Top Money Market Account Rates You Should Know

Opening an online money market account is quick, and it often yields higher interest rates compared to traditional savings accounts. While some banks require a higher minimum deposit and balance, many online banks offer accounts with low or no minimums, making them accessible for savers. Money market accounts are popular for emergency funds because they combine ease of access with safety and favorable returns. They are insured by the FDIC, ensuring your deposits and earned interest are secure.

The interest rates on money market accounts depend on the bank and the deposit amount. Although transaction limits exist, you can access funds via online transfers, checks, and debit cards.

Here are some of the top-paying money market accounts:

• Ally Bank Money Market Account offers 1.45% APY regardless of the balance.
• EverBank Yield Pledge Money Market provides 1.4% APR with a $5,000 minimum deposit.
• UFB Direct offers an attractive 1.60% APR for deposits over $5,000.
• Sallie Mae Money Market Account yields 1.45% APR with no minimum deposit.
• Capital One 360 offers 1.4% APY on balances exceeding $10,000.
• ableBanking provides 1.70% APR with a minimum deposit of $250.

Money market accounts are a smart way to earn higher returns while maintaining liquidity. They bridge the gap between savings accounts and long-term Certificates of Deposit, with APYs often ranging from 1% to 1.5%, depending on the deposit amount and bank.