Best Money Market Accounts of 2025
Written by
Caitlyn Moorhead
Edited by
Elizabeth Constantineau
Money market accounts give you the best of both worlds — the chance to earn higher interest than a regular savings account while keeping easy access to your money. Many even come with perks like check-writing and debit card access. GOBankingRates put together this guide to show you the best money market accounts of 2025 and how to choose the right one for your needs.
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TOP 10 WINNERS
Bank/Institution
Ratings
Money Market Account APY
Key Highlights
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GOLD WINNER
Best for Online Banking
Great APYs
Mobile App
Vio Bank Money Market Account
SILVER WINNER
Best for Great APYs
Up to
Low Monthly Fees
Online Banking
FNBO Direct Money Market Account
BRONZE WINNER
Discover® Bank, Member FDIC, Money Market Account
Best for Online Banking
Up to
Money Market Accounts
Checking Accounts
Discover® Bank, Member FDIC, Money Market Account
Best for Mobile Banking
No Overdraft Fees
No Minimum Deposit
BankUnited Money Market Accounts
Best for Multiple Accounts
Up to
Checking Accounts
CD Accounts
First Internet Bank Money Market Account
Best for Great APYs
Low Monthly Fees
CD Accounts
Sallie Mae Bank Money Market Accounts
Best for Mobile Banking
Up to
Low Monthly Fees
Great APYs
Texas Capital Bank Money Market Accounts
Best for No Overdraft Fees
Up to
High-Yield Savings Accounts
Great APYs
EverBank Money Market Accounts
More About the Best Money Market Accounts
GOLD WINNER
Best For
Money Market Accounts
Online Banking
Great APYs
Mobile App
Low Monthly Fees
Start Saving With Just $100
Vio Bank's Cornerstone Money Market account was named as the Best of 2025. Open with $100, enjoy no monthly fees (with e-statements) and earn competitive interest while automating savings.
Fees
$5 monthly fee with paper statements
APY
Min Opening
$100
Pros
- Higher interest rate than most money market accounts
- Minimum deposit of $100
- No monthly feeÂ
Cons
- External transfers to another bank may take longer
- No check writing capabilitiesÂ
- No physical branchesÂ
Why We Like Vio Bank
VIO Bank's Cornerstone Money Market account is the best option on the market. It's affordable since the minimum deposit is $100 and the payoff is APY.
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SILVER WINNER
Best For
Money Market Accounts
Mobile App
Online Banking
Great APYs
Low Monthly Fees
No Minimum Deposit Required
FNBO Direct's Online Money Market Account offers tiered rates and easy 24/7 access to your money.
Fees
$5 for each withdrawal beyond six per month
APY
Up to
Min Opening
$0
Pros
- High APY - up to
- No monthly maintenance fee
- No minimum deposit
Cons
- No physical access
- No ability to conduct in-person transactionsÂ
Why We Like FNBO Direct
FNBO Direct's Online Money Market Account offers a tiered APY ranging from to , depending on the account balance. The account features no monthly service fees or minimum deposit requirement, making it accessible for various savers.
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Best For
Online Banks
CD Accounts
Money Market Accounts
Checking Accounts
Mobile App
Earn Up To APY
Discover Bank's money market account offers competitive interest rates, no monthly fees and free access to checks, bill pay and debit cards, making it a versatile savings tool.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- No monthly service fees or minimum opening deposit requirements
- Free checks, bill pay, replacement debit cards and stop payment orders
Cons
- Must maintain a balance of at least $100,000 to get the highest APY
Why We Like Discover Bank
Discover's money market account has the best of both worlds: high-yield interest with the convenience of a checking account, including ATM, check, and debit card access. This makes your money easy to manage-all without monthly fees.
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Best For
Online Banking
CD Accounts
Money Market Accounts
No Fees
Great APYs
Minimum Opening Deposit of $0
Ally Bank's money market account has the benefits of both a checking and savings account since you can earn interest and receive free standard checks.
Fees
$0
APY
Min Opening
$0
Pros
- Debit card availability
- No monthly fee
- No maintenance fee
- Competitive interest rateÂ
- Free checks
Cons
- No physical branches
- No ability to deposit cash
- Some limits may apply on certain transactions
Why We Like Ally Bank
Ally Bank's money market account offers competitive interest rates with no monthly maintenance fees or minimum balance requirements. It provides flexibility with check-writing, debit card access, and FDIC insurance for security. However, it lacks physical branches, does not accept cash deposits and some online banks may offer slightly higher rates. This account is ideal for those who prefer online banking with accessible funds and solid returns.
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Best For
Money Market Accounts
Mobile App
No Overdraft Fees
Low Monthly Fees
No Minimum Deposit
APY With Unlimited Access
BankUnited's money market account offers a standout APY, unlimited transactions and ATM access, though the $2,500 minimum deposit and monthly fee may not fit all budgets.
Fees
$15, waivable
APY
Min Opening
$2,500
Pros
- Competitive APYÂ
- FDIC insured
- Unlimited transactions
Cons
- High minimum deposit
- Monthly maintenance fee is high if you cannot waive it
- APY is variable
Why We Like BankUnited
BankUnited offers a money market account with a competitive APY, access to ATMs and unlimited transactions.
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Best For
Checking Accounts
CD Accounts
Money Market Accounts
Mobile App
Online Banking
ATM Fee Reimbursement
First Internet Bank's Money Market Savings account offers a competitive APY for balances under $1 million, with up to $10 monthly ATM fee reimbursements.
Fees
$5
APY
Up to
Min Opening
$100
Pros
- ATM fee reimbursement is available for some transactions
- Competitive APY
- Low minimum opening deposit requirement
Cons
- High balance requirement to earn the highest yield
- Must maintain the balance requirement of $4,000 to waive the monthly service fee
Why We Like First Internet Bank
First Internet Bank's Money Market Savings account earns more for your money with a APY which is six times the national average.
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Best For
Money Market Accounts
CD Accounts
Online Banking
Low Monthly Fees
Min. Balance to Earn APY $0
Sallie Mae Bank's money market option is a solid option with a high APY and check-writing capabilities.
Fees
No monthly service fee
APY
Min Opening
$0
Pros
- Competitive APY rate
- Check writing privileges
- No minimum balance requirements
Cons
- No comprehensive financial product lineup
- Limited physical branchesÂ
- No ability to deposit cashÂ
Why We Like Sallie Mae Bank
The lack of a minimum balance requirement will be an incentive for anyone who wants to start saving money with Sallie Mae Bank's money market account.
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Best For
Money Market Accounts
Mobile App
Great APYs
Low Monthly Fees
No Minimum Deposit
No Fees, Competitive APYs
Texas Capital Bank's money market account offers competitive APYs, no monthly fees and tiered interest rates that reward higher balances, making it a strong choice for savers.
Fees
No monthly service fee
APY
Up to
Min Opening
$500
Pros
- Competitive APYs
- No monthly service charge
- Tiered interest rate
- One of GOBankingRates 2025 Money Market winners
Cons
- Higher balances are needed to access higher interest rates
- Limited physical branches
- The account requires at least $500 to earn interest
Why We Like Texas Capital Bank
Texas Capital Bank's money market account has competitive APYs and allows individuals to access funds. The absence of monthly fees is why GOBankingRates voted it one of the Best Money Market Accounts for 2025.
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Best For
Money Market Accounts
High-Yield Savings Accounts
Great APY
Low Monthly Fees
No Overdraft Fees
Grow Your Money Faster with a Money Market Account
EverBank Performance Money Market Accounts provide customers with some of the highest interest rates around, boast a healthy APY on high balances, and don't charge monthly maintenance fees.
Fees
No monthly maintenance fees
APY
Up to
Min Opening
$0
Pros
- Competitive APYs
- Check writing and debit card access
- No minimum opening deposit
- No monthly maintenance fees
Cons
- Limited physical branches
- Lower APY for smaller balances
Why We Like EverBank
EverBank's Performance Money Market Account offers competitive interest rates, especially for balances of $10,000 and above, with an APY of . The account provides convenient access to funds through check-writing capabilities and a debit card, and it does not charge monthly maintenance fees.
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Best For
CD Accounts
Money Market Accounts
Online Banking
Great APYs
Low Monthly Fees
Flexible Savings With ATM Access
Synchrony Bank's Money Market Account offers a competitive APY, no fees and no minimum balance requirements. With check-writing and ATM access, it combines flexibility and savings.
Fees
$25 per wire transfer; free for Diamond status -- 3 per cycle
APY
Min Opening
$0
Pros
- FDIC insured
- Competitive interest rates
- Flexible access to funds
Cons
- No physical branches
- Variable interest ratesÂ
- Transaction limitsÂ
Why We Like Synchrony Bank
The Synchrony Bank Money Market Account offers a competitive APY of with the ability to write checks and withdraw money. However, Synchrony Bank is online only; if you prefer to do banking in person, this option may not be the best fit.
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Research Methodology
To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (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) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 4, 2025.
Money Market Accounts: What To Know
Whether you’re searching for the top money market accounts or wondering who has the best money market rates, it’s important to research which account best suits your financial goals. Here’s a close look at some of the basics behind money market accounts.
What Is a Money Market Account?
A money market account is a type of account that combines the features of checking and savings accounts into one place. Many top money market accounts are FDIC-insured and pay higher yields than traditional savings accounts. Some offer 4% APY or more, compared to about 0.05% for a regular savings account. These accounts may have minimum deposit requirements and often allow you to write checks, though withdrawals are typically limited to six per month.
Pros and Cons of Money Market Accounts
Money market accounts come with benefits and drawbacks, depending on your goals.
Pros
- Flexibility, including debit card access and check-writing options
- Competitive rates
- FDIC-insured
- Easy to access money
Cons
- Varying minimum balance requirements across institutions, with penalty fees if you fall below them
- Possible monthly fees
- Withdrawal restrictions — federal rules typically limit you to six transfers or withdrawals per month
Best for: Savers who want high interest rates but still want easy access to their funds for occasional spending or emergencies.
How Money Market Accounts Work
To choose the right money market account, look for one that offers high yields, low minimum balance requirements, zero fees and easy access through checks or debit cards.
Many accounts require an opening deposit between $500 and $5,000, so check whether the balance fits your budget. Some money market accounts also offer tiered interest rates, meaning the more you keep in your account, the higher your rate may be.
Why You Should Open a Money Market Account
Deciding if you should open a money market account will depend on your goals. It’s a good fit for people who want:
- Higher interest than a checking account
- Flexibility to write checks or use debit card access
- Liquidity without locking up funds for a set term
Money Market Account Terms To Know
Here are some key terms to understand before opening an account:
- Annual percentage yield (APY): The interest rate you’ll earn on your balance.
- Minimum deposit: The amount required to open the account, often $500 to $5,000.
- Withdrawal limits: Most accounts allow up to six withdrawals per month before fees apply.
- Monthly fees: Charges for account maintenance, often waived if balance requirements are met.
- Balance requirements: The minimum you must keep in the account to avoid fees or earn the best APY.
Alternatives To Money Market Accounts
If you’re considering other options, here’s how money market accounts compare to similar products.
| Account | Access To Funds | Interest Rates | Best For |
|---|---|---|---|
| Money market accounts | Limited withdrawals, debit cards and checks | Moderate to high | Earning interest with some flexibility |
| Savings account | Limited withdrawals | Low to moderate | Basic savings needs |
| Money market fund | Easy access through brokerages | Varies with market | Potentially higher returns |
| Checking account | Unlimited withdrawals and payments | Very low | Everyday transactions |
Money Market Account vs. Savings Account
Compared to a savings account, a money market account is a bit more accessible. Your specific financial institution may have rules about the frequency in which you can make withdrawals or transfers, however.
Money Market Account vs. Money Market Fund
A money market account is a deposit account. Money market funds, however, are investment products and are not considered to be as safe as a deposit account.
Money Market Account vs. Checking Account
A checking account is used for everyday purposes like paying bills or withdrawing cash. They have low interest rates and are not considered efficient accounts to keep large balances in the long term. In comparison, you can grow your money in a money market account with better interest rates.
How To Choose the Right Money Market Account
Here are a few key factors to think about when shopping around for the right account for you:
- Compare the APY to other high-yield savings options and check whether the highest rates apply only above certain balance levels.
- Make sure your money market account has any desired check-writing options and ATM access.Â
- Factor in the cost of the monthly fees and if the minimum deposit requirement is in your budget.
- Protect your money by choosing a bank or credit union that is FDIC or NCUA insured.Â
How Can You Open a Money Market Account?
The requirements for opening a money market account are pretty straightforward. You’ll need:Â
- A government-issued ID, such as a driver’s license, state-issued ID or passport
- Your legal name and birth date
- A Social Security number or taxpayer number
- Personal details, including name, address and contact information
- An initial minimum deposit, which you can usually fund by linking another bank account, using a debit card or submitting a money order. Funding can take up to three business days.
- A completed application, submitted online, over the phone or in person at a branch.
FAQ
Money market accounts may not be as well-known as checking or savings accounts, so it's natural to have questions. Here are answers to some of the most common ones:- How does a money market account work?
- A money market account functions like a savings account but often comes with higher interest rates and some checking account features, such as the ability to write checks. However, these accounts typically have higher minimum deposit requirements and may include monthly fees.
- Are money market accounts FDIC-insured?
- Yes, many of the top money market accounts at FDIC-insured banks are protected up to the standard insurance limit. For credit unions, these accounts are usually insured by the NCUA.
- Can you lose money in a money market account?
- You can't lose your deposit due to market risk if the account is FDIC-insured. However, fees like maintenance charges or penalties for falling below the minimum balance could reduce your overall balance if you're not careful.
- Can you write checks from a money market account?
- Yes, most money market accounts allow check-writing privileges, similar to checking accounts.
- Do money market accounts have ATM access?
- Yes, many money market accounts have ATM access, with some even providing an ATM or debit card.
- What is the typical minimum balance for a money market account?
- Minimum balance requirements will vary by financial institution, but are often around $2,500. If your balance dips below the required balance, you could owe a monthly maintenance fee.
- Do money market accounts have debit cards?
- Yes, many institutions offer debit cards linked to money market accounts, making it easier to access your funds.
- Are money market account rates fixed?
- No, money market account rates are variable and can change over time based on market conditions.
More Resources for Banking
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All information about Discover® Cashback Debit & Discover® Money Market Account has been collected independently by GOBankingRates. Discover® Cashback Debit & Discover® Money Market is no longer available through GOBankingRates.
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Heather Taylor, Daria Uhlig, Dawn Allcot, John Csiszar and Gabrielle Olya contributed to the reporting for this article.
