Best money market accounts of 2022

By comparing dozens of banks across the country, including brick-and-mortar banks, online banks, neobanks, apps, and credit unions, we found the top money market accounts to help you maximize your money.

Becca Stanek

By

Becca Stanek

Becca Stanek

Insurance Expert

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as the managing editor for investing and savings at LendingTree and as an editor at SmartAsset focused on financial advisor content.

Published|5 min read

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If you're looking for somewhere to stash your money with slightly more accessibility than a savings account (and a potentially higher interest rate), a money market account may be worth considering. To determine the best money market accounts, we looked at APY, frequency of compounding, and fees. And because a good experience matters, we also considered how well a bank's mobile app was rated and how many customer service options were offered. 

Read on for the best money market accounts in various categories, so you can find a fit whether you want an account with an online bank or credit union, or if it's simply the highest APY you're after.

Our picks

Best overall money market account

Discover Money Market Account

4.6

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Discover Money Market Account logo

Discover's money market account stands out for several reasons. For starters, there are no applicable fees. Additionally, customers will enjoy a top-rated mobile app and ample customer support options. In fact, the only category in which this money market account doesn't earn a top mark is APY — you'll earn 0.30% APY for balances under $100,000 and 0.35% APY for balances $100,000 and over, which still puts Discover in the middle of the pack score-wise. Plus, interest compounds daily, which will maximize your returns.

Full review

Best online money market account

Ally Money Market Account

4.6

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Ally Money Market Account logo

Online-only Ally Bank offers a money market account with a standout APY of 0.50% across all balances, with interest compounding daily. There is a $10 fee for transactions beyond the monthly limit, though this is currently paused due to COVID-19 regulations. No monthly fees apply, and you'll have access to ample customer support and a highly rated mobile app.

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Best credit union money market account

Civic Federal Credit Union Money Market Account

4.6

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Civic Federal Credit Union Money Market Account logo

If you're interested in taking advantage of the perks of a credit union, Civic FCU offers an impressive APY of 0.75% on its money market account when you deposit at least $500 (you'll also need to maintain this balance to earn interest). Dividends are compounded daily and paid out monthly. In fact, the only category Civic FCU doesn't earn top marks is fees — watch out for a $15 nonsufficient funds fee and a $5 fee if your account is inactive for 12 months.

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Best money market account for learning resources

Synchrony Money Market Account

4.6

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Synchrony Money Market Account logo

Alongside a money market account, Synchrony can offer you a vast library of educational articles on topics ranging from home improvement budgeting to ways to save. The bank's money market offering isn't too shabby either, with interesting compounding daily, integration with a top-rated mobile app and plenty of avenues to contact customer support. You won't earn the highest APY out there though, at 0.35% APY across balances.

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Best money market account for the socially conscious

TIAA Money Market Account

4.2

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

TIAA Money Market Account logo

If you want to open your money market at a bank that's doing good, TIAA Bank may be a solid option, given its commitments to sustainability, diversity and inclusion, and community-building efforts. Plus, you'll enjoy an APY of 0.40%, with guarantee from the bank that its APY will stay in the top 5% of competitive accounts. You'll need a minimum opening deposit of $500.

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Best high-yield money market account

CIT Bank Money Market Account

4.2

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

CIT Bank Money Market Account logo

If earning a high yield is your top priority, CIT Bank's money market account offering a competitive APY of 0.45% may be worth a look. Interest on the account, which requires a minimum opening deposit of $100, compounds daily. While there are no monthly service fees, there are other fees to look out for, including on transactions beyond the monthly limit, return deposit items, outgoing wire transfers (if your account balance is under $25,000), and Bill Pay stop-payment requests.

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Best money market account for savings tools

3.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Navy FCU Money Market Account logo

Alongside its money market account, Navy FCU offers an impressive lineup of savings tools, including various savings calculators and personalized savings recommendations. You can earn up to 0.45% APY on Navy FCU's money market account if you deposit at least $10,000; lower account balances earn a lower APY, and accounts of ​​​​$2,499 and under earn no interest. Interest compounds monthly, and you'll need to be mindful of various fees. Still, you'll enjoy a highly rated mobile app and easy access to customer support.

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Best money market account for mobile banking

Axos Bank Money Market Account

3.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Axos Bank Money Market Account logo

For those who like to bank on the go, Axos Bank's money market account makes it easy, thanks to its top-rated mobile app that has a multitude of security measures in place and features to simplify account management, like real-time account alerts and peer-to-peer payments. The account's APY isn't as much of a standout though, at 0.25% across balances, though interest does compound daily. You'll need at least $1,000 to open a money market account.

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How to choose the best money market account for you

When it comes to choosing a money market account, here are some considerations to keep in mind.

1. Look at minimum balance requirements

Money markets can have high minimum balance requirements in order to open an account or earn interest, so before settling on a money market account, you'll want to make sure its minimum is one that's reasonable for you to meet. If you choose a money market account with a high minimum that's a stretch for you to reach, you could risk losing out on the highest interest rate if you can't maintain the balance, or even owing monthly fees.

2. Consider APY (and compounding)

An account's APY, or annual percentage yield, is another important consideration when choosing a money market account, as this is effectively how much you'll earn from stashing your money in the account. Keep in mind that money market account rates are generally variable rather than fixed, meaning they change as market conditions do.

When looking at money market accounts, compare an account's APY against current national average interest rates, and also see how an account's APY stacks up against its competitors. See if a financial institution consistently offers competitive rates, or whether the current offering is more of a one-off.

Beyond APY, also take a look at how often interest compounds on your account. Generally, a shorter compounding term allows you to earn more interest, which is why daily compounding is a bit better than monthly.

3. Take fees into account

You'll also want to make sure you're aware of all of the fees associated with the money market account — you don't want a high APY gobbled up by a multitude of high fees. Some common fees associated with money market accounts include monthly account fees, excessive transaction fees, transfer fees, and inactive account fees, among others.

4. Think about any extras you'd like

Beyond the basics of minimums, interest, and fees, think about whether there are any extra features you'd like to see with your money market account. This could serve as a tie-breaker if you're torn between two different accounts. For instance, you might prefer an account that comes with ample learning resources or a great mobile experience, or you may be concerned about being socially conscious.

Money market accounts vs. savings accounts and CDs

Not sure how money market accounts compare to other savings products? Here's a rundown of the similarities and differences between money market accounts and other common savings options so you can better determine which one might be right for you.

Money market accounts vs. savings accounts

The biggest difference between a money market account and a savings account is access to your funds. Although money market accounts hold you to the same monthly withdrawal limit as savings accounts, you may receive a debit card or checks to more easily access the funds in your money market account. Money market accounts may have higher minimum opening deposit requirements than savings accounts, but the upside is they also may offer higher interest rates.

If your financial institution is offering similar rates on savings and money market accounts, however, it may make sense to stick with a savings account so you don't have to worry about higher minimum balance requirements. On the other hand, if you'd like occasional check-writing capabilities and a debit card, a money market account may be a better fit.

Money market accounts vs. CDs

A CD, or certificate of deposit, offers less liquidity compared to a money market account, but that may lead to earning higher interest rates. While a money market account limits you to a certain number of monthly transactions, a CD will penalize you for withdrawing your funds for the entirety of the term, which can range anywhere from three months to 10 years.

Because of the early withdrawal penalties you'll face with CDs, they're best for funds you're certain you won't need to touch for the entirety of the CD's term. In that case, you'll be rewarded with a rate that's likely higher than that of a money market account. If some level of liquidity is important to you, however, a money market account may be a better bet.

Methodology

To determine the best money market accounts in 2022, Policygenius analyzed data from nearly 50 major U.S. banks, credit unions, and financial institutions. We created a scoring rubric and scored institutions across five metrics: money market account APYs, rate at which interest compounds, number of applicable fees, mobile app satisfaction, and the availability of customer support. Scores for each metric were given on a scale of 1 to 5, and each institution’s five scores were then averaged into a single rating. Below are the detailed breakdowns of each scoring matrix.

Money market account APY

We rated the highest APY that each financial institution offers on a money market account (excluding accounts or rates available only with a minimum balance requirement greater than $1,000).

Rating

Best savings APY

1

Less than 0.1%

2

0.10%-0.19%

3

0.20%-0.29%

4

0.30%-0.39%

5

0.40%+

Compound rate

We scored each institution according to how frequently they compound interest for their highest-APY money market account.

Rating

Compound rate

1

Yearly

3

Monthly

5

Daily

Fees

We consulted fee schedules as well as terms and conditions from each financial institution to create a score based on how many of the following types of fees the institution charges: monthly maintenance fee, overdraft fee, insufficient funds fee, debit card replacement fee, account closure fee, and stop payment order fee.

Rating

Applicable fees

1

4+ fees

2

3 fees

3

2 fees

4

1 fee

5

No fees

Mobile app satisfaction

Mobile apps are an increasingly important way that people manage their bank accounts, so we consulted the J.D. Power 2021 U.S. Banking Mobile App Satisfaction Study and the Google Play app store for customer ratings.

Rating

J.D. Power Score

App store score

1

Less than 840

Less than 3.0

2

840-849

3.0-3.4

3

850-859

3.5-3.9

4

860-869

4.0-4.4

5

870+

4.5+

Customer support

Different people prefer different support options at different times, so we created a score based on how many customer support channels each institution offers. Channels we included were telephone, email, online chat, mobile app, online forum, online learning center, and physical branches.

Rating

Support Channels

1

1 option

2

2 options

3

3 options

4

4 options

5

5+ options