Best Money Market Accounts

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With the highest interest rate around on modest balances, no monthly fees or minimums, and even free checks, Patelco Credit Union is our winner for the best all-around money market account.

You may never have heard of Patelco Credit Union, but this California credit union founded in 1936 is open to U.S. adults anywhere in the country, with an exceptionally easy and cost-free membership process. A great reason to join is that Patelco’s money market account pays the highest interest rate you can currently find among nationally available money markets, while offering most or all of the features you’ll need and charging no monthly fees.

The interest on Patelco’s Money Market account is a declining rate, meaning you earn the best rate on low balances, and lower rates at each higher balance tier. Specifically, on your first $2,000, you’ll earn an eye-popping 2% APY. Then on the next $3,000, you’ll earn 1%, which still far exceeds the rate paid by our other contenders. The resulting blended APY for a $5,000 balance is a very attractive 1.40%.

The interest rate stepdowns continue, and at $25,000, your blended rate becomes 0.59% APY, which is about the same as the highest rate you’ll see from other providers. At $50,000, the blended APY is 0.47%, which can still compete, but other options may start to seem more appealing.

Where you also score with Patelco is its lack of monthly maintenance fees, its provision of free checks (including refills anytime you run out), no minimum balance (not even to open the account), and even the ability to pay people or accept money via the very convenient Zelle service.

The only things missing are a debit card, which some money market accounts provide (at Patelco you’ll get an ATM card), and unlimited transactions. Patelco limits check and electronic withdrawals to six per month, unless you meet certain withdrawal requirements such as a pre-authorized ACH transfer or in-branch withdrawals. But some banks offer a higher limit. Also, Patelco limits check transactions to three per month.

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If having access to your money market funds via debit card is useful to you, the regular High-Yield Money Market Account from Axos Bank is an excellent option. Its provision of a combined ATM/debit card along with unlimited withdrawals, a great interest rate of 0.25%, and no fees earns it our honors for best money market account for debit users.

Right behind Patelco’s exceptionally high rates on low balance amounts, the 0.60% APY paid by Axos Bank’s regular High-Yield money market account is at the top of the national charts. And you earn the same APY on all balance amounts, whether you have $1,000 socked away or $100,000.

Axos, which was founded in San Diego in 2000 as one of the first digital banks. If you want to use your debit card liberally, or just use the account for a large amount of online payments and transfers, you can do that at no expense with an Axos account.

There are no monthly fees on the Axos regular High-Yield money market, and no minimum balance requirement. To start things off, though, you’ll have to make an initial deposit of at least $1,000.

Although it offers nationwide access to ATMs using its online locator tool, Axos does not provide any ATM fee reimbursements. Also, though your first box of Axos money market checks is free, you’ll incur a $6 shipping charge, and no free checks after the first set.

Read the full Axos Bank review.

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Want to earn as much as you can on a high balance, but have no need for ATM or debit transactions? Prime Alliance’s money market account is a rate leader that trades frills for a simple, straightforward account at a great rate, making it our top choice for high balances with low activity.

For those who want their money market account to be a simple place they’ll park cash without a lot of need for transactional withdrawals, Prime Alliance provides an easy to use account that pays a nation-leading rate of 0.80% APY. That rate applies to all balances, so if you’re regularly holding $50,000 or more, this account can pay off.

Founded in 2004 in Woods Cross, Utah, north of Salt Lake City, Prime Alliance charges no monthly fees on its money market account, requires no minimum balance at any time, and can even be opened with nothing. Ordering checks will cost you, but sets ordered through the bank are inexpensively priced.

The biggest downside here is that withdrawals from this account can only happen by check, electronic payment, or electronic transfer. No ATM or debit card is available with this account. And like the majority of money market accounts, withdrawals are capped at six per month.

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Though Ally doesn’t offer the tip-top rate among money markets, it does rank among the highest, and offers about as many ways as possible to access your money. That’s why we’ve chosen it as the best money market account for those who want a lot of transactional flexibility.

Ally may be an online-only bank, but it’s also a Top 20 U.S. bank by size, making it a major banking player with significant resources at its disposal to hone its online interface and mobile app. Federally insured since 2004, Ally is the largest online-only bank in the U.S. by assets.

Ally has been able to fine-tune its high-yield account lineup for years, and its money market account is a good example of how Ally combines multiple customer-friendly facets into a single account, at the same time as paying a rate near the top of industry charts. Currently, Ally is paying 0.60% APY on all money market balances.  

Where Ally particularly shines is in the wide variety of ways it allows you to access your funds. It provides a combined ATM/debit card, and if you should be charged ATM fees upon using the card, Ally will reimburse you for up to $10 in fees each month. It also provides not only your first box of money market checks, but a refill set as well, anytime you run out. Lastly, Ally’s participation in the Zelle network makes it easy for you to electronically (and sometimes instantly) send money to, or receive money from, someone else.

Ally’s money market account also boasts no minimum balances to open or maintain the account, and no monthly maintenance fees. It does, however, limit withdrawals to the standard six per month.

Read the full Ally Bank review.

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For those who don’t feel they can get by with just a half dozen withdrawals per month, Synchrony Bank offers a money market account with a much more generous withdrawal limit, while still offering a competitive interest rate and no monthly fees, making it our pick for those needing to make frequent transactions.

Synchrony allows account holders to make up to 15 withdrawals and transfers per month. That’s two and half times the six-withdrawal limit typical across the banking industry, and is useful for those who want to actively and frequently move money in and out of their money market account.

It also pays a competitive interest rate of 0.40% APY on all balances, charges no monthly maintenance fee, and makes no requirements on a minimum opening or ongoing balance. Even the first set of checks is provided free of charge, but you’ll have to pay for your own checks after the first box runs out.

Perhaps more important for some, the ATM card is not a debit card. While it can be used for point-of-sale purchases as a PIN-based transaction, it does not offer full debit card capabilities. Also, though Synchrony provides fee reimbursement on ATM charges, it caps that offer at just $5 per month.

Synchrony Bank has its origins as a financing division of General Electric (GE). It became an FDIC member in 1988, and in 2015, fully separated from GE to become an independent online bank. 

Read the full Synchrony Bank review.

What if you really want your money market account to be accessible locally, with in-branch transactions? There is no bank or credit union that provides branches across all 50 states. Wells Fargo comes closest, but the interest rate on Wells Fargo’s money market account—as well as the money market rates at the other Big Four banks (Chase, Bank of America, and Citibank)—hover just above zero, making them suboptimal places to earn money on your savings.

The best way to find a good brick-and-mortar option is to simply explore the banks and credit unions in your community. Armed with what you’ve learned here about typical rates, fees, and features, you’ll be well-equipped to evaluate what the best local option is for you.

One additional possibility is to look at Patelco Credit Union’s “shared branch” network. On Patelco’s website, you can search for credit unions near you that belong to the shared Co-Op network. Once you’ve identified those, inquire whether any allow you to do transactions on your Patelco account inside their branch (some shared branches will only allow ATM transactions from other credit unions).