The best 9 money market accounts for July 2024

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If you want to enjoy higher yields while retaining some flexibility, it may be time to open a money market account.

Money market accounts come with competitive interest rates, often higher than regular savings accounts. They also offer more accessibility than other savings options like certificates of deposit (CDs).

The best money market accounts boast competitive rates, low or no fees, and features like debit cards or check-writing abilities. Here are some of our picks for best money market accounts, from highest APY to lowest.

What are the best money market accounts? 

Here are the top money market accounts for earning high yields while maintaining easy access to your funds. 

Each of these accounts offers a competitive interest rate, low or no minimum balance requirements, and FDIC insurance up to $250,000. 

How do money market accounts work?

Money market accounts work as a hybrid between savings and checking accounts. You get the benefit of higher rates and accessibility through debit cards and check-writing privileges.

Some money market accounts require an initial minimum deposit, though many of our top picks don’t. Others may restrict the number of transactions you can make each month.

You can find money market accounts at both credit unions and banks. Most will have FDIC or NCUA insurance, providing added peace of mind.

Chances are, your current financial institution offers a money market account. But shopping around for better rates and added features like no fees or free ATM access never hurts.

Money market accounts vs. high-yield savings accounts 

Money market accounts and high-yield savings accounts are similar in many ways, but there are a few key differences to consider when choosing between the two:

• Access to funds: Money market accounts typically offer check-writing privileges and/or debit card access, while high-yield savings accounts usually do not.
• Interest rates: Money market account rates are often slightly lower than the best high-yield savings account rates, but this is not always the case.
• Minimum balance requirements: Some money market accounts may require a higher minimum balance to avoid fees or earn the highest interest rate, while high-yield savings accounts often have no or low minimum balance requirements.

Ultimately, the choice between a money market account and a high-yield savings account will depend on your specific needs and preferences. 

If you prioritize easy access to your funds, a money market account may be the better choice. If you're looking for the absolute highest interest rate and don't need check-writing or debit card access, a high-yield savings account may be the way to go.

Money market account vs. certificate of deposit (CD)

CDs require you to lock your funds away for a specified period, ranging from a few months to several years. When you open a CD, you agree not to withdraw the money until the term expires or pay an early withdrawal penalty. Because of this, CDs generally offer higher interest rates than money market accounts.

When deciding between a money market account and a CD, it really comes down to your financial goals.

If you’re saving for a specific goal and know you won’t need that money until the term ends, it may be worthwhile to lock in a CD. But if flexibility is your number one goal, a money market account is a better option.

What to consider when picking a money market account

Not all money market accounts are the same. These are some factors you should consider before opening an account.

• Interest rate: Compare the various interest rates across different institutions. A higher rate means your money will grow faster, so finding a competitive rate should be a top priority.
• Minimum balance requirements: Check if a minimum balance is needed to open the account. Some accounts will penalize you or offer less interest if your balance falls below a certain amount. It’s worth looking for an account with a balance requirement you can feasibly meet.
• Account accessibility: How liquid do you need your savings to be? Consider how easily you can access your funds, as many money market accounts limit the number of monthly transactions you can make.
• FDIC or NCUA insurance: To keep your money safe, ensure the institution you choose to bank with has insurance.

How we rated the best money market accounts 

To determine the best money market account, we carefully evaluated a wide range of factors, including interest rates, fees, minimum deposit and balance requirements, and product mix.

Our team analyzed numerous bank offers and selected the top contenders based on these key criteria. The options on this list represent the best value benefits available. Learn more about our methodology here. 

The bottom line

A money market account is a great way to earn interest on your savings and grow your money faster. With that in mind, it’s important to compare rates and features to find the best account for you.

That way, you can be sure you’re maximizing the interest you earn and can access your money when you need it most.

Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.