Best Money Market Accounts for December 2023 (up to 5.46%)

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.The highest money market account rate overall is 5.46% APY from the First Internet Bank of Indiana Money Market Account for account balances above $1 million.Meanwhile, the most competitive money market account rate regardless of your account balance is 5.35% APY from Brilliant Bank. Brilliant Bank’s money market account isn’t available for residents of Kansas, Missouri, Oklahoma, and Arkansas, though.If you are looking for more options, you can also find great rates at other banks too. We check rates daily to find the best rates for money market accounts. Here are our top options.The best money market accounts pay well above the average money market account interest rate and are on par with rates from the best high-yield savings accounts.Here are the best money market account rates right now:If you’re a saver who likes to have easy access to your account, you might like a money market account. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card.Our top picks for the best money market accounts are protected by FDIC or NCUA insurance. Although a few financial institutions were shut down in 2023, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.Earn up to 5.46% Annual Percentage Yield (APY). $100 minimum deposit. FDIC Insured.$5 monthly service fee3.76% or 5.46% (vary by daily balance)$100You may like First Internet Bank of Indiana if you are comfortable with an online-only banking experience. It’s a great option for earning some of the best CD rates right now, but you might want to look elsewhere if you’re searching for the highest savings rate.The First Internet Bank of Indiana Money Market Account has a tiered interest rate system with competitive APYs. The money market account pays 3.76% APY on account balances of $1 million or under and 5.46% APY on account balances over $1 million. You may also request an ATM card to make ATM withdrawals.First Internet Bank of Indiana is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the $250,000 limit. The way it works is your money is spread across other FDIC-insured financial institutions in the network (there are nearly 3,000 participating banks). Up to $150 million may be FDIC-insured through IntraFi Network Deposits.This money market account has a $5 monthly service fee. To waive the fee, you’ll need to maintain at least $4,000 in your account. This money market account also doesn’t come with check writing privileges.Rate: 3.76% APY on account balances of $1 million or under and 5.46% APY on account balances over $1 millionMinimum opening deposit: $100First Internet Bank of Indiana Review$10 monthly service fee5.35%$1,000The Brilliant Bank Surge Money Market Account offers a competitive interest rate and might be a good option if you can keep at least $2,000 in your account so you can waive a $10 monthly service fee. The current APY is only available for new depositors. If you live in Kansas, Missouri, Oklahoma, or Arkansas you won’t be eligible to open this account.Rate: 5.35% APYMinimum opening deposit: $1,000Earn 5.30% Annual Percentage Yield (APY). $100 minimum deposit. FDIC Insured.$5 monthly service fee5.30%$100The Vio Bank Cornerstone Money Market Savings Account stands out for its low minimum opening deposit and competitive interest rate. To avoid monthly service fees, just make sure to sign up for online bank statements.The Vio Bank Cornerstone Money Market Savings Account has a low minimum opening deposit, and no monthly service fees if you sign up for online bank statements. If you get paper statements, there’s a $5 monthly service fee. The Vio Bank Cornerstone Money Market Savings Account also doesn’t include paper checks or a debit card.Rate: 5.30% APYMinimum opening deposit: $100Vio Bank ReviewEarn 5.29% Annual Percentage Yield (APY). $1 minimum deposit. FDIC Insured.5.30%$1Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It’s a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.The Hanover Bank Money Market Deposit Account offers the highest money market account interest rate on Raisin. That said, there are also other money market accounts available on Raisin that pay 5.00% APY or more.You may like the Hanover Bank Money Market Deposit Account if you’re looking for an option with a high interest rate and low minimum opening deposit. You’ll only need $1 to get started.Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you’d like to do all your banking with one financial institution. Raisin doesn’t offer checking accounts.Rate: 5.30% APYMinimum opening deposit: $1Raisin ReviewEarn 5.25% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.$10 monthly service fee5.25% (as of 11/16/2023)$0You may favor the UFB Secure Money Market if you would like a bank account that includes paper checks and a debit card.The UFB Secure Money Market offers a competitive interest rate regardless of your balance, and it allows you to write checks.This account has a $10 monthly service fee. To waive the fee, you’ll have to maintain a minimum balance of $5,000.Rate: 5.25% (as of 11/16/2023) APYMinimum opening deposit: $0UFB Direct ReviewEarn 5.25% Annual Percentage Yield (APY). FDIC Insured.$10 monthly service fee5.25%$1,000CFG Bank has one of the best money market account rates right now, and it pays solid CD rates. These accounts can be opened online from anywhere in the US. It also has a solid online checking account. But to open a standard savings account, you’ll need to visit a branch in Maryland.The CFG Bank High Yield Money Market Account offers one of the most competitive interest rates on its money market account. You’ll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee. This money market account also doesn’t come with check writing privileges or a debit card.Rate: 5.25% APYMinimum opening deposit: $1,000CFG Bank ReviewEarn 5.21% Annual Percentage Yield (APY). FDIC Insured.$25 monthly service fee5.21%$2,500The Republic Bank of Chicago Digital Money Market Account has the highest interest rate on our list. You might like this account if you’re searching for an online money market account that offers paper checks.The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you’re searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the $25 monthly service fee.This account isn’t available in Illinois, Indiana, Wisconsin, and Michigan. It has a $25 monthly service fee to be mindful of. It also doesn’t offer an ATM card or debit card, only paper checks.Rate: 5.21% APYMinimum opening deposit: $2,500Earn up to 5.05% Annual Percentage Yield (APY). FDIC Insured.no monthly service fee0.50% to 5.05%$500Redneck Bank is a good option if you’re looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold.The Redneck Bank Mega Money Market Account offers a high interest rate for account balances up to $100,000. You’ll earn 5.05% APY on balances up to $100,000, and any amount over $100,000 will earn 0.50% APY. The account also has a $500 minimum opening deposit.Redneck Bank is an online division of All America Bank.The Redneck Bank Mega Money Market Account has a limit of one account per person. Rate: 0.50% to 5.05% APYMinimum opening deposit: $500no monthly service fee5.00%$100The Quontic Bank Money Market Account is a good choice if you’d like to open a money market account that has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.Depending on your account balance, you may find other financial institutions with more competitive interest rates.Rate:  5.00% APYMinimum opening deposit: $100Quontic Bank ReviewEarn up to 5.00% Annual Percentage Yield (APY). $5 minimum deposit. FDIC Insured.no monthly service fee0.50% to 5.00%$5The Premier Members Credit Union Money Market Account is solid money market account that offers an especially high interest rate on low account balances.The Premier Members Credit Union Money Market Account stands out because it requires a $5 initial deposit. The account also pays a high interest rate on low account balances. You can earn 5.00% APY on balances up to $2,000. If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.Rate: 0.50% to 5.00% APYMinimum opening deposit: $5Premier Members Credit Union ReviewThe money market account with the highest interest rate right now is 5.46% APY from First Internet Bank of Indiana for account balances above $1 million. Meanwhile, the most competitive money market account rate regardless of your account balance is 5.35% APY from Brilliant Bank. Keep in mind rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.Money market accounts typically make it easier to access your money than high-yield savings accounts. Many come with check-writing privileges, debit cards you can use to make purchases, or ATM cards for withdrawing cash. To help determine the best option for you, you could also compare interest rates, initial deposits, or monthly service fees.Yes — a money market account has very few downsides, if any. The money in your account is insured by the FDIC or NCUA (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation. The only time a money market account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments, or if you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account.As of November 2023, the national average APY on money market accounts is 0.65% according to the FDIC. Online banks usually offer a higher interest rate on money market accounts, though. Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year based on the Federal Reserve’s decisions.The FDIC insures up to $250,000 per depositor in a money market account.The Fed has raised interest rates in 2023, and money market interest rates have slowly been going up, too. Even if they were to drop, however, it’s best practice to keep saving. That way, when rates inevitably do go back up, you’ll be earning interest on a larger amount of principal.The Better Business Bureau measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank. Since the Hanover Bank Money Market Deposit Account is available through Raisin, we included Raisin’s BBB rating.Redneck Bank doesn’t have a BBB rating yet. Here are the BBB scores for the other institutions on our list:Brilliant Bank is an online-only division of Equity Bank. Brilliant Bank hasn’t been rated by the BBB yet, but Equity Bank has received an A- grade from the BBB because it has failed to respond to one customer complaint.Raisin has a B+ grade because it has received 39 complaints on the BBB website.CFG Bank currently doesn’t have a rating because its profile is being updated on the BBB website.A strong BBB rating does not guarantee that you’ll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you.To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:We’re focusing on what will make a money market account most useful, including APY, access to your money, and more. Here’s what they had to say about money market accounts. (Some text may be lightly edited for clarity.)What makes a money market account good or not good?Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:”A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks.”Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:”I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”How should someone decide whether to put their money in a money market account or another interest-earning account?Tania Brown, certified financial planner at SaverLife:”So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:”How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD.”Sophia Acevedo, Personal Finance Insider:”I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account, I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”Methodology: How we Chose the Best Money Market AccountsThere are a lot of money market accounts out there. Through our research, we’ve found that the best money market accounts are offered by banks with a strong online presence and mobile access.We reviewed money market accounts using our money market account methodology at nearly two dozen institutions to identify the strongest options.While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

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