15 Best Money Market Accounts with High Interest Rates to Consider
When it comes to saving money, putting your cash in a money market account is a great way to earn interest while still maintaining access to your funds. Money market accounts are similar to savings accounts but offer higher interest rates and may come with check-writing privileges.
If you’re looking for the best money market account interest rates, here are 15 options worth considering:
1. TIAA Bank Yield Pledge Money Market: This account offers an APY of up to 0.60% and has no monthly fees.
2. Sallie Mae Money Market: With an APY of up to 0.60%, this account also comes with no minimum balance requirements or monthly fees.
3. Ally Bank Money Market Account: The APY on this account ranges from 0.50% – 0.80% depending on your balance.
4. Capital One 360 Performance Savings: Although not technically a money market account, this option still offers competitive interest rates ranging from 0.40% – 0.50%.
5. Discover Money Market Account: Earn up to an APY of 0.45%, with no monthly fees or minimum balance requirements.
6-10: Other banks such as CIT Bank, Marcus by Goldman Sachs, BBVA Compass, UFB Direct and Axos Bank have competitive rates that range between .35%- .55%.
11-15: Credit unions can be another option; some have very high yields like Navy Federal Credit Union (up to .70%) , Alliant Credit Union(up to .65%), Connexus Credit Union (up to .61%) just among others.
When choosing a money market account, consider factors such as minimum balances required, monthly fees charged and any additional perks or benefits offered by the bank or credit union.
It’s important to keep in mind that interest rates can change over time and may vary based on the amount deposited into the account so you should check this information frequently. Additionally, some banks may offer promotional rates for new account holders that can change after a certain period or with changes in the market.
Overall, a money market account is a great option for those who want to earn interest on their savings while still maintaining access to their funds. By exploring different options and comparing interest rates, you can find an account that fits your financial needs and goals.