The Best Money Market Accounts

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Featured Money Market Accounts

Bank/Institution

APY

Min to earn APY

Member FDIC

Capital One

360 Money Market

APY

2.00%

Min to earn APY

$10,000

Apply Now

on Capital One's secure site

Why choose a money market account

Conservative savers find money market accounts attractive because they sometimes offer higher yields than other savings accounts and more liquidity than certificates of deposit. There are some downsides, of course: The interest rates are variable, the best money market accounts often have high minimum deposits, and there are limits to your liquidity.

If you’ve decided that a money market account is right for you or your business, shop around for a great rate. And take a look at the best personal, business, and jumbo money market accounts (by APY) below.

First, a quick note about money market account liquidity: Regulation D (Reg D) from the Federal Reserve Board limits money market account holders to six withdrawals per statement cycle on several transaction methods — financial institutions can charge fees, convert the account to a checking account or even close the account if you exceed the limit. All money market accounts are subject to the regulation, though fees vary by institution.

Personal Money Market Accounts

Bank/Institution

APY

Min to earn APY

Northern Bank Direct

Money Market Account

APY

2.50%

Min to earn APY

None

Apply Now

on Northern Bank Direct's secure site

Business Money Market Accounts

Bank/Institution

APY

Min to earn APY

Premier Members Credit Union

Business Money Market Account

APY

4.00%

Min to earn APY

None

Apply Now

on Premier Members Credit Union's secure site

nbkc bank

Business Money Market

APY

1.77%

Min to earn APY

$0.01

Apply Now

on nbkc bank's secure site

Jumbo Money Market Accounts

Bank/Institution

APY

Min to earn APY

CIT Bank

Money Market Account

APY

1.85%

Min to earn APY

$100

Apply Now

on CIT Bank's secure site

Bank7

High Rate Online Money Market

APY

2.35%

Min to earn APY

$0.01

Apply Now

on Bank7's secure site

How we chose the best money market accounts

We used data from DepositAccounts.com, a LendingTree company, to compare nationally available money market account products by annual percentage yield (APY) in three categories: personal, business and jumbo. We excluded institutions with a health rating below a B, as well as credit unions with very restrictive membership requirements.

From there, we chose the two money market accounts with the highest APY in each category. If the top two money market accounts had the same APY, we broke the tie by choosing the institution with the least fluctuation in its rate history (we consider that a better choice than an account with rates that tend to change often). All products in this list are insured up to $250,000 by either the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).

Money market accounts vs savings accounts

These account types have a lot of similarities. Both are subject to Regulation D withdrawal and transfer limits, and depending on whom you bank with, there are debit card options for both. There’s really not a lot of difference in terms of access to your money between a money market account and a savings account. So that just leaves us with a comparison of rates.

Historically, money market accounts typically paid much higher interest rates than savings accounts, but that’s not necessarily the case anymore. The best online savings accounts have an APY that is nearly as good as and sometimes better than the rates listed above.

If you look at the best online savings account currently available, you’ll see that it’s higher than the highest money market account rate listed here. Even the other online savings account that are available have comparable APYs to money market accounts. These accounts will help you earn a little more from your investment — there are typically no fees or minimum balance to maintain either — but don’t expect either account to make you rich overnight. Both money market accounts and savings accounts are very conservative investments with APYs that generally do not keep up with inflation.

Don’t confuse a money market account with a money market fund

A money market account is not the same as a money market fund and the two should not be confused. Money market accounts are insured by the FDIC or the NCUA. Investments in money market funds are not. The reason some people are willing to invest in money market funds is that they offer the potential for a higher return, but that comes with a higher risk of losses.