Best Money Market Accounts in 2022

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Think of a money market account (MMA) as a blend between a checking and a savings account.

MMAs typically offer a higher interest rate than traditional savings accounts, and, depending on the bank, will allow quick access to funds via check writing, electronic funds transfer (EFT), and/or debit card or ATM withdrawals. 

Best Overall 

A good blend of high interest, fund accessibility, and an easy-to-use mobile app is what sets apart the best MMAs from their second-tier competitors. Here are the best ones available. 

1. CIT Bank Money Market Account – 0.45% APY

Narrowly beating out its saving account brother (0.40% APY), CIT Bank offers a money market account with check-writing features that represents one of the best short-term options for storing and growing your wealth. FDIC insured up to $250,000 with features like Zelle, Bill Pay, and no monthly maintenance fees, your money can grow worry-free while you save for large expenses or home an emergency fund. 

0.45% APY
$100 Minimum Deposit
DollarSprout Rating

A pioneer of the online banking space, CIT Bank offers several savings vehicles that all receive high marks. Highlighted by their 0.45% APY MMA, consumers can take a set it and forget it approach to savings with FDIC insurance up to $250,000, no monthly services fees, and a low $100 minimum deposit.

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Pros

  • Low minimum account deposit requirement ($100).
  • High APY when compared to competitors.
  • No maintenance fees.
  • Simple, award-winning user interface and mobile application.
  • Access to Zelle & Bill Pay.

Cons

  • No physical branches.
  • Waiting period on deposits or external transfers and fund availability.

2. Discover Money Market Account – 0.40% APY 

No fees. No problem. It’s Discover’s MMA motto and they live up to it. If you want a safe way to store your cash reserves with one of the biggest names in the online space, Discover is the place to be. Seamlessly make external transfers and deposits and earn anywhere between 0.40% APY (for balances under $100,000) and 0.45% APY (for balances $100,000 and over) on your cash. Roughly similar to a traditional savings account in terms of interest-based earnings, this account comes with check-writing capabilities. 

0.40% APY
$2,500 Minimum Deposit
DollarSprout Rating

Start building your savings with as little as $2,500 and earn at least 0.40% APY on balances up to $100,000. Great for beginner savers who merely want to get started. Unlock higher interest tiers with higher balances and enjoy no fees, ever.

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Pros

  • No fees, period.
  • Easy to use online banking and online bill pay.
  • Access to over 60,000 nationwide in-network ATMs.  

 

Cons

  • No physical branches. 
  • Mid-tier APY with some competitors offering higher. 

3. Ally Bank Money Market Account – 0.50% APY

Perhaps one of the most competitive accounts on the market, Ally’s MMA bears interest well beyond nearly all of their competitors — on all balance tiers. With a $1 minimum deposit, you’ll start earning 0.50% APY and get access to Ally’s managed or self-directed investment accounts, should one choose to do so. 

0.50% APY
$0 Minimum Deposit
DollarSprout Rating

With no minimum deposit, eCheck deposit, daily compounding, and thousands of 5-star reviews by account holders, Ally Bank's MMA already scored high before we took into account their robust APY. At 0.50% APY, they're competitive amongst the industry's best and near-universally well-liked.

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Pros

  • 0.50% APY is among the industry-best for MMA products. 
  • Strong customer service ratings.
  • Wide range of additional saving/investing products. 
  • Get 24/7 access to funds, banking platform, and support. 

Cons

  • Only $10 in monthly ATM fees reimbursed which is lower than competitors. 
  • No physical branch locations. 

Honorable Mentions

These banks or banking service providers also offer exemplary money market account rates or exceptional services. Pay close attention as some rates may be promotional and expire after certain time periods. Always check with individual institutions for terms and conditions before opening an account. 

4. Vio Bank Cornerstone Money Market Account 

An extremely robust 0.51% APY makes Vio’s MMA second to none on the market in terms of pure earning power. At only $100 minimum deposit, this  MMA is accessible to everyone. Interest compounds daily, FDIC insured, no fees and automated savings are but a few of their many features. (Learn More)

5. Axos Bank® High Yield Money Market

Earn 0.61% APY on all account balances of more than $1,000. Has other banking products with great rewards including an interest-bearing checking account (1.00% APY). Integrated online banking allows for interest accrual across all cash equivalent products. (Learn More)

6. Synchrony Bank Money Market Account

Earn 0.35% APY on all holdings with no minimum deposit required. Full virtual control of assets 24/7 with their mobile app, FDIC insured, and typical check-writing and ATM options. (Learn More)

7. nbkc Money Market Account

At just 0.15% APY, nbkc’s returns aren’t as high as competing banks. That said, they have no minimum deposit and have low to no fees making it a viable option if you’re not interested elsewhere and/or already bank with nbkc. There are also no fees for cashier’s checks, money orders, stop payments, change orders, or phone transfers. (Learn More)

When to Consider Opening a Money Market Account

There are several instances where opening a money market account makes sense:

  • Saving up for a down payment:  When you are putting money away to save towards a house, the combination of high interest, liquidity, and stability that comes with a money market account is ideal.
  • A place to park your emergency fund: Experts recommend having 3-6 months of living expenses saved up and tucked away in case something unexpected happens (ie, job loss, pay cut, car repairs, etc). A money market account provides quick access to your money and an appealing interest rate, which makes it perfect for an emergency fund.
  • Sinking funds for planned, irregular expenses: A sinking fund is used for any expense that you know is coming. Think of things like insurance payments, property taxes, vacations, holiday shopping, back-to-school shopping, etc. 

Money Market Accounts vs. Other Account Types

Here are the key differences between MMAs, savings, and checking accounts:

Account Type Interest Rate Key Features
Money Market Account (MMA) High
  • You can write checks or make debit card purchases on the account, up to 6 times a month. This is the key difference between an MMA and a savings or checking account.
  • Depending on the account, you could get higher interest than a normal savings account. Some online banks will have savings accounts that are competitive with MMAs.
Savings Account High
  • Online-only banks usually have very high interest rates (and are sometimes higher than money market accounts, depending on the bank).
  • You cannot make purchases directly from a savings accounts, but you can quickly transfer money from a savings to a checking account.
Checking Account Very low, or zero
  • This is your everyday spending account, which is usually linked to a debit card. A checking account is not designed to be a place to amass significant savings.
  • Most checking accounts offer no interest, so your money will not grow.

Before you open a money market account, make sure you at least have a checking account. A checking account is a basic necessity that everyone should have before they consider opening any other banking or investing account types.

Money Market Accounts (MMAs) at a Glance

  • Usually, have higher interest rates than traditional savings or checking accounts
  • May have higher minimum opening balances and maintenance balances
  • Ability to withdraw up to six times per month
  • May have fees for excess withdrawals or falling below minimums

Deposits and interest payments held in MMAs at FDIC-insured banks are covered by FDIC insurance. This means that if the bank fails for any reason, the federal government will reimburse your account balance (up to $250,000 per depositor, per FDIC-insured bank, per ownership category). MMAs held at credit unions are insured by the National Credit Union Administration, which is the equivalent of FDIC insurance for banks.

Interested in seeing how these rates compare to online savings accounts? See our roundup of best online savings account here.

What’s the Average Interest Rate for Money Market Accounts?

At the time of this writing, the national average annual percentage yield (APY) for money market accounts is 0.07%. This is according to a weekly survey of institutions done by CNBC.[1]

Despite the low national average, there are many banks that offer nearly ten times that much interest. Don’t just automatically sign up for your current bank’s MMA; be sure to shop around to make sure you are getting the best rate possible.

Keep in mind that interest rates can fluctuate often, which can increase or decrease your returns.

How DollarSprout Rates Money Market Accounts

The Editorial Team at DollarSprout looks at multiple factors when determining a 1-5 star rating for online savings accounts. Here are the most important factors that weigh into our ratings:

  • Annual Percentage Yield (APY)
  • Fees, and the likelihood that a user will incur them
  • Account balance requirements
  • Customer service
  • Mobile app reviews

For money market accounts, in particular, APY and fees play a heavier role in our ratings than other factors because they directly affect your bottom line. For other product categories (such as checking accounts, for instance), we may place an emphasis on other factors when determining a rating.

The star ratings are broken down into half-star increments, with 1 star being poor and 5 stars being excellent.

You can see all of our bank and credit union reviews here. 

Research Team
Research Lead: Ben Huber
Final Review: Jeff Proctor
Review Date: November 9, 2021

Sources: 

[1] Gravier, Elizabeth. “Here Are the Best Money Market Accounts of July 2021.” CNBC, 28 June 2021, www.cnbc.com/select/best-money-market-accounts/.