Top 7 Banks Offering Competitive Money Market Rates
Discover the top banks offering highly competitive money market interest rates, ideal for savvy investors seeking better returns. This guide highlights seven banks with competitive rates, minimal fees, and easy account access, making it simple to maximize your savings in a secure and efficient way.
Many traditional banks tend to provide low-interest rates on money market accounts. The best rates are often found at online banks, offering 1.30% or higher. For example, depositing $50,000 at a bank offering 0.03% yields only $15 annually, whereas at 1.30%, you earn around $675. Opening an online money market account is quick, often completed in under 10 minutes.
Here are some leading banks with attractive money market rates:
- UFB Direct (Approx. 1.41%)
- This division of Bofi Federal Bank in San Diego offers high-yield money market accounts with rates up to 1.41%. A minimum deposit of $5,000 avoids a $10 monthly fee. It provides a Visa debit card and limited check-writing features.
- Ally Bank (Approx. 0.90%)
- An online-only bank known for competitive rates, Ally offers accounts with no minimum balance or monthly fees. Link it to an Ally checking account for added benefits, including ATM access and overdraft protection.
- Sallie Mae (Approx. 1.30%)
- Sallie Mae operates an FDIC-insured, online bank with a daily compounded interest rate paid monthly. It includes check-writing options and no account fees, making it a straightforward choice for earning interest.
- Self-Help Credit Union (Approx. 1.37%)
- This accessible credit union offers rates up to 1.37% on balances over $500, with a minimum deposit of $500. Maintaining this minimum balance avoids monthly fees, with up to six free transactions monthly.
- EverBank (Approx. 1.31%)
- Recently acquired by TIAA Cref, this Florida-based online bank provides competitive rates, with no monthly fees for balances up to $250,000 and an opening minimum of $5,000. Rates may fluctuate after the first year.
- Capital One 360 (Approx. 1.30%)
- Known for its credit cards, Capital One's online bank also offers competitive money market accounts, especially favorable for balances above $10,000.
- All America Bank (Approx. 1.50%)
- A community bank in Oklahoma that serves nationwide via online deposits. With a $35,000 deposit, you can earn 1.50% APY, with no monthly fees or minimum balance requirements for basic accounts.
Select from these options to maximize your investment returns with top-tier money market rates.
