Best Money Market Accounts Of September 2022

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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

ACCOUNT FORBES ADVISOR RATING BEST FOR ANNUAL PERCENTAGE YIELD MINIMUM DEPOSIT REQUIREMENT LEARN MORE
Connexus Credit Union High Yield Money Market Account

4.8

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Best Overall Credit Union Money Market Account 0.25% to 2.01% with $1,000 minimum balance $1,000 Learn More

Read Our Full Review

Quontic Bank Money Market Account

4.7

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Best Overall Bank Money Market Account 2.00% $100 Learn More

On Quontic Bank’s Website

Zynlo Bank Money Market

4.7

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Best for Deposit Insurance Coverage 1.25% on balances of $250,000 or less $10 Learn More

Read Our Full Review

First Internet Bank Money Market Savings

4.5

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Best for Full-Service Banking Up to 3.09% $100 Learn More

Read Our Full Review

Ally Bank Money Market Account

4.4

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Best for Access to Cash 2.10% $0 Learn More

Read Our Full Review

Sallie Mae Bank Money Market Account

4.4

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Best for Savings Goals 2.25% $0 Learn More

Read Our Full Review

TIAA Bank Yield Pledge Money Market

4.4

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Best for Guaranteed Competitive Rates 1.60% $500 Learn More

Read Our Full Review

Vio Bank Cornerstone Money Market Account

4.1

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Best for Parking Cash 2.50% $100 Learn More

Read Our Full Review

BrioDirect Bank High-Yield Money Market

4.1

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Best for Combining Money Market and Checking 0.70% $0 Learn More

Read Our Full Review

Bethpage Federal Credit Union Money Market Account

4.0

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Best for Credit Union Mobile Banking 1.50% $500 Learn More

Read Our Full Review

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

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