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9 Best Money Market Accounts With the Highest Rates in 2019

Money market accounts don’t get the attention they deserve.

You probably have a checking account with a local, national, or online bank – perhaps one of the many free checking accounts we’ve reviewed in the past. There’s a fair chance you have a savings account. You might even have a certificate of deposit (CD), the cornerstone of any conservative savings strategy.

But I’d guess you probably don’t have an active money market account. And that’s a shame because money markets fill a crucial niche for folks seeking savings-like yields with checking-like flexibility.

Though federal law restricts money market account holders to the same six withdrawals per statement cycle that limit savings account holders, most money markets come with debit cards, paper checks, and even mobile bill pay. Even if a money market account doesn’t replace your checking account for day-to-day spending and expense management, it deserves a spot in your financial rotation.

Best Money Market Accounts at U.S. Banks

These are the best free money market accounts available at U.S.-based banks right now. Note that while none of these accounts have monthly maintenance fees, some may require linked checking accounts with such fees. In most cases, those fees can be waived with adequate minimum daily balances or recurring direct deposits.

Every account listed here is protected by FDIC insurance, subject to a minimum $250,000 limit per account ownership category.


1. MemoryBank

2.25% APY on All Balances; Very Low Minimum Deposit Requirements

The MemoryBank Online Money Market Account is routinely among the highest-yielding money market accounts on the market today. But its sky-high yield – currently 2.25% APY on all balances – isn’t the only reason for its popularity. A small minimum balance to open, fee-free access to nearly 100,000 ATMs in four major networks, and the same high yield on all balances up to $1 million don’t hurt. Robust mobile features seal the deal.

  • Minimum Deposit and Balance Requirements: $50 to open and no ongoing balance requirements.
  • Account Opening Bonus: None.
  • Yield: 2.25% APY on all balances.
  • Mobile Features: MemoryBank’s mobile app has a full suite of features, including mobile check deposit, bill pay, and funds transfers. It’s compatible with Samsung Pay and Apple Pay, two leading mobile contactless payment solutions.
  • Possible Fees: $36 overdraft fee per item, $3 paper statement fee, $12 returned item fee.

Apply Now


2. CIT Bank

1.85% APY on All Balances; Free P2P Transfers

The CIT Bank Money Market account has a $100 minimum opening deposit requirement and yields 1.85% APY on all balances. That’s about 20 times more than the national average, according to CIT Bank.

Though you won’t get a checkbook with your account, the user-friendly peer-to-peer (P2P) transfer feature more than makes up for the inconvenience. Don’t miss CIT Bank’s other high-yield savings products, including its traditional high-yield savings accounts and four different types of CDs.

  • Minimum Deposit and Balance Requirements: $100 to open and maintain.
  • Account Opening Bonus: None (other bonuses may be available for select CIT Bank accounts).
  • Yield: 1.85% APY on all balances.
  • Mobile Features: Free P2P transfers via People Pay.
  • Possible Fees: $25 overdraft fee, $10 excess withdrawal fee (limit five per month). All fees and terms are subject to change.

See our CIT Bank review for more information.

Apply Now


3. Sallie Mae Bank

1.85% APY on All Balances; No Minimum Deposit or Balance Requirements

The Sallie Mae Bank Money Market Account has no minimum deposit or ongoing balance requirements and yields 1.85% APY on all balances – 21 times the national average yield on money market accounts, according to Sallie Mae. All accounts boast check-writing privileges for $5 per check order.

If you’re looking for other account types, Sallie Mae Bank has them in spades: the SmartyPig® goal-based savings account, a high-yield savings account, CDs ranging from 6 to 60 months, and personal loans.

  • Minimum Deposit and Balance Requirements: None.
  • Account Opening Bonus: None.
  • Yield: 1.85% APY on all balances.
  • Mobile Features: Full mobile functionality, including funds transfers.
  • Possible Fees: $5 per check order, $10 excess withdrawal fee (over the six-per-month limit, limit seven per month), $19 non-sufficient funds (NSF) transaction fee. All fees and terms are subject to change.

Apply Now


4. TIAA Bank

2.00% APY on All Balances During the First Year; Up to 1.80% APY After the First Year

The TIAA Bank Money Market Account is appropriate for depositors with at least $500 on hand to open the account. TIAA Bank’s Yield Pledge covers this account, so it’s guaranteed to yield in the top 5% of all “competitive” money market accounts tracked by the Bankrate National Average survey.

All accounts qualify for up to $15 in ATM fee reimbursements per month, which should be enough if you stay below the six-transaction-per-month threshold. If you’re looking for other high-yield accounts in the TIAA family, don’t miss the high-yield savings option.

  • Minimum Deposit and Balance Requirements: $500 to open. There’s no ongoing balance requirement, though you need to keep at least a $5,000 minimum daily balance in the account to qualify for TIAA Bank’s unlimited ATM fee waivers.
  • Account Opening Bonus: 2.00% APY on all balances during the first year (12 billing cycles).
  • Yield: Following the conclusion of the first-year promotional period, yields are 1.01% APY on all balances up to $9,999.99; 1.20% APY on balances between $10,000.00 and $24,999.99; 1.50% APY on balances between $25,000.00 and $49,999.99; 1.55% APY on balances between $50,000.00 and $99,999.99; and 1.80% APY on balances between $100,000.00 and $10 million.
  • Mobile Features: Full mobile functionality, including mobile check deposits.
  • Possible Fees: $10 excess withdrawal fee (TIAA reserves the right to close or convert accounts on which excess withdrawals regularly occur); $10 cashier’s check fee. Fees and terms are subject to change.

See our TIAA Bank review for more information.

Apply Now


5. Discover Bank

Up to 1.70% APY; 60,000 Fee-Free ATMs

The Discover Bank Money Market Account is another great option for depositors with extra cash on hand. Although there’s a steep $2,500 minimum deposit and an ongoing balance requirement, there’s no minimum balance fee. So you won’t need to worry about losing all your accrued interest (and then some) if you need to make an early withdrawal.

On the bright side, this account yields at least 1.60% APY on balances above $2,500 and boasts a slew of user-friendly features. Plus, Discover Bank has a full lineup of other account types, including checking, savings, and CDs.

  • Minimum Deposit and Balance Requirements: $2,500 to open and maintain the account.
  • Account Opening Bonus: None.
  • Yield: 1.60% APY on balances below $100,000; 1.70% APY on balances above $100,000.
  • Mobile Features: Full mobile functionality, including free mobile check deposit and digital bill pay.
  • Possible Fees: $15 excess withdrawal fee, $30 NSF transaction fee. All fees are subject to change.

See our Discover Bank review for more information.

Apply Now


6. BBVA

Earn 1.90% APY on Balances Above $10,000 

For customers outside BBVA’s southwestern U.S. trade area, the BBVA Money Market Account yields a flat 1.90% APY on balances above $10,000. There’s virtually no yield (0.05% APY) on balances below $10,000. And there’s a $15 monthly service fee when you fail to maintain a balance of $10,000 or higher or a minimum $25 monthly recurring checking transfer. That means this account isn’t ideal for lower-asset depositors.

  • Minimum Deposit and Balance Requirements: $25 to open and maintain an account.
  • Account Opening Bonus: None.
  • Yield: 1.90% APY on balances above $10,000 (to the $5 million account maximum); 0.05% APY on lower balances.
  • Mobile Features: Full mobile functionality, plus value-added apps and features.
  • Possible Fees: $5 paper statement fee; $15 monthly service fee without a $25 monthly recurring checking transfer or $10,000 minimum collected daily balance.

Apply Now


7. Synchrony Bank

1.20% APY on All Balances; ATM Fee Reimbursements Every Statement Cycle (Max $5 Per Cycle)

The Synchrony Bank Money Market account has no minimum deposit or ongoing balance requirements. Though its 1.20% APY isn’t category-leading by any stretch, it applies to all balances, making this account perfect for savers just starting out on the road to financial independence. Checks are available upon request at no charge. If you’re in the market for other savings products, check out Synchrony’s CDs, high-yield savings account, and IRA options.

  • Minimum Deposit and Balance Requirements: None.
  • Account Opening Bonus: None.
  • Yield: 1.20% APY on all balances.
  • Mobile Features: Full mobile functionality, including mobile deposit and transfers.
  • Possible Fees: No excess withdrawal fee, but Synchrony reserves the right to close or transfer accounts with repeated excess withdrawals.

Apply Now


8. Zions Bank

The Zions Bank Online Money Market account has a low minimum opening deposit requirement and earns a good rate of return on balances above $1,000. It’s therefore ideal for most savers seeking to blend the predictability of high savings returns with the flexibility of ATM access – though it can’t go toe to toe with the cream of the high yield savings account crop.

As a full-service bank, Zions Bank has multiple personal checking, savings, and CD options. Many are available nationwide via Zions Bank’s robust online banking arm, but be aware that product availability and interest rates may vary by state.

  • Minimum Deposit and Balance Requirements: $500 minimum opening deposit; $1,000 minimum balance to earn interest.
  • Account Opening Bonus: None.
  • Yield: 1.00% APY on all balances above $1,000 (rates may vary by state).
  • Mobile Features: Full-service mobile apps and full-service mobile web browser functionality, including mobile deposit and transfers.
  • Possible Fees: There’s no monthly maintenance fee. Zions Bank reserves the right to charge for excess withdrawals over the 6-per-month limit, and levies a $5 fee on dormant accounts after 1 year of inactivity.

Apply Now


9. Huntington Bank

The Huntington Bank Relationship money market account has a solid promotional rate schedule and decent rates thereafter on balances from $25,000 up to $99,999,999.99, making it an ideal vehicle for high net worth savers. For new accounts opened through December 31, 2019, the promotional rates are even better.

The best yields are reserved for Huntington Bank Private Client statusholders, but Huntington 5 Checking and Huntington 25 Checking accountholders do quite well here as well. As a full-service bank, Huntington Bank boasts attractive savings and CD options, too.

  • Minimum Deposit and Balance Requirements: None, but the minimum balance to avoid the monthly maintenance fee is $25,000.
  • Account Opening Bonus: Open a new Relationship Money Market Account online or at a branch before December 31, 2019. Deposit at least $25,000 in new funds to earn 1.50% (0.87% APY) guaranteed for 6 months.
  • Yield: For new accounts opened after December 31, 2019, interest rates during the first 180 days range up to 1.05% for Private Client accountholders on balances between $25,000 and $2,000,000.99. After the first 180 days, earn up to 0.67% APY (first year) for Private Client accountholders on balances between $25,000 and $2,000,000.99.
  • Mobile Features: Full mobile functionality, with mobile deposits, transfers, and other features.
  • Possible Fees: The $25 monthly maintenance fee is waived when you maintain an average daily balance of $25,000 or also have an active Huntington 5 or Huntington 25 Checking account.

Apply Now


Final Word

These money market accounts are among the most generous of their kind, but they’re not the only options out there for yield-chasing depositors. If you’re satisfied with your current banking relationship, head into a branch or call up the customer service hotline and ask about money market options. You might be surprised by what you learn.

Alternatively, check out our roundup of the best bank account promotions for new account holders. Many of the institutions listed there offer high-yield money market accounts with no ongoing fees and reasonable minimums. Even if you come around to one of the choices on this list, it’s nice to have options.

Do you have a money market account with any of these banks?

Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

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