If you're looking to get a better interest rate on your savings, you need to consider opening a money market account.
Money market accounts operate extremely similar to savings accounts, and they are available at most banks. However, you're typically going to find the best money market accounts at online banks.
A money market account can be a great place to park your savings, your emergency fund, your down payment for your house, or any other large sum of cash.
We break down our favorite money market accounts, as well as provide a list of the best money market accounts everyday in our table that updates daily. Given that interest rates change daily, make sure you check the table to get the best rates.
Our top pick: HSBC Online Savings. HSBC Online Savings currently has one of the best rates at 2.30% APY with no minimum balance requirements. But that's not the best part - combine it with a Premier checking account, and you can a $750 welcome bonus! Open an HSBC Online Savings Account here >>
Our Top 10 Best Money Market Account Picks This Year
We evaluate money market accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, and the terms and conditions of having the account.
Based on that, here are our recommendations of the best money market accounts.
1. SoFi Money
SoFi Money is a new account that's been making headlines this year. This is a cash management account that pays up to 2.25% Annual Percentage Yield (APY) and is about as fee free as they come. While not a true money market account, it acts like one and pays a top rate, so we wanted to include it here at the top.
You don’t pay monthly fees, overdraft fees, or ATM fees (including ATMs abroad).
Right now you can earn 2.25% APY. Rate is current as of June 19, 2019.
Check out our full SoFi Money review here.
2. Marcus
Marcus is another online bank that has been gaining real traction. Marcus is the online bank run by Goldman Sachs, and they offer extremely competitive yields on their banking products.
They have no minimum deposit and no transaction fees, which is great considering that they are usually always one of the top yielding accounts available.
Right now you can earn 2.25% APY. Rate is current as of June 19, 2019.
Check out our full Marcus by Goldman Sachs review here.
3. BBVA
The BBVA Money Market Account is another of our favorites because they also consistently have a top rate, low minimum to get started, and a great mobile banking platform.
BBVA also allows you to earn the full annual percentage yield (APY) on your entire balance, no matter how much is in your account. MMA account is only available in states where BBVA has a footprint: TX, CA, CO, AZ, NM, AL, FL only.
You must maintain a minimum balance of $10,000 and be in one of their states to earn the APY. Plus, if you open an account with at least $10,000 by July 31, 2019, and maintain that balance through October 31, 2019 - you can earn a $100 bonus!
You can currently get 2.00% APY as of June 19, 2019.
Get up to a $100 bonus when you open an account!
4. Aspiration
Aspiration offers the Spend and Save Account. This is a cash management account that pays up to 2.00% Annual Percentage Yield (APY), allows you to choose your own monthly fee, and gives you cash back rewards on your purchases.
They are very mobile friendly, with ATM reimbursements on every ATM in the world.
You can currently get 2.00% APY as of June 13, 2019.
Read our full Aspiration Spend and Save review here.
5. Ally Bank
Ally Bank is a well known online bank that is known for great customer service and easy access (even though it's online).
Their money market account doesn't offer the highest yields, but if you want to keep all your banking under one roof, it can be a great alternative to a regular savings account.
You can currently get 1.00% APY as of June 19, 2019 with a balance over $10,000. If you have less, it's just 0.90% APY.
Ally also doesn't nickel and dime its customers - there are no minimum deposit requirements and no monthly fees associated with the account.
6. Synchrony Bank
Synchrony is one of the most advertised banks online, but one of the most unknown in general.
Formerly GE Capital, Synchrony is the world leader in private label credit cards (think Walmart, etc.). Synchrony Bank offers a money market account that's highly competitive.
You can currently get 1.20% APY as of June 19, 2019.
It doesn't typically have the highest interest rates, but it does have a $0 minimum account, which can be great for low balances.
7. Barclays Bank
Barclays Bank has a fairly standard online savings account that's highly comparable to other money market accounts on this list.
Unlike others on this list, there is no minimum balance required to open an account with Barclays.
They are about as traditional a bank as you get. Plus, they also don't charge any monthly fees as well.
You can currently get 2.20% APY as of June 19, 2019
Read our full Barclays Bank review here.
8. Discover Bank
Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards.
While discover does have many of the same products as the others, they do have one of the highest minimums of the others.
They do often pay a higher interest rate on balances over $100,000 as well - so they operate much like a traditional money market account.
You can currently get 2.00% APY as of June 19, 2019 on balances over $100,000, and 1.95% APY for balances under $100,000.
Read our full Discover Bank review here.
9. Capital One 360
Capital One 360 Money Market Account is another online bank that has been around for a long time. This one is more recognizable for being a bank, but they are still very well known for their credit cards.
They have a good yield on their account, and they also are offering bonuses for opening a new account. With no monthly fees, this is a solid choice.
You can currently get 2.00% APY as of June 19, 2019 on balances of $10,000 or more. If you have less than $10,000, you can earn 0.85% APY.
Read our full Capital One review here.
10. CIT Bank
The CIT Bank Money Market Account is one of our top money market picks because they consistently have one of the highest interest rates offered to consumers.
Also, their platform in incredibly easy to use, with the ability to sign up and get started in minutes.
You can currently get 2.40% APY as of June 19, 2019 if you meet the requirements (whether balance or deposits).
There are no gimmicks with CIT Bank - you earn interest on your entire balance, and you have a low minimum to get started. Read our full CIT Bank review here.
Best Money Market Accounts | Daily Updated List
The Difference Between A Savings Account And A Money Market Account
It's important to note that there is very little difference between a savings account and a money market account.
Both accounts are FDIC insured, both have limits on how many checks and transfers you can do, and both are offered by banks, credit unions, and investment firms.
The big difference is that a money market account typically pays a little bit higher interest, but it also typically requires a slightly higher minimum balance.
That's not always the case, though.
You can check out our list of the best high yield savings accounts here.
For example, one of our favorite picks, CIT Bank does only have a $100 minimum, which isn't much.
Money Market Accounts vs. Certificates of Deposit (CDs)
Money markets also have the advantage over certificates of deposit because they are liquid - you can get a higher interest rate on your money but you don't have to worry about tying your money up for a long period of time.
While there are some CDs that earn higher rates than you'll find in a money market account, those CDs typically have 5-10 year time frames.
Depending on where you open a money market account, it may not be FDIC insured. CDs are typically always FDIC insured. Learn more what it means to be FDIC insured here.
And if you sell before your expiration date, you typically face large penalties.
You can get a glimpse of the best CD rates here, but if you need liquid savings, you're better off going with a savings account or money market account.
Final Thoughts
A money market account can be a great way to save your money.
You typically earn higher interest rates, but there are some restrictions above and beyond what you usually find for savings accounts.
Just like any account, make sure you're opening the best money market account for your needs so you can reap the rewards.
