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You are here: Home / Banking / Best Money Market Accounts (February 2023)

Best Money Market Accounts (February 2023)

January 30, 2023 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.

Before we get to money markets, the best deal we’ve found is actually with a no-penalty CD:

Featured Offer: ufb Direct MMA

UFB Direct
Open an Account
  • No Fee Money Market Account
  • APY: 4.21%
  • Min. Deposit: $1
  • FDIC Insured

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.

Best Money Market Accounts by APY

Merchants Bank of Indiana
Money Market Account
APY
4.34%
Min. Dep.
$50
CFG Bank
High Yield Money Market Account
APY
4.30%
Min. Dep.
$1,000
Brilliant Bank
Money Market Account
APY
4.30%
Min. Dep.
$1,000
Blue Federal Credit Union
Money Market Deposit Account via SaveBetter
APY
4.25%
Min. Dep.
$1
Redneck Bank
Mega Money Market Account
APY
4.25%
Min. Dep.
$500
All America Bank
Mega Money Market Checking
APY
4.25%
Min. Dep.
$500
UFB Direct
High Rate Money Market Account
APY
4.21%
Min. Dep.
-
The Atlantic Federal Credit Union
Money Money Deposit Account via SaveBetter
APY
4.20%
Min. Dep.
$1
Great Lakes Credit Union
Money Market Deposit Account via SaveBetter
APY
4.20%
Min. Dep.
$1
Vio Bank
Cornerstone Money Market Savings Account
APY
4.17%
Min. Dep.
$100
mph.bank
High Yield Money Market Deposit Account via SaveBetter
APY
4.15%
Min. Dep.
$1
Idabel National Bank
Money Market Deposit Account via SaveBetter
APY
4.15%
Min. Dep.
$1
American First Credit Union
Money Market Deposit Account via SaveBetter
APY
4.15%
Min. Dep.
$1
Redneck Bank
Mega Money Market®
APY
4.00%
Min. Dep.
$500
Lemmata Savings Bank
Money Market Deposit Account via SaveBetter
APY
3.95%
Min. Dep.
$1
SkyOne Federal Credit Union
Money Market Deposit Account via SaveBetter
APY
3.75%
Min. Dep.
$1
Prime Alliance Bank
Personal Money Market Account
APY
3.65%
Min. Dep.
$1
Sallie Mae Bank
Money Market Account
APY
3.60%
Min. Dep.
$1
Quontic Bank
Money Market Account
APY
3.50%
Min. Dep.
$100
Ally Bank
Money Market Account
APY
3.40%
Min. Dep.
$1
First Internet Bank
Money Market Savings Account
APY
3.35%
Min. Dep.
$100
Ponce Bank
Money Market Account via SaveBetter
APY
3.25%
Min. Dep.
$1
Northpointe Bank
Ultimate Money Market Account
APY
3.25%
Min. Dep.
$25,000
Northern Bank Direct
Premier Money Market Account
APY
3.25%
Min. Dep.
$5,000
Discover Bank
Money Market Account
APY
3.20%
Min. Dep.
$1
TIAA Bank
Yield Pledge® Money Market Account
APY
1.60%
Min. Dep.
$500
CIT Bank
Money Market Account
APY
1.55%
Min. Dep.
$100
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

February 2023 Updates

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

12/23/2022
Money Market Account
Old APY
3.00%
New APY
3.50%
12/19/2022
Money Market Savings Account
Old APY
3.04%
New APY
3.35%
12/22/2022
Personal Money Market Account
Old APY
3.25%
New APY
3.65%
12/23/2022
Money Market Deposit Account via SaveBetter
Old APY
4.00%
New APY
4.15%
12/02/2022
Money Market Deposit Account via SaveBetter
Old APY
3.70%
New APY
3.95%
11/04/2022
Money Market Account via SaveBetter
Old APY
3.00%
New APY
3.25%
11/30/2022
Money Market Deposit Account
Old APY
3.65%
New APY
4.00%
11/30/2022
Money Market Deposit Account via SaveBetter
Old APY
3.25%
New APY
3.75%
11/30/2022
Ultimate Money Market Account
Old APY
2.95%
New APY
3.25%
09/22/2022
Money Market Account
Old APY
1.40%
New APY
1.55%
09/08/2022
Yield Pledge® Money Market Account
Old APY
1.20%
New APY
1.60%
02/02/2023
Money Market Account
Old APY
4.08%
New APY
4.34%
02/01/2023
Money Market Deposit Account via SaveBetter
Old APY
4.15%
New APY
4.25%
02/03/2023
Money Market Deposit Account via SaveBetter
Old APY
3.55%
New APY
4.15%
02/01/2023
Money Market Account
Old APY
3.30%
New APY
3.40%
01/18/2023
High Rate Money Market Account
Old APY
4.11%
New APY
4.21%
01/30/2023
High Yield Money Market Account
Old APY
4.25%
New APY
4.30%
01/20/2023
Cornerstone Money Market Savings Account
Old APY
4.01%
New APY
4.17%
01/11/2023
Money Market Deposit Account via SaveBetter
Old APY
4.10%
New APY
4.20%
01/27/2023
Money Market Account
Old APY
3.40%
New APY
3.60%

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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Featured High Yield Bank Accounts

27-month CD via SaveBetter
APY: 5.00%
14-month No Penalty CD via SaveBetter
APY: 4.40%

High Rate Savings
APY: 4.21%

 

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Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad.

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