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11 Best Money Market Accounts With the Highest Rates in 2021

You probably have a checking account with a local bank, national bank, 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 traditional or online savings account. You might even have a certificate of deposit (CD), the cornerstone of any conservative savings strategy (and many an emergency fund).

But I’d guess you probably don’t have an active money market account (MMA) at a U.S.-based bank or credit union.

And that’s a shame because money markets fill a crucial niche for folks seeking meaningful interest rates on their savings with short-term, checking-like flexibility.

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 Rates and Accounts at U.S. Banks

These are the best free MMA options available at U.S.-based online and traditional banks and credit unions right now.

While none of the best money market 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 and financial institution listed here is FDIC-insured, meaning it’s protected by FDIC insurance. Said protection is subject to a minimum $250,000 limit per account ownership category, however.

A note for would-be money market account holders: In 2020, the federal government relaxed Regulation D, a rule that previously prohibited financial institutions from allowing more than six savings or money market account withdrawals under normal circumstances. However, most FDIC-insured banks continue to abide by the six-withdrawal-per-cycle guideline for both account types.

1. UFB Direct

0.20% APY on Balances of $25,000 or Greater

The UFB Direct money market account has one of the category’s best annual percentage yields: 0.20% APY on balances of $25,000 or greater. It’s therefore ideal for applicants capable of bringing higher balances to the table and a natural fit for our list of the best money market accounts around.

Although the $5,000 minimum balance requirement is nothing to sneeze at, lower-asset depositors can still chase yield here. Balances below $25,000 earn 0.10% APY, although there’s a $10 monthly maintenance fee on accounts with balances under $5,000.

And UFB Direct’s digital banking tools make MMA management a breeze from your laptop, desktop, or smartphone.

  • Minimum Deposit and Balance Requirements: $5,000 to open. A $10 monthly maintenance fee applies to accounts with balances under $5,000.
  • Account Opening Bonus: None.
  • Yield: 0.20% APY on balances above $25,000; 0.10% APY on balances below $25,000.
  • Mobile Banking Features: Full suite of mobile-ready digital banking features.
  • Possible Fees: $10 monthly maintenance fee on accounts with balances under $5,000. All fees and terms are subject to change.

See our UFB Direct review for more information.

Apply Now


2. CIT Bank

0.45% APY on All Balances; Free P2P Transfers

The CIT Bank Money Market account has a $100 minimum opening deposit requirement and yields 0.45% APY on all balances. That’s many times more than the national big-bank average for money market accounts and one of the highest APYs on this list.

Although 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. Competitive rates abound here.

  • Minimum Deposit and Account Balance Requirements: $100 to open and maintain.
  • Account Opening Bonus: None.
  • Yield: 0.45% APY on all balances.
  • Mobile Banking Features: Free P2P transfers via Zelle.
  • 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. Nationwide Bank (Axos Bank)

0.25% APY on All Balances

Offered through Axos Bank, the Nationwide Bank Money Market Plus account has a $1,000 minimum opening deposit and requires a $1,000 minimum ongoing balance to avoid the monthly maintenance fee.

For your trouble, you’ll get a higher APY that’s easily one of the best MMA yields in the category: 0.25% APY on all balances.

  • Minimum Deposit and Balance Requirements: $1,000 to open and avoid the monthly maintenance fee.
  • Account Opening Bonus: None.
  • Yield: 0.25% APY on all balances.
  • Mobile Banking Features: Full suite of mobile-ready digital banking features.
  • Possible Fees: See Nationwide Bank’s legal disclosures for a complete accounting of possible fees.

Apply Now


4. Ally Bank

0.50% APY on All Balances; No Minimum Deposit or Balance Requirements

The Ally Bank Money Market Account imposes no minimum deposit or balance requirement and boasts an impressive yield (0.50% APY) on all balances, regardless of relationship status or total balances.

That’s multiple times higher than incumbent banks’ piddling money market yields and one of the best money market account rates around, period. Plus, Ally Money Market customers enjoy seamless remote check deposit and access to some 43,000 fee-free ATMs in the U.S.

Ally is one of the relatively few online banks that makes it easy to open a new account in the name of a trust too.

  • Minimum Deposit and Balance Requirements: Ally does not have minimum initial deposit or ongoing account balance requirements.
  • Account Opening Bonus: None.
  • Yield: 0.50% APY on all balances.
  • Mobile Banking Features: Full mobile functionality, including mobile check deposit, P2P transfers, and more.
  • Possible Fees: Ally Bank never charges overdraft fees. That’s a big advantage over many competing online banks.

See our Ally Bank review for more information.

Apply Now


5. Sallie Mae Bank

0.40% 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 0.40% APY on all balances, many times the national average for big-bank money market accounts.

All accounts boast check-writing privileges for $5 per check order.

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

  • Minimum Deposit and Balance Requirements: There’s no minimum initial deposit or ongoing account balance requirement here.
  • Account Opening Bonus: None.
  • Yield: 0.40% APY on all balances.
  • Mobile Banking Features: Full mobile functionality, including fund transfers.
  • Possible Fees: $5 per check order, $10 excess withdrawal fee (over the six-per-month limit, limit seven per month), $19 nonsufficient funds (NSF) transaction fee if you overdraw your account’s balance. All fees and terms are subject to change.

Apply Now


6. MemoryBank

0.15% 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 high yield isn’t the only reason for MemoryBank’s 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: 0.15% APY on all balances up to $1 million.
  • Mobile Banking 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


7. TIAA Bank

0.40% APY on All Balances During the First Year; Up to 0.40% APY After the First Year

With nearly the highest rate on this list, 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 come with an ATM card and 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 Bank family, don’t miss the high-yield savings option.

  • Minimum Deposit and Balance Requirements: $500 to open. There’s no ongoing balance requirement, although you need to keep at least a $5,000 minimum daily balance in the account to qualify for TIAA Bank’s unlimited ATM withdrawal fee waivers.
  • Account Opening Bonus: 0.40% APY on all balances during the first year (12 billing cycles).
  • Yield: Following the conclusion of the first-year promotional period, yields range as high as 0.40% APY, depending on tier. All yields and tiers are subject to change.
  • Mobile Banking 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


8. Discover Bank

Up to 0.35% APY; ATM Card and 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 0.30% 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: 0.30% APY on balances of $100,000 or less; 0.35% APY on balances above $100,000.
  • Mobile Banking 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


9. Synchrony Bank

0.35% 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. Its 0.35% APY 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: 0.35% APY on all balances.
  • Mobile Banking 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. Overall, Synchrony has virtually no fees.

See our Synchrony Bank review for more details.

Apply Now


10. Zions Bank

0.25% APY on All Balances

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 (and some of the best CD rates around to boot).

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: Enjoy 0.25% APY on all eligible balances.
  • Mobile Banking 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 six-per-month limit and levies a $5 fee on dormant accounts after one year of inactivity.

Apply Now


11. Huntington Bank

First-Year Yields Up to 0.08% APY

The Huntington Bank Relationship Money Market Account has a solid promotional rate schedule and decent rates thereafter on balances from $25,000 up to $100 million, making it an ideal vehicle for high-net-worth savers.

The best yields are reserved for Huntington Bank Private Client status holders, but Huntington 5 Checking and Huntington 25 Checking account holders 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: There’s currently no account opening bonus. Check back for the latest bank offers.
  • Yield: For new accounts opened, interest rates during the first 90 days range up to 0.08% for Private Client account holders on balances between $1 million and $100 million. After the first 90 days, earn up to 0.08% APY (first year) for Private Client account holders on balances between $25,000 and $100 million.
  • Mobile Banking 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 at U.S. banks and credit unions, but they’re not always the best savings 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. Some offer other types of financial products that pay their users back, like cash-back credit cards and rewards checking accounts.

Even if you come around to one of the choices on this list, it’s nice to have options.

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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