Compare rates on money market accounts from banks and credit unions. Use the filter box below to customize your results. You may also want to view our list of savings accounts. Also click here to read a summary of what a money market account is and to review some of the distinct features and benefits of this category of deposit account product.
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Personal Money Market Accounts
The Money Market Account is a savings account that earns interest based on the performance of underlying variables in the money market. Money Market Accounts are sorted in the table above according to their money market rates, from highest to lowest. Online banks usually offer the best money market rates, and you can get details on a listed offering by clicking the plus button to the left or clicking the name of the institution to go to its hub on the site.
Money Market Account Rate History – Average APY (%) Rate Trend over Time
What is a Money Market Account?
Money Market Accounts fall under the purview of Regulation D, a ruling of the Federal Reserve Board that compels banks and credit unions to limit customers to six withdrawal transactions per month on the account. MMAs and savings accounts are very similar and are used for many of the same purposes. However, Money Market account rates derive their value from trading activity performed in the financial markets, whereas savings accounts normally pay interest rates based on the institution’s lending activities. The difference means that the highest money market rates are typically higher than the highest savings account rates when interest rates in the broader financial markets are higher. For this reason, MMAs usually have higher minimum balance requirements than savings accounts. There is an APY calculator on the site to help you get an idea of what sort of return you can expect over a given period of time.
Money Market Account Benefits
Some investors enjoy Money Market Accounts because of their liquidity and flexibility. Though not a transactional account like a checking account, many MMAs allow for ATM withdrawals and check writing to be made from the account. Financial institutions usually tier their Money Market account rates, as well, and reward depositors with higher interest for increasing their balances.
Money Market Funds
Money Market Funds are not insured by the FDIC and are not the same thing as Money Market Accounts. A Money Market Fund (or Money Market Mutual Fund) invests in slightly riskier financial instruments like debt and foreign securities. Commission fees are passed on to the investors and MMFs can actually lose money. Some banks offer both MMAs and MMFs, so it is important to ask about the differences before depositing any money.