Best Money Market Accounts 2024

The Ally Bank Money Market Account offers a solid APY, no minimum deposit or monthly maintenance fee, and easy access to cash with their network of over 43,000 surcharge-free ATMs across the U.S. The one downside is their lack of physical branch locations.

Pros:

• No minimum deposit
• No monthly maintenance fee
• 24/7 customer support via live chat, email, and phone
• APY remains the same for all balance tiers

Cons:

• Charges a $10 fee for excessive transactions
• No in-person branch locations

Ally’s money market accounts come with checks and a debit card.

Bethpage Federal Credit Union’s Money Market Account comes with an easy-to-use mobile app that includes budgeting and savings tools. The major downside is the low APY in comparison to other options.

Pros:

• User-friendly mobile app
• No monthly fee

Cons:

• Lower APY than most competitors
• $500 minimum deposit
• Balances lower than $500 earn 0.10% APR
• Limit on the number of checks you can write per month

The Bethpage Money Market Account doesn’t come with a debit card, and you’re limited to writing three checks per month. Because of these factors, this account is likely only ideal for current Bethpage customers. Otherwise, it’s best to explore other options.

Connexus Credit Union offers a high yield money market account with up to 4.76% APY — but don’t be fooled. You’ll only earn that rate with a balance over $1 million. Balances between $1,000 and $19,999.99 will earn just 0.25% APY.

So, unless you plan to store a very high balance, it’s best to look elsewhere.

Pros:

• No monthly maintenance fee
• Ability to write checks from the account
• 24/7 online and mobile banking

Cons:

• Higher minimum deposit requirement than competitors
• Incredibly high balance is needed to earn a substantial APY
• Balances below $1,000 don’t earn dividends

Connexus money market accounts are limited to four transactions per statement period. Anything over that limit will cost you $9.

With a First Internet Bank Money Market Account, you’ll earn 5.20% APY on balances over $1 million. Balances below that threshold will earn 3.56% APY, which is still fairly competitive. The major downside of the option is the $5 monthly maintenance fee — although you can avoid it by keeping an average daily balance of $4,000.

Pros:

• Competitive APY
• Reimburses up to $10 per statement for ATM surcharges
• Offers an array of other banking products
• Initial deposit requirement is low

Cons:

• You’ll need a high balance to earn the full 5.20% APY
• Charges a $5 monthly maintenance fee for balances under $4,000
• No debit card

If you’d like a debit card with First Internet Bank, you’ll need to open a separate checking account and transfer funds between the two accounts.

Quontic Bank’s money market account comes with a 4.75% APY for all balance tiers, which is higher than most competitors. They have a network of over 90,000 ATMs across the U.S. and a low minimum deposit requirement of $100. The one downside of Quontic is that customer service is only available on weekdays, not weekends.

Pros:

• Highly-rated mobile app
• Competitive APY
• Large ATM network
• Comes with a debit card
• No monthly maintenance fee

Cons:

• Charges a $10 excess transaction fee
• No customer service on the weekends

With a Quontic Bank money market account, you’re limited to six transactions per statement cycle. Transactions after that will cost $10.

Sallie Mae’s money market account offers a competitive APY with no monthly fee or minimum deposit. If you prefer to use mobile banking features, however, know that their mobile app isn’t as highly rated as some competitors.

Pros:

• No minimum deposit required
• No monthly maintenance fee
• Interest compounds daily and deposits monthly
• 4.15% APY for all balances

Cons:

• Doesn’t come with a debit card
• Mobile app isn’t the best

Sallie Mae also offers their SmartyPig Account, which is designed to help you reach savings goals. Combining the two accounts could be ideal for people looking to monitor their progress toward savings goals.

TIAA Bank offers the Yield Pledge promise, which guarantees that the interest rate you receive on your money market account is “among the top 5% of competitive accounts.” Currently, the account pays 4.50% APY for the first year on balances up to $250,000, then between 2.05% and 4.00% APY depending on the balance.

Pros:

• No monthly maintenance fee
• Network of over 80,000 surcharge-free ATMs
• Reimburses up to $15 per month for out-of-network ATM fees; Unlimited fee reimbursement for customers whose balances are over $5,000
• Comes with a debit card

Cons:

• Higher minimum balance requirement than some competitors
• Charges a $10 excessive transaction fee

After the first year, you won’t be able to earn the maximum APY offered.

The Vio Bank Cornerstone money market account offers a competitive APY, but it doesn’t come with a debit card, ATM network, or checks. Because of that, it’s only ideal for people that could benefit from having cash stored somewhere that makes it challenging to transfer back out.

Pros:

• No monthly maintenance fee
• Low minimum deposit required
• Competitive APY

Cons:

• No ATM or debit card
• No ATM network
• No checks
• Charges a $10 excessive transaction fee

With this account, you’re allowed six transactions per month. Transactions after that will be subject to a $10 excessive transaction fee.

Zynlo Bank’s money market account offers a competitive 4.30% APY on balances up to $250.000. The one downside is the lack of checks or a debit card. You can, however, access your account through their mobile app.

Pros:
• Low minimum deposit requirement
• Competitive APY
• 24/7 phone customer service

Cons:

• No checks or debit card

All money market accounts are FDIC-insured, which means that balances up to $250,000 are protected. Zynlo’s money market account also offers Massachusetts Depositor Insurance, which provides extra protection for balances over $250,000.