Key Takeaways
- Money market accounts function as a hybrid between checking and savings, combining features of both account types. They tend to offer higher interest rates than traditional savings accounts, and many offer debit cards and checks, giving you access to your money that's more akin to a checking account.
- As is the case with high-yield savings accounts, the APY on money market accounts are variable. When banks and credit unions see the Federal Reserve increase or decrease its benchmark interest rate, they tend to do the same to products like money market accounts.
- Methodology: To find the best money market accounts, we collected APYs from around 60 of the largest and most popular banks, credit unions and online banks. We assessed what the APY was for each balance tier, and determined whether the advertised APYs were introductory promotions. While APYs were our main focus, we also collected information on the accounts' minimum opening deposits and fees.
Our top picks for Best Banks for Money Market Accounts for 2026
The companies listed below are organized in descending order of APY.
- TotalBank Online Money Market Deposit Account
- ZYNLO Money Market Account
- CFG Community Bank High Yield Money Market
- Quontic Bank Money Market Account
- EverBank Performance Money Market
- First Foundation Bank Online Money Market Account
- Vio Cornerstone Money Market Savings
- Sallie Mae Money Market Account
*Rates and APYs are subject to change. All information provided here is accurate as of May 5, 2026.
Pros
- One of the highest APYs offered for money market accounts
- No monthly maintenance fees
- High deposit limit of $1 million
Cons
- Minimum balance requirement of $2,500 to obtain high APY
- $25,000 minimum deposit to open the account
Why we chose it: TotalBank’s online money market deposit account currently offers an APY of 4.01%, which is the highest on Money’s list. The bank doesn’t charge monthly maintenance fees, and its high deposit limit of $1 million allows customers to generate significant yield. However, there is a $2,500 balance requirement to access that APY, as well as a prohibitively high $25,000 minimum deposit to open the account. You can make up to six withdrawals per month without penalties, but after six transactions, a $10 excessive transaction fee is applied to all proceeding transactions.
Pros
- Unlimited transactions
- Customer service is available seven days a well by phone and in-app messaging
- No overdraft or non-sufficient fund fees
Cons
- No physical branches
- No check-writing or debit card capabilities
Why we chose it: ZYNLO’s money market account is appealing for its 3.90% APY, which is seven times the national average, and its ease of use. You only need $10 to open the account, and there’s no minimum balance required to earn the advertised APY. Unlike some banks, you’re not limited to a certain number of withdrawals a month, and there’s no monthly maintenance fee. Although ZYNLO is a division of PeoplesBank, in-person customer service isn’t available. Customer service is available by phone 24/7. There are no overdraft or non-sufficient fund fees, but there are also no check-writing capabilities.
Pros
- Physical branches in Maryland
- Also offer money market accounts for businesses
Cons
- $1,000 opening minimum and balance requirement to earn advertised APY
- $10 monthly maintenance fee unless you maintain a balance of at least $1,000
- No check-writing or debit card privileges
- Funds unavailable for withdrawal for first 30 days
Why we chose it: This account from CFG Community Bank made our list thanks to its attractive 3.80% APY, but it only makes sense to open this account if you’re going to keep at least $1,000. Not only is that the required minimum opening deposit, but if your balance drops below that amount, you won’t earn the APY and you’ll face a $10 monthly fee. It’s also important to note that your funds won’t be available for withdrawal for the first 30 days after you open the account. There are no check-writing privileges with this account. CFG does have brick-and-mortar branches, but only in Maryland.
Pros
- Debit card and check-writing privileges
- Access to Zelle via the mobile app
- No overdraft fees
Cons
- Limit of six withdrawals per statement cycle
- No customer service on weekends
- External transfer limits that aren't clear until you have an account
Why we chose it: Quontic Bank’s money market account has an APY of 3.80% with no minimum balance requirement and no monthly maintenance fees. It also has a reasonable minimum opening deposit of $100. You get checking-writing privileges and can request a free debit card after having the account open for 30 days. However, there is a limit of six withdrawals per statement cycle. It’s also important to note that the daily and monthly external transfer limits at Quontic range from $2,000 daily to $10,000 monthly, and you’ll have to create an account and login to see what those are. The account doesn’t charge a monthly maintenance fee.
Pros
- Debit card and check-writing privileges
- Access to Zelle via the app
- No ATM fees, and $15 reimbursement fees for fees paid at other U.S. ATMs each month
Cons
- $5,000 balance required for unlimited ATM reimbursement
- No customer service on Sunday
- Advertised APY is only for new accounts
Why we chose it: EverBank’s money market account has a competitive 3.80% APY. There is no minimum opening deposit requirement or balance requirement; however, a balance of $5,000 or more is required for unlimited ATM fee reimbursements (otherwise, reimbursements are capped at $15 per month). Unfortunately, the bank’s advertised APY for its money market accounts is only for new customers.
Pros
- Debit card and check-writing privileges
- Physical branches in California, Florida, Hawaii, Nevada and Texas
Cons
- Cannot be funded through existing First Foundation Bank accounts
- No customer service on Sunday
- High opening deposit requirement
Why we chose it: First Foundation Bank offers an attractive 3.75% APY, and the account comes with check-writing privileges, a debit card and mobile check deposit. The high $500 minimum opening deposit is one drawback to this account, but it can be waived with an average daily balance of $2,500. Another drawback is a restriction on funding the account with money from another existing First Foundation Bank account. If you happen to live in California, Florida, Hawaii, Nevada and Texas, you may be able to find a physical branch of First Foundation Bank, but this account is to be opened online, and can be done so from anywhere in the U.S. The account carries a $20 monthly maintenance fee.
Pros
- Customer service seven days a week
- Higher-than-average on its CDs as well in case you want to pair a money market account with a CD
Cons
- No debit cards or check-writing capabilities
- No physical branches
Why we chose it: Vio, a division of Oklahoma City-based MidFirst Bank, offers a 3.60% APY on every dollar in the account. There is a $100 minimum requirement for opening, which is relatively low, and no monthly maintenance fee. As an online-only bank, Vio doesn’t have debit cards or check writing capabilities, but there is customer service seven days a week (7:00 a.m. to 9:00 p.m Central Time Monday through Friday, 8:00 a.m. to 6:00 p.m. Saturday and 12:00 p.m. to 4:00 p.m. Sunday.)
Pros
- Check-writing privileges
- Mobile app where you can also easily manage a HYSA or CD
- No monthly fees, no minimum opening deposit and no minimum balance requirement
Cons
- $5 for check orders after account opening
- No debit card
- No customer service on weekends
Why we chose it: Sallie Mae’s money market deposit account comes with a competitive 3.55% APY on all balances with no minimum opening requirement. You can deposit checks via mobile, but there are fees for other services, including $5 for check orders (though the first order is free if you place it when you open the account). The account doesn’t charge a monthly maintenance fee, and there are no minimum balances or minimum opening deposit requirements.
Other money market accounts we considered
We assessed many HYSA accounts that ultimately did not make our list. Below are several companies that were not named on our list but have attractive APYs and may be a fit depending on your needs.
Discover Money Market Account
Discover’s money market account offers access to ATMs, debit and checks and has very few fees. It’s a solid option for savers, but it didn’t make our list because its APYs of 3.4% for balances under $100,000 and 3.45% for balances over $100,000 is lower than the others on our list.
Bank5 Connect Connect Money Market Account
Bank5 Connect’s money market account has a $100 minimum opening requirement and a $100 balance requirement to earn the advertised interest rate, and it comes with a checking-writing capabilities and a debit card. However, the 3.03% APY is lower than what other high-yielding money market accounts offer.
Ally Bank Money Market Account
Despite Ally’s money market account not having a minimum opening requirement, minimum balance requirements or a monthly maintenance fee, the bank was removed from our list of the best banks for money market accounts after dropping its APY to 3.10%.
How we chose the best banks for money market accounts
To find the best money market accounts, we collected APYs from around 60 of the largest and most popular banks, credit unions and online banks. We assessed what the APY was for each balance tier, and determined whether the advertised APYs were introductory promotions.
While APYs were our main focus, we also collected information on the accounts’ minimum opening deposits and fees.
You can read our full methodology here.
Best money market account rates FAQs
What is a money market account?
Money market accounts are accounts issued by banks or credit unions that include features of both savings and checking accounts. They tend to offer higher APYs than traditional savings accounts.
What are the best money market account rates?
The best money market accounts rates generally reflect the Federal Reserve's benchmark federal funds rate. Online banks and credit unions, which have lower overhead costs than their brick-and-mortar counterparts, tend to have the best money market account APYs.
Are money market interest rates fixed?
No, interest rates on money market accounts are variable, meaning that they can change at any time.
Are money market accounts FDIC insured?
Yes, money market accounts at banks and credit unions insured by the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA), respectively, are protected up to $250,000 per depositor per account type.
Are money market accounts taxable?
Yes, the interest that you earn on money market accounts is considered taxable income by the IRS. If you receive more than $10 in interest, you'll receive a Form 1099-INT from the bank to use come tax-filing time.
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