Best Money Market Accounts January 2023

A money market account is a savings account that not only earns interest, but also allows you to write checks. A money market account will typically earn you more interest than a traditional savings account. However, it may require higher initial deposits or lower minimum balances. A money market account is a safe and secure way to grow your savings while still having access to your cash.

Quick look: What are the best money market account?

Comparable to money market accounts

Bank APY Monthly fee Minimum deposit required
Vio Bank 3.52% $0 $100
Sallie Mae 3.20% $0 $0
Ally Bank 3.00% $0 $0
First Internet Bank of Indiana 2.78% $5 $100
CIT Bank 1.55% $0 $100

Note:The Annual percentage yields provided were gathered from the issuing organisations’ websites and are valid until Nov. 28, 2022.  

Best money market accounts

Vio Bank

Vio Bank, a MidFirst Bank division, is an internet-only, privately-owned bank based out of Oklahoma City. It offers the highest rate of APY on this listing. You can open an MMA for $100 with interest compounding every day at 3.52% APY. 

Vio charges no monthly fees unless you opt for paper statements ($5 each month). You will be charged a $10 excess transaction fee per withdrawal if your withdrawal limit is exceeded six times per statement period. Vio does not offer savings products (including CDs) so if you want to combine your checking, savings, and credit accounts, Vio might not be the bank for YOU. 

Sallie Mae

Sallie Mae, an FDIC-insured bank, is headquartered in Salt Lake City. It is best known for creating, servicing, and collecting private student loans. Sallie Mae also offers savings accounts with higher than normal APYs. Sallie Mae offers a high-access money market account that is free of monthly fees and requires no minimum deposit. 

Sallie Mae’s money-market account has check-writing capabilities and no withdrawal limits. It also earns a high 3.20% Annual Percentage Yield (APY), which compound daily and is paid monthly. Sallie Mae will close an account if it’s not active. This is defined as having $100 in the last 12 months and no activity. 

First Internet Bank of Indiana

It is known for its exquisite cuisine. above-average CD ratesAnother online-only bank, First Internet Bank of Indiana, offers a wide variety of financial products including two checking and savings accounts, as well as CDs at different terms. Its money market account has a decent annual percentage (2.78% versus 0.80%), and earns more interest that its free savings account (0.80% versus 0.80%). 

To open a money market account, you will need $100. If you don’t have $4,000 per day, there is a $5 monthly maintenance charge. This can reduce your savings over the long-term. 

This account also offers an additional perk: It will reimburse up to $10 each month for fees incurred when you use an ATM outside of your network. First Internet Bank allows six monthly withdrawals. You can withdraw up to six times per month from First Internet Bank if you don’t require ATM access or need to withdraw frequently from your account. high-yield savings accountsOther banks


With more than 2 million customersAlly is one the most popular online banks. It offers a variety of checking, savings, investing, retirement, and retirement accounts. Ally does not charge monthly fee for its money market account. It currently offers a 3.00% annual percentage yield on all balance tiers.

To open an account, you don’t need to make an initial deposit. If you do, you’ll be able to withdraw unlimited amounts. Ally’s Allpoint ATMsOver 43,000 in the US. If you cannot find an Ally’s ATM, you have two options: transfer money to a checking/savings account with better ATM accessibility or pay an outside-of-network fee. Ally will reimburse you up $10 per statement cycle to cover out-of network ATM expenses. This account can be used to write checks and you can also request a debit-card for greater accessibility.

CIT Bank

CIT Bank, an online-only bank and a subsidiary First Citizens Bank, has a 1.55% annual percentage yield on its money market account. There is no monthly fee. The account can be opened for $100 and you can withdraw cash multiple times without penalty. CIT Bank also offers an account for eChecking and other financial products that are geared towards savings. 

How to choose a money-market account

When evaluating a money-market account, there are many questions to answer.

  • What is the highest available APY? 
  • What are the options available to access your account? 
  • Is there a minimum balance requirement? Are there penalties or fees for balances below that level?
  • Are there any restrictions on the amount of transactions allowed each month?

These questions will help narrow down the options. Compare the features to find the best option for you.

Money market accounts are more expensive than other deposit accounts

A money market account will typically earn you more interest than a traditional savings account. However, money market accounts usually require higher initial deposits and minimum balances. A money market account can be a safe way for you to grow your savings while still having access to your cash. They are also attractive because APYs are beginning to rise. Federal Reserve’s recent interest rate hikes.

High-yield savings accounts can offer rates comparable to money market accounts, but they do not generally have check writing privileges as common with money markets accounts. A certificate of depositThe term determines the APY. While longer-term CDs typically pay a higher rate of interest than money market accounts, your access to deposited money will be limited until the CD term ends. An account holder who withdraws money before the maturity date will forfeit a portion or all of the interest earned. Brokers and investment firms can sell money market mutual funds. These funds are not insured by the FDIC and NCUA. Investors can enjoy higher growth rates but also lose their money.

The pros and cons of opening an account in the money market


  • Balances can earn competitive APY in low-risk, secure savings accounts.
  • There are many options available, including online, hybrid, and traditional banks and credit unions.
  • Money market accounts allow you to access deposited funds through check writing. The account can be accessed whenever you need it.
  • The FDIC and NCUA provide coverage for balances up to $250,000 per individual.


  • Interest rates for money market accounts are usually variable and subject to change.
  • There are other possibilities. low-risk savings optionsDeposit accounts that pay higher interest rates are more expensive
  • You can withdraw up to six transactions per month.

When is it appropriate to invest in a money market account

A good rate for money market accounts is one that earns more than 1%. Money market accounts are a great way to save money if you don’t need to have access to your money constantly but want check writing privileges. If you are looking for low-risk savings accounts that earn interest and are insured up to $250,000.

How to open savings accounts

It’s easy to open a money-market account. 

1.Complete the application process at your bank or credit union. Many financial institutions offer online application options.
2.To verify your identity, you will need a government-issued ID. 
3.Deposit the minimum amount required to fund your account.


Do I choose to open a savings or money market account?

Currently, savings accounts and money markets accounts offer approximately the same APYs. (An annual percentage yield — which is the rate of return earned on an investment, including compound interest — is effectively your interest rate for the year.) Any rate above 1.00% is considered robust for either account. Bask and SoFi offer savings account interest rates that are higher than the money market accounts listed on this list (2.20% vs 2.00%, respectively). National banks like Chase, Wells Fargo and Bank of America don’t offer good interest rates on their savings accounts or money market accounts. If you are looking for higher rates, an FDIC-insured online bank might be a better choice.

Savings accounts are more accessible than money market account, but it does not have to be an either/or decision. Multiple savings accounts can be useful for dividing up your accounts according to your financial goals. For example, you could open one account to save for college and another to buy a house. 

However, it could be a benefit to open a savings account at the bank where you already have checking accounts and credit lines. It’s much easier to transfer funds between checking, savings, and credit accounts if they are all under one roof. You should also keep in mind that not all banks will issue debit cards to money market accounts. Having accounts with one bank where you can easily transfer money between them may be beneficial.

Are money market accounts considered safe?

FDIC and NCUA insurance covers balances up $250,000 against bank failure. This makes a money-market account a low risk savings option.

Are money market accounts subject to fees?

Banks charge different fees for money market accounts. Some banks charge no monthly fees, while others charge fees if your account balance is below a certain threshold. If there are more than six withdrawals per month, money market accounts charge an additional fee.

Are money market accounts subject to tax?

Yes, interest earned on money you deposit in your money-market account is taxable at your current rate of tax.

Are money market accounts considered safe?

Online checking accounts can be insured by the FDIC and NCUA up to $250,000. Online security is a concern for all banks. It is important to verify the security protocols for any institution that you are interested in. You can also protect your account access by using passwords or biometric security measures to secure your digital devices.

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