Best Money Market Accounts October 2024

We like the fact that the Ally Bank Money Market Account makes it easy to access your money. Ally gives free withdrawals at over 75,000 Allpoint ATMs and reimburses up to $10 in ATM fees from out-of-network machines. You can also withdraw funds via electronic funds transfer, phone transfer, check or point-of-sale debit transaction. Ally allows up to 10 withdrawals per month — well above the six many banks allow.

With APY on all balance tiers, the Ally Bank Money Market helps your money grow money through interest that is compounded daily, while ensuring that there are no monthly fees, minimum deposits or balance requirements.

BankUnited offers a tiered money market account that we like for several reasons. The mobile app is robust, and makes it easy to deposit checks, pay bills, transfer money and keep tabs on your earnings. Excellent security features, such as biometric recognition and Touch ID, safeguard your private information. The app has 4.5 stars on Google Play and 4.8 stars on the App Store.

BankUnited also stands out for its highly competitive APY and easily waivable monthly maintenance fee. It comes with a convenient Visa debit card to make ATM withdrawals and other transactions a breeze. Money market accounts are a great savings option, and BankUnited can show you why you should grow your money there instead of with other competitors. Though you do need a $2,500 minimum opening deposit, it’s a good way to earn a higher rate of return to make your money work for you.

As far as savings products go, we like Beal Bank’s money market account for a multitude of reasons. For one, Beal puts all the information you need about the account, including rates and the account disclosure and fee schedule, front and center, saving you from having to squint your way through miles of fine print. And unlike a CD account, a money market account lets you access your funds while earning a competitively high APY.

Though you do earn the highest interest if you put at least $25,000 into the account, all you need to open the account and earn a good APY is $1,000 for the deposit. Make sure to maintain at least this amount as your balance to avoid the $10 monthly fee.

Unlike several of the other Best Money Market Account winners, Discover Bank’s Money Market Account charges no monthly fee and has no minimum balance requirement to avoid monthly fees. There is no minimum deposit required either to open the account, which is important to note.

GOBankingRates also recommends Discover’s Money Market Account above other options available because it offers some of the highest rates in the category. It’s a great choice if you want to earn high interest while still keeping your cash liquid.

A major benefit of EverBank’s Performance Money Market account is its outstanding rate of for balances $100,000 and up.

Money market accounts sometimes require large deposits to open and high minimum balances to avoid fees, but EverBank has made its money market product extremely accessible by eliminating minimum deposit requirements, monthly fees and minimum balance requirements.

While the APY offered by EverBank is on the lower end compared to other winners in the category, the lack of fees and low barrier to entry distinguishes it from other institutions and makes it a winner in our book. Other perks include mobile check deposits, easy access to your money through checks and debit card, and ATM fee reimbursements.

Sallie Mae’s Money Market Account is a great way to earn high yields on your savings, even if you don’t have a lot to save. The account has no minimum opening deposit and no minimum daily balance. In addition, you can write checks out of this account, giving it great versatility.

Another reason GOBankingRates selected Sallie Mae Bank’s Money Market Account is that it has no monthly maintenance fee, which is really helpful to build up your savings. The only real downside to this account is that mobile banking is limited to check deposits and account balances.

Synchrony’s money market account is a wonderful alternative to a checking account, and, as a primarily online bank, Synchrony makes it easy to manage the account without ever having to step into a branch. Although the APY is lower than others on this list, it’s still much higher than the average account.

This account doesn’t require a minimum deposit, won’t tack on any unexpected fees and allows you to write checks out of the account. The versatility makes this a great account for people who want to earn interest but also need access to their cash.

Convenience plays an important role in your banking experience, and for some, convenience means having all your accounts with the same bank. So while a major draw to this Texas Capital Star Money Market account is the higher-than-average APY, it’s also important to note that Texas Capital is a full-service bank offering a range of banking products as well as credit cards, wealth management services and investing.

The bank incentivizes customers with some of the usual features, like no monthly service charges, having quick access to your cash when you need it and the comfort of knowing your money is earning interest when you don’t. But it also offers unlimited withdrawals and transactions, which sets it apart.

Vio Bank is a neobank with an outstanding money market account. The Cornerstone Money Market Account earned the honors of best money market for its impressively high APY of and minimum deposit of just $100.

This account best suits customers without a lot of money to invest upfront, who are looking for a substantial interest rate. We love that you can auto-transfer funds from your linked Vio Bank checking account to automate your savings and reach your goals faster. Many finance experts recommend this tactic to grow your nest egg faster.

Serious savers won’t mind that external transfers can take up to five business days. The Cornerstone Money Market account represents a place to let your money grow, especially if you are saving for a specific goal, without any risks or withdrawal penalties.

Several of GOBankingRates’ Best Money Market Accounts yield high rates with low or no minimums, but VirtualBank adds value to its eMoney Market account by also providing access through a user-friendly website you can navigate easily even if you’re new to online banking.

With that in mind, we love the VirtualBank eMoney Market Special as a place to stow your money with a super-high interest rate and minimum temptation to touch it. The account doesn’t offer a debit card or check-writing capability, but that’s a benefit if you are serious about saving. You can transfer money between your VirtualBank money market and another account of your choice up to six times a month by phone, online, through the mobile app, or through automatic transfers.