The best money market accounts (MMAs) offer high rates, low fees and fair minimum requirements. Many, though not all, also provide easy access to funds, allowing account holders to write checks or make debit card transactions from the account. Excellent online and mobile experiences are standard at the banks and credit unions offering the best MMAs, as are customer service departments that are attentive and easy to reach.
Summary Of Best Money Market Accounts
Methodology
To create this list, Forbes Advisor analyzed 59 money market accounts at 44 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 14 data points within the categories of APY, minimum requirements, customer experience, digital experience, fees and accessibility of funds. All of the accounts on our list are online-based accounts.
Here’s the weighting assigned to each category:
- APY: 45%
- Minimums: 15%
- Customer experience: 10%
- Digital experience: 10%
- Fees: 10%
- Accessibility of funds: 10%
Banks and credit unions offering the highest APYs rose to the top of this list, as did those with low fees and easy-to-meet minimum deposit and balance requirements. Accounts with high customer experience ratings and highly rated online and mobile banking tools were also ranked higher. And we prioritized money market accounts offering check-writing and debit card privileges.
We also considered whether there were complex tier structures or requirements to earn the APY or other stipulations to earn the APY. High minimum deposit and balance requirements affected scores negatively. The money market account must be nationally available to appear on this list.
source:ForbesAdvisor.com
