The Best Money Market Accounts for October 2023

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The Best Money Market Accounts for October 2023

Learn more about money market accounts and see which ones are the best. MoneyRates shows you how to narrow your search for the best money market accounts.
Written by
Richard Barrington
Financial Analyst

Edited by
Kristin Marino
Managing Editorbluetick

Learn more about money market accounts and see which ones are the best. MoneyRates shows you how to narrow your search for the best money market accounts.

Money market accounts offer the best of checking and savings accounts in one product.

You’ll earn a higher rate with a money market than you will with most checking accounts, and you can also use a money market account to pay your bills, which you really can’t do with a savings account.

If you care about your finances and have worked hard to ensure your money is working for you, there’s no reason why your money market account should be earning a less-than-competitive rate.

We’ve compiled a list of the select group of banks that consistently offer the highest money market account rates in the industry. Learn about the best money market accounts, and discover how you can improve your interest rate by shopping for the best account.

Where to Find the Best Money Market Accounts

We’ve made finding the bank with the best money market account to meet your goals easy by compiling the list below. Explore our listing and find the best money market account for you.

Best Money Market Accounts At a Glance

Best Money Market Accounts with Consistently High Rates: Our Picks

While rates are changing all the time, there are some standout money market accounts that offer higher-than-average interest rates to account holders.

We’ve compiled and reviewed some of the best banks offering high-yield money market accounts to help you decide.

UFB Direct Preferred Money Market Account

UFB’s money market account is a true high-yield account. The APY offered by UFB for its money market account is one of the highest in the industry and leaps and bounds above the national average for money market accounts. 

About UFB

Because UFB is solely an online bank, it works best for consumers who are comfortable with digital banking. Along with money market accounts, UFB offers savings accounts and mortgages. Because of this, UFB is able to offer some of the most competitive APYs in the market.

Key Features

  • Well above average APYs for savings and money market accounts.
  • Award-winning customer support is available 24 hours a day, seven days a week.
  • Use your smartphone to deposit checks and access your account even without WiFi access via SMS.

Pros & Cons of the UFB Direct Money Market Account


  • Industry-leading APYs for money market and savings accounts
  • A division of Axos, one of the pioneering banks in digital banking
  • Comes with paper checks and a debit card


  • Doesn’t offer checking accounts
  • Monthly maintenance fee for balances under $5,000

U.S. Bank Money Market Account

US Bank’s money market account offers a competitive solution for individuals seeking liquidity and higher interest rates. With easy access to funds, tiered interest rates, and FDIC insurance, it’s a reliable choice for those looking to maximize their savings while maintaining flexibility in their financial planning.

About U.S. Bank

U.S. Bank, headquartered in Minneapolis, Minnesota, has a rich history dating back to 1863 when it was founded as the First National Bank of Cincinnati.

Over the years, it has grown into one of the largest banks in the United States, offering a wide range of financial services, including banking, lending, and wealth management.

With a commitment to innovation and customer service, U.S. Bank continues to play a significant role in the nation’s banking landscape.

Key Features

U.S. Bank offers its customers easy access to funds. You can access your money through electronic transfer, but you also have the option to use an ATM card or paper check. Not all money market accounts offer these convenient features.

Access to branch banking and one of the largest ATM networks in the U.S. makes this money market account one of our top choices.

U.S. Bank Money Market Account Pros & Cons


  • An ATM card and checks come with the account
  • Branch banking and a large ATM network are available
  • Customers have access to a full range of banking products along with the money market account, including savings, CDs, loans, and more


  • You need a high balance to get the best interest rates offered
  • Monthly service fee for balances under $10,000

Discover Bank Money Market

Well known for its no-fees-ever policy, Discover Bank also offers consistently high interest rates on its money market account. A glance at the pros and cons of a Discover Bank money market account can help you decide if it’s right for you.

About Discover Bank

Based in Greenwood, Delaware, Discover Bank is an FDIC-insured bank that was established in 1911. As of mid-2021, it had about $63 billion in total deposits.

Key Features

Discover Bank offers five different ways to deposit funds into your account:

  • Online transfer from a qualified Discover Bank account
  • Online transfer from an outside bank account
  • Direct deposit
  • Deposit a check via mobile check deposit
  • Mail a check

Pros & Cons of the Discover Bank Money Market Account


  • Competitive APY
  • Deposit checks remotely with a mobile app
  • Large ATM network


  • The minimum to open an account is $2,500
  • Tiered interest rate structure

Quontic Money Market Account

When you deposit money into any bank, your money is used to fund borrowing from the bank. That’s why you’re paid interest.

The money that you deposit into your money market and other Quontic Bank accounts is used to help people who have historically had a harder time becoming homeowners borrow the money they need to buy a home.

About Quontic

Quontic started as a community bank, and while it’s a national digital bank, it still gives back to the community in a larger sense by offering several programs to make banking work for people from all walks of life. 

Quontic is among the 3% of banks that are designated as Community Development Financial Institutions, which means it is dedicated to promoting homeownership and financial health for low-income families, immigrants, people of color, and more.

Key Features

Quotic shines with a money market account that’s considerably higher than the national average and a requirement of only a $100 opening deposit. 

You’ll receive a debit card with your Quontic market money account, and you can also withdraw money up to six times a month without paying a fee. You can also deposit checks, pay bills, and transfer money through Quontic’s robust mobile app.

Pros & Cons of the Quontic Money Market Account


  • No monthly or overdraft fees
  • Large ATM network
  • Interest is credited to your account every month


  • Banking is done solely online, which could be a barrier for some people
  • You may be able to find a higher interest rate at other online banks

Sallie Mae Money Market Account

A money market account with Sallie Mae Bank could be helpful and efficient, particularly if you have a student loan through Sallie Mae. These pros and cons can help you decide if this is the right money market for you.

About Sallie Mae

Based in Salt Lake City, Utah, Sallie Mae Bank is an FDIC-insured bank that was established in 2005. The bank also offers savings accounts, CDs, and private student loans.

Key Features

  • Sallie Mae offers a highly competitive interest rate on its money market account that is compounded daily and paid monthly.
  • Account holders have check-writing privileges with free paper checks if the checks are ordered when they open an account.
  • Sallie Mae also offers CD and savings accounts, which makes it easy to move your money around and keep it working for you no matter what interest rates do in the future.

Pros & Cons of the Sallie Mae Money Market Account


  • No minimum balance requirement
  • No monthly maintenance fees
  • Check writing privileges on available balance


  • Interest rate and tiered structure may change at any time
  • Excess transaction fee may apply

First Internet Money Market

First Internet Bank is another great option for money market accounts, but you’ll need to pay attention to the tiered structure to earn the highest interest rate.

About First Internet Bank

First Internet Bank of Indiana is an FDIC-insured bank that was established in 1999. As of mid-2023, it had over $4.5 billion in total assets.

Key Features

  • For customers who can maintain a minimum balance of $4,000 and thus avoid the $5-per-month maintenance fee, First Internet Bank is a good choice for consumers who are comfortable with digital banking.
  • If you can’t meet the initial deposit requirements or aren’t quite ready to open a money market account, you can open an interest-bearing savings account with FIB and build up your savings. Once you’ve got the initial deposit amount available, you can then open your money market account.
  • The average rate offered by First Internet Bank is six times the national average. 

Pros & Cons of the First Internet Bank Money Market Account


  • Highly Competitive APY
  • ATM fee surcharges are refunded up to $10 per month
  • A mobile app is available


  • Monthly maintenance fee of $5 if the balance falls below $4,000
  • The minimum to open an account is $100

CIT Bank Money Market

CIT Bank is consistently among the best of all the online money market account offerings. Learn more about the CIT money market account and see how it stacks up.

About CIT

CIT Bank is an FDIC-insured bank that was established in 2009. It is headquartered in Pasadena, California. As of mid-2023, it had about $100 billion in assets.

Key Features

CIT Bank’s money market account in the latest America’s Best Rates survey was, on average, .701% higher than the average money market rate in that survey. On a $10,000 account balance, this difference would be worth an extra $70.10 per year in interest.

CIT Money Market Account Pros & Cons


  • APR above the national average
  • Low opening balance to get started
  • No monthly maintenance fee
  • Remote check deposit


  • Other banks may have a higher APR on money market accounts
  • No ATM card is offered with an account

Axos Money Market

Even when rates were abysmally low on money market accounts a few years back, Axos Bank’s high-yield money market account consistently maintained some of the highest rates and continues to do so. Here’s a quick look at some of the best features.

About Axos

Based in San Diego, California, Axos Bank is an FDIC-insured bank. Established in 2000 as one of the first digital banks, it had about $18.4 billion in total assets as of mid-2023.

Key Features

  • Axos Bank’s money market account offers check writing, which is a special feature that not all money market accounts offer.
  • Account holders can access their accounts with a debit card, which is something that not all savings-based accounts offer.
  • Axos is at the cutting edge of account security. It uses technology such as voiceprints, fingerprints, and facial recognition to keep your account and your personal information safe and secure.

Pros & Cons of the Axos Direct Savings Account


  • No minimum balance requirement
  • Account holders can write checks on available balance
  • Full-service banking is offered by Axios, with checking, savings, CDs, loans, and investment products available


  • $1,000 deposit is required to open an account
  • $8.00 monthly fee if the balance falls below $1,000

ableBanking Money Market

The ableBanking division of Northeast Bank also manages to keep interest rates consistently high over time, but you should be aware of the tiered structure for rates here. Learn more about the pros and cons of ableBanking:

About ableBanking

ableBanking, a division of Northeast Bank, is an FDIC-insured bank that was established in 1872. As of mid-2021, it had about $1.2 billion in total deposits.

Key Features

  • ableBanking offers money market accounts and CD accounts, which makes it a good choice if you want to have some of your money readily accessible and some of it in a CD account, offering a higher interest rate.
  • The money market account from ableBanking does require a $250 minimum initial deposit to open, but the balance requirement to earn interest on the account is only $0.01. 
  • ableBanking offers an APY well above the national average for its money market account, though that APY is still below some of the other APYs you’ll find from online banks.

Pros & Cons of the ableBanking Money Market Account


  • The minimum balance to earn APY is $0.01
  • Competitive APY
  • An easy-to-use mobile app is available


  • The minimum to open an account is $250
  • Excess transaction fee may apply

What Is a Money Market Account?

A money market account is similar to a savings account, except it may also offer a debit card or check-writing capability to facilitate withdrawals.

The ability to use money in the account by writing checks and using a debit card makes a money market account particularly effective for your emergency fund or as a place to hold funds in between investments.

Like an online savings account, online money market accounts typically earn higher yields safely. What’s more, most are offered by banks and credit unions that are insured up to $250,000 by the FDIC or NCUA.

Savings and money market accounts fall under Federal Reserve Board Regulation D, which limits withdrawals to six per month.

These accounts are not designed for frequent transactions like paying bills, but they are a great place to put your money and earn more interest than you would in a typical checking account.

Money market account rates change frequently too, so making sure your deposits are optimized to earn the best yield is the best way to accumulate savings for large purchases.

How We Compare Money Market Accounts

The following are the characteristics MoneyRates looks for when comparing banks to find the best money market accounts:

Security of Your Funds

The America’s Best Rates survey covers money market accounts eligible for Federal Deposit Insurance Corporation (FDIC) insurance.

Compound Interest Rates

Annual percentage yield (APY) rather than simple interest is used for comparison purposes to take into account the effect of compounding.

Consistent Interest Rates

Since money market offers are subject to change at any time, MoneyRates looked for consistency by measuring the average rate each bank offered throughout the calendar quarter being studied.

Minimum-Balance Requirements

Since different rates may apply to different account balances, MoneyRates compared rates across a uniform balance tier for all banks.

Online vs. Branch-Based Banking

To track rate trends across different types of money market accounts, MoneyRates computes average rates for both online and traditional, branch-based accounts.

What to Consider Before Opening a Money Market Account

Here are eight essential tips to guide you as you evaluate the best money market account for you:

1. Check Money Market Rates Often

Money market interest rates vary a great deal, so shopping for rates can be very rewarding.

Even though rates are subject to change at any time, the America’s Best Rates research by MoneyRates shows that most banks offering the best money market rates tend to be among the leaders year after year.

While comparing money market rates can be very rewarding, here are three things you should know when shopping for rates:

Teaser vs. ongoing bank interest rates

Some banks lure customers with short-lived “teaser” rates. These look great but soon expire. What you really want to know when shopping for rates is what the ongoing rate currently is.

Jumbo money market rates

These are special rates some banks offer for accounts of $100,000 and up. If you have a balance that big, you should base your decision based on the jumbo money market rates available.

Different rate tiers

While not all banks offer special rates for jumbo accounts, many do have different rate tiers. This means the bank will offer different rates depending on the size of your balance.

Compare rates based on what your balance is likely to be, and be alert for maximum balance limits for certain rates as well as minimum balance requirements.

2. Watch Out for Fees

While comparing rates should be your first consideration when choosing a money market account, be aware that some banks also charge monthly maintenance fees on these accounts.

These fees often apply if you fail to meet a certain minimum balance threshold.

Fees can eat away some or all of the interest you earn, so try to avoid money market accounts with monthly fees unless the account’s interest rate advantage is enough to overcome the effect of the fee.

3. Note the minimums for money market deposits

The minimum to open an account may differ from the ongoing minimum balance requirement.

This means that just because you have enough money to open an account doesn’t mean you have enough to meet the minimum balance requirement, which could affect the fees you pay and/or the interest rates you earn.

Also, pay close attention to minimum-balance requirements if you expect you may be withdrawing from the account over time.

Try to choose an account that will allow you to meet their minimum balance requirements even after you make your withdrawals.

4. Compare Traditional vs. Online Banking

There is often a huge rate difference between traditional, branch-based accounts and online money market accounts. Compare rates based on the type of banking you plan to do.

Note that online money market account rates are generally much higher than traditional money market account rates; so if possible, opt for an online account.

5. Ensure Sufficient Access to Funds

As mandated by the Federal Reserve’s Regulation D, money market accounts (and all other accounts classified as “savings deposits”) may only permit six or fewer transfers to third parties per month.

That includes checks and debit card transactions, which means these accounts aren’t ideal for funding regular purchases.

In addition, be sure to research any restrictions on how quickly you can access your money market account.

6. Pick Your Perks for Accounts

Some money market accounts include check-writing and debit-card privileges – something ordinary savings accounts do not.

But it’s important to verify that any account you’re considering has these perks if you wish to have them because they aren’t universal.

Additionally, some banks also offer reimbursements of ATM fees, as well as online tools to assist you in managing your account.

If you’re an online banking aficionado, it couldn’t hurt to take a tour of a prospective bank’s website – or perhaps even read some reviews of it – before opening an account there.

7. Consider if You Need a Retirement Money Market Account

If you want to have low-risk investments for your retirement, determine if a retirement money market account is right for you.

For example, setting up a money market account within an Individual Retirement Arrangement (IRA) could give you tax advantages.

A money market account is not the type of growth vehicle people typically use for long-term retirement savings, but it can be useful to provide liquidity once you reach retirement age or to balance out riskier investments.

8. FDIC Insurance Limits for Money Market Accounts

Are money market accounts FDIC insured? They can and should be. Make sure that your deposits will be backed by insurance from the FDIC.

FDIC insurance coverage protects funds up to $250,000 per depositor, per institution in the event of a bank failure, and banks that carry it are required to display the FDIC emblem prominently in their branches or on their website.

Like most types of insurance, it’s something you hope to never use but that you’ll be very glad to have if things turn for the worse.

If you are looking to deposit more than $250,000 in a non-joint account (FDIC insurance can protect joint accounts to a higher level since there are multiple account owners), it’s wise to spread your money among multiple FDIC-insured institutions to ensure maximum coverage of your funds.

How We Picked the Best Money Market Accounts

To objectively measure the characteristics described above, here is how MoneyRates evaluates money market accounts and rate trends:

MoneyRates continually monitors money market account offers from hundreds of banks and tracks banking trends by measuring rates in a representative cross-section of the banking industry through its America’s Best Rates survey.

This cross-section includes 50 of the largest deposit institutions in the United States, plus 25 medium-sized and 25 small banks. This represents nearly three-quarters of all deposits in U.S. banks.

Since banks may have different minimum balance requirements and apply different rates to different balance tiers, MoneyRates compares the rate each bank would apply to a $10,000 money market account.

MoneyRates looks for consistency when it puts together its list of the highest money market account rates.

Money market account rates are subject to change at any time, so rather than listing rates based on a single snapshot in time, MoneyRates measures the average rate each bank offered during the entire calendar quarter.

Between measuring a large cross-section of the banking industry and putting the emphasis on banks that offer consistently high rates, the MoneyRates bank rankings can point you toward several choices of leading money market accounts.

Frequently Asked Questions

What is the average interest rate on a money market account?

According to the latest America’s Best Rates survey by, the average interest rate on money market accounts is 0.159%, though several banks offer at least five times that rate.

When can I take money out of a money market account?

You can take money out of a money market account at any time, though how quickly you can get your money may depend on specific restrictions and procedures at your bank.
By law, banks have to make your money available within seven days; but as a practical matter, most banks do it much faster than that.

Can I make payments from my money market account?

You can make payments from a money market account; though the number of transactions per month is limited, so these accounts are not ideal for regular bill payments.

How often can I withdraw money from my money market account?

You can withdraw money in person from a money market account as often as you like (this also includes ATM transactions). However, other types of transfers out of the account, including automatic payments, checks, debit card transactions, and other transfers to third parties, are limited to six per month.

Can I write a check from my money market account?

Your money market account may have a check-writing feature, but note the limitation on check-writing in the answer to the question above.

Do money market accounts have compound interest?

Typically yes, though how often interest is compounded can vary. That’s why it is important to compare the annual percentage yield (APY) rather than the simple interest rate because the APY takes into account the impact of compounding.

Is a money market account safer than a checking account?

Both money market accounts and checking accounts at participating banks are covered by FDIC insurance for up to $250,000 per depositor (or $500,000 for joint accounts) per institution. Money market accounts offered by credit unions rather than banks are covered by a similar form of federal insurance offered by the National Credit Union Administration (NCUA).

Do I have to pay taxes on my money market account?

Your interest will be taxable during the year in which it is earned unless your money market account is part of a qualified retirement plan like an IRA.

How is a money market account different from a savings account?

Money market accounts operate in essentially the same way as savings accounts, though they may offer different interest rates and/or have different procedures for accessing your money.

How is a money market account different from a certificate of deposit?

While you can access a money market account at any time, a certificate of deposit usually locks up your money for a specified period of time and imposes a penalty if you access your money before that time has expired.