We researched dozens of accounts to bring you the best money market accounts available at both online and traditional banks.

Best Money Market Account Rate: Premier Members Credit Union Money Market Account

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Premier Members Credit Union offers the money market account with the highest rate with what is referred to as a reversed tier account. Unlike other tiered money market accounts, this account earns the highest rate on the lowest amounts. You can earn 2% on your first $2,000. Amounts over $2,000 earn 0.1% to 0.35%, depending on the tier. The combination of the two rates results in the credit union’s blended rate. For instance, if you have $5,000, the first $2,000 earns 2% and the remaining earns 0.35%, for a blended rate of 1.10%.

To open an account with Premier Members, you’ll need at least $5, which establishes your credit union membership. Premier Members Credit Union makes a matching donation of the $5 deposit on your behalf to the charity, Impact on Education run by Boulder Valley School District. No minimum balance is required and this account also comes with checks.

Best Money Market Account For Rewards: Affinity Plus FCU Superior Money Market Account

Affinity Plus FCU offers different money market accounts based on the amount of your opening balance. The Superior Money Market Account has no minimum balance required and offers 1% APY for balances up to $25,000. Amounts over $25,000 earn 0.35% APY. You must set up a direct deposit of at least $500 each month (from payroll, Social Security or unemployment) to any Affinity Plus checking, savings or money market account and enroll in e-statements to receive these competitive APYs — otherwise, your Superior Money Market Account will have 0.1% APY.

Not only is this a higher APY than many other savings options, but this account also includes the MyPlus Rewards program. Your money market account earns 4 points a month per $1,000 in average daily savings balances, which can be redeemed for gift cards, cash back and travel.

There are several ways to become a member of Affinity FCU, but you can open a Membership Savings Account which gives you membership with just a share deposit of $10.

Best Money Market Account With Other Savings Options: CIT Bank Money Market Account

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The CIT Bank Money Market Account earns 0.45% on all balances. Besides the money market account, it also offers a variety of other savings options ranging from savings accounts to CDs with multiple terms, jumbo CDs and no-penalty CDs.

CIT Bank charges no monthly fee for its money market account, which further boosts its value. Although you'll need to deposit at least $100 to open a CIT Bank Money Market Account, you won't need to meet any minimum balance from then on.

CIT Bank is an online bank, so your CIT Bank Money Market Account will have to be accessed via website or mobile app. These allow you to make free transfers between the money market account and any other U.S. accounts you have. In addition, CIT Bank offers Zelle, which enables you to make payments out of a CIT Bank Money Market Account to anyone with an email address or cell phone number.

Best Online Money Market Account: Ally Money Market Account

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You should consider Ally Bank if you're looking for an online money market account that comes with other banking services, such as a checking account. The Ally Money Market Account earns 0.5% for any balance. Like most online accounts, the Ally Money Market Account charges no monthly fees, making it even easier to earn interest on the balance.

Ally's extensive list of other bank products makes it easy to link your money market account to an Ally checking account for automatic transfers or overdraft protection. Ally Bank also presents several benefits from a customer service standpoint. The 24/7 phone support line allows you to speak with a bank representative at any time and place, a feature you won't find at most other online banks. Also, Ally Bank was rated as the only bank in a Pew Report that fulfilled every good practice in consumer banking, such as clear disclosures, low overdraft fees and non-binding dispute resolution policies.

Best Bank for Money Market Accounts: Capital One

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At 0.30% APY on all balances, the Capital One 360 Money Market Account is the best money market deal you'll find at a major bank. Even a balance that falls below $10,000.00 will earn 0.30% APY at Capital One.

With no maintenance fee to worry about, Capital One shares the advantage of other online accounts, ensuring that your balance will grow due to interest rather than shrink because of monthly fees. Still, there are some limitations to this account: unlike many other money market accounts, it does not allow you to write checks. In addition, people who have less than $10,000.00 to deposit may prefer the Capital One 360 Savings

Best Money Market Account for ATM Users: Discover Money Market Account

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The Discover Money Market Account gives you 0.3% APY for balances under $100,000.00 and 0.35% for balances $100,000 and above. The minimum requirement to open an account is $2,500. Although not the highest APY, it is competitive for money market accounts.

This account is ideal for ATM users because of its access to withdraw from more than 60,000 ATMs without paying a fee. Unlike many other money market accounts, this account comes with a free debit card. And, while you are limited to six withdrawals per month, there’s no excessive withdrawal fee if you occasionally go over.

Summary of Best Money Market Accounts

The following is a list of the best money market accounts in this article. Use this for a head-to-head comparison of all the options we've discussed.

Account Name
APY
Features
Premier Members Credit Union Money Market AccountUp to 2%Highest money market APY
Affinity Plus FCU Superior Money Market AccountUp to 1%Best for rewards
CIT Bank Money Market Account0.45%Best for multiple savings options
Ally Money Market Account0.5%Best online money market account
Capital One 360 Money Market Account0.30%Best money market rate among major banks
Discover Bank Money Market AccountUp to 0.35%Debit card for ATM access

Finding Other Money Market Accounts

Any quick search of money market accounts will show that the rates found at online banks tend to be far higher than the offers you'll find at big banks like Chase and Wells Fargo. While this is true for every type of deposit account, it's important to remember that online money market accounts differ significantly from similarly-named accounts at traditional banks. They come with higher rates and lower minimum balance requirements, which sometimes make them difficult to distinguish from plain savings accounts.

If rates for savings accounts are similar or better than rates for money market accounts online, then the main benefit you gain with a money market account online is the ability to make ATM withdrawals and payments by check. These methods of accessing your balance can be important to people who find it difficult to use ACH transfers to withdraw funds from the account. However, if you don't need that level of immediate access to your deposit, you may end up finding better rates for your balance level with regular online savings accounts.

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