Best Money Market Accounts of 2018

Money market accounts come with higher average interest rates and higher minimum balance requirements. Some also come with ATM cards and checks that you don't receive with savings accounts. 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: CIT Bank Money Market Account

Consider this if you're looking for high interest rates.

APY 1.85%
Minimum Balance to Earn APY $100.00
Monthly Fee $0.00

The CIT Bank Money Market Account earns 1.85% on all balances, making it one of the highest-yield deposit accounts currently available. CIT Bank charges no monthly fee for this account, which further boosts its value. Although you'll need to deposit at least $100.00 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 has recently added People Pay, a person-to-person payment option similar to Venmo. This service enables you to make payments out of a CIT Bank Money Market Account to anyone with a U.S. bank account and email address or cell phone number.

Best Online Money Market Account: CIT Bank Money Market Account

Consider this if you're looking for a comprehensive banking experience from an online bank.

APY 1.00%
Minimum Balance to Earn APY $0.00
Monthly Fee $0.00

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 1.00% for any balance, and 1.00% if you have at least $25,000 deposited. 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 recent 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

Consider this if you're looking to bank with a major bank.

APY 2.00%
Minimum Balance to Earn APY $10,000.00
Monthly Fee $0.00

At 2.00% APY on balances of at least $10,000.00, 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 0.85% APY at Capital One, significantly more than money market rates at banks like Wells Fargo or Bank of America.

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 Huntington Relationship Money Market

Best Money Market Account for ATM Users: Redneck Bank Mega Money Market Account

Consider this if you want to withdraw cash on the go.

APY 1.75%
Minimum Balance to Earn APY $0.00
Monthly Fee $0.00

Despite this bank's odd name, the Redneck Bank Mega Money Market Account is a real FDIC-insured money market account that gives you 1.75% APY for any balance up to $50,000.00. Currently, this APY is as high as our top pick among money market accounts—Redneck Bank Mega Money Market only loses out because the APY drops to 0.50% for any amount past your first $50,000.00.

The Redneck Bank Mega Money Market Account offers other unusual benefits. Unlike most money market accounts, this account comes with a free VISA debit card for free ATM access worldwide. So long as you make no more than six withdrawals per month, using the card is fee-free. Redneck Bank also offers free email notifications when your balance is overdrawn, allowing you to minimize potential penalties. Finally, the bank also offers a strong interest-bearing checking account, allowing you to keep both your savings and regular balance in one place for easier management.

High-Yield Money Market Account: ableBanking Personal Money Market Account

Consider this if you're looking for high interest rates and giving back.

APY 1.85%
Minimum Balance to Earn APY $0.01
Monthly Fee $0.00

If none of the options above match your needs, the ableBanking Personal Money Market Account earns you 1.85% on any balance—practically the same as our top choice. This account has some unique benefits geared towards charitable giving: ableBank will donate $25 to any 501(c)3 organization of your choice, and the bank will repeat this gift whenever you refer another person who opens an account. Finally, the ableBanking Personal Money Market Account allows you to make your own fee-free contributions to non-profits.

As the online division of Northeast Bank in Maine, ableBanking isn't the most recognizable brand, but its 1.85% APY is nearly as high as the best money market accounts we've been able to find among both online and traditional banks. With free incoming wire transfers and no monthly costs, ableBanking Personal Money Market is a reasonable choice for anyone interested in a high-yield online deposit account.

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 NameAPYFeatures
CIT Bank Money Market1.85%Highest money market APY
Ally Money Market1.00%Best online money market account
Capital One 360 Money Market2.00%Best money market rate among major banks
Redneck Bank Mega Money Market1.75%VISA debit card for ATM access
ableBanking Personal Money Market1.85%Sign-up donation to chosen non-profit

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. Check here for a quick comparison of rates and fees for different money market options.

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.

Chris Moon

Chris is a Research Analyst at ValuePenguin, covering consumer banking and mortgages. He graduated from Yale College with a B.A. in History.

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