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Best Money Market Accounts and Rates in August 2022

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Money market accounts work much like savings accounts, but they typically have better interest rates and allow check-writing. The best money market account rate we found is 2.55% APY on balances of $1,000 or more at CFG Bank.

Why trust us: MagnifyMoney is an independent outlet covering deposit accounts and other banking topics. Our team of experts has dozens of years of combined experience covering the financial space, and our work has been featured in prominent publications nationwide. Read our methodology for choosing the best money market accounts and rates.

Best money market accounts in August 2022

Best forAccountAPYMinimum deposit to open an account
APY on $1,000 balanceCFG High Yield Money Market*2.55% on balances of $1,000 or more*$1,000
APY on $10,000 balanceCFG High Yield Money Market*2.55% on balances of $1,000 or more*$1,000
APY on $100,000 balanceCFG High Yield Money Market*2.55% on balances of $1,000 or more*$1,000
Debit card and ATM useTIAA Bank Yield Pledge Money Market1.20% on all balances
$500
Low account feesnbkc Personal Money Market0.40% on all balances
$0
Online bankingVio Bank Cornerstone Money Market1.85% on all balances$100

*APY applies to new customers only

Best for APY on $1,000 balance: CFG High Yield Money Market

SEE DETAILS

on CFG Bank’s secure website

FDIC Insured

APY: 2.55% on balances $1,000 and over

Minimum deposit to open an account: $1,000

CFG Bank is the largest bank headquartered in Baltimore, Md. and offers a competitive money market rate of 2.55% on balances of $1,000 and over. Accounts must be funded with new money, and you must maintain a minimum daily balance of $1,000 to avoid the $10 service fee.

Money market accounts typically include check-writing and ATM access, but CFG Bank doesn’t allow check-writing or ATM cards with this account. Customers can make deposits at any time through an ACH transfer, in person, by mail or via mobile deposit.

Best for APY on $10,000 balance: CFG High Yield Money Market

SEE DETAILS

on CFG Bank’s secure website

FDIC Insured

APY: 2.55%  on balances $1,000 and over

Minimum deposit to open an account: $1,000

Read more about CFG Bank above.

Best for APY on $100,000 balance: CFG High Yield Money Market

SEE DETAILS

on CFG Bank’s secure website

FDIC Insured

APY: 2.55% on balances $1,000 and over

Minimum deposit to open an account: $1,000

Read more about CFG Bank above.

Best for debit card and ATM use: TIAA Bank Yield Pledge Money Market

SEE DETAILS

on TIAA Bank’s secure website

Member FDIC

APY: 1.20% on all balances

Minimum deposit to open an account: $500

TIAA Bank’s money market account is branded as a “Yield Pledge” account — meaning that they assess competitor APYs weekly and ensure that their rate is in the top 5% of money market accounts. Their 1.20% APY on all balances is a solid rate. There are no monthly fees.

Where the Yield Pledge Money Market account really shines is for ATM use: TIAA’s network has over 80,000 fee-free ATMs, and they also offer some of the best available rebates for out-of-network ATM use. All accounts receive up to $15 per month in ATM rebates, but there are unlimited rebates for accounts that have a balance of over $5,000.

Best for low fees: nbkc Personal Money Market

SEE DETAILS

on nbkc bank’s secure website

Member FDIC

APY: 0.40% on all balances

Minimum deposit to open an account: $0

The nbkc Personal Money Market account has a relatively low APY compared to the rest of the accounts on this list, but if your top priority is to avoid possible banking fees, nbkc helps minimize them as well as anyone.

This account has no minimum balance requirements and no fees for monthly maintenance, overdrafts, returned items, cashier’s checks, money orders, stop payments, or phone transfers. The only fees that may apply are outgoing domestic wire transfers ($5) and international wire transfers ($45). nbkc offers out-of-network ATM fee rebates as well.

Best for online banking: Vio Bank Cornerstone Money Market

SEE DETAILS

on Vio Bank’s secure website

Member FDIC

APY: 1.85% on all balances

Minimum deposit to open an account: $100

Vio Bank is an online bank owned by MidFirst Bank, the largest privately owned bank in the U.S. Vio offers strong interest rates for most deposits, and the bank compounds interest daily on money market balances. Vio has a strong mobile platform: their app has a 4.6 star rating on Apple.

There’s no monthly maintenance fee on the Vio Cornerstone Money Market account. Unlike some of the other accounts on this list, Vio pays the top interest rate on all balances. Read our full Vio Bank review.

Pros and cons of money market accounts

ProsCons
Generally better interest rates than savings accounts Typically higher balance requirements than savings accounts
Typically offers check-writingSubject to withdrawal limits
Sometimes offers ATM accessAPYs are sometimes tier-based

Money market account vs. savings account

A December 2021 MagnifyMoney survey found that just 4% of Americans keep their savings in a money market account, compared to 53% who keep that money in a savings account. Money market accounts and savings accounts are very similar, but if you’re willing to maintain a higher minimum balance, a money market account could provide you with a better interest rate.

Unlike savings accounts, money market accounts allow you to write checks on the account balance and sometimes offer debit card access for ATM deposits and withdrawals. However, most people use money market accounts to hold their savings and instead use a checking account for everyday banking transactions.

Money market accounts and savings accounts are both subject to the Federal Reserve Regulation D, which restricts the amount of transactions from certain kinds of deposit accounts. While that regulation is still waived in light of the COVID-19 pandemic, it may come back in the future, and financial institutions may still choose to enforce it in the meantime.

Money market account vs. money market fund

Sometimes the terms “money market account” and “money market fund” are used interchangeably, but they’re different types of accounts. Money market accounts are deposit accounts that receive bank or credit union insurance, whereas money market funds are mutual fund investments that carry market risk. Both types of accounts are tied to the money market — the exchange of deposits between banks and the government — but money market accounts are risk-free deposit accounts, unlike money market funds.

Frequently asked questions

A money market account is a special type of savings account. Cash you put in the account remains deposited with the financial institution, where it earns a variable annual percentage yield (APY).

Money market accounts are a good choice if you have a big deposit you’d like to keep safe and growing at a high interest rate. Then, when you need to access that money, you can often easily do so with an ATM or debit card or by writing a check.

No, you cannot lose money in a money market account. Unlike money market funds, which are securities that aren’t backed by government insurance and can therefore lose value over time, money market accounts work much like a savings account and carry insurance on the deposit’s value.

If a bank is insured by the Federal Deposit Insurance Corporation (FDIC) — or if a credit union is insured by the National Credit Union Administration (NCUA) — they will provide deposit insurance on their money market accounts. All accounts on our list are FDIC- or NCUA-insured.

Yes, you can deposit funds in a money market account whenever you want, unlike a certificate of deposit (CD), which is a timed deposit account that only lets you deposit funds once at the time of account opening.

Methodology

In order to determine the best money market account rates, MagnifyMoney used information from the DepositAccounts database to find accounts that were available nationwide from financial institutions with FDIC or NCUA insurance. Accounts with a minimum opening deposit of $10,000 or more were not considered.