10 Banks With Best Money Market Accounts To Grow Your Savings 

Banks with the best money market accounts offer customers a safe and secure way to save and invest their money. Money market accounts are a type of savings account that typically offer higher interest rates than traditional savings accounts. They also offer more flexibility than certificates of deposit (CDs) and other types of savings accounts. Banks with the best money market accounts provide customers with a variety of features, such as check writing, debit cards, and online banking. In addition, these accounts often come with FDIC insurance, which means that your money is protected up to a certain amount. In this article, we will discuss the features of the best money market accounts and how to find the right one for you.

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What To Look For And Where To Find Them

When it comes to finding the best money market accounts, it is important to understand what to look for and where to find them. Money market accounts are a great way to save money and earn interest, but it is important to do your research to ensure you are getting the best deal. This guide will provide an overview of what to look for when selecting a money market account and where to find the best options.

When selecting a money market account, it is important to consider the interest rate. Money market accounts typically offer higher interest rates than traditional savings accounts, so it is important to compare rates to ensure you are getting the best deal. Additionally, it is important to consider the minimum balance requirements and any fees associated with the account. Some money market accounts may require a minimum balance to open the account or to avoid fees, so it is important to understand these requirements before selecting an account.

It is also important to consider the features offered by the account. Many money market accounts offer features such as check writing, debit cards, and online banking. These features can be beneficial for those who need access to their funds quickly or who want to be able to manage their accounts online.

Once you have determined what features you need, it is time to start looking for the best money market accounts. The best place to start is with your local bank or credit union. Many banks and credit unions offer money market accounts with competitive interest rates and features. Additionally, online banks are another great option for finding the best money market accounts. Online banks often offer higher interest rates and fewer fees than traditional banks, so it is worth comparing rates and features to find the best deal.

Finally, it is important to read the fine print before selecting a money market account. It is important to understand the terms and conditions of the account, including any fees or minimum balance requirements. Additionally, it is important to understand the process for withdrawing funds and any restrictions on the number of withdrawals allowed.

By understanding what to look for and where to find the best money market accounts, you can ensure you are getting the best deal and maximizing your savings. With the right research and comparison, you can find the perfect money market account for your needs.

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10 Outstanding Money Market Account To Grow Your Savings

The interest rates on money market accounts are often comparable to those on high-yield savings accounts, but they also allow check writing. If you shop around, you can take advantage of the features and benefits of a money market account without worrying about minimum balance requirements. These accounts frequently have fees for not maintaining a high minimum balance, but not all do.

By highlighting banks with best money market accounts, we make it simpler to compare accounts. Below are the top 10 banks offering money market accounts.

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1. First Internet Bank – Money Market Savings Account

•Why it stands out: The First Internet Bank Money Market Savings account is a good choice for those who maintain high balances in their money market account. It offers one of the highest rates available from any account on this list, and the bank will waive the fee when you meet balance requirements.

•Pros:
Up to $10 per month in ATM surcharge rebates, Entire balance earns interest, 3.56%-4.65% APY

•Cons:
Online only, Must have balance of $4,000 to avoid monthly fee, $100 minimum opening deposit

What to look for: This account requires a minimum deposit of $100 to open, and you must maintain a balance of $4,000 to avoid the $5 monthly fee. However, the account offers a solid 3.56% APY and reimburses up to $10 in ATM surcharges each month.

2. iGObanking – iGOmoneymarket

•Why it stands out: The iGObanking iGOmoneymarket account has one of the highest rates on this list and allows for automatic transfers from your checking account to help your savings grow.

•Pros:
No monthly fee, 4.45% APY

•Cons:
Online only, Minimum deposit of $25,000

•What to look for: While this account has no monthly fees and a highly competitive 4.45% APY, there’s a minimum deposit of $25,000 to open the account and earn interest.

3. Sallie Mae – Money Market Account

•Why it stands out: The Sallie Mae Money Market Account comes with check-writing privileges and a great rate on your entire account balance.

•Pros:
No minimum deposit,
Minimum balance to earn APY is only $0.01, No monthly fee
3.75% APY

•Cons:
Online only

•What to look for: This account has no minimum deposit and no monthly fees. The entire account balance earns an APY of 3.75%.

4. TIAA Bank – Yield Pledge Money Market

•Why it stands out: The TIAA Bank Yield Pledge Money Market account offers guaranteed high yields with no monthly fees.

•Pros:
Entire balance earns interest, No monthly fee,1.70%-3.55% APY, Highly rated mobile app

•Cons:
Online only, $500 minimum deposit

•What to look for: This account requires a minimum deposit of $500, but there are no monthly fees, and the rate is decent at 1.70%-3.55% APY. The mobile app is highly rated.

5. Ally Bank – Money Market Account

•Why it stands out: The Ally Bank Money Market Account has a $0 minimum deposit, no monthly fees, and the same competitive rate at all balance tiers.

•Pros:
No minimum deposit,
Minimum balance to earn APY is only $0.01, No monthly fee
Up to $10 per statement period for out-of-network ATM fee reimbursement and has 3.50% APY

•Cons:
Online only

•What to look for: This free account has no minimum deposit. You earn an APY of 3.50% on your entire balance.

6. Quontic Bank – Money Market Account

•Why it stands out: The Quontic Bank Money Market account is a free high-yield account with competitive rates and an excellent APY.

•Pros:
Entire balance earns interest, No monthly fee, 3.50% APY

•Cons:
Online only and
$100 minimum deposit required

•What to look for: This account has a $100 minimum opening deposit but no monthly fees. The APY on all balance tiers is 3.50%.

7. Discover Bank – Money Market Account

•Why it stands out: The Discover Bank Money Market Account has a competitive rate, especially on high balances, plus free standard and bank checks and no insufficient funds fee. Discover has 60,000 fee-free ATMs.

•Pros:
Entire balance earns interest, No monthly fee, 60,000 fee-free ATMs

•Cons:
High minimum deposit of $2,500, Online only

•What to look for: This account has no monthly fees and no minimum balance requirement. The APY is competitive at 3.40% APY — 3.45% APY if your balance is $100,000 or more. However, it does require a minimum opening deposit of $2,500.

8. Texas Capital Bank – Money Market Account

•Why it stands out: The Texas Capital Bank Money Market Account is a free account with a competitive rate — but you’ll need $100 to open the account, and you’ll need to meet the minimum balance to earn interest.

•Pros:
No monthly fee, 2.00% to 2.41% APY

•Cons:
$100 minimum deposit to open
$500 minimum balance to earn interest

•What to look for: While there’s no monthly fee and the 2.00%-2.41% APY is competitive, you’ll only earn interest on balances of $500 and up.

9. Synchrony Bank – Money Market Account

•Why it stands out: The Synchrony Bank Money Market account earns higher interest than a typical savings account and lets you write checks against your balance.

•Pros:
No minimum deposit, Minimum balance to earn APY is $0.0,
No monthly fee,
Highly rated mobile app

•Cons:
Online only

•What to look for: The account has no minimum deposit and no monthly fee, and you’ll earn 2.25% APY on your entire balance. Plus, the mobile app is highly rated.

10. CIT Bank – Money Market Account

•Why it stands out: The CIT Bank Money Market Account has no monthly fees. Plus, you’ll earn interest on the entire balance.

•Pros:
No monthly fee,1.55% APY

•Cons:
Online only
$100 minimum deposit to open

•What to look for: You’ll need a minimum deposit of $100 to open this account. It has no monthly fees and an APY of 1.55% on the entire balance.

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How To Choose Banks With Best Money Market Accounts To Maximize Your Savings

When picking a money market account, you should look for a combination of high yields, low minimum balance requirements, zero fees and debit card/check-writing access. Since most accounts don’t rank at the top in every single category, you’ll have to shop around for an account that best matches your own personal financial needs.

For instance, if you plan on using your money market account mainly as a parking place for your funds, you may not need an account that offers debit card or check-writing access. However, if you want to use the account as a higher-yielding alternative to a checking account, access might be your paramount concern.

Conclusion

In conclusion, the best money market accounts are those that offer the highest interest rates, the lowest fees, and the most flexibility. Banks such as Ally Bank, Capital One 360, and Discover Bank offer some of the best money market accounts available. Each of these banks offers competitive interest rates, low fees, and a variety of features that make them attractive to customers. Ultimately, the best money market account for you will depend on your individual needs and preferences. Note that Rates And Fees are subject to change!

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