The best money market rates of January 2024 (2024)

A well-rounded financial portfolio includes a variety of savings and investment products for both short-term stability and long-term growth. One of the assets you might consider adding to your portfolio is a money market account, which can offer greater returns than a traditional savings account — and without tying up your money for a fixed period.

Most banks and credit unions offer money market accounts, so it’s worth comparing interest rates and annual percentage yields before opening an account. In general, money market accounts may have higher minimum balance requirements than regular savings accounts, but if you have the funds available, one of these accounts could be a valuable place to hold your money for the short term.

Why we picked it

First Foundation Bank doesn’t have the name recognition of some other banks on our list, but the Texas-based financial institution has been around since 2007. The bank has $13.9 billion in assets as of March 2023 and is FDIC-insured, giving potential customers peace of mind should the bank unexpectedly fail.
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The money market account at First Foundation is easy to open online, and there’s no minimum balance requirement to avoid a monthly fee.
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If you prefer to bank in person, First Foundation Bank does offer 31 branches scattered across five states (California, Hawaii, Nevada, Texas and Florida).

Who should use it

This account is best for those who don’t plan to make many regular transactions because there’s a $20 excess transaction fee after six transactions in a statement cycle.

Why we picked it

Ally Bank has big name recognition among online banks, but its history goes back much farther than the internet era. Ally opened in 1919 as GMAC, a division of General Motors, to help dealers build their inventory and has evolved through the years, giving it longevity and stability. Today, Ally is FDIC-insured.
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Ally’s money market account has no minimum balance requirement to avoid fees and no minimum deposit, although you will pay a $10 fee for excess transactions after six in a statement cycle.
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With your Ally money market account, you can make unlimited withdrawals at one of 43,000-plus Allpoint ATMs at no cost. Ally will reimburse you up to $10 per statement cycle if you use a non-Allpoint ATM that charges fees.

Who should use it

This account is ideal for someone who doesn’t have much money to open their account or want to be locked into a minimum balance and is willing to earn a lower APY (4.40%) than other accounts on this list for that flexibility. You should also be comfortable with online banking since Ally has no physical locations.

Why we picked it

Consumers are familiar with Discover for its credit cards, but it also offers an array of banking products. Those include checking and savings accounts, loans and money market accounts.
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Discover offers both debit cards and check writing for money market accounts. With this type of account through Discover, you’ll be able to access your money at more than 60,000 ATMs nationwide.
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Discover’s MMA comes with up to a 4.25% APY (4.20% if your balance is below $100,000), so you can find a higher APY elsewhere. That said, this account comes with plenty of flexibility because there’s no monthly balance requirement to avoid fees or maintain your account. However, you will need to deposit at least $2,500 in order to open an account.

Who should use it

Although Discover has a high minimum opening deposit of $2,500, its money market account carries no account fees except for outgoing wire transfers ($30). That makes it ideal for customers who have ample money available at the time of opening but want flexibility after the account is open.

Why we picked it

iGObanking is the online division of New York-based Flushing Bank, which has been in existence since 1929 and is FDIC-insured. Being an online bank, iGObanking can offer better APY rates because it doesn’t have the overhead costs of brick-and-mortar banks.
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The iGOmoneymarket account excels with low fees, 24/7 customer service and a strong APY of 5.05%, but the major drawback is a large $25,000 minimum opening deposit, which limits who will be able to use this account. You’ll also need to maintain at least a $25,000 balance to earn interest.

Who should use it

Those looking for a strong APY and have a large amount of money to invest upfront. Also, it’s best for those who won’t need to use checks because there are no check-writing privileges with this account.

Why we picked it

Redneck Bank is the online banking division of All America Bank, which was founded in Mustang, Oklahoma, in 1969 and is FDIC-insured. The bank also offers a high-interest checking account with a 5.30% APY.
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The money market account offers a strong 5.05% APY on balances up to $100,000 (and only 0.50% APY over $100,000), along with no monthly maintenance fees, a debit card and check-writing privileges.

Who should use it

Redneck Bank is a good option for those comfortable with online banking and with balances less than $100,000 so they can take advantage of the excellent APY.

Why we picked it

EverBank became chartered nationally in summer 2023 when TIAA Bank, based in Jacksonville, Florida, was sold to private investors.
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EverBank guarantees that each month it reviews the APYs being offered by competitors and will adjust its rates, as needed, to make sure they are among the top 5%.
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EverBank also has a strong introductory offer for first-time Yield Pledge Money Market holders. Those customers will earn a fixed APY of at least 4.75% for the first year with no minimum deposit.

Who should use it

This account is excellent for first-time EverBank money market customers who want to earn a solid, fixed APY for the first year.

Why we picked it

Quontic launched as a community bank in New York City, but it has since sprouted from the Big Apple. Quontic now writes home loans in all 50 states and offers a variety of FDIC-insured checking and savings products.
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The Quontic Money Market Account requires a $100 minimum opening deposit but pays a high APY of 5.00% on all balance tiers, making this one of the best APYs most customers can access. Additionally, the account comes with a debit card for easy access to your money at 90,000 surcharge-free ATMs around the country.

Who should use it

If you don’t plan to make many withdrawals, Quontic’s money market account warrants a look. There is a $10 fee for every transaction and withdrawal exceeding the allowed six per statement cycle.

Why we picked it

The only credit union on our list, Connexus serves residents of all 50 states, is NCUA-insured and has $5.5 billion in assets. Employees of dozens of companies are eligible to join Connexus, as are residents of many communities in the Midwest. If you’re not on one of those lists, you can join with a one-time $5 donation.
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The Connexus Money Market Account is best for those with large balances since the APY increases with balance tiers, topping out at 4.51% for balances of $1,000,000 or higher. You can take advantage of up to four fee-free withdrawals or transfers per month and dividends are compounded monthly.

Who should use it

This account is ideal for those who will carry a high balance and value in-person banking with credit union perks. Connexus belongs to the CO-OP Shared Branch network, whichgives members access to 5,000 shared branches nationwide.

Why we picked it

UFB Direct is an offshoot of Axos Bank, meaning deposits are FDIC-insured. Among its benefits, UFB Direct offers 24/7 customer service.
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UFB Direct offers a 5.25% APY on money market accounts, no matter what the balance is, and you will avoid monthly fees as long as you carry a balance of at least $5,000. If your balance is less than $5,000, you’ll be charged a $10 monthly fee.

Who should use it

Anyone can benefit from this account, but those who maintain a minimum monthly balance of $5,000 have the most to gain because they can waive monthly maintenance fees.

Why we picked it

ZYNLO is an online bank, but deposits are FDIC-insured up to the standard $250,000 per depositor, per account category through PeoplesBank. Deposits over $250,000 are also fully insured with ZYNLO through the Depositors Insurance Fund.
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The ZYNLO Bank Money Market earns a solid 5.00% APY on accounts up to $250,000 (and 0.10% on balances over $250,000) and can be opened with a minimum deposit of $10, plus there are no account fees.

Who should use it

With a high APY and minimal fees, just about anyone is a good fit for the ZYNLO Bank Money Market Account. Those with balances of $250,000 or more won’t earn an impressive APY, but they will be fully protected beyond the FDIC-insured amount.