Best Money Market Accounts of 2022
Undoubtedly, the bank and credit unions are constantly battling to offer incredible rates and terms for different people who want to use multiple money market accounts.
Isn’t it a great deal for users? The money market accounts feature multiple options to build up savings and get the maximum benefit.
These money market accounts with highly competitive rates are far more effective than savings accounts and will help you grow the bank balance rapidly than those with average rates.
The money market accounts are high-yield savings account that will aid you to save more. We have narrowed down the choices to the nine best money market accounts to benefit you.
Table of Contents
- Best Money Market Account Overview
- What are Money Market Accounts?
- Why do you need a Money Market Account?
- 9 Best Money Market Accounts: Detailed Insight
- Best Money Market Accounts Comparison
- How We Rank the Best Money Market Accounts?
- How to Choose the Best Money Market Account?
- Conclusion: Best Money Market Accounts
- Money Market Accounts FAQs
Best Money Market Account Overview
- Top Consumer’s Choice: CIT Bank
- Best High Yield Savings Accounts: Ally
- Best Minimum Balance Requirement: Sallie Mae
- Best Money Market Rates: Discover
- Top Superior Money Market Account: TIAA Bank
- Best Monthly Maintenance Fee: Capital One
- Best Money Market Mutual Fund: Axos
- Top High-Interest Savings Account: Synchrony
- Best Credit Union Money Market: BMO Harris
What are Money Market Accounts?
Have you ever heard about a money market account? It is a type of savings account that offers debit card and check services. A money market account has an increased interest rate than other annual percentage yield account to provide premium services.
Some high-yield accounts beat market accounts and have lower fees but they still include some disadvantages. Therefore, the money market accounts have no minimum deposits and high-interest rates to provide customers exclusive benefits.
Why do you need a Money Market Account?
A money market account is beneficial for check-writing privileges. You can access money at any ATM or must have a debit card for functioning. A money market account includes a higher interest rate than traditional accounts with a minimum deposit that might be higher.
Money market account includes a debit card and checks that distinguishes them from high annual percentage yield accounts. The check-writing capability of a money market account ensures a great degree of flexibility that you will not find in any savings accounts.
A bank or credit union has a money market account with higher interest rates than regular accounts. Moreover, in every bank, a money market account is a beneficial aspect that comes with a monthly maintenance fee and different features to support customers.
9 Best Money Market Accounts: Detailed Insight
#1. Top Consumer’s Choice: CIT Bank
Here comes our top pick, which is none other than CIT Bank. This bank is completely digital and provides you with home loans and attractive Here deposit products. The bank belongs to CIT, whose roots trace back to the early 1900s when it was started by giving work financing in St. Louis.
The bank was inaugurated in 2011 to provide a vast arrangement of banking products entirely online because the bank does not offer any physical branches or ATMs. For finding whether the online deposit accounts of CIT are preferable for you, we have this in-depth review.
In 2019 eChecking accounts were added to CIT Bank’s product menu. The checking option offers CIT users access to a wide array of banking products. CIT grants its customers the advantage of using a checking account throughout the day, whether online or with the mobile app. With a minimum opening deposit of $100, a checking account can easily be accessed.
CIT provides you with a fixed-rate mortgage loan that ranges between 10 to 30 years. They offer the customer’s relationship pricing and a Savings Builder Account. In addition, you can receive $525 cashback after shutting the new CIT home loan.
For the banking services paying high fees is a hectic thing, but CIT bank intends to be your only solution. CIT bank money market is highly convenient as the money market account helps you earn up to 0.45% APY. You will earn this much no matter what you deposit each month as they don’t have any balance requirements.
It has an opening deposit of only $100 without any monthly service fees. To make payments to any person from the CIT bank money market account is quite easy by using Bill Pay which is a free service. Since CIT bank is an online bank, so access to CIT accounts is provided either through CITs mobile app or the CIT website. Customers can access the accounts throughout the day.
Who is it Best For?
For the customers who want digital banks that offer to save and check accounts that can easily be accessed without any fees, CIT bank should be your top pick. It enables digitally savvy customers to earn good prices on saving accounts.
Moreover, before opening an account, ensure that the bank refunds the ATM fees. It offers the users to have access to a certificate of deposit without any penalty.
>>Read More About CIT Bank Reviews: Is CIT a Good Bank?
#2. Best High Yield Savings accounts: Ally
Ally is no more an exception, and it’s a leader known for innovative online banking with minimum deposit accounts available. It also involves competitive interest rates that make the bank one of the top-notch options within the banking industry.
Despite providing some premium personal banking options, Ally bank also involves a broad range of banking services such as home loans, Ally bank interest checking feature, and minimum daily balance. The checking accounts pay interest with a significant annual percentage yield APY.
You can pass the savings with effortless and minimum balance while using this online account. It has no physical branch but includes an interest account, that’s the most accessible account offered by the bank.
With no monthly maintenance fee within the free checking accounts, you will also get access to a minimum deposit while opening the account. It won’t cost you an overdraft fee, and that’s a valuable advantage to the user.
Ally bank also includes three different CD types with high-yield premium CD options available. You won’t find any minimum deposit to get certificates of deposit as the rates will vary depending on the balance and other direct deposit options.
Ally’s savings account undoubtedly offers an annual percentage yield option that offers 0.50% APY without account balance. Getting an online savings account is an excellent way to reach financial aims and save money. It also completes refunding customers who get charged an excessive transaction fee for transfers per cycle.
The online account includes a free debit card and checks option with fee-free access to ATMs throughout the US. Ally Bank also reimburses almost $10 per statement period for fees when going for different out-of-network ATMs.
Who is it Best For?
Ally should appeal to customers who search for any full-service online banking feature and is particularly an excellent fit for customers. It works ideally to provide access to ATMs without paying more fees while providing a customer support feature. You can enjoy competitive rates on CDs with a minimum opening deposit.
>>Read More About Ally Bank Review: Is Ally a Good Bank?
#3. Best Minimum Balance Requirement: Sallie Mae
Sallie Mae offers you wide vast loan options as compared to every other lender. It offers you loans for medical, residency, career training, and bar study. With multiple loan options, such as loan terms and repayment plans, you can customize your loans according to your needs.
Sallie Mae provides you with a wide range of professional loans, student loans, bar exam loans, and residency loans. Sallie Mae’s Career Coaching Option Student Loan is a go-to loan for students attending school to acquire a certificate in trade or for professional training like a technical school or a culinary school.
Sallie Mae offers you the Sallie Mae parent loans for graduate, undergraduate, and certificate education, which are highly convenient. The loan amounts can cover the 100% certified cost of school attendance.
Sallie Mae’s money market is profitable and has its loan service. The yearly report provided by the private education loan protection bureau has left out Sallie Mae in its compilation of complaints regarding the private student loan lenders.
In addition, Sallie Mae Bank offers you a vast range of loans with several repayment choices for students of every category. It also includes discharge and loan forbearance programs that contrast well with the federal loan discharge policies.
It enables you to appeal as a consigner release only in 12 months, making it approachable compared to other lenders. However, as a drawback, Sallie Mae bank does not permit you to receive a rate quote beforehand you apply, due to which a hard credit inquiry is essential to look at your rates.
Who is it Best For?
For students who want rewards for making payments still in school, Sallie Mae’s student loans are top-notch for them. For example, it offers low-interest rates to mortgagors who do not earn much and make only $25 payments while in school.
The relocation and medical residency loans provided by Sallie Mae bank can be utilized to pay the cost of your board examination, moving expenses, and travel.
#4. Best Money Market Rates: Discover
The Discover cashback debit account is perfect for its reward credit cards with full-service features and payment services worldwide. What makes it better? Let’s take a detailed look!
Discover aims to provide retirement and multiple banking solutions to people. Do you Discover is a lender known to provide personal, student, and home loans making it more accessible to customers.
It is one of the most premium credit unions known for effective bonus on lack of fees and other card services that allows it to stand as a top choice. Moreover, it includes effective and competitive interest rates. Sounds impressive, right?
Discover also includes both IRA saving accounts or individual Retirement Account CD. YES! It only needs a minimum balance of $2,500 to provide APY similar to regular CDs.
The main feature within a Discover free account is the cashback debit cards. Let us show you how! It applies a 1% cashback reward to purchases. But wait! Any loan payments, transactions, or orders you made with debit cards or peer-to-peer platforms will not make you eligible for rewards.
This credit union has no minimum balance essential to open an account, or you will not pay any fee to maintain the account monthly.
Who is it Best For?
Discover accounts are ideal for people seeking a digital bank that combines multiple services. It works best for people with digital transactions, don’t want to pay an opening deposit and use their debit card for everyday transactions.
>>Read More About Discover Bank Reviews: Is Discover a Good Bank?
#5. Top Superior Money Market Account: TIAA Bank
TIAA bank was established in the late 19th century with the prime objective to help teachers retire. Today it has approximately more than 80,000 ATMs in the U.S as a full-service bank. As it is an online option, you will only visit the physical bank if you are in Florida.
The Basic account has a minimum deposit of $25, to begin with. To eliminate the monthly account fee of $5, you will have to keep a $25 balance. The residents of New York are not obliged to pay the monthly account fee or pay the minimum account fee to open.
The yield pledge account of TIAA Bank is an interest-bearing account that guarantees its customers that the rates are always in the top 5 checking accounts.
The annual percentage yield APY of the yield pledge account is high and enables holders to earn up to 0.10% APY for every account balance. For starting a yield pledge account, the minimum deposit required is $100.
As compared to other online banks, TIAA provides its users with a variety of personal banking products. Looking for an online option with full-service, then TIAA is a good choice for you.
TITAA bank has more than 80,000 ATM networks nationwide. If your account has a balance of about $5000, the bank will eliminate all the ATM fees from other platforms when using an out-of-network ATM. Or else about $15 ATM fees in a month will be waived.
The basic CD accounts are available with terms from about three months to five years. Depending upon the term, the CDs can earn between 0.35% to 0.85% APY. With a maturity alert of 20 days, they can automatically rollover. Basic CDs are associated with early withdrawal penalties.
Who is it Best For?
TIAA Bank is appealing to customers who want a wide range of services in an online institution. It is especially good for those who need a vast network of ATMs. The users can efficiently meet the minimum balance requirements to eliminate the account fee.
It enables the customers to enjoy the debit cards that come with extra advantages and perks. Furthermore, TIAA bank offers users a wide range of options for certificates of deposit.
#6. Best Monthly Maintenance Fee: Capital One
Another premium bank on our list is Capital One, with no-fee accounts and high-interest rates to meet the banking needs. Generally, it’s an online institution that meets checking needs by offering Checking accounts.
The account includes a Checking MasterCard with a free checkbook and no fees for the accounts. YES! It has no minimum opening deposit requirements or fees.
Besides this, it has three different overdraft options: Next day grace, auto-decline, and free transfer with savings. Quite simply, it includes a banking option via CD.
Let’s dig a little deeper! Opening a CD is an excellent option to enhance the savings with time. That’s because the option is available from six to five years.
One cool feature that this Capital One account incorporates is the money account. Moreover, the account is ideal for students as it doesn’t require an opening deposit or any monthly fee to maintain it.
What’s more? The money account will pay 0.10% APY on interest, and you will get access to real-time alerts to let you know where the child is spending or when the balance is getting low.
Who is it Best For?
For anyone who desires to get a free money market and savings account with excellent rates and other options, this option is no more an exception. It is reliable for people searching for a bank with a minimum daily balance and no monthly fees.
>>Read More About Capital One Bank Review: Is Capital One a Good Bank?