5 Best Money Market Accounts This Year

webymoneycom
Sep 26
14 min read

Are you looking for the best money market accounts to help you maximize your savings this year?

Look no further!

This blog post will demonstrate the top 5 money market accounts worth considering. Whether you're a seasoned investor or just initiating your financial journey, finding the proper money market account can significantly increase your wealth.

Money market accounts deliver a unique combination of high interest rates and flexibility, making them an appealing option for those looking to earn more on their savings without taking on too much risk. These accounts typically provide higher yields than traditional savings accounts while offering comfortable access to your funds whenever needed.

With so many available options, choosing the money market account that suits your needs can be overwhelming. That's where we come in. Our team of experts researched and analyzed numerous accounts to identify the top performers regarding interest rates, fees, and customer satisfaction.

This blog post will share our five best picks for the best money market accounts this year and provide valuable insights on evaluating and comparing different accounts. By the end of this article, you'll have all the information you need to make an informed decision and grow your savings.

So, whether you're saving for a down payment on a house, preparing for retirement, or simply looking to grow your emergency fund, keep reading to discover the best money market accounts to help you achieve your financial goals.

Let's get started!

1. CIT Bank Money Market Account

1.55% APY

Minimum Required Deposit: $100

CIT Bank, a division of First Citizens Bank, presents a range of banking products and services. It is known for its high-yield savings accounts, certificates of deposit (CDs), money market accounts, and other personal and business banking services.

Benefits and Features:

CIT Bank offers a comprehensive Money Market Account that stands out for its competitive interest rates and convenient features.

Here's an in-depth look at the benefits and features of the CIT Bank Money Market Account:

Earn Over 2x the National Average: The CIT Bank Money Market Account offers an Annual Percentage Yield (APY) higher than the national average. This high yield is designed to help you maximize your savings potential. By providing more than double the national average APY, CIT Bank ensures your money grows faster than traditional savings accounts. This makes it an attractive option for those looking to enhance their savings with minimal risk.
Quick Access to Funds: One of the key benefits of the CIT Bank Money Market Account is the comfort of access to your funds. Whether you need to transfer money online, use mobile banking, or write checks, CIT Bank provides multiple ways to manage your money conveniently. This flexibility is crucial for individuals needing to access their funds for emergencies or regular transactions without hassle. The bank's robust online platform also ensures you can manage your finances from anywhere, anytime.
No Monthly Service Fees: With no monthly maintenance fees, the CIT Bank Money Market Account ensures you retain more earnings. Many banks charge monthly fees that can erode your savings over time, but CIT Bank eliminates this concern. This fee-free structure makes the account especially attractive for cost-conscious savers who want to avoid unnecessary charges and maximize their account balance.
24/7 Secure & Award-Winning Banking: Security is a top priority for CIT Bank. Their online and mobile banking platforms have advanced security features to protect your financial information. These platforms have also been recognized for their excellence, receiving awards for user experience and security measures. This commitment to secure and user-friendly banking ensures you can confidently manage your money, knowing your personal and financial information is safeguarded.
FDIC Insured: The FDIC insures the CIT Bank Money Market Account for deposits up to the maximum amount allowed by law. This insurance provides security for your funds, giving you peace of mind knowing that your money is protected against potential bank failures. FDIC insurance is critical for any savings account, ensuring your deposits are safe and secure.
Mobile Banking Features: The CIT Bank mobile app lets you deposit checks remotely, providing a convenient way to manage your deposits without visiting a branch. This feature is handy for active individuals who must handle their banking on the go. Additionally, the app facilitates easy transfers between accounts, helping you manage your finances efficiently from your mobile device.
Competitive Interest Rates: The interest on the CIT Bank Money Market Account is compounded daily and credited monthly, maximizing the earning potential on your deposited funds. Daily compounding means your money earns interest on the interest accrued daily, leading to faster savings growth. This feature makes the account an excellent choice for savers seeking higher deposit returns.
Low Minimum Opening Deposit: With a low minimum deposit requirement to open an account, CIT Bank makes it straightforward to start saving and earning interest immediately. This low barrier to entry ensures that the account is accessible to a comprehensive range of savers, from those just starting to save to those looking to move large sums into a higher-yielding account.
User-Friendly Account Management: CIT Bank provides online tools and resources to assist you in handling your account, tracking your savings progress, and achieving your financial goals. These tools include budgeting and savings calculators, account alerts, and detailed transaction histories, all designed to enhance your banking experience and help you stay on top of your finances.

How to Get Started:

Open a money market account in just three simple steps:

Start by securely providing your personal information, such as your address, phone number, email, and Social Security number.CIT Bank prioritizes your privacy and uses advanced encryption to ensure your data remains safe.
To open a new account, you must make a minimum deposit of $100. You can transfer funds in various ways: electronically for convenience, mailing a check for those who prefer traditional methods, or a wire transfer for a swift transaction. Choose the approach that matches your requirements and financial habits.
Your information is entered, and your account is funded; you're all set! CIT Bank will email you confirmation indicating your account has been opened. From there, you can take advantage of the high-yield benefits and easily manage your account online.

Pros:

Low minimum account deposit requirement of just $100.
Competitive high APY compared to other banks.
There are no maintenance fees, helping you save more.
Easy-to-use, award-winning user interface and mobile application.
Access to Zelle & Bill Pay for convenient money management.

Cons:

There are no physical branch locations.
Waiting period for deposits or external transfers before funds become available.

2. Ally Bank Money Market Account

4.20% APY

Minimum Required Deposit: $0

Ally Bank provides various financial services, including checking and savings, CDs, money market accounts, auto financing, home loans, and investment products. Known for its competitive interest rates, low fees, and robust digital banking platform, Ally Bank provides customers with convenient, 24/7 access to their accounts through its website and mobile app. It is a subsidiary of Ally Financial Inc., a leading digital financial services company. Ally Bank does not have physical branches, allowing it to offer higher interest rates and lower fees than many traditional banks.

Benefits and Features:

Competitive Interest Rate: The Ally Bank Money Market Account offers a competitive interest rate, allowing your money to grow faster. With interest compounded daily, your savings will accumulate more quickly. Note that the rate may change after opening the account. Rest assured, all deposits are insured by the FDIC up to the most significant amount allowed by law.
Free ATM Access: Enjoy unlimited free ATM withdrawals at over 43,000 Allpoint® ATMs across the U.S. Ally Bank will reimburse over $10 per statement cycle for fees incurred at other ATMs nationwide, providing increased flexibility to access your money without worrying about additional costs.
Remote Check Deposits: With Ally eCheck Deposit℠, you can deposit checks anywhere on your smartphone. Simply snap a photo of the check and submit it through the Ally Bank mobile app. This feature saves you time and effort, making banking more convenient.
Open in the Name of a Trust: The Ally Bank Money Market Account can be opened in the name of a trust, providing you with the flexibility and security to manage your finances for the benefit of your loved ones. This feature ensures your assets are handled according to your wishes.
Minimum Balance Requirements: Say goodbye to hidden fees. The Ally Bank Money Market Account has no monthly maintenance fees or minimum balance requirements. You can make unlimited ATM withdrawals and up to 10 other withdrawals per statement cycle without incurring penalties, allowing you to manage your money as you see fit.
24/7 Customer Support: Access customer support anytime, day or night. Whether you prefer to call, chat, or email, a natural person is always available to assist you with any questions or concerns. Ally Bank’s round-the-clock support ensures you’re never alone in managing your finances.

How to Get Started:

Opening an account with Ally Bank is quick and easy:

Provide personal details, including your address, contact information, and Social Security number.
While there’s no minimum amount required to open an account, the sooner you fund it, the sooner you’ll start earning interest.
Gain immediate online access and explore everything Ally Bank offers. Discover various tools and services to help you reach your financial goals.

Pros:

Industry-leading 4.25% APY for Money Market Accounts.
High customer service ratings.
Extensive range of additional savings and investment products.
24/7 access to funds, the banking platform, and customer support.

Cons:

Monthly ATM fee reimbursement is capped at $10, lower than some competitors.
There are no physical branch locations.

3. Discover® Money Market Account

4.00% APY for balances under $100,000

4.05% APY for balances $100,000 and over

Minimum Required Deposit: $0

Benefits and Features:

High Interest Rates: Discover Bank’s Money Market Account proposes a competitive interest rate, ensuring your money grows while remaining accessible. You’ll earn 4.00% APY on balances under $100,000 and 4.05% APY on balances $100,000 and over. These rates help maximize your savings potential, making it an attractive option for small and large deposits.
No Fees: Enjoy a no-fee Money Market Account with Discover Bank. You won't be charged for monthly maintenance, withdrawals at over 60,000 ATMs nationwide, replacement debit cards, stop payment orders, standard checks, official bank checks, online bill pay, expedited delivery for debit card replacement and official bank checks, deposited items returned, excessive withdrawals, insufficient funds, or account closure. This fee-free structure ensures more money stays with you, boosting your overall savings.
Easy Access to Funds: Discover Bank lets you conveniently access your funds via ATM, debit, or checks. Utilize the ATM locator to find one of over 60,000 no-fee ATMs at stores you already frequent. This extensive network ensures you can withdraw cash whenever needed without worrying about additional fees.
Remote Check Deposits: Deposit checks from anywhere using Discover Bank’s mobile app. Simply take a photo of your check and submit it through the app. This remote check deposit feature saves time and adds convenience, allowing you to manage your money without visiting a branch.
Opening in the Name of a Trust: Discover Bank’s Money Market Account can be opened in the name of a trust, providing flexibility and security for managing your finances. This feature ensures that your assets are handled according to your wishes and offers peace of mind for you and your loved ones.
Planning Tools: Use Discover Bank’s Money Market interest rate calculator to set financial goals and plan for future savings. By entering your starting amount and savings period, you can see how much interest you will earn over time. This tool assists you in making knowledgeable decisions about your savings strategy.
24/7 Customer Support: Discover Bank offers 24/7 customer support. A real person can always assist you whether you prefer to call, chat, or email. This ensures that help is just a contact away whenever needed.

How to Get Started:

Opening a Money Market Account with Discover Bank is quick and straightforward:

Simply provide basic information like your address and Social Security Number to initiate the process.
You can make a deposit immediately or return later to complete it.
Upon completion, check your email for confirmation, and you're on your way to achieving your financial objectives.

Pros:

Discover Bank’s Money Market Account offers competitive interest rates, providing an opportunity to maximize savings.
Account holders enjoy a fee-free experience, as no monthly fees are associated with the account.
Convenient access to funds is available through ATMs, debit cards, or checks, simplifying money management.
Remote check deposits via Discover Bank’s mobile app save time and effort for account holders.
Opening an account in the name of a trust adds flexibility and security to financial planning.
Discover Bank provides planning tools like its Money Market interest rate calculator to assist with goal-setting and future savings planning.

Cons:

Limited ATM fee reimbursement of up to $10 per statement cycle may be lower compared to competitors.
Discover Bank operates entirely online, lacking physical branch locations for in-person assistance or transactions.
There may be a waiting period for deposits or external transfers before funds become available.

4. Quontic Money Market Account

5.00% APY

Minimum Required Deposit: $0

Quontic Bank is known for its innovative approach to banking. It offers a range of digital and mobile banking solutions that cater to tech-savvy customers. Their goal is to make banking convenient, accessible, and user-friendly.

Benefits and Features:

FDIC Insured: Your deposits are protected up to the maximum limit the FDIC allows.
Card Security: Easily lock and unlock your debit card for added security.
Wide ATM Network: Access over 90,000 surcharge-free ATMs nationwide.
No Fees: Enjoy banking without monthly, overdraft, or foreign collection fees.
Payment Options: Utilize Zelle, Apple Pay, Google Pay, and Samsung Pay for convenient transactions.
Remote Services: Deposit checks remotely, pay bills, and quickly transfer funds.
Payments to Contacts: Make and receive payments directly to and from your contacts.
Expense Tracking: Monitor your spending and manage your finances efficiently.
Credit Monitoring: Get a comprehensive view of your credit with a full credit report and ongoing credit monitoring.
Unified View: See all your bank accounts and loans consolidated for better financial management.
Secure Login: Access your account securely using fingerprint or facial recognition technology.

How to Get Started:

Visit Quontic Bank's Website: Go to the official Quontic Bank website.
Select Money Market Account: Navigate to the Money Market Account section.
Open an Account: Click the option to open a new account and fill out the required information.
Fund Your Account: Deposit the minimum required balance to activate your account.
Set Up Online Banking: Register for online banking to manage your account, set up payments, and use financial tools.
Download the Mobile App: For even more convenience, download the Quontic Bank mobile app to access all features on the go.

Enjoy the benefits of a secure, fee-free, and easy-to-manage Money Market Account with Quontic Bank.

Pros:

Quontic Bank often offers higher interest rates on its money market accounts than traditional savings accounts, helping your money grow faster.
The account does not incur monthly maintenance fees, allowing you to save more without worrying about unnecessary costs.
Access to over 90,000 surcharge-free ATMs nationwide makes it easy to withdraw cash without incurring fees.
The account includes robust security features such as FDIC insurance, card lock/unlock options, and biometric authentication (fingerprint or facial recognition) for secure access.
Quontic offers a full range of digital banking services, including mobile check deposits, bill payments, and account transfers. You can also use Zelle, Apple Pay, Google Pay, and Samsung Pay.
Track your spending, observe your credit score, and view all your bank accounts and loans in one place, delivering a comprehensive overview of your financial well-being.

Cons:

There may be minimum balance requirements to open and maintain the account, which could be a barrier for some users.
As a primarily digital bank, Quontic has limited physical branch locations, which might be a downside for those who prefer in-person banking.
Money market accounts often limit the number of withdrawals or transfers users can make each month, which could be restrictive for some users.
Unlike some traditional money market accounts, Quontic might not offer the option to write paper checks, which could limit some payment flexibility.
Depending on their customer service hours, you might not have access to support 24/7, which could be inconvenient for some users.

5. Everbank Money Market Account

4.30% APY

Minimum Required Deposit: $0

Benefits and Features:

Guaranteed high yields with our yield pledge promise: TIAA Bank is committed to providing high yields through its Yield Pledge promise. This pledge guarantees that the interest rates on your account will always be among the highest available, helping you maximize your savings potential without constantly searching for better rates. It’s a commitment to keeping your money growing at an optimal pace.
No monthly maintenance fee: Say goodbye to monthly maintenance fees that eat into your savings. TIAA Bank’s Yield Pledge Money Market Account has no monthly maintenance fee, allowing every dollar you save to contribute towards your financial goals without unnecessary deductions.
Mobile check deposits: Enjoy the convenience of depositing checks directly from your mobile device. With TIAA Bank's mobile check deposit feature, you can securely and swiftly deposit funds into your account without the need to visit a branch, giving you the freedom to concentrate on what's important to you.
Access your money through checks and a debit card: TIAA Bank provides flexible access to your money with both checks and a debit card. This dual-access feature means you can quickly pay bills, make purchases, and withdraw cash, making your money readily available for everyday use while it continues to earn interest.
ATM fee reimbursements: Enjoy the freedom to use any ATM with TIAA Bank's ATM fee reimbursement policy. Under this feature, TIAA Bank will reimburse you for fees incurred when using out-of-network ATMs up to a specific limit, so you can access your cash without worrying about additional costs.
Move money with internal and external transfers: Transferring money is easy with TIAA Bank. You can quickly transfer funds between your TIAA Bank accounts or to accounts at other economic or financial institutions. This flexibility ensures that managing your finances and making timely transfers is straightforward and efficient.
FDIC insured: Rest assured that your deposits are secure. TIAA Bank’s Yield Pledge Money Market Account is FDIC insured, meaning your money is safeguarded up to the maximum limit allowed by law. This insurance provides peace of mind, knowing that your savings are safe.
$0 to open: Starting your journey with TIAA Bank is hassle-free and requires no initial deposit. You can open your Yield Pledge Money Market Account with $0, making it accessible for everyone looking to grow their savings without any barriers to entry.

By choosing TIAA Bank’s Yield Pledge Money Market Account, you benefit from competitive rates, zero maintenance fees, flexible access to funds, and robust security features designed to enhance your savings experience.

How to Get Started:

Open your new account online quickly and effortlessly by visiting our website and filling out the application form:

Fund Your Account: Make your initial deposit through a secure online transfer or mobile deposit. For added convenience, you can also fund your account via direct deposit from your paycheck.

Start Banking: Set up online banking and explore various features, including automatic bill pay, budgeting tools, and real-time alerts. Monitor your balance, transfer funds, and watch your savings grow with competitive interest rates.

Additional Benefits:

24/7 Customer Support: Access customer service anytime via phone, chat, or email.
Mobile App: Manage or control your account on the go with our user-friendly mobile app.
Security: Experience peace of mind with advanced security measures to protect your information.
Financial Education: Access resources and tips to help you make informed financial decisions.
Get Started Today: Experience seamless banking with our comprehensive services to meet your needs. Visit our website to apply and take control of your financial future.

Pros:

EverBank often offers higher interest rates than traditional savings accounts, helping your money grow faster.
Your deposits are protected over $250,000 per depositor, providing peace of mind.
Many EverBank money market accounts do not charge monthly maintenance fees, allowing you to save more.
You can write checks straight from your money market account, making managing your funds easier.
Access and control your account from anywhere with robust online and mobile banking features.
EverBank provides vital customer support through various phone, email, and chat channels.
Earn higher interest rates with more significant balances due to tiered rate structures.

Cons:

A significant minimum balance may be required to earn the highest interest rates and avoid fees.
Federal regulations restrict certain withdrawals and transfers to six per month, which can be limiting.
Although there may be no monthly maintenance fees, other fees, such as excessive transactions or insufficient funds, can apply.
Interest rates can fluctuate, which means your earnings can vary over time and may decrease if market conditions change.
While online and mobile access are available, physical branches are limited, which might be a drawback for those who prefer in-person banking.
Understanding the full fee schedule can be complicated, with various charges that may not be immediately apparent.

The Bottom Line

In conclusion, these five money market accounts are the best options this year. Their competitive interest rates, low fees, and convenient online access offer a winning combination for anyone looking to grow their savings. Whether you're a seasoned investor or just beginning, these accounts provide a solid foundation for your financial goals.

When comparing these accounts, it's essential to consider your individual needs and preferences. Consider factors such as minimum balance requirements, access to ATM networks, and customer service quality. By doing so, you can choose the account that perfectly aligns with your financial objectives.

Don't wait any longer to make your money work harder for you. Take advantage of these top-notch money market accounts and maximize your savings today. With their impressive features and benefits, you can be confident that your hard-earned money is in good hands.

Remember, achieving financial success requires informed decision-making. We trust this guide has offered valuable insights and aided in narrowing down your choices. Now, take the next step toward realizing your financial aspirations.

Happy saving!