9 Best Money Market Account & Rates Include: Chase Bank, Wells Fargo…

Over the years now, there have been increased technologies in different sectors, one of them being money-saving technology. People have moved from carrying hard cash for shopping and have opted for debit cards; transactions have gone cashless.

Owning a money market account is important to your financial health. These accounts allow you to carry out your shopping with ease while gaining interest on the saved money.


What is a Money Market Account?

Before getting to the best money market accounts, it's good to understand the real meaning of the money market account. You need to understand a money market account as a savings account that has some checking features. It also allows you to access the money saved in the account through check-writing and debit cards.

Money Market accounts Vs. Savings accounts, what is the difference?

The Money market accounts and savings accounts hold the main difference in how to access the funds in the account. The Money market account comes with an ATM card and allows you to access the funds through checking's debit card of which the savings account does not allow you.

You will also notice the Difference between Money market accounts and savings accounts in terms of the rates they offer. The Money market account always offers a higher interest rate than the savings accounts.

The Money market accounts may also at some time require minimum deposit requirements than the savings accounts.

Highest Interest Money Market account & Rates

Here are the best 9 Money market accounts that you can trust your funds on;

Sallie Mae Money Market Account Bank

Sallie Mae Money Market Account Bank is solely attached to the student loans but can also provide various savings products for its clients. Apart from the money market account, the Sallie Mae Bank also offers high-yield accounts and CDs.

You do not require any deposit funds to open a Sallie Mae Money Market Account, but you need to deposit some funds into the account with 40 days. If you fail to do this, your account may be closed.

With your savings in Sallie Mae Money Market Account, you are guaranteed an Annual Percentage Yield of 0.55%, with check-writing privileges.

Navy Federal Credit Union Money Market Account

Navy Federal Credit Union Money Market Account has been in existence for a while now since 1933 and is majorly affiliated with the military. It has active-duty members attracted from Army, Air Force, Coast Guard, the U.S. Marines, Space Force, and National Guard, including retirees and veterans. If you happen to be an immediate family member of the military, you can also open a Navy Federal Credit Union Money Market Account.

You require a deposit of about $2500 in your jumbo money market savings account for you to qualify for an annual percentage yield. For Navy Federal Credit Union Money Market Account, you are assured of a 0.60% annual percentage yield.

Synchrony Bank Money Market Account

Synchrony Bank Money Market Account offers you an annual percentage yield of 0.50% on the invested funds. You do not require any amount of funds to open this account.

Synchrony Bank Money Market Account offers you check-writing privileges and an ATM card. You only need to ask the bank for the checks after depositing the money into the account.

One of its advantages is that you will always get a $5 refund per statement cycle of the ATM fees as charged by the domestic ATM providers.

Ally Bank Money Market Account

The Ally Bank Money Market Account does not need a deposit of any funds to open it and is the best for you if you need to build a better financial future.

This account allows you to make unlimited ATM withdrawals at numerous ATM centers for free. Your money will also grow faster since the Ally bank compounds the interest daily. Ally Bank Money Market Account also allows you to deposit checks from the comfort of your home.

CIT Bank Money Market Account

This is a notable money market account that you can access online. The CIT Bank Money Market Account does not require you to pay a monthly maintenance fee, thus making it the best money market account that you can have.

They offer an annual percentage income of 0.50% that you are guaranteed to earn no matter what the balance of your funds in the account are. You will only be required about $100 to have the CIT Bank Money Market Account operational.

First Internet Bank Money Market Account

First Internet Bank Money Market Account guarantees an annual percentage income of 0.50% and allows you to occasionally make use of your ATM. You will only be required to deposit a minimum deposit of $100.

First Internet Bank Money Market Account also gives you an ATM surcharge rebate of $10 per month. You need to maintain a balance of $4000 to avoid the $5 monthly fee. If you are a beginner and you are not assured of a $4000 balance, then you need to reconsider for a different account.

Chase Bank Money Market Account

The Chase Bank Money Market Account is offered by chase bank that has been in existence for a while now. You do not need any minimum deposit amount to open Chase Bank Money Market Account.

The better part of this account is that you don’t need to physically visit the bank to open Chase Bank Money Market Account. You only need to visit the chase bank website, fill the application form then submit it!

TIAA Bank Money Market Account

TIAA Bank Money Market Account requires you to make a deposit of $500 to have your account active. It guarantees you an annual percentage yield of 0.45% of the money deposited in the account.

Once you maintain your TIAA Bank Money Market Account balance of $5000, the TIAA bank will always reimburse any ATM fees you incur from other non-TIAA banks. Regardless of your TIAA Bank Money Market Account balance, you will always be reimbursed up to $15 of the ATM fees.

BMO Harris Money Market Account

The BMO Harris bank offers BMO Harris Money Market Account with its headquarters in Chicago, with offer 600 branches distributed throughout the states.

BMO Harris bank allows you to order checks for your platinum money market account alongside the ATM card. You don’t incur any monthly maintenance fees, and no minimum amount is required to keep your account active.

You need to be aware that if your BMO Harris Money Market Account balance falls below $5000, you will not qualify to earn the general 0.40% annual percentage yield, but you will earn a 0.01 annual percentage yield. In case you need to close your account, you may be required to incur a cost of $50.

Money Market Account

% APY

Minimum Deposit ($)

Minimum Interest Earning Funds ($)

Checking-writing

Sallie Mae Money Market Account

0.55

0

-

Yes

Navy Federal Credit Union Money Market Account

0.60

2500

250000

yes

Synchrony Bank Money Market Account

0.50

0

-

Yes

Ally Bank Money Market Account

0.50

0

-

yes

CIT Bank Money Market Account

0.45

100

Not specified

No

First Internet Bank Money Market Account

0.50

100

4000

no

Chase Bank Money Market Account

0.6

0

Yes

TIAA Bank Money Market Account

0.45

500

5000

Yes

BMO Harris Money Market Account

0.40

5000

5000

Yes

Guide to Choosing the Right Money Market Account Rate

There exist numerous money market accounts, but not all can be beneficial for you. You need to put some factors in place to make sure you have the best Money market account.

What to Consider Before an Account

A money market account is for everyone who is looking for a safe site to store a good amount of money and still earn interest. However, there are factors that you need to consider to make sure you get the best. They include;

Liquidity and Safety- the money market account you choose should guarantee you liquidity, safety than the traditional checking and savings accounts.

Ability to Write Checks- the ability to write checks is what makes a money market account different from the general savings account. The account you choose should give you the privilege to write checks and use your debit cards at least six times a month.

Immediate access to funds- you need a money market account that will grant you immediate access to funds to assist you in times of emergencies.

How to Open a Money Market Account

After choosing the right bank to anchor your money market account, opening the account is straightforward. You can decide to open it online or physically visit the said bank.

You only need the following to have your money market account;

· Your government-issued photo identification

· If needed, you may also be required to lift a security freeze on your credit file to open an account.

· Have your routing and account number ready that you will use to fund your new money market account.

· Have a ready social security number.

You will also need some cash amount depending on the requirements of the bank you choose.