The 20 Best Money Market Accounts of 2022
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.
Fortunately, GOBankingRates is making it easier to compare accounts by singling out the institutions with the Best Money Market Accounts of 2022. These accounts were chosen 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
These are the Best Money Market Accounts of 2022.
Our Best Money Market Account
Ally Bank's 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. Its APY is tied for the best in the category.
Pros:
- No minimum deposit
- Minimum balance to earn APY is only $0.01
- No monthly fee
- 3.30% APY
Cons:
- Online only
What to look for: This free account has no minimum deposit. You earn an APY of 3.30% on your entire balance.
READ OUR FULL REVIEWMore of the Best Money Market Accounts 2022
CIT Bank: Money Market Account
Why it stands out: The CIT Bank Money Market Account has no monthly fees and an APY that's 11 times the national average. Plus, the minimum balance to earn that APY is only $0.01.
Pros:
- Minimum balance to earn APY is only $0.01
- 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 REVIEW
First Internet Bank: Money Market Account
Why it stands out: The First Internet Bank Money Market 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
- Minimum balance to earn APY is only $0.01
- 3.35% APY
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 3.35% APY and reimburses up to $10 in ATM surcharges each month.
READ OUR FULL REVIEW
BankDirect: Money Market Account
Why it stands out: The BankDirect Money Market Account is a free account with a competitive rate — but you'll need a high balance to earn interest.
Pros:
- No monthly fee
- 0.50% APY
Cons:
- $500 minimum deposit to open
- No interest earned on first $9,999.99 of collected balance
What to look for: BankDirect has a $500 minimum opening deposit, which is high compared to other accounts on the list. While there's no monthly fee and the 0.50% APY is very competitive, you'll only earn interest on balances of $10,000 and up.
READ OUR FULL REVIEW
TIAA Bank: Yield Pledge Money Market
Why it stands out: The TIAA Bank Yield Pledge Money Market account offers guaranteed high yields with no monthly fees.
Pros:
- Minimum balance to earn APY is only $0.01
- No monthly fee
- 2.35% APY
- Highly rated mobile app
Cons:
- Online only
- $500 minimum deposit
What to look for: This account requires a minimum deposit of $500, but there are no monthly fees, and the rate is decent at 2.35% APY. The mobile app is highly rated.
READ OUR FULL REVIEW
Sallie Mae Bank: Money Market Account
Why it stands out: The Sallie Mae Bank 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
- 3.40% 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 3.40%.
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
- Lower APY compared to accounts from other banks
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:
- Minimum balance to earn APY is only $0.01
- 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 3.20% APY — 3.25% APY if your balance is $100,000 or more. However, it does require a minimum opening deposit of $2,500.
READ OUR FULL REVIEW
Truist Bank: Money Market Account
Why it stands out: The Truist Bank Money Market Account is geared to those who maintain a balance of at least $1,000 and like the convenience of physical bank locations.
Pros:
- Minimum balance to earn APY is only $0.01
- Physical bank locations
- Check-writing privileges
Cons:
- $12 monthly fee
- $100 minimum deposit to open
- Low APY
What to look for: You'll need a minimum deposit of $100 for this account. There's a monthly fee of $12 unless you maintain a minimum balance of at least $1,000. There's a minimum balance of just $0.01 to earn interest, but the rate ties for lowest on this list at 0.01% APY for all balances.
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 for the highest balance tier.
Pros:
- Minimum balance to earn interest is only $0.01
- No monthly fee
- 3.50% 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 3.50%.
READ OUR FULL REVIEW
U.S. Bank: Elite Money Market Account
Why it stands out: The U.S. Bank Elite Money Market Account offers the convenience of physical bank locations plus fee-free access to one of America's largest ATM networks.
Pros:
- Minimum balance to earn APY is only $0.01
- Physical bank locations
- Large ATM network with no transaction fees
Cons:
- $10 monthly fee
- $100 minimum opening deposit
- Low APY
What to look for: You'll need a minimum deposit of $100 to open the account. There's a monthly fee of $10 unless you have a minimum balance of $10,000. The APY varies by location, but trends low for a money market account at around 0.01%.
READ OUR FULL REVIEW
PNC Bank: Premiere Money Market Account
Why it stands out: The PNC Bank Premiere Money Market Account earns a higher relationship rate when you link it to a qualifying PNC checking account and meet transactions requirements. The account comes with a free PNC Banking card.
Pros:
- Minimum balance to earn APY is only $1
- Relationship rates for eligible customers
- Physical bank locations
Cons:
- $12 monthly fee
- Low APY
What to look for: There is no minimum deposit if you open online, but there's a monthly fee of $12 unless you have a minimum balance of $5,000 or link the account to a select PNC checking account. Relationship rates increase the account's APY from a low 0.02% to 0.03% with Performance Checking and 0.04% with Performance Select Checking, but may vary by location.
READ OUR FULL REVIEW
Axos Bank: High Yield Money Market
Why it stands out: The Axos Bank High Yield Money Market account has check-writing privileges and a debit card for 24/7 access to your savings.
Pros:
- Check-writing privileges
- Debit card
- No monthly fee
- 0.25% APY
Cons:
- Online only
- $1,000 minimum deposit
What to look for: This account has a $1,000 minimum deposit, but there are no monthly fees. The rate for all balance tiers is 0.25% APY, which is lower than many on this list but better than the typical savings account.
READ OUR FULL REVIEW
TAB Bank: Money Market Account
Why it stands out: The TAB Bank Money Market Account has a low minimum opening deposit and no monthly fees.
Pros:
- $25 minimum deposit to open
- Minimum balance to earn APY is only $0.01
- No monthly fee
Cons:
- Online only
What to look for: You'll need a minimum deposit of $25, and there are no monthly fees. The APY on all balances is 0.25%.
READ OUR FULL REVIEW
iGObanking.com: iGOmoneymarket
Why it stands out: The iGObanking iGOmoneymarket account has among the highest rates on this list and allows for automatic transfers from your checking account to help your savings grow.
Pros:
- No monthly fee
- 3.90% APY
Cons:
- Online only
- Minimum deposit of $25,000
What to look for: While this account has no monthly fees and a highly competitive 3.90% 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 3.30% APY. Due to a system upgrade, new account openings are currently on hold.
Pros:
- 3.30% APY
- Customer service available by phone
Cons:
- Account enrollments temporarily paused
What to look for: The current published APY is 3.30%.
READ OUR FULL REVIEW
TD Bank: TD Growth Money Market
Why it stands out: The TD Bank TD Growth Money Market bumps up your rate when you deposit at least $50 per month from a linked TD checking account.
Pros:- No minimum deposit
- Minimum balance to earn APY is only $0.01
- Physical bank locations
- Relationship rate bump
- Monthly fee waived for customers age 62 and older
Cons:
- $12 monthly fee
- Low APYs
What to look for: This account has no minimum deposit. However, there is a $12 monthly fee unless you maintain a balance of $2,000. The APY on balances below $2,000 is just 0.01%, and rates max out at 0.03% for balances of $25,000 and up with a relationship rate. Rates may vary by location.
READ OUR FULL REVIEW
Amboy Direct: Money Market Max More
Why it stands out: The Amboy Direct Money Market Max More is available to New Jersey residents only. The APY is competitive on higher balances, but balances below $5,000 don't earn interest.
Pros:
- No monthly fee
- 0.45% APY on balances over $30,000
Cons:
- Online only
- Need $5,000 balance to earn interest
What to look for: There is a minimum deposit of $100 and no monthly fees for this account. Balances over $30,000 earn 0.45% APY, but you won't earn interest until your balance reaches $5,000 — and then only 0.20%.
READ OUR FULL REVIEW
Regions Bank: Money Market Account
Why it stands out: The Regions Bank Money Market is a basic money market account that lets you earn a higher rate with Relationship Rewards.
Pros:
- APY earned on all balances
- Monthly fee can be waived
- Physical locations
- Relationship Rewards available
Cons:
- Monthly fee
- Low APY
What to look for: You'll need a minimum opening deposit of $100, and there's a monthly fee of $12 unless you have a minimum balance of $2,500. The APY is just 0.01% for all balance tiers, but you can increase that when you open a Regions checking account and enroll in Relationship Rewards. The rate may vary by location.
READ OUR FULL REVIEW
Citizens Bank: Personal Money Market
Why it stands out: The Citizens Bank Personal Money Market account has a $0 minimum opening deposit and the convenience of physical locations.
Pros:
- No minimum deposit
- Earn interest on all balance tiers
- Physical locations
Cons:
- Monthly fee
- Low APY
What to look for: This account has no minimum deposit and there's a monthly fee of $10 unless you have a minimum balance of $2,500. The 0.01% APY applies to all balance tiers.
READ OUR FULL REVIEWHow 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.
FAQs About 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.
- 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, and you generally earn as much interest as you would with a straight savings account.
- 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.
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 August 9, 2022.
Methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) money market APY rate; (5) minimum balance needed in account to earn APY; (6) monthly fees associated with the account; (7) minimum balance needed to avoid the fee; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 1.5 times and factor (2) was weighted 2 times and factor (4) was weighted 4 times.
