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You are here: Home / Banking / Best Money Market Accounts (June 2022)

Best Money Market Accounts (June 2022)

May 16, 2022 by Rob Berger

Some of the best savings rates come from money market accounts. These accounts act like a combination of checking and savings accounts. We track MMA rates and list the best money market accounts below.

Best Money Market Accounts

Money market accounts pay interest on the amount saved similar to savings accounts. What distinguishes an MMA from a savings account are checking features. Some money market accounts offer checking writing features and a debit card.

For many savers, however, the key issue is the interest rate for savings. Given that, we list all of the MMAs in our database below based on their APY.

June 2022 Updates

Here’s what is new in money market account rates:

  • 6/17/2022: UFB Direct’s rate jumped from 0.81% to 1.51% APY and now represents the highest APY we can find on a money market account.
  • 6/16/2022: CIT Bank raised the APY on its Money Market Account from 0.70% to 0.85%.
  • 6/15/2022: mph.bank raised the APY on its Money Market Deposit Account from 0.85% to 1.35% (available only through an account with SaveBetter).
  • 6/13/2022: SkyOne Federal Credit Union increases MMA rate to 1.25% APY via SaveBetter.

Best Money Market Accounts by APY

UFB Direct
Money Market Account
APY
1.51%
Min. Dep.
-
mph.bank
High Yield Money Market Deposit Account
APY
1.35%
Min. Dep.
$1
SkyOne Federal Credit Union
Money Market Deposit Account
APY
1.25%
Min. Dep.
$1
CFG Bank
High Yield Money Market Account
APY
1.17%
Min. Dep.
$1,000
Patriot Bank
Money Market Deposit Account
APY
1.05%
Min. Dep.
$1
Vio Bank
Cornerstone Money Market Savings Account
APY
1.03%
Min. Dep.
$100
Quontic Bank
Money Market Account
APY
0.85%
Min. Dep.
$100
CIT Bank
Money Market Account
APY
0.85%
Min. Dep.
$100
Ponce Bank
Money Market Account
APY
0.75%
Min. Dep.
$1
Axos Bank
High Yield Money Market
APY
0.25%
Min. Dep.
$1,000
Axos Bank
Business Money Market
APY
0.20%
Min. Dep.
$1,000

Money Market Account FAQs

What is a money market account?

A money market account is similar to a savings account. It pays interest and limits the number of monthly transactions.

How is a money market account different from a savings account?

A money market account is very similar to a savings account. Some MMAs offer checking writing privileges and debit cards. In this regard, an MMA is often has features similar to both a savings account and a checking account.

How is a money market account different from a checking account?

MMAs tend to pay higher interest rates. In addition, you are limited to just 6 transactions a month with a money market account.

Are money market accounts FDIC insured?

Money market accounts at a bank are insured by the Federal Deposit Insurance Corporation (FDIC). MMAs at a credit union are insured by the National Credit Union Administration (NCUA).

How many withdrawals can you make from a money market account each month?

You can withdraw money or make payments up to six times each month via check, debit card or electronic transfer. ATM withdrawals do not count against this limit.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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