

If you want to get better interest rates on your savings, you should consider opening an account. money market account.
Money market accounts work very similar to savings accounts and are available at most banks. However, you will usually end up finding the best money market account at an online bank.
A money market account is a great place to store savings, emergency funds, a down payment on a home, or other large amounts of cash.
We categorize our favorite money market accounts and provide a list of the best money market accounts in our daily updated table. Interest rates change daily, so be sure to check the table to get the best interest rates.
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Top 10 Recommended Money Market Accounts
We evaluate Money Market Accounts (MMAs) based on the annual rate (interest earned), minimum balance requirements, and account opening terms and conditions.
Based on that, here are our recommendations for the best money market accounts.
Note: Discount offers displayed on this site are from companies that The College Investor receives compensation from. This indemnity may affect how and where Products appear on this Site (including, for example, the order in which they appear). College Investor does not include all savings companies and all savings offers available in the market.
1. Pacific Western Bank – 5.12% Ape
Pacific Western Bank is a leading bank with 69 branches in California and other western states. Supporting the community for over 20 years, he is now the 59th largest bank in the United States.
In partnership with Raisin, PacWest Bank offers an excellent money market account.
Currently available are 5.12%
Ape With just a $1 minimum starting deposit.
Click here to open an account>>










2. America First Credit Union – 5.12% Ape
American First CU Money Market Accounts are a solid option with national credit unions. Check this out if you are looking for a reliable credit union to deposit your savings.
Currently available are 5.12%
Ape With just a $1 minimum starting deposit.
Read the full American First Credit Union review here.
Click here to open an account>>










3. Ponce Bank – 5.05% Ape
Ponce Bank is a New York bank that has been around since the 1960s. It has 14 branches in New York and New Jersey.
We have partnered with Raisin to bring you this amazing money market account that requires a minimum deposit of $1 to open.
Earn now 5.05% Ape Overall balance! Yes, FDIC insurance applies.
Read the full Ponce Bank review here.
Click here to open an account>>






4. Patriot Bank – 5.05% Ape
For almost 30 years, Patriot Bank has had physical branches throughout New York and Connecticut.
We have partnered with Raisin to bring you this amazing money market account that requires a minimum deposit of $1 to open.
Earn now 5.05% Ape Overall balance! Yes, FDIC insurance applies.
Read the full Patriot Bank review here.
Click here to open an account>>






5. Atlantic Federal Credit Union – 5.01% Ape
The Atlantic Federal Credit Union Money Market Account is a solid option at one of the oldest credit unions in the United States. Check this out if you are looking for a reliable credit union to deposit your savings. Their goal is to provide superior financial products at the lowest possible cost.
Currently available are 5.01%
Ape With just a $1 minimum starting deposit.
Click here to open an account>>










6. FVC Bank – 5.00% Ape
FVC Bank is a community bank founded in 2007 in the Washington, DC and Virginia area. The bank is technology-driven and strives to provide its customers with better tools. We have partnered with Raisin to offer this amazing online money market deposit account now.
Currently available are 5.00%
Ape With just a $1 minimum starting deposit. There are no monthly maintenance fees or other balance requirements.
This account is FDIC insured.
Click here to open an account>>










7. Blue Federal Credit Union – 4.90% Ape
The Blue Federal Credit Union is a credit union that has existed since 1951 and primarily serves Air Force personnel (hence the name “Blue”). However, it is available to everyone through our online banking partnership with Raisin.
Currently available are 4.90%
Ape With just a $1 minimum starting deposit. There are no monthly fees or other minimum balance requirements.
As it is a credit union, Blue FCU is insured through NCUA.
Read the full Blue Federal Credit Union review here.
Click here to open an account>>










8. Viobank – 4.88% Ape
Vio Bank is historically known for its high interest rates on savings accounts. However, they have launched a Cornerstone Money Market account that offers great interest rates with a low minimum deposit.
Currently available are 4.88%
Ape With just a minimum starting deposit of $100. There are no monthly fees or other minimum balance requirements.
Vio Bank is insured by the FDIC as a division of MidFirst Bank.
Read the full Vio Bank review here.










9. Hannover Bank – 4.85% Ape
Hanover Bank was founded in 2008 in Greater Long Island, New York. The bank appreciates excellent customer service and now partners with Raisin to offer an incredibly competitive online money market account.
Currently available are 4.85%
Ape With just a $1 minimum starting deposit. There are no monthly maintenance fees or other balance requirements.
This account is FDIC insured.
Click here to open an account>>










10. UFB Direct – 4.81% Ape
UFB Direct is also a leading online bank, historically known for having the best interest rates on savings and money market accounts.
They pay solid fees and have no super high balance requirements – just $5,000 to open an account. After that, there are no minimum balance requirements.
Earn now 4.81%
Ape, but it’s gradual. Rates may be lower if you do not meet balance requirements. However, at the moment, all tiers have the same payout.
Read the full UFB Direct Bank review.
Click here to open an account>>






Difference between savings account and money market account
It is important to note that there is little difference between a savings account and a savings account. financial market account.
Both accounts are insured by the FDIC, both have check and wire transfer limits, and both are provided by banks, credit unions, and investment firms.
The big difference is that while money market accounts typically pay slightly higher interest, they also typically require a slightly higher minimum balance.
Although this is not always the case,.
You can check our list of the best high yield savings accounts here.
For example, one of our picks is CIT Bank The minimum is only $100, not much.
How Important Are Money Market Rates?
The key to earning income with your money market account is getting the best possible rate. Too many people hunt around for the best rates on their money market accounts and it costs them money.
for example, Federal Reserve Board Report The average account interest rate in the money market is currently only 0.61% APY.
Even if you deposit $10,000, you will only get $61 a year.
However, the highest money market rate in the list above is 4.00% APY. So that same guy could make a $10,000 deposit and earn $400 a year. That’s a difference of $339 for the year.
Money Market Account (MMA) and Certificate of Deposit (CD)
The short-term money market also has liquidity, which gives it an advantage over certificates of deposit. That means you can get a higher interest rate on your money, but you don’t have to worry about keeping it tied up for a long time.
There are some CDs that earn higher rates than you’ll find in a money market account, but the term of those CDs is usually 5-10 years.
Depending on where you open your money market account, FDIC insurance may not apply. CDs are generally always insured by the FDIC. Learn more about what it means to have FDIC insurance.
And if you sell it before the expiration date, you will usually be fined heavily.
You can get a glimpse of the best CD rates here, but if you want liquid savings, we recommend using a savings or money market account.
Money Market Frequently Asked Questions
Here are some money market FAQs based on frequently asked questions.
What is the difference between a money market and a savings account?
There is little difference between a savings account and a money market account. Both accounts are insured by his FDIC, both have limits on the number of checks and transfers, and both are provided by banks, credit unions, and investment firms.
The big difference is that while money market accounts typically pay slightly higher interest, they also typically require a slightly higher minimum balance.
What is the difference between money market and CD?
A CD is a banking product with a structured duration, and funds must be kept on the CD for that duration to receive interest payments. A money market account allows you to deposit and withdraw money at any time.
Are money market accounts FDIC insured?
yes! Money market accounts are covered by his FDIC insurance.
Are money market accounts only offered at banks?
Money market accounts are also offered by banks, credit unions and even some brokerage firms.
Are there any fees for money market accounts?
We may charge monthly maintenance fees, especially if you do not maintain the required minimum balance. Always be aware of fees.
Is it possible to lose money on a money market account?
No, you can’t lose money in your money market account as long as you stay within the FDIC’s insurance deposit limits.
final thoughts
A money market account is a great way to save money.
They typically offer higher interest rates, but have some limitations over regular savings accounts.
Just like any other account, make sure you open the money market account that best suits your needs so that you can earn rewards.
methodology
The College Investor is dedicated to helping you make informed decisions on complex financial topics, including finding the best money market account. We do this by giving our readers an unbiased review of the top banks and financial market accounts, and we aggregate those choices into this list.
We have selected money market accounts based on our opinions on ease of use, costs and fees, interest rates and bonuses offered, and various other factors. We believe this list accurately reflects the best money market accounts on the consumer facing marketplace.