize your savings and get the highest APY. You might need to maintain a certain account balance, set up automatic transfers, or make a specific number of debit card purchases.

If you don't think you can regularly meet those requirements, you might prefer a money market account that's more straightforward. Some money market accounts pay the same interest rate regardless of how much money you keep or what you do on the account.

Pros and Cons of Money Market Accounts

Alternatives to Money Market Accounts

Money Market Account vs. High-Yield Savings Account

The best high-yield savings accounts pay similar rates to the top money market accounts. The two accounts also share a similar purpose, so figuring out the best fit for you could come down to small preferences in features.

High-yield savings accounts often have lower minimum opening deposits than money market accounts. If you do not have that much money to deposit upfront, high-yield savings accounts might be the way to go.

However, if you want more account accessibility, money market accounts will be a lot more appealing to you than high-yield savings accounts. High-yield savings accounts do not give out paper checks, and rarely do they offer an ATM or debit card.

Money Market Account vs. High-Yield Checking Account

Deciding between a money market account and a high-yield checking account will depend on how you plan to use your account. If you usually maintain a high account balance for expenses, a high-yield checking account is a great account option. However, you're better off with a money market account if you want to establish an emergency fund or save for your financial goals.

Money Market Account vs. CD

Money market accounts and CDs are both great places to grow your savings.

These accounts are managed very differently, though. Money market accounts are more accessible. You can deposit or withdraw money at any time. CDs only let you deposit money when you first open the account. You'll have to maintain all your money a CD until it reaches maturity or you'll face an early withdrawal penalty.

Interest earnings can also impact your decision. The best CD rates are slightly higher than money market account rates. CDs also have a fixed interest rate, which means the rate stays the same until maturity. Money market accounts have a variable interest rate, so it can change at any time.

Due to these differences, you might lean more toward a CD if you can set your money aside for a while in order to earn a fixed interest rate. If you need to add or take out money frequently and don't mind rate fluctuations, choose a money market account.

Money Market Account FAQs

Why You Should Trust Us: 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. 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?

Sophia Acevedo, banking editor,Business Insider:

"A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks."

Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":

"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 money market account or another interest-earning account?

Tania Brown, certified financial planner and vice president of coaching strategy at OfColor:

"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, MBA, certified financial education instructor, BoujieBudgets.com:

"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."

Sophia Acevedo, Business Insider:

"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly maintenance fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."

Methodology: How We Chose 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 using our money market account methodology 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.

At Business Insider, we aim 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.