Editor’s Note: The Annual Percentage Yields (APYs) highlighted in this post are accurate as of the publication date. These may change with fluctuating Fed rates. CNBC Select will ensure updates as they are made publicly available.
Money market accounts present a unique savings option for anyone looking to grow their finances effortlessly. These accounts offer a competitive edge over traditional savings accounts, high-yield alternatives, and CDs. They combine attractive interest rates with convenient checking features, creating a powerful financial tool for many savers.
Leading money market accounts provide conveniences typically seen in a checking account: writing checks, debit card facilities, and reimbursement for out-of-network ATM charges.
The financial experts at CNBC Select reviewed numerous options to identify the top money market accounts. Our chosen accounts boast not only above-average APYs but also amenities such as check-writing and debit card/ATM access. Rest assured, all institutions mentioned hold FDIC insurance coverage. Refer to our full methodology for selection details.
Top Money Market Rates Explained for April 2025
Uncover the Best Money Market Accounts for Optimal Savings
Ally Bank: Money Market Excellence
Ally Bank® Money Market Account
Ally Bank® is a Member FDIC.
-
Annual Percentage Yield (APY)
-
Minimum balance
-
Monthly fee
-
Offer checks?
-
Offer debit/ATM card?
Pros
- Above-average APY
- No minimum balance
- No monthly fee
- Permit for checks and debit/ATM card use
- ATM fee rebates up to $10 monthly
Cons
- No physical branches
CFG Bank: A High Yield Leader
CFG Bank High Yield Money Market Account
CFG Bank is a Member FDIC.
-
Annual Percentage Yield (APY)
-
Minimum balance
$1,000 minimum deposit; $1,000+ needed for APY
-
Monthly fee
$10 waiver if $1,000 balance is maintained
-
Offer checks?
- Offer debit/ATM card?
Pros
- Above-market APY
- Fee waiver available
- Access to physical banks
Cons
- APY for $1,000+ balances only
- $1,000 initial deposit
- $10 monthly fee if not waived
- No check-writing feature
EverBank: Consistent Yield Assurance
EverBank® (formerly TIAA Bank®) Yield Pledge® Money Market
EverBank, N.A. is an FDIC-insured national banking association.
-
Annual Percentage Yield (APY)
-
Minimum balance
-
Monthly fee
-
Offer checks?
- Offer debit/ATM card?
Pros
- Competitive APY rate
- No minimum deposit
- Zero monthly fees
- Authorization for check and debit/ATM card
- $15/month ATM rebates
- Commitment to keeping APY in top 5% of market rates
- Physical branches
Cons
- Introductory APY capped at $250,000 for new clients for the first year as a fixed rate
The premium APY at EverBank Performance℠ Money Market is exclusive to new account holders, valid up to $250,000 for the introductory year. With no mandatory balance or monthly charges, this account provides flexibility along with check and debit/ATM accessibility.
First Internet Bank: Online Banking Simplified
First Internet Bank of Indiana Money Market Savings
First Internet Bank of Indiana is a Member FDIC.
-
Annual Percentage Yield (APY)
-
Minimum balance
-
Monthly fee
$5 waiver if $4,000 maintained
- Offer checks?
- Offer debit/ATM card?
Pros
- Above-average APY
- Waiver option for monthly fees
- ATM accessibility
- Monthly ATM fee rebates up to $10
Cons
- Top APY for $1,000,000+ balances only
- Minimum $100 deposit
- Monthly fee of $5 if not waived
- No check-writing available
- No physical branches
Prime Alliance Bank: Straightforward Banking
Prime Alliance Bank Personal Money Market
Prime Alliance Bank is a Member FDIC.
-
Annual Percentage Yield (APY)
-
Minimum balance
- Monthly fee
- Offer checks?
- Offer debit/ATM card?
Pros
- Top-tier APY
- No minimum balance required
- Zero monthly fees
- In-person banking available
Cons
- No check-writing features
Quontic Bank: A Modern Take on Money Market Accounts
Quontic Bank Money Market Account
Quontic Bank is a Member FDIC.
-
Annual Percentage Yield (APY)
- Minimum balance
- Monthly fee
- Offer checks?
- Offer debit/ATM card?
Pros
- High APY
- Zero monthly charges
- Checks and debit/ATM access authorized
- Physical branch access
Redneck Bank: Accessible Savings Made Simple
Redneck Bank® Mega Money Market®
Redneck Bank® is the internet banking division of All America Bank®, a Member FDIC.
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Annual Percentage Yield (APY)
- Minimum balance
- Monthly fee
Waive $3 by going paperless
- Offer checks?
- Offer debit/ATM card?
Pros
- Remarkable APY
- Monthly fee waiver accessible
- Checks and debit/ATM card access allowed
Cons
- Top APY only on up to $100,000 in deposits
- Initial deposit requirement of $500
- Monthly fee of $3 if not waived
- Absence of physical locations
Republic Bank of Chicago: Bridging Traditional and Digital Banking
Republic Bank of Chicago Digital Money Market
Republic Bank of Chicago is a Member FDIC.
-
Annual Percentage Yield (APY)
- Minimum balance
- Monthly fee
Waive $25 if $2,500 maintained
- Offer checks?
- Offer debit/ATM card?
Pros
- Competitive APY
- Fee waiver option
- Access to check facilities
- In-person branch banking
Cons
- $2,500 initial deposit
- Monthly fee of $25 if not waived
- Lack of ATM/debit card access
Sallie Mae: Optimize Your Savings
Sallie Mae Money Market Account
Sallie Mae is a Member FDIC.
-
Annual Percentage Yield (APY)
- Minimum balance
- Monthly fee
- Offer checks?
- Offer debit/ATM card?
Pros
- Superior APY
- No balance restrictions
- Zero monthly fees
- Free checks sent at account setup
Cons
- ATM/debit card access missing
- Absence of branch services
UFB Direct: High-Yield Portfolio Option
UFB Portfolio Money Market
UFB Portfolio Money Market is offered by Axos Bank®, a Member FDIC.
-
Annual Percentage Yield (APY)
- Minimum balance
- Monthly fee
Waive $10 if $5,000 held
- Offer checks?
- Offer debit/ATM card?
Pros
- Leading APY
- Fee waiver details
- Permission for check and debit/ATM use
- In-person services available
Cons
- Minimum $5,000 to start
- $10 fee if not waived
The UFB Portfolio Money Market stands out for its high APY available to all balance tiers, and offers physical branch banking for one-on-one support when needed.
Vio Bank: Simplify and Grow Savings
Vio Bank Cornerstone Money Market Savings Account
Vio Bank is a division of MidFirst Bank, a Member FDIC.
-
Annual Percentage Yield (APY)
- Minimum balance
- Monthly fee
$5 waiver with paperless billing
- Offer checks?
- Offer debit/ATM card?
Pros
- Solid APY
- No monthly fees with waiver
Cons
- Minimum deposit of $100
- $5 monthly fee without paperless billing
- No check writing capabilities
- No branch locations
ZYNLO Bank: Comprehensive Coverage and Security
ZYNLO® Money Market Account
ZYNLO® is a Member FDIC and a registered trademark of PeoplesBank.
-
Annual Percentage Yield (APY)
- Minimum balance
$10 minimum deposit; $.01 balance required for APY
- Monthly fee
- Offer checks?
- Offer debit/ATM card?
Pros
- Excellent APY
- No routine fees
- Unlimited coverage above standard FDIC limits via DIF
Cons
- Top APY limit set at $250,000
- Minimal initial deposit of $10
- No check writing or other account features
- Limited to no physical branches
Finding Your Perfect Savings Account
A Closer Look at Our Preferred Money Market Options
Ally Bank’s Unique Savings Approach
CFG Bank: High-Yield Savings Unlocked
The CFG Bank High Yield Money Market Account features an impressive APY, perfect for those seeking both physical banking locations and top-tier digital services.
Annual Percentage Yield (APY)
Up to 4.32% APY
Minimum balance
$1,000 required for optimal APY benefits
Monthly fee
$10, waiver available with stated balance
EverBank Promise in Yield Security
With EverBank Yield Pledge Money Market, APY consistently ranks in the top 5% competitive accounts. Their fixed APY offer, capped at $250,000 for new accounts, makes it an attractive choice for many. EverBank reimburses out-of-network ATM fees up to $15 monthly and maintains physical locations for in-person support.
Annual Percentage Yield (APY)
Up to 4.00% APY
Minimum balance
Not required for participation
Monthly fee
None applicable
First Internet Bank of Indiana Savings Explained
Prime Alliance Bank Offers Simplicity
Merging Tech and Personal Touch With Quontic Bank
Redneck Bank’s Efficient Tools for Savings
Enhancing user experience, Redneck Bank Mega Money Market allows easy monthly fee avoidance through opting into online, paperless billing.
Annual Percentage Yield (APY)
Max 4.25% APY
Minimum balance
$500 initial deposit necessary
Monthly fee
Waivable $3 fee with paperless billing
Experience Online and In-Person at Republic Bank of Chicago
Sallie Mae for a Simplified Financial Solution
Leading APYs with UFB Portfolio Money Market
The distinguished UFB Portfolio Money Market ensures a significant APY across all balances, while offering physical locations for tailored assistance.
Annual Percentage Yield (APY)
Up to 4.46% APY
Minimum balance
Start at $5,000
Monthly fee
$10, waivable upon conditions
Vio Bank’s Safety Net for Savings
Unlimited Financial Protection with ZYNLO Bank
Setting itself apart, the ZYNLO Money Market Account uniquely features full insurance coverage with DIF, exceeding FDIC’s $250,000 limit.
Annual Percentage Yield (APY)
Up to 4.40% APY
Minimum balance
Starts at minimal $10 deposit, with $.01 for APY
Monthly fee
No costs involved
Discover the Ideal Checking Account Options
Comprehensive Overview: Understanding Money Market Accounts
A money market account works as a hybrid financial solution, offering better interest than typical savings and convenience often associated with check-writing, debit cards, and ATM services without extra fees.
Contrasting Money Market and Savings Accounts
While similar in some respects, differences between money market and savings accounts are marked by the former’s flexibility and functional extensions. Money market accounts support checks and debit use unlike most savings accounts. Typically, though, they attract higher minimum balance conditions.
Operational Insights: How Money Market Accounts Function
Blending the features of checking and savings accounts, a money market account offers dynamic spending options, from check writing to ATM usage, reflecting the versatility of a checking account within a savings framework.
Clarifying ATM versus Debit Cards: ATM cards allow cash withdrawal only, while debit cards serve dual purposes—allowing purchases and ATM transitions. Understanding the nuanced difference assures optimal usage.
The express advantage lies in the interest rate significantly above what’s available in standard savings—though federal regulations apply, limiting monthly transactions, not excluding ATM dealings. This helps savers utilize their accounts within flexible constraints.
Advantages and Limitations of Money Market Accounts
Advantages
- Interest rates surpassing standard savings
- Functional benefits include debit cards, checks, and ATM access
- Reimbursement for ATM charges from external networks is common
Limitations
- Capped on non-ATM withdrawals monthly
- Typically higher minimum deposits required than standard high-yield accounts
Trends in Money Market Account Rates
Interest rates fluctuate between 3.50% and 5.00% APY, reflecting current market trends.
Risks Associated with Money Market Accounts
Your funds in a money market account are secure, backed by FDIC insurance, with no stock market dependencies.
Thanks to FDIC coverage up to $250,000, individual or institutional failures will likely not impact your balance. Ensure institutions hold FDIC insurance when electing a money market account. It’s crucial not to mix them up with money market funds, which partake in market investments, lacking any formal insurance. While withdrawals reduce balance, maintaining principal safeguards earnings.
Selecting an Appropriate Money Market Account
High APY can be enticing; however, balance it with other features such as accessible checking components like checks and debit card options. These remove constraints like monthly withdrawal limits. Furthermore, accounts free from pesky fees or minimum balances amplify ease, sustaining optimal financial comfort.
Essential Information on Money Market Accounts
Expect notable interest rates and secure asset storage with money market accounts. Distinct from money market funds, your funds won’t face market exposure and enjoy FDIC insurance up to $250,000. However, recognize that rates can periodically vary with no lifetime guarantee on current offers.
FAQs
Why Opt for a Money Market Account?
Tailored for optimized savings, money market accounts support substantial financial goals without everyday spending, dedicating transfers for larger expenditures, integrating tools such as a mortgage to stabilize monthly expenses.
What is the Minimum Required for a Money Market Account?
Minimum deposits vary. While some accounts permit zero deposits to start, others call for commitments ranging from $100 to several thousand dollars to leverage the most competitive rates.
What Describes a Competitive Rate for a Money Market Account?
With money market account rates shifting, finding a rate between 3.50% to 5.00% APY generally signifies a worthwhile offer. For possible larger returns, you might consider greater market exposure through investment options.
Are Taxes Applicable to Money Market Accounts?
Like standard savings, money market interest typically incurs federal tax responsibilities along with possible state and local levies.
Is a Minimum Balance Necessary for a Money Market Account?
Minimum requirements differ widely, with some needing substantial balances to excel in rates. Nevertheless, alternatives exist with lower or no minimum thresholds—consult to ensure alignment with financial aims.
Trustworthy Guidance from CNBC Select
CNBC Select aspires to arm its readers with credible advice and insightful perspectives, empowering informed financial decisions. Our diligent editorial process ensures transparent and comprehensive evaluations of saving products. While CNBC Select might receive compensation from partners, our written content owes to no external or commercial influences. Explore our complete evaluation process through our methodology understanding.
Our Commitments and Approach
Creating our rank of top money market accounts involved comprehensive scrutiny over numerous offerings, assessing product value across diverse banks and credit unions, albeit excluding membership-exclusive options due to limitations in general accessibility.
Emphasis was placed on competitive APYs, with other features such as check access, debit availability, web support, and account holder reviews weighing in to enhance user experience insights.
We examined deposit surroundings, interest compounding frequencies, and considered audience interactions to calibrate value within the modern financial landscape.
FDIC insurance universally backs options listed, up to $250,000 per account holder participating.
Bear in mind that money market rates are estimated prospects, subject to fluctuation reflecting federal shifts. Earnings are based upon deposits, applicable APY, contributions, exclusions of fees, and subsequent withdrawals.
Strategically, banks demand fresh funds to qualify for initial deposits, preventing prior account balances from counting towards new minimums.
Engage further with CNBC Select’s comprehensive take on credit cards, banking strategies and financial advisories, and stay informed via our TikTok, Facebook, Instagram and Twitter platforms.
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Editorial Insight: The views reflected in this article belong solely to CNBC Select’s editorial team, independent of third-party verification or endorsement.
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