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The 10 best money market accounts for July 2023

Interest rates have been on the rise over the past year, and that’s not great news if you want to borrow money. But for those keeping cash in the bank, the rate hikes have been a positive development, allowing savings to grow much faster. Money market accounts, or MMAs, are a great way to take advantage of the rising rate environment, with some accounts offering annual percentage yields (APY) as high as 5.05%.  

The Fortune RecommendsTM editorial team reviewed 40 money market accounts and came up with a list of our top 10 picks. To develop our ranking, we considered such factors as APY, minimum required deposit, access to funds, maintenance fees, and customer service options. (Read our full methodology here.)

Current rates for our top 10 money market accounts*

  1. Vio Bank: 5.02% APY
  2. Ally Bank: 4.30% APY
  3. Redneck Bank: 5.05% APY
  4. Prime Alliance Bank: 4.50% APY
  5. UFB Direct: 5.06% APY
  6. TIAA Bank: 4.50% APY
  7. Sallie Mae Bank: 4.50% APY
  8. Zynlo Bank: 5.00% APY
  9. Quontic Bank: 4.75% APY
  10. ConnectOne Bank: 3.34% APY

*This section last updated July 25, 2023

The top 10 money market accounts (MMAs)

Here is our list of the best money market accounts according to Fortune Recommends editors. Note: Minimum deposit requirements, APYs, and other numbers in our list below are up to date as of May 11, 2023, and are subject to change.

1. Vio Bank: Good for savers who want a competitive APY and entirely online account maintenance

Key figures 
Minimum opening deposit$100
Maintenance fees$0

Customer service

Vio’s customer service representatives are available via phone from 7:00 a.m. through 9:00 p.m. Central time Monday through Friday; 8:00 a.m. until 6:00 p.m. CST on Saturday; and 12 p.m. until 4 p.m. CST on Sunday. Representatives can also be reached via chat on the bank’s website.

Why we picked it

Vio Bank is an entirely online bank and is part of MidFirst Bank, which is the largest privately held bank in the United States. It offers CDs, money market accounts, and savings accounts. In addition to offering a competitive APY, this money market account can be opened and maintained entirely online—so customers don’t need to visit a bank location. It also allows six free withdrawals per month. Another benefit is the lack of monthly maintenance fees. And all deposits are insured by the FDIC up to $250,000.  

Learn more about Vio Bank’s money market account here.

2. Ally Bank: Good for beginning savers who want a competitive APY and no minimum balance requirements

Key figures
Minimum opening deposit$0
Maintenance fees$0

Customer service 

The bank offers customer service 24 hours a day, seven days a week via phone, chat, and email.

Why we picked it

Another entirely online financial institution, Ally Bank is based in Utah and was established in 2009. Its money market account features a high 4.00% APY on all balance tiers, making it a great choice for those just getting started in their saving efforts. You’ll also have plenty of access to money market funds when banking with Ally—customers are permitted to make unlimited ATM withdrawals via a network of more than 43,000 ATMs across the country. And if you can’t find an in-network ATM, the bank reimburses up to $10 per billing cycle for fees charged by other banks. Ally money market accounts also allow for mobile check deposits from your phone. 

Learn more about Ally Bank’s money market account here.

3. Redneck Bank: Good for savers who want a highly competitive APY and have at least $500 to open an account

Key figures
Minimum opening deposit$500
Maintenance fees$0

Customer service

Redneck customer service can be reached Monday through Friday via phone between 8:00 a.m. and 5:00 p.m. CST. 

Why we picked it

Redneck Bank is the internet division of All America Bank, which was founded in 1969 in Oklahoma. Redneck Bank is entirely online; there are no brick-and-mortar locations. Though Redneck Bank’s money market account requires at least $500 to open, its other features may make it worth the tradeoff. The bank’s money market offers a high 4.55% APY, which is among the highest APYs on our list. In addition, you won’t pay any maintenance fees. Some of the other notable benefits with the Redneck money market include a free Visa debit card with the account, online banking access, and six free debits per month. However, there’s a $5 fee for excess debits beyond the six allowed, which may be an issue for some. 

Learn more about Redneck Bank’s money market account here.

4. Prime Alliance Bank: Good for savers who want to make unlimited deposits

Key figures
Minimum opening deposit$0
Maintenance fees$0

Customer service

Customer service includes the ability to communicate with representatives via email, phone, and secure messages through the bank’s website. While the bank’s hours are Monday through Friday 8:30 a.m. until 5:00 p.m. MT, there’s also an after-hours customer service number.

Why we picked it 

Located in Utah, Prime Alliance was founded in 2004 to serve individual customers and businesses. There are many benefits to the Prime Alliance money market account, including no monthly maintenance fees and no minimum balance requirements. This account also allows customers to deposit checks using its mobile app. Account holders can make unlimited deposits with the Prime Alliance money market, though they are limited to just six withdrawals or transfers each month. 

Learn more about Prime Alliance Bank’s money market account here.

5. UFB Direct: Good for savers who want the highest APY on the market

Key figures
Minimum opening deposit$0
Maintenance fees$10

Customer service

Customer service representatives can be reached via a chatbot available through UFB’s online banking platform and 24 hours a day via the customer service line. Secure messages can also be sent directly to bank representatives through the online banking platform. 

Why we picked it

San Diego-based UFB Direct, a branchless bank and division of Axos Bank offers a limited selection of products that currently include a high-yield savings account, money market account, and mortgages. UFB’s money market account scored a top spot on our list for its 4.81% APY. This account does charge a monthly maintenance fee, but customers who maintain a balance of $5,000 or more can waive the monthly maintenance fee. This account also offers a suite of digital banking tools and check-writing privileges. 

Learn more about UFB Direct’s money market account here.

6. TIAA Bank: Good for savers who need easy access to their funds

Key figures
Minimum opening deposit$500
Maintenance fees$0

Customer service 

TIAA representatives are available via email and by telephone, Monday through Friday from 8:00 a.m. to 5:00 p.m. ET. 

Why we picked it

TIAA Bank is a subdivision of the Teachers Insurance and Annuity Association (TIAA), which is headquartered in New York. TIAA has 134 TIAA Offices in the United States, and customers have access to a network of more than 80,000 fee-free ATMs. TIAA’s money market account made our list for its competitive APY and easy access to funds for customers who need checks or debit card privileges. In fact, customers can even make mobile check deposits.

Learn more about TIAA Bank’s money market account here.

7. Sallie Mae Bank: For savers who want to write checks from money market funds

Key figures
Minimum opening deposit$0
Maintenance fees$0

Customer service 

Customer service representatives can be reached via phone or chat. Chat hours are 8:00 a.m. until 8:00 p.m. EST, while phone service hours are 9:00 a.m. until 6:00 p.m. EST.

Why we picked it

In addition to its notably high APY of 4.15%, the Sallie Mae money market account allows account holders to write checks from the account and does not charge any maintenance fees. You’ll also be able to manage the account online and make free transfers. Sallie Mae was founded in 1972 and its headquarters are located in Delaware. Its focus is helping customers save for educational expenses and it offers a variety of products focused on that goal including student loans. Though the bank also offers a variety of other products including credit cards and savings accounts. 

Learn more about Sallie Mae Bank’s money market account here.

8. Zynlo Bank: For savers who hate maintenance fees

Key figures
Minimum opening deposit$10
Maintenance fees$0

Customer service 

Zynlo Bank representatives can be reached 24/7 by calling the customer service line or by writing to the bank via email.

Why we picked it

Zynlo Bank’s money market account made our list for its lack of fees, competitive APY, and zero minimum balance requirements. This account does, however, require a $10 minimum deposit to open. For savers who want on-demand customer service, Zynlo’s 24/7 customer service phone line may be just the ticket. Customers with higher savings balances should be aware that account balances of more than $250,000 will only earn a 0.10% APY. 

Learn more about Zynlo Bank’s money market account here.

9. Quontic Bank: For savers who prefer fully mobile and online banking

Key figures
Minimum opening deposit$100
Maintenance fees$0

Customer service 

Quontic customer service representatives can be reached via phone Monday through Friday from 9:00 a.m. until 6:00 p.m. ET. Customers can also email the bank for support.

Why we picked it

Quontic is a digital bank that began as a community bank based in New York City more than 10 years ago. The 3.75% APY on its money market account is one of the reasons it made our top 10 list. The bank also allows customers to open an account with just $100, which can be a benefit for those just starting their savings efforts. Quontic’s well-developed online and mobile offerings are also an important feature—customers can make remote check deposits, pay bills, and transfer funds all from a phone or computer. 

Learn more about Quontic Bank’s money market account here.

10. ConnectOne Bank: For savers who don’t like paying extra fees for access to their funds

Key figures
Minimum opening deposit$0
Maintenance fees $10

Customer service

ConnectOne Bank representatives are available to assist customers via email, or by calling the customer service line Monday through Friday from 7:00 a.m. to 7:00 p.m. and Saturdays from 8:00 a.m. to 2:00 p.m. ET. 

Why we picked it

ConnectOne bank is a New Jersey-based bank that offers business and personal banking products. Its money market account took the final spot on our list thanks to its low opening deposit and competitive 3.40% APY. What’s more—account holders have access to free ATMs through ConnectOne’s network, free check imaging, and are not responsible for per-check charges. 

Learn more about ConnectOne Bank’s money market account here.

What is a money market account?

A money market account is something of a combination between a checking account and a savings account. These accounts typically offer much higher APYs than checking accounts, but in many cases include some of the same features including check writing, debit card access, and the ability to make withdrawals and deposits via ATM. However, unlike checking accounts, there may be a limit on the number of withdrawals that can be made from your money market account each month, and not all money market accounts come with a debit card. It’s also not unusual for money market accounts to require a steep opening balance in order to secure the most competitive interest rates. Still, these accounts can be a great way to grow money for your financial goals.

When considering a money market account, it’s important to shop around and do your research as the interest, benefits and features vary widely. You’ll want to find the right combination between APY to grow your deposits and access to your funds, as well as customer service and lack of fees.

How to pick a money market account

There are several factors you’ll want to consider when you’re shopping around for a money market account. This includes:

  • Interest rate: Pay close attention to the current rate offered on the accounts you’re considering. A higher APY means that your account will earn more interest across a one-year period. You’ll also want to ask about the compounding frequency. This is how often the interest is accrued and paid out. Accounts that compound daily will give your balance even more opportunities to grow.
  • Account minimums: Many financial institutions require a minimum deposit or balance to create an account and keep it open. While some institutions offer accounts with minimums as low as $10, this is not the case across the board. Some accounts may require minimums in the thousands. What’s more, in some cases, you could be responsible for fees and penalties for allowing your balance to fall below the required minimum balance.
  • Fees: Fees, no matter how big or small, will eat into your balance. Read the fine print to determine if your account charges any monthly maintenance fees, withdrawal fees, or low balance fees.
  • Withdrawal rules: If you anticipate needing to make frequent withdrawals from your MMA, you’ll want to know if there’s a monthly cap. Additionally, you’ll want to know all of your options for accessing your funds, like whether or not your account comes with a debit card and/or check-writing privileges.

3 factors to look for when choosing a money market account

While there may be certain aspects of a MMA that are more important to you, here are a few key features that you’ll want to pay special attention to when narrowing down your list:

  • Easy access to your funds: Many MMAs offer debit cards and checkbooks for customers who want to use the money in their account on a regular basis. If you’re looking for a savings vehicle that you plan to dip into regularly, you may want to opt for an MMA that provides one or both of these options.
  • Low or no fees: Many MMAs are fee-free and those that are not often outline certain conditions that, if met, would waive your monthly maintenance fee. Look for ways to maximize your savings by not having to spend on fees each month.
  • No withdrawal limits: Banks and credit unions are no longer required to limit withdrawals to six per month, but some may still choose to do so. Ask your financial institution if there are any limitations on how often you can withdraw funds and then consider whether that limit aligns with your spending habits.  

Money market accounts vs. savings accounts vs. CDs

Money market accounts and savings accounts have many similarities. Think of a money market as a hybrid between a savings account and a checking account. Like a savings account and a CD, the money in your MMA will earn interest and your balance will grow over time. However, unlike a CD, you can withdraw money from your MMA the same way you would from your checking or savings account, and in most cases, you won’t incur a penalty unless you’ve hit your withdrawal limit for the month.

Similar to a savings account, APYs on money market accounts are not fixed and can fluctuate day to day, whereas CDs offer a fixed rate in exchange for locking up your money for a set amount of time with zero liquidity.

Frequently asked questions about MMAs

What is a money market account? 

A money market account is almost a combination between a checking account and a savings account. These accounts typically offer much higher APYs than checking accounts, but in many cases come with check writing and debit card privileges.

How to choose the best money market account? 

When choosing a money market account, you should consider the account’s APY, maintenance fees, minimum balance requirements, check writing and debit card privileges, and withdrawal limits.

Are money market accounts safe? 

Money market accounts are safe as long as your deposits are made into money market accounts that are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). If your institution is backed by the FDIC or NCUA, your deposits are insured up to $250,000.

What determines the APY on the money market account? 

Money market account APYs are determined by your individual bank or credit union and may fluctuate in response to macroeconomic changes, changes to the federal funds rate, and more.

Are money market accounts taxed? 

Any interest earned on the balance in your money market account is considered taxable income and is reported to the IRS on Form 1099-INT.

Are money market accounts and money market funds the same? 

No. Money market accounts are deposit accounts offered by your bank or credit union that are liquid and federally insured. Money market funds are a type of mutual fund that invest in debt securities and may pay a small amount of interest on a monthly basis. These funds are not federally insured.

Do money market accounts come with debit cards? 

Yes. Most money market accounts offer debit cards, but this is not true of all money market accounts. Be sure to check with your financial institution to verify that your MMA comes with a debit card.

Can you write checks from money market accounts? 

Many money market accounts offer check writing privileges, although some financial institutions may charge an additional fee for ordering checks.

Our methodology 

The Fortune RecommendsTM team has analyzed 40 banks and credit unions across the U.S. to compare and find its top picks available to you. All banks that made the cut are available no matter where you live in the U.S., making them more readily accessible to our readers. 

Here are the key elements we ranked each bank by:

  • APY (50%): APY is the interest you earn on the balance you carry in your account; the higher the APY, the higher it likely will be on our list.
  • Minimum deposit amount (20%): This is the minimum dollar amount the financial institution will require you to keep in your account to earn its APY. Banks that required little or no minimum required deposit scored higher on our list.
  • Maintenance fees (15%): Some banks charge fees to keep the account open, which can be anywhere from $0 to $20 a month.
  • Access to funds (10%): Banks offer various ways to withdraw funds from your account (e.g., checks and debit cards). Financial institutions offering more ways to access funds scored higher on our list.
  • Customer service (5%): Being able to reach your bank in multiple ways (e.g., email, phone, chat support) is very important. We ranked places that offered more options higher than those that offered fewer options.

The rates and fees structure of these accounts are not guaranteed forever and are subject to fluctuation. All the accounts on this list are NCUA- and FDIC-insured.

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EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.