Banks are competing for your business which means you have options for the best money market account rates for 2020.
We like money market accounts because they allow you to save for the future while earning a great rate and give you quick access to your funds.
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. Most money market accounts feature checks and a debit card.
That means you can make transactions straight from your money market account, where savings accounts typically require you to transfer funds to yourself first.
Keep in mind that both money market and savings accounts, by federal law, have the same transaction limit — six per month.
Best Money Market Rates
1. CIT Bank: 0.50% APY – $100 minimum deposit
CIT Bank offers one of the best money market rates, earning over 16x the national average. The bank operates primarily online-only but is available to residents in all states. With less overhead costs associated with banks that have 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. Chime: 0.50% APY – $0 minimum opening deposit
Chime offers a high-interest savings account with no fees. While it is not a traditional money market account, it does offer some of the same benefits. The 0.50% APY makes it a top contender. The only requirement is that you must first open the Chime Spend Account which is essentially a checking account. Your savings account will be connected to the checking account which gives you access to a visa debit card. Customers also get quality mobile banking tools including mobile deposit capability to easily manage your money. Learn more.
3. BMO Harris: 1.10% APY – $5000 minimum opening deposit
The BMO Harris Platinum Money Market Account offers a high-interest money market account but you must open with a minimum $5,000 deposit. BMO Harris Bank is a U.S. subsidiary of Canada’s Bank of Montreal, with U.S. headquarters in Chicago. You can open an account online. If your balance falls below $5,000, the rate becomes 0.01% APY. There is no monthly fee.
4. Sallie Mae Bank: 0.70% APY – $1 minimum opening deposit
The Sallie Mae Money Market Account offers a rate of 0.70% APY and only requires a minimum $1 deposit. With a Salle Mae money market account you’ll have access to your money and can write checks from the account while earning a higher rate than with a traditional savings account.
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 on your money.
See how much interest you can earn with our savings apy calculator.