In May of 2019, the FDIC reported a national average of 0.18% APY on money market accounts with deposits under $100,000 and 0.29% APY for accounts over $100,000. On average, money market accounts offer better rates than regular savings accounts, but this is largely because they require much larger opening deposits. We looked at thirteen of the largest banks and how their money market rates compare to this average.
$0.01 - $10K
$10K - $25K
$25K - $50K
$50K - $100K
|Bank of America||0.03%||0.03%||0.04%||0.05%||0.06%|
|Chase Bank||0.01%||0.01%||0.01%||0.05%||0.06% - 0.08%|
|Fifth Third Bank||0.01%||0.02%||0.50%||0.50%||0.50%|
|Huntington Nat'l Bank||0.00%||0.00%||0.22%||0.22%||0.22%|
|KeyBank||0.04% - 0.05%||0.05%||0.06%||0.06%||0.06%|
|M&T Bank||0.06%||0.34%||0.35%||0.39%||0.23% - 0.43%|
|PNC Bank||0.03%||0.09%||0.11%||0.13%||0.15% - 0.17%|
|TD Bank||0.03% - 0.10%||0.15%||0.20%||0.25%||0.30%|
|US Bank||0.04% - 0.05%||0.05% - 0.06%||0.05% - 0.06%||0.08% - 0.10%||0.08% - 0.10%|
Above, you'll find that rates at many banks remain below average, even with higher balances. Citizens Bank, for instance, offers the same 0.01% APY for money market accounts with $1 as it does for accounts with over $100,000. A few banks do offer more than one money market account, each of which may offer a different interest rate for the same balance. However, these accounts will also differ in their fees and waiver requirements, and some may only be available if you also open a checking account at the same bank.
Relationship Rates for Money Market Accounts
One way to boost the rates you earn on a money market balance is by seeking out banks that offer boosted "relationship" rates for customers who have more than one account at the same institution. The table below lists some of the relationship rates you can expect to see at major banks.
$0.01 - $10K
$10K - $25K
$25K - $50K
$50K - $100K
|Chase Bank||0.03%||0.03%||0.03%||0.05%||0.06% - 0.08%|
|Citizens Bank||0.03% - 0.05%||0.03% - 0.05%||0.10%||0.12%||0.12%|
|Fifth Third Bank||0.02%||0.04%||1.00%||1.00%||1.00%|
|Huntington Nat'l Bank||0.08% - 0.15%||0.08% - 0.15%||0.30% - 0.37%||0.30% - 0.37%||0.30% - 0.37%|
|PNC Bank||0.25% - 0.60%||0.27% - 0.60%||0.30% - 0.70%||0.32% - 0.80%||0.35% - 0.80%|
|Regions Bank||0.01% - 0.05%||0.10%||0.10% - 0.20%||0.20%||0.25%|
|TD Bank||0.05% - 0.15%||0.20%||0.25%||0.30%||0.35%|
|Wells Fargo Bank||0.08%||0.08%||0.08%||0.08%||0.10%|
The rates above are only available to bank customers who link a checking account to their money market accounts. We've listed a few banks as examples of typical relationship rate policies.
Chase Bank: Linking a higher-tier Chase checking account will boost your money market interest rate from 0.03% to 0.05% on balances under $50,000, but won't increase the rate if you deposit more than that amount.
Fifth Third Bank: Any Fifth Third checking account other than a Basic Checking or Express Banking account will double your money market account rate, but Fifth Third's rates may be lower if you live in certain areas.
PNC Bank: Linking a checking account raises the rate to 0.25% or 0.60% on balances up to $10,000, up from the standard 0.03%. Considering you earn 0.17% APY on a $500,000 balance without linked checking, PNC's relationship bonus is definitely worth opening another account.
TD Bank: TD's relationship rate requires you to arrange an automatic transfer of $50 or more from a linked TD checking account. On balances at least $2,000, this improves the money market rate by 0.05%. Lower balances get a better rate as well, going up to 0.05% from 0.03%.
Online Money Market Accounts
Online-only banks offer higher average rates on savings accounts and high-yield checking compared to brick-and-mortar banks, so it's no surprise that their money market accounts offer better APYs as well.
Online-only banks tend to carry far fewer products than traditional banks, and each of the banks listed here offer just one money market account each. However, it's clear that most of them have higher rates than the premium money market options at a brick-and-mortar bank. However, you should also be comparing these rates to those found on the savings accounts that are also provided at online-only banks. The average APY on such accounts are actually similar or better than online money market rates.
Other Important Details About Money Market Account Rates
In general, we found that money market accounts at standard brick-and-mortar banks are similar to regular savings accounts, except that they offer better rates at the cost of higher account fees and higher minimum balance requirements. However, the opposite is true online: the interest rates on money market accounts at online-only banks tend to be higher than those on brick-and-mortar banks, but lower than rates for online savings accounts. You can also use our tool to compare money market account rates at different banks and credit unions.
Relationship rates are the primary way to make brick-and-mortar money market accounts worthwhile. If you already have a checking account at a traditional bank, it might be more beneficial to open a money market account there than at a new bank, since you'd have to open an additional checking account to improve on the money market rate. And finally, it's important to remember that checking accounts come with their own fees and requirements, which may cancel out the interest you earn if you don't have the right balance or banking habits to meet the fee waiver conditions.