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.
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
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.
