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Looking for the security and interest-earning power of a savings account with the perks of a checking account? A money market account (MMA) may be the right choice for you.
In many cases, MMAs come with a debit card and/or checks, making it easy to access your funds when needed. Plus, your balance earns interest. In fact, the best money market accounts today pay upwards of 4% APY.
8 money market accounts that pay at least 4% APY
Today, the national average money market interest rate is just 0.63%, according to the FDIC. However, many banks and credit unions offer MMAs with competitive yields of 4% APY or more, which can give your savings a significant boost over time.
Here’s a look at some of the top federally insured money market accounts available today.
Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
1. VIO Cornerstone Money Market Savings Account: 4.41% APY
VIO Bank’s Cornerstone Money Market Savings Account offers a competitive 4.41% APY with a minimum opening deposit of $100. The account has a $5 monthly fee, but it can be waived by opting into e-statements. Interest on this account is compounded daily. It does not come with paper checks or a debit card.
Read our full review of Vio Bank here
2. First Foundation Bank Online Money Market Account: 4.4% APY
First Foundation Bank’s Online Money Market Account currently offers 4.4% APY, more than six times the national average. This account requires a minimum opening deposit of $1,000; once your account is open, you only need a minimum balance of $0.01 to obtain the disclosed APY. There are no monthly maintenance fees, and you can request a debit card and/or checks for easier access to your funds.
3. Zynlo Money Market Account: 4.4% APY
Zynlo’s Money Market Account offers 4.4% APY with daily compounding interest. This rate applies to all balances under $250,000. Balances greater than $250,000 earn 0.1% APY.
There are no monthly fees associated with this account. However, a minimum opening deposit of $10 is required, and you must maintain at least $0.01 in your account to continue earning interest on your balance. This account does not come with a debit card or access to checks.
4. CFG Bank High Yield Money Market Account: 4.32% APY
CFG Bank’s High Yield Money Market Account offers a rate of 4.32% APY with a minimum opening deposit requirement of $1,000. You must maintain a minimum daily balance of $1,000 to avoid a $10 monthly service fee. This account does not come with check-writing capabilities or an ATM card.
5. Quontic Bank Money Market Account: 4.25% APY
Quontic offers an online money market account with 4.25% APY, along with a free debit card and check-writing privileges. A minimum opening deposit of $100 is required. There are no monthly fees or minimum balance requirements. Interest compounds daily and is credited to your account monthly.
Read our full review of Quontic Bank
6. Prime Alliance Bank Personal Money Market Account: 4.15% APY
Prime Alliance Bank’s Personal Money Market Account offers 4.15% APY with no minimum opening deposit or monthly fees. The downside is that this account does not come with a debit card or checks. It does, however, allow for unlimited deposits and up to six transfers per month. Interest on this account compounds monthly.
7. UFB Direct Portfolio Money Market Account: 4.01% APY
UFB Direct’s Portfolio Money Market Account offers a competitive 4.01% APY. There’s no minimum opening deposit required. However, there is a monthly fee of $10 unless you maintain a minimum balance of $5,000 in your account. This account also comes with a debit card and check-writing privileges. Interest is compounded daily and credited monthly.
Read our full review of UFB Direct
8. EverBank Yield Pledge Money Market Account: 4% APY
EverBank’s Performance Money Market Account pays 4% APY with no monthly fees. Interest compounds daily. This account also comes with a debit card and checks. Plus, it offers ATM fee reimbursements.
