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Home » Banking » MMA » 10 Best Money Market Accounts Of January 2023

10 Best Money Market Accounts Of January 2023

Updated: January 25, 2023 By Robert Farrington

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Best Money Market Accounts Of 2023

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.

Promo: Discover Bank. Right now, you can get a bonus of up to $200 when you apply for your first Discover Online Savings Account, online or by phone using the code TCI323. Please see advertiser site for full details. Open An Account Here >>

Best Money Market Accounts
1. UFB Direct - 4.21% APY
2. Wealthfront - 3.80% APY
3. Quontic Bank - 3.50% APY
4. Barclays Bank - 3.40% APY
5. TIAA Bank - 3.35% APY
6. Marcus by Goldman Sachs - 3.30% APY
7. Capital One - 3.30% APY
8. Discover Bank - 3.25% APY
9. FNBO Direct - 3.00% APY
10. CIT Bank - 1.55% APY

Our Top 10 Money Market Account Picks

We evaluate money market accounts (MMA) 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.

Note: The savings offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all savings companies or all savings offers available in the marketplace.

1. UFB Direct - 4.21% APY

UFB Direct is another top-notch online bank that has historically been known for some of the top rates on savings and money market accounts.

They pay a solid rate and don't have a super-high balance requirement - just $5,000 to open the account. After that, there are no minimum balance requirements.

Right now, you can earn 4.21% APY, but it is tiered. If you don't meet the balance requirements, your rate could be lower. However, right now, all of the tiers are the same payout.

Balance Tiers

APY

$0 - $9,999

4.21%

$10,000 - $24,999.99

4.21%

$25,000 - $49,999.99

4.21%

$50,000 - $99,999.99

4.21%

$100,000+

4.21%

Read our full UFB Direct Bank Review.

Open an account here >>

Best Money Market Accounts: UFB Direct Bank
OPEN AN ACCOUNT

2. Wealthfront - 3.80% APY

Wealthfront is known for their robo-advisor, but they also offer an amazing cash management account that pays a top yield on the total balance!

This account allows you to earn the top rate on your total balance, is FDIC-insured up to $1,000,000 through it's partner banks, has no account fees, and no overdraft fees.

Right now you can earn up to 3.80% APY. 

Read our full Wealthfront review here.

Open an account here >>

best money market account: wealthfront cash
OPEN AN ACCOUNT

3. Quontic Bank - 3.50% APY

Quontic is a newer digital bank that is offering great rates on savings with low minimums and no fees.

They do have a $100 minimum to open but they don't charge any monthly service fees, offer an app and mobile banking, and mobile check deposit.

They typically have a tiered rate, but they are currently offering the full APY for all balance tiers.

  • $0 to $4,999.99 - 3.50% APY
  • $5,000 to $149,999.99 - 3.50% APY
  • $150,000 or more - 3.50% APY

Read our full Quontic Bank review here.

Open an account here >>

best money market account: quontic bank
OPEN AN ACCOUNT

4. Barclays Bank - 3.40% APY

Barclays Bank has a fairly standard online savings account that's highly comparable to other high yield online savings 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.

Right now you can earn 3.40% APY. 

Read our full Barclay's Bank review here.

Open an account here >>

best money market: barclays bank
OPEN AN ACCOUNT

5. TIAA Bank - 3.35% APY

TIAA Bank offers a solid account paying a great interest rate. They offer a variety of online banking options, and are consistently near the top of the list. They have a "yield pledge" where they consistently pledge to have their rate in the top 5% of all rates out there.

There is a $500 minimum to open an account.

Right now you can earn 3.35% APY. APY Variable and Subject to Change. This is also an introductory rate that is only guaranteed for one year.

Read our full TIAA Bank review here.

best money market rates: TIAA Bank
OPEN AN ACCOUNT

6. Marcus by Goldman Sachs - 3.30% APY

Marcus by Goldman Sachs is a great choice for people looking for a top notch high yield savings account. With consistently high interest rates, no fees, and no minimums, we love Marcus by Goldman Sachs.

They do have generous transfer limits to get money in and out of the account, but they don't offer mobile check deposit, which could make it difficult if you have an "old fashioned" check to deposit.

Right now you can earn 3.30% APY.

Otherwise, check out Marcus to earn top rates. Read out full Marcus by Goldman Sachs review here.

7. Capital One - 3.30% APY

Capital One is credit card company that has also become known for having top notch banking products. This includes having an extremely competitive online savings account.

Plus, if you already use Capital One 360 for other products, it could be an easy fit.

Right now you can earn 3.30% APY. 

They only have $0 minimum to open, and no monthly account maintenance fees.

Read our full Capital One 360 Bank Review here.

8. Discover Bank - 3.25% APY

Discover Bank has been around for a long time online, but not many people realize they have a bank beyond their credit cards.

They do pay a higher interest rate on balances over $100,000 - so they operate much like a traditional money market account. And best of all, they are fee free!

Right now, you can earn 3.25% APY on balances over $100,000 and 3.20% APY for balances under $100,000.

Read our full Discover Bank review here.

best money market rates: discover bank
OPEN AN ACCOUNT

9. FNBO Direct - 3.00% APY

FNBO Direct is the online banking branch of First National Bank of Omaha. If you've never heard of them, you've definitely seen them populate the lists of online savings accounts.

They consistently offer top rates, and only have a $1 minimum to open an account. 

Right now you can earn 3.00% APY. 

Read our full FNBO Direct review here.

best money market accounts: FNBO DIrect
OPEN AN ACCOUNT

10. CIT Bank - 1.55% APY

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 1.55% APY 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.

Open an account here >>

best money market accounts: CIT Bank
OPEN AN ACCOUNT

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.

How Important Is Your Money Market Rate?

They key to earning income with your money market account is to get the best rate possible. Too many people don't shop around for the best rates on money market accounts - costing them money.

For example, the Federal Reserve reports that the average money market account rate is currently just 0.44% APY. 

If you were depositing $10,000, that would only earn you $29 per year.

However, the best money market rates we have on our list above are earning 4.00% APY. That means, on that same $10,000 deposit, you'd earn $400 per year! That's a $371 per year difference!

Money Market Accounts (MMA) 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.

Common Money Market Questions

Here's our FAQ on money markets based on some of the common questions we get.

What's the difference between a money market and savings account?

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.

What's the difference between a money market and a CD?

A CD is a banking product that has a structured term, and you must keep your money in that CD for the term in order to get your interest payment. With a money market account, you can deposit and withdrawal your money at any time.

Are money market accounts FDIC insured?

Yes! Money market accounts are FDIC insured.

Are money market accounts offered only at banks?

Money market accounts are offered at banks, credit unions, and even some brokerage firms.

Do money market accounts charge fees?

Some may charge monthly maintenance fees, especially if you don't keep the minimum balance required. Always make sure that you're looking out for fees!

Can you lose your money in a money market account?

No, you cannot lose money in a money market account as long as you're under the FDIC insurance deposit limits.

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.

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best money market account. We do this by providing unbiased reviews of the top banks and money market accounts for our readers, and then we aggregate those choices into this list.

We have picked money market accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best money market accounts in the marketplace for consumers.

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

10 Best Money Market Accounts Of January 2023

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.

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