11 Best Money Market Accounts for June 2023
Money market accounts typically have interest rates that are on par with high-yield savings accounts, but also come with check-writing access. These accounts often have fees for not maintaining a high minimum balance, but not all do, so if you shop around, you can benefit from the capabilities and perks of a money market account without worrying about minimum balance requirements.
Read: How to Guard Your Wealth From a Potential Banking Crisis With Gold
Best Money Market Accounts for June 2023
GOBankingRates is making it easier to compare accounts by singling out the institutions with the best money market accounts. Here are 10 top picks, including some of the highest-paying money market accounts:
- First Internet Bank: 3.76%–5.46% APY
- iGObanking: APY
- VirtualBank: APY
- Sallie Mae: 4.75% APY
- EverBank: – APY
- Ally Bank: 4.40% APY
- Quontic Bank: 5.00% APY
- Discover Bank: 4.20%–4.25% APY
- Texas Capital Bank: – APY
- Synchrony Bank: 2.25% APY
- CIT Bank: 1.55% APY
How To Choose a Money Market Account
When picking a money market account, you should look for a combination of high yields, low minimum balance requirements, zero fees and debit card/check-writing access. Since most accounts don’t rank at the top in every single category, you’ll have to shop around for an account that best matches your own personal financial needs.
For example, if you plan on using your money market account mainly as a parking place for your funds, you may not need an account that offers debit card or check-writing access. However, if you want to use the account as a higher-yielding alternative to a checking account, access might be your paramount concern.
How the Best Money Market Accounts Were Chosen
GOBankingRates chose the best money market accounts in this roundup based on the following criteria:
- Total assets
- Number of branch locations
- Minimum deposit to open an account
- Money market APY
- Minimum balance needed in account to earn APY
- Monthly fees
- Minimum balance needed to avoid the fee
- Average mobile app rating
Ally Bank: Money Market Account
Why it stands out: The Ally Bank Money Market Account has a $0 minimum deposit, no monthly fees, and the same competitive rate at all balance tiers.
Pros:
- No minimum deposit
- Minimum balance to earn APY is only $0.01
- No monthly fee
- Up to $10 per statement period for out-of-network ATM fee reimbursement
- 4.40% APY
Cons:
- Online only
What to look for: This free account has no minimum deposit. You earn an APY of 4.40% on your entire balance.
READ OUR FULL REVIEW
First Internet Bank: Money Market Savings Account
Why it stands out: The First Internet Bank Money Market Savings account is a good choice for those who maintain high balances in their money market account. It offers one of the highest rates available from any account on this list, and the bank will waive the fee when you meet balance requirements.
Pros:
- Up to $10 per month in ATM surcharge rebates
- Entire balance earns interest
- 3.76%-5.46%
Cons:
- Online only
- Must have balance of $4,000 to avoid monthly fee
- $100 minimum opening deposit
What to look for: This account requires a minimum deposit of $100 to open, and you must maintain a balance of $4,000 to avoid the $5 monthly fee. However, the account offers a solid APY of 3.76%-5.46% and reimburses up to $10 in ATM surcharges each month.
READ OUR FULL REVIEW
Texas Capital Bank: Money Market Account
Why it stands out: The Texas Capital Bank Money Market Account is a free account with a competitive rate — but you'll need $100 to open the account, and you'll need to meet the minimum balance to earn interest.
Pros:
- No monthly fee
- 3.25%- 4.08% APY
Cons:
- $100 minimum deposit to open
- $500 minimum balance to earn interest
What to look for: While there's no monthly fee and the 3.25%-4.08% APY is competitive, you'll only earn interest on balances of $500 and up.
READ OUR FULL REVIEWEverBank: Yield Pledge Money Market
Why it stands out: The EverBank Yield Pledge Money Market account offers guaranteed high yields with no monthly fees.
Pros:
- Entire balance earns interest
- No monthly fee
- 3.75%-4.75% APY
- Highly rated mobile app
Cons:
- Online only
- No minimum deposit
What to look for: This account requires no minimum deposit, no monthly fees, and the rate is decent at 3.75%-4.75% APY. The mobile app is highly rated.
READ OUR FULL REVIEW
Sallie Mae: Money Market Account
Why it stands out: The Sallie Mae Money Market Account comes with check-writing privileges and a great rate on your entire account balance.
Pros:
- No minimum deposit
- Minimum balance to earn APY is only $0.01
- No monthly fee
- 4.75% APY
Cons:
- Online only
What to look for: This account has no minimum deposit and no monthly fees. The entire account balance earns an APY of 4.75%.
READ OUR FULL REVIEW
Synchrony Bank: Money Market Account
Why it stands out: The Synchrony Bank Money Market account earns higher interest than a typical savings account and lets you write checks against your balance.
Pros:
- No minimum deposit
- Minimum balance to earn APY is only $0.01
- No monthly fee
- Highly rated mobile app
Cons:
- Online only
What to look for: The account has no minimum deposit and no monthly fee, and you'll earn 2.25% APY on your entire balance. Plus, the mobile app is highly rated.
READ OUR FULL REVIEW
Discover Bank: Money Market Account
Why it stands out: The Discover Bank Money Market Account has a competitive rate, especially on high balances, plus free standard and bank checks and no insufficient funds fee. Discover has 60,000 fee-free ATMs.
Pros:
- Entire balance earns interest
- No monthly fee
- 60,000 fee-free ATMs
Cons:
- High minimum deposit of $2,500
- Online only
What to look for: This account has no monthly fees and no minimum balance requirement. The APY is competitive at 4.20% APY — 4.25% APY if your balance is $100,000 or more. However, it does require a minimum opening deposit of $2,500.
READ OUR FULL REVIEW
Quontic Bank: Money Market Account
Why it stands out: The Quontic Bank Money Market account is a free high-yield account with competitive rates and an excellent APY.
Pros:
- Entire balance earns interest
- No monthly fee
- 5.00% APY
Cons:
- Online only
- $100 minimum deposit required
What to look for: This account has a $100 minimum opening deposit but no monthly fees. The APY on all balance tiers is 5.00%.
READ OUR FULL REVIEW
iGObanking: iGOindexmoneymarket
Why it stands out: The iGObanking iGOindexmoneymarket account has one of the highest rates on this list and allows for automatic transfers from your checking account to help your savings grow.
Pros:
- No monthly fee
- 4.78% APY
Cons:
- Online only
- Minimum deposit of $25,000
What to look for: While this account has no monthly fees and a highly competitive 4.78% APY, there's a minimum deposit of $25,000 to open the account and earn interest.
READ OUR FULL REVIEW
VirtualBank: eMoney Market
Why it stands out: The VirtualBank eMoney Market account has a 5.00% APY on all balance tiers.
Pros:
- 5.00% APY
- Customer service available by phone
Cons:
- Online Only
What to look for: The current published APY is 5.00%.
READ OUR FULL REVIEW
CIT Bank: Money Market Account
Why it stands out: The CIT Bank Money Market Account has no monthly fees. Plus, you'll earn interest on the entire balance.
Pros:
- No monthly fee
- 1.55% APY
Cons:
- Online only
- $100 minimum deposit to open
What to look for: You'll need a minimum deposit of $100 to open this account. It has no monthly fees and an APY of 1.55% on the entire balance.
READ OUR FULL REVIEWFAQ on Money Market Accounts
Money market accounts aren't generally as well known as their deposit account cousins — checking and savings accounts. Here's a look at some of the most commonly asked questions regarding money market accounts.- What is a money market account?
- A money market account is a type of hybrid deposit account, combining elements of a savings account, a checking account and a CD. Money market accounts carry FDIC insurance and usually pay higher yields than checking accounts, yet many still offer ATM and/or check-writing access.
- Why should I care about high money market rates?
- You should care about high money market rates because it's always great to have additional options for parking your money. If you don't write very many checks, for example, a money market account might be a viable alternative to a traditional checking account, with the added benefit of a high yield.
- Which bank gives 7% interest on a savings account?
- GOBankingRates has not identified a bank with rates that high.
- Where can I get 5% interest on my money?
- Varo currently offers up to 5.00% APY on savings account balances of up to $5,000 for customers who meet minimum balance and direct deposit requirements.
- Are money market accounts safe?
- Yes, true money market deposit accounts carry the same FDIC insurance as CDs and savings accounts. You're covered up to $250,000 per account. Note that money market mutual funds are a different product and are not covered by FDIC insurance.
- Can you lose money in a money market account?
- Money market accounts are FDIC-insured, so you don't have to worry about losing money in one. Money market mutual funds, on the other hand, are not FDIC-insured, so you potentially can lose money in those investments.
- What are the disadvantages of money market accounts?
- Money market accounts are a type of hybrid investment, sharing characteristics of both checking accounts and savings accounts. However, you won't have as much access to your money as you would with a checking account, which allows for unlimited withdrawals.
- How can I open a money market account?
- You can open a money market account at most financial institutions either online or in a branch. You'll generally need personal and financial information, such as your name, address, date of birth, Social Security number and bank account number.
- Which bank is best for a money market account?
- Which bank is best for you depends on the characteristics that are most important to you. In addition to money market interest rates, consider other accounts the bank offers, availability of branch locations and ATM accessibility, for example. All of the banks in this roundup are worth considering.
Daria Uhlig, Dawn Allcot and John Csiszar contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 28, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
