*This post may contain affiliate links, please see my disclosure
Finding the best place to stash your cash is always a challenge. There are hundreds (thousands?) of banks and savings accounts to choose from!
There are different reasons for each type of account, and for me, Money Markets are the PERFECT PLACE to stash your Emergency Fund.
In fact, we personally put our Emergency Fund in a Money Market account. The money is accessible, but can’t be spent too easily (usually need to transfer it to checking first). And it earns an AMAZING interest rate, which helps me leave it in place!
I’ve found some of the top money market accounts online, and have compiled a list for you to find the one that BEST fits your needs!
Our Favorite: CIT Bank is our top pick, and the one we personally use for our Emergency Fund! With a low minimum deposit, no fees and the highest interest rate, it’s our clear winner! Open a CIT Bank Money Market account HERE
Table of Contents
Best Money Market Accounts
[elementor-template id=”507221″]
Note: The money market offers on this site are from companies from which iHeartBudgets may receive compensation. This may impact how and where products appear on this site. iHeartBudgets does not include all money markets or all money market offers available in the marketplace.
CIT Bank Money Market
- 1.55%
- $100 Minimum Deposit
- $0 Monthly Fees
CIT Bank is our top recommended Money Market Account, because it consistently has the highest interest rates around. It’s also REALLY easy to open an account, deposit money, and start saving right away!
Plus, CIT Bank has a VERY slick mobile app to make managing your savings a snap.
It’s why we personally use a CIT Money Market for our Emergency Fund!
And with a 1.55% interest rate, you can put your savings to work!
To open the account, it’s only $100 to get started.
To start saving, you can open an account HERE
UFB Direct Money Market
- 1.35% (on $25,000+ balance, 0.50% on less than $25k)
- $5,000 Minimum Deposit
- $0 Monthly Fees (with $5,000 Minimum Balance)
UFB Direct is a premium money market account, currently offering 1.70% on balances over $25,000.
If you have a large emergency fund or savings balance that you want to start earning interest on, consider UFB Direct. Plus, there are no monthly fees!
Remember, you can earn 1.35% on your balance above $25,000, but if you balance is below $25,000, you will earn 0.50% interest.
To start saving, you can open an account HERE
Discover Money Market
- 0.90% ($100k+ balance can earn 0.95%)
- $0 Minimum Deposit
- $0 Monthly Fees
Discover has a simple Money Market account. It doesn’t have the absolute highest interest rate, but they have no minimums or monthly fees.
Right now they are offering a 0.90% interest rate on balances below $100k, and 0.95% on balances above $100k.
To start saving, you can open an account HERE
Redneck Mega Money Market
- 1.35% (up to $50k)
- $500 Minimum Deposit
- $0 Monthly Fees
Redneck Mega Money Market might seem like a joke, but they are a legit bank with a great interest rate! Redneck bank is owned by Bank of the Wichitas, based in Oklahoma, and has been in business since 1913.
You may enjoy their southern style and hilarious website, but you can also enjoy a 1.35% interest rate with only a $500 minimum deposit on their MEGA money market account!
To start saving, you can open an account HERE
Northern Bank Direct Money Market
- 1.25% (up to $250k)
- $5,000 Minimum Deposit
- $0 Monthly Fees
Northern Bank Direct is a standard bank with a more traditional money market set up. This means a high interest rate, but also a high minimum deposit to start earning.
They also allow you to withdraw your cash using the SUM ATM network, which is a rare feature of a money market account.
Right now they are offering an impressive 1.25% on balances above $5,000 (up to $250k).
To start saving, you can open an account HERE
BMO Harris Premium Money Market
- 1.35%
- $5,000 Minimum Deposit
- $0 Monthly Fees
BMO Harris is another traditional bank with a decent high-interest Money Market account. Again, you need a $5,000 minimum balance to open account and earn their top tier rate.
But at 1.35%, it’s one of the best out there.
Please note: this account is not available to residents of AZ, IL, IN, KS, MO, MN, and WI
To start saving, you can open an account HERE
More Savings Account Options
What Is A Money Market Account?
A money market account is a type of savings account that is typically federally insured and designed for longer-term savings. Many of them require minimum deposits and minimum balance to earn the high interest rate.
How Much Can I Earn With Money Market Account?
Many money market accounts offer 1.50% APY or higher, compared to the savings account national average of 0.07% APY. These accounts help you savings grow much quicker, for example, $10,000 at 0.07% earns $7 after 1 year, but $10,000 at 1.50% APY earns $150 after 1 year!
Are Money Market Accounts Safe?
Yes. Most money market accounts are FDIC insured up to $250,000 per depositor. This means that if the bank goes out of business, each depositor on the account can recover up to $250,000.
If you have more than $250,000 in savings, you can split it between multiple banks, or (what I would recommend), invest it for better long-term growth.
Do Money Market Accounts Rates Change?
Yes, sometimes daily. But most institutions change rates monthly (or less), and we are committed to keeping this list up to date. Interest rates change based on a number of factors (competition, Federal Reserve rate changes, etc.), so to find the best rates, you can check our list of top accounts monthly.
High-Yield Savings vs. Money Market. What’s The Difference?
Money Market accounts are another federally-insured savings account that offer high interest rates. Many of them also have higher minimum deposit and minimum balance requirements to earn the best rate (but some don’t, like the CIT Money Market account). And some Money Market accounts even come with check-writing privileges.
How To Choose The Best Money Market Account
You want to look for a money market account with low minimums, no fees, and a high interest rate. Unlike a high-yield savings account, money market accounts usually require a larger minimum balance to earn the highest rate, but finding the right balance of high-interest and low fees is key here. You will also find great rates with some of the smaller online banks, as their low-overhead costs help them pass that savings back to you. Another reason we like CIT Bank Money Market, their $100 minimum deposit and $0 minimum balance are hard to beat!
How Do I Open A Money Market Account?
Every one of the accounts on our list make it simple to apply online. Most banks will require your personal information (name, address, email, phone number) and your social security numbers. Then to complete account opening, many will require a simple deposit. This can be cash (through an ATM), checks or wire transfer from your existing bank account.
What Is The Best Interest Rate On A Money Market Right Now?
The top rate with a low minimum deposit is at CIT Bank. They are the Money Market account we personally use for our Emergency Fund, and with only a $100 minimum deposit to get started, they make it SUPER easy to earn the most interest.
How Much Can I Withdraw From My Money Market Account?
You can withdraw as much as you want, but make sure to note the “minimum balance” amount on your account. There may be fees associated with going BELOW this minimum. Also, remember that you are limited to 6 withdrawals per month without penalty.
Are There Limits On Withdrawing From A High-Yield Savings Account?
Yes. Most savings accounts (money market accounts included) are subject to a federal rule called Regulation D. This only allows up to 6 withdrawals per month from the account. You can get around this by withdrawing cash from an ATM, or from a bank teller.
READY TO EARN MORE?
If you have money saved up, you may as well be earning some interest. I especially like money market accounts for Emergency Funds, because ideally the money is NEVER used, and should be available, but put to work! Compare the top money market accounts, and find one that fits your money plan best!
