2019 has made finding the best money market rates far more easy. Banks, especially online banks are competing for your business and savings rates are on the rise.
We like money market accounts because they allow you to save for the future while earning a great rate. But the most desirable feature to money market accounts is their liquidity.
Money market accounts offer easy access when you need your money, without paying penalties for early withdrawal.
The funds may also be more liquid: With checks and a debit card included, you can make transactions straight from your money market account, where savings accounts typically require you to transfer funds to yourself first.
Both accounts, by law, have the same transaction limit, though — six per month.
- CIT Bank – 2.45% APY
- BBVA Compass Bank – 2.35% APY
- State Farm – 2.25% APY
- Sallie Mae – 2.20% APY
- TIAA – 2.15% APY
Best Money Market Rates
1. CIT Bank: 2.45% APY – $100 minimum deposit
CIT Bank offers one of the best money market rates. The are primarily an online-only bank but available to residents in all states. With less overhead costs associated with banks with branch locations, they can return those savings to customers. CIT Bank consistently out-pays other top nationally available accounts. Earn a better-than-average-rate that only requires $100 to open and does not charge a monthly service fee. Learn more.
2. BBVA Compass Bank: 2.35% APY – $25 minimum deposit
BBVA Compass offers high interest with no fees plus a low minimum opening deposit of $25. The BBVA Compass ClearChoice money market account is a top contender at 2.35% APY. No monthly fees and daily compounding make this money market account one of the best options available. Customers also get quality mobile banking tools including mobile deposit capability to easily manage your money. Learn more.
3. State Farm Bank: 2.25% APY – $1,000 minimum deposit
State Farm Bank pays a competitive rate as long as you maintain a $500 average daily balance or have a direct deposit (ACH credit) each statement cycle. If not you’ll have to pay a minimum balance fee of $10 which can reduce your earnings. The State Farm Bank money market savings account has an ATM card available. Unfortunately, the 2.25% is an introductory APY for the first 12 statement cycles when opening a new consumer money market account. Learn more.
4. Sallie Mae: 2.20% APY – $0 minimum deposit
SallieMae money market account offers a high rate of 2.20% APY and does not require a minimum balance to open and no monthly service fees. Account holders can write checks from their account and manage their account completely online at any time without talking to a banker. You can setup automatic transfers to grow your savings and deposit checks via your mobile device. Learn more.
5. TIAA Bank: 2.15% APY – $5,000 minimum deposit
TIAA Bank’s money market account is very competitive among high-interest money market accounts. Each week they review rates from competitors and make adjustments accordingly. TIAA maintains that its money market account rate will always be competitive and in the top 5 percent. Its money market account also has no monthly fee, allows for mobile check deposits and is IRA-eligible. The rate is only introductory. After a year, your rate drops according to your balance. Learn more.
Benefits of a money market accounts
- Up to $250,000 is insured by the FDIC or NCUA for credit unions. Unlike investment accounts, earnings aren’t dependent on market fluctuations. You also don’t face penalties for accessing the funds, as long as you stay within the six-per-month limit.
- Because a money market savings account is not an investment account, you run no greater risk for a higher yield.
See how much interest you can earn with our savings calculator.