Best Money Market Account Rates for November 2024 (up to 5.25% APY) (original) (raw)
The best money market accounts offer rates comparable to high-yield savings accounts, along with easier access to your funds through check-writing privileges or free debit cards. All our top picks are free of monthly fees.
This makes our top seven account picks high-earning, easily accessible money market accounts that avoid unnecessary charges. Money market accounts are less well-known and utilized compared to other deposit accounts. In our 2024 Banking survey, only 12% of the 1,000 respondents have a money market account with their primary bank, while 78% have a savings account. Learn about the unique benefits of the best money market accounts with high rates to determine if they fit your banking needs.
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Best Money Market Account Rates for November 2024
The best money market account rates come from Vio Bank 5.30%, Quontic Bank 5.00% and Zynlo Bank 5.00%. But while rates are important, it’s only one of many factors we considered when making our top picks. We also gave special consideration to accounts with low minimum balance requirements to earn interest and minimum opening deposit requirements of $2,500 or less. In addition, we made a note of monthly fees and accessibility to your funds through check writing or a debit card.
- Quontic Bank Money Market Account – 5.00% APY
- EverBank Yield Pledge Money Market Account – 3.75% APY
- Vio Bank Cornerstone Money Market Savings Account – 4.90% APY
- Zynlo Bank Money Market Account – 5.00%* APY
- [Sallie Mae Bank Money Market Account](#sallie mae) – 4.55% APY
- Discover Bank Money Market Account – 3.80% to 3.85% APY
- Ally Bank Money Market Account – 4.00% APY
*APYs accurate as of November 8, 2024
Summary of the Best Money Market Rates
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_*APYs (Annual Percentage Yields) accurate as of November 8, 2024, highest APY for each money market account
Highest Money Market Rates Today
As of today, the national average interest rate for money market accounts is 0.73%. However, our picks for the best money market accounts on the market have APYs roughly six to eight times that rate — around 4.30% to 5.30% APY.
Below are six banks currently offering high money market account rates. Note that while some of these rates are higher than those offered by our top banks, not all of them topped our charts due to fees, lack of access to funds or high minimum balance requirements.
| Date | Bank | APY | One Week Trend |
|---|---|---|---|
| November 15, 2024 | Wisconsin Bank & Trust | 5.25% | APY is steady compared to last week |
| November 15, 2024 | Citizens National Bank of Meridian | 5.00% | APY is down compared to last week |
| November 15, 2024 | Great Southern Bank | 5.00% | APY issteadycompared to last week |
| November 15, 2024 | Quontic Bank | 5.00% | APY is steady compared to last week |
| November 15, 2024 | Sovereign Bank | 4.95% | APY is steady compared to last week |
| November 15, 2024 | Vio Bank | 4.90% | APY is steady compared to last week |
Source: Curinos
To earn top rates, you may need to meet certain requirements. For instance, you may not earn interest until your account reaches a minimum balance. A financial institution may also have balance tiers where you get better APYs as your balance increases or your money might earn a much lower rate after reaching a certain limit.
Alternatively, an account might advertise a promotional rate that drops after a certain time frame.
How Do Money Market Account Rates Compare?
Money market account rates are most comparable to high-yield savings accounts and certificates of deposits (CDs). To help you determine which has the best earning potential, we compiled all the rates for the banks we highlighted:
| Money Market Accounts | High-Yield Savings Accounts | CD Accounts | |
|---|---|---|---|
| Quontic Bank | 5.00% | 4.25% | 3.00% to 4.95% |
| EverBank | 3.75% | 5.05% | 3.50% to 4.15% |
| Vio Bank | 4.90% | 1.10% | 2.75% to 4.30% |
| Zynlo Bank | 5.00% | 5.00% | N/A |
| Sallie Mae Bank | 4.20% | 4.20% | 3.60% to 4.10% |
| Discover Bank | 3.80% to 3.85% | 4.00% | 2.00% to 4.10% |
| Ally Bank | 4.00% | 4.00% | 3.00% to 4.40% |
*APYs accurate as of November 8, 2024
Factors That Affect Money Market Rates
Money market rates are periodically affected by changes based on the economic environment and Federal Reserve rate changes. When the Federal Reserve raises rates, banks may raise money market rates to attract and retain customers. When it lowers rates, banks may lower the APY on its money market accounts.
Ryan P. Johnson, CFA, CFP, managing director of investments at Buckingham Advisors, offered his thoughts on rate expectations for 2024.
“Money market rates are very closely related to the Fed Funds rate, with a slight lag. Today’s money market rates of just over 5% will likely dip as Fed rate cuts occur. By year’s end, money market rates may be just over 4.5%.”
Ryan P Johnson, CFA, CFP Managing Director of Investments at Buckingham Advisors
But ultimately, financial institutions decide the rates they’re willing to offer. Below is a graph showing how these rates have affected money market rates over time.
Pros and Cons of a Money Market Account
“The main con of a money market account is the currently attractive rate could be fleeting; if the Fed has to aggressively cut rates, then the rates and earnings on money market accounts will be less in the future,” Johnson said. “This is the tradeoff of having high liquidity in money markets compared to locking in a decent rate for longer periods of time through a CD or individual bond.”
While Johnson notes some standout pros and cons, there is more to consider before opening an account.
Pros
Competitive APYs available: Although some CDs have higher rates, you can get a very competitive APY on a money market account, especially one from an online financial institution.
Liquidity: Money market accounts generally provide easier access to your money than other accounts, often allowing for checks, bank cards and Zelle transfers without the early withdrawal penalties common with CDs.
Safe investment: A money market account with FDIC or NCUA deposit insurance is a secure choice since up to $250,000 is safeguarded.
Cons
Balance or deposit requirements: A money market account could have a minimum balance requirement or minimum deposit amount that’s required to get the best APYs.
Limited transactions: Some money market accounts limit the number or amount of certain types of transfers you can make each month or statement period.
Fees: Potential account fees, such as a monthly maintenance fee or transaction fees, could impact your overall returns.
Alternatives to Money Market Accounts
If you’re weighing whether a money market account meets your needs, consider three other savings options: CDs, traditional savings accounts and high-yield savings accounts.
| Feature | Money Market Accounts | CDs | High-Yield Savings Accounts | Traditional Savings Accounts |
|---|---|---|---|---|
| Account Fees | May have monthly maintenance fees or transaction fees | No account fees, but early withdrawal penalties apply | May have monthly maintenance fees | May have monthly maintenance fees |
| Top Rates | Variable: Typically 4% to 5.3% | Usually fixed, ranging from 4.5% to 5.5% | Variable: Typically 4.5% to 5.3% | Variable: Typically 0.01% to 0.5% |
| Liquidity | High: May allow access to funds with check writing, ATMs, electronic transfers and debit cards | Low: Can’t access funds until term ends and has early withdrawal penalties | Medium: Typically allows transactions via electronic transfers | High: Easy access to funds with minimal restrictions |
| Minimum Opening Deposit | Varies, often ranging from 100to100 to 100to5,000 | Varies, typically ranging from 0to0 to 0to1,000 | Varies, typically ranging from 0to0 to 0to1,000 | Varies, often ranging from 0to0 to 0to500 |
| Risk | Low: Principal amount is typically safe due to FDIC or NCUA insurance | Low: Principal amount typically safe due to FDIC or NCUA insurance, and the APY is usually fixed | Low: Principal amount is typically safe due to FDIC or NCUA insurance | Low: Principal amount is typically safe due to FDIC or NCUA insurance |
| Transaction Limits | May limit certain types of transfers each month or statement cycle | Doesn’t typically allow transactions until CD term ends | May limit certain types of transfers each month or statement cycle | May have monthly withdrawal limits, and excessive transactions may incur fees |
Money Market Rates vs. Savings Rates
Money market rates almost always beat savings rates. Our chart, which cites data from the FDIC, showcases the average interest rates of savings and money market accounts from 2010 to 2024.
>> Related: Read more about money market accounts vs. savings accounts
Money Market Accounts vs. Money Market Funds
Money market funds are not the same as money market accounts. Money market funds can earn competitive yields and be safe, but they’re mutual funds rather than NCUA- or FDIC-insured bank accounts. Money market funds consist of short-term investments — such as bonds and U.S. Treasury securities — that usually mature within a year. Available through investment companies, money market funds often have minimum investment amounts and aren’t as liquid as deposit accounts.
Although their yields can beat some money market accounts, money market funds may not outperform stocks, and they don’t guarantee returns. Like with money market accounts, the overall interest rate environment affects potential returns, and different funds have different yields. You may not have to pay taxes on earnings with some funds, but you’ll often pay fees that reduce your overall return.
The Bottom Line: Money Market Account Rates
Money market rates can help your savings grow. Compare multiple offerings from different financial institutions and take into account any fees that might cut into your earnings. For example, if your MMA earns a competitive APY, but the bank charges a monthly maintenance fee or charges transaction fees for withdrawals, these expenses could affect your balance significantly.
Making your decision based on more factors than an account’s rate, such as perks and balance requirements.
FAQ: Money Market Account Rates
Wisconsin Bank & Trust has the highest money market account rate right now, at 5.25%. Even with the highest rate, this bank didn’t make our list due to costly fees and lack of fund access.
One downside of a money market account is that transfers and withdrawals may be limited. You might also need to make a large opening deposit or keep a high balance to get the best rates.
Yes, you could lose money on a money market account, but it’s relatively rare. Fees and penalties could cut into your balance if they’re higher than the interest you’ve earned.
Yes, money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC), for up to $250,000 per depositor, per bank. If your account was opened at a credit union, it will be insured by the National Credit Union Administration (NCUA).
Methodology
Our editorial team researched 154 of the country’s largest and most prominent financial institutions. We chose banks with the best money market accounts based on several factors, including APY, minimum deposit, minimum balance to earn the APY, debit and ATM access and fees.
Affordability and accessibility were key components of our research. With this information, we then scored each bank based on the data points and metrics that matter most to potential customers. Read our full methodology.
Sources: FDIC, National Rates and Rate Caps
Customer Review Methodology
To provide in-depth perspective on how customers feel overall about banks that offer money market accounts, the MarketWatch Guides team compiled 7,545 reviews from trustworthy, publicly available user-review sites such as Trustpilot, the Better Business Bureau (BBB), Consumer Affairs, WalletHub and Best Company.
We then categorized each review and analyzed the sentiment to determine whether it was positive or negative.
We also highlighted the most praised features and most common complaints for each bank and included sample reviews from real customers. With most banks, we were able to provide a percentage showing how often the topic came up in the negative or positive reviews. In some cases, the review sample size was too large to provide a helpful percentage.
While most of our banks had hundreds or thousands of reviews, Zynlo and Vio only had three and five reviews, respectively. These small sample sizes should be taken into consideration before you choose a financial institution.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication
**Rates and promotions accurate as of November 8, 2024
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com .