Money Banking
Article updated on Oct 03, 2023
The best money market accounts offer competitive rates and low initial deposit requirements.
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Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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Laura Michelle Davis Editor Laura is a professional nitpicker and good-humored troubleshooter with over 10 years of experience in print and digital publishing. Before becoming an editor with CNET, she worked as an English teacher, Spanish medical interpreter, copy editor and proofreader. She is a fearless but flexible defender of both grammar and weightlifting, and firmly believes that technology should serve the people. Her first computer was a Macintosh Plus.
Article updated on Oct 03, 2023
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Written by Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy. Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
Edited by Laura Michelle Davis Editor Laura is a professional nitpicker and good-humored troubleshooter with over 10 years of experience in print and digital publishing. Before becoming an editor with CNET, she worked as an English teacher, Spanish medical interpreter, copy editor and proofreader. She is a fearless but flexible defender of both grammar and weightlifting, and firmly believes that technology should serve the people. Her first computer was a Macintosh Plus.
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Reviews ethics statementA money market account, or MMA, is a savings account that offers the interest-bearing benefits of a savings account and the accessibility of a checking account. You’ll have debit card access and check-writing privileges, though some banks limit the number of monthly withdrawals and transfers. Money markets are best for those who have a lower-risk threshold and who don’t need to make numerous monthly withdrawals.
High-yielding money market accounts typically earn competitive annual percentage yields, or APYs, that are higher than a traditional savings account. But MMAs tend to require higher initial deposits or minimum balances. If you’re considering a money market account, compare offers from different banks and credit unions to find the one with a competitive APY, low balance requirements and a fee structure most aligned with your personal savings goals.
Table of contents
Best Low or No Minimum Balance MMAs
- Vio Bank 5.25% APY, $100 Min. deposit to open, $0 Min balance requirement
- Quontic Bank 5.00% APY, $100 Min. deposit to open, $0 Min balance requirement
- Sallie Mae Bank 4.75% APY, $0 Min. deposit to open, $0 Min balance requirement
- EverBank 3.75% - 4.75%* APY , $0 Min deposit, $0 Min balance requirement
- Ally Bank 4.40% APY, $0 Min. deposit to open, $0 Min balance requirement
- Synchrony Bank 2.25% APY, $0 Min. deposit to open, $0 Min balance requirement
Helpful Definitions
Money Market Account (MMA)
Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.
Checking Account
The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.
Savings Account
A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.
Certificate of deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Annual Percentage Yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
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The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted onBankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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Terms explained
Certificate of Deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Checking
The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.
Savings
A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.
Money Market Account (MMA)
Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.
Annual Percentage Yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
Estimated earnings
An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.
Table of Contents
- Quick look: The best low or no minimum balance money market accounts
- What is a money market account and how does it work?
- How do I apply for a money market account?
- FAQs
- Methodology
A money market account combines the best features of a savings and checking account. An MMA offers comparable rates to high-yield savings accounts while giving you more flexibility when accessing your cash due to its check-writing privileges and debit card access.
MMAs often require a significant initial deposit, and some accounts penalize you with monthly fees if your balance falls below a minimum threshold. Some banks also limit the number of monthly withdrawals and transfers permitted each month. However, not all MMAs have steep requirements.
We’ve reviewed the top money market account options across traditional and online banks and credit unions. These options offer competitive rates without a large minimum deposit.
Quick look: The best low or no minimum balance money market accounts
| Bank | APY | Min. deposit to open | Min balance requirement |
|---|---|---|---|
| Vio Bank | 5.25% | $100 | $0 |
| Quontic Bank | 5.00% | $100 | $0 |
| Sallie Mae Bank | 4.75% | $0 | $0 |
| EverBank | 3.75% – 4.75%* | $0 | $0 |
| Ally Bank | 4.40% | $0 | $0 |
| Synchrony Bank | 2.25% | $0 | $0 |
Rates as of Oct. 2, 2023.*First-year introductory rates
Vio Bank
Cornerstone Money Market Savings
- APY
- 5.0/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 1.2/5
- APY APY = Annual Percentage Yield.
- 5.25%
- Min. deposit to open
- $100
- Min balance requirement
- $0
3.7/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
This money market savings account is a high-yield savings option with no monthly maintenance fees and a low $100 initial deposit required to open the account. You can open the account online and it allows six transactions per month before excessive transaction fees are applied.
- Minimum balance requirement: 0
- Debit card access: No
- Physical locations: 0
This money market savings account is a high-yield savings option with no monthly maintenance fees and a low $100 initial deposit required to open the account. You can open the account online and it allows six transactions per month before excessive transaction fees are applied.
- Minimum balance requirement: 0
- Debit card access: No
- Physical locations: 0
Quontic Bank
Money Market Account
Read Quontic Bank Review
- APY
- 4.9/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 3.8/5
- APY APY = Annual Percentage Yield.
- 5.00%
- Min. deposit to open
- $100
- Min balance requirement
- $0
4.5/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Read Quontic Bank Review
Quontic Bank offers a high-yield money market account with no monthly or overdraft fees and a reasonable $100 minimum deposit to open the account. Quontic is an online bank with no physical locations, but the account provides debit card access and the mobile banking app supports mobile check deposits.
- Minimum balance requirement: 0
- Debit card access: Yes
- Physical locations: 0
Quontic Bank offers a high-yield money market account with no monthly or overdraft fees and a reasonable $100 minimum deposit to open the account. Quontic is an online bank with no physical locations, but the account provides debit card access and the mobile banking app supports mobile check deposits.
- Minimum balance requirement: 0
- Debit card access: Yes
- Physical locations: 0
Sallie Mae Bank
Money Market Account
Read Sallie Mae Bank Review
- APY
- 4.2/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 2.6/5
- APY APY = Annual Percentage Yield.
- 4.75%
- Min. deposit to open
- $0
- Min balance requirement
- $0
3.9/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Read Sallie Mae Bank Review
Sallie Mae is an FDIC-insured bank headquartered in Salt Lake City, primarily known for creating, servicing and collecting private student loans. However, Sallie Mae also offers a variety of savings accounts including a money market account that includes check-writing features and has no withdrawal limits. It also has a relatively high 4.75% APY, which compounds daily and is paid monthly. Keep in mind that Sallie Mae will close your account if it’s dormant, which is defined as having $100 or less and no activity for the past 12 months.
- Minimum balance requirement: $0
- Debit card access: No
- Physical locations: 0
Sallie Mae is an FDIC-insured bank headquartered in Salt Lake City, primarily known for creating, servicing and collecting private student loans. However, Sallie Mae also offers a variety of savings accounts including a money market account that includes check-writing features and has no withdrawal limits. It also has a relatively high 4.75% APY, which compounds daily and is paid monthly. Keep in mind that Sallie Mae will close your account if it’s dormant, which is defined as having $100 or less and no activity for the past 12 months.
- Minimum balance requirement: $0
- Debit card access: No
- Physical locations: 0
EverBank
Yield Pledge Money Market Account
Read EverBank Review
- APY
- 2.7/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 4.6/5
- APY APY = Annual Percentage Yield.
- 3.75% – 4.75%*
- Min deposit
- $0
- Min balance requirement
- $0
3.8/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Read EverBank Review
EverBank, formerly TIAA Bank, is the new name resulting from arecently completed saleof TIAA Bank to private investors.
The bank operates physical branches in 45 states but the online tools and mobile app make opening and managing an account seamless from anywhere in the US. While the name is changing, EverBank will continue TIAA Bank’sYield Pledge, which guarantees that money market account APYs will be routinely reviewed and adjusted so the rates remain among the top 5% of accounts available.
The Yield Pledge Money Market account boasts a competitive 1-year introductory rate of 4.75% which applies to all balance tiers up to $250,000. Beyond that, your APY depends on your account balance. The lowest APY tier, 3.75%, applies to balances up to $9,999.99. After that, the APY increases the more you deposit, up to 4.15% on balances $100,000 and up.This account will pair nicely with the other high-yield deposit account available from this full-service bank if you want to manage all of your accounts in one place.
- Minimum balance requirement: $0
- Debit card access: No
- Physical locations: 134
EverBank, formerly TIAA Bank, is the new name resulting from arecently completed saleof TIAA Bank to private investors.
The bank operates physical branches in 45 states but the online tools and mobile app make opening and managing an account seamless from anywhere in the US. While the name is changing, EverBank will continue TIAA Bank’sYield Pledge, which guarantees that money market account APYs will be routinely reviewed and adjusted so the rates remain among the top 5% of accounts available.
The Yield Pledge Money Market account boasts a competitive 1-year introductory rate of 4.75% which applies to all balance tiers up to $250,000. Beyond that, your APY depends on your account balance. The lowest APY tier, 3.75%, applies to balances up to $9,999.99. After that, the APY increases the more you deposit, up to 4.15% on balances $100,000 and up.This account will pair nicely with the other high-yield deposit account available from this full-service bank if you want to manage all of your accounts in one place.
- Minimum balance requirement: $0
- Debit card access: No
- Physical locations: 134
Ally Bank
Money Market Account
Read Ally Bank Review
- APY
- 4.6/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 4.6/5
- APY APY = Annual Percentage Yield.
- 4.40%
- Min. deposit to open
- $0
- Min balance requirement
- $0
4.7/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Read Ally Bank Review
Ally’s money market account offers a competitive yield with no initial deposit or minimum balance requirements. The yield is consistent whether your balance drops or grows. In addition to its great rates, Ally offers mobile check deposit features -- but it doesn’t allow cash deposits for this account type.
- Minimum balance requirement: $0
- Debit card access: Yes
- Physical locations: 0
Ally’s money market account offers a competitive yield with no initial deposit or minimum balance requirements. The yield is consistent whether your balance drops or grows. In addition to its great rates, Ally offers mobile check deposit features -- but it doesn’t allow cash deposits for this account type.
- Minimum balance requirement: $0
- Debit card access: Yes
- Physical locations: 0
Synchrony Bank
Money Market Account
Read Synchrony Bank Review
- APY
- 2.7/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 4.2/5
- APY APY = Annual Percentage Yield.
- 2.25%
- Min. deposit to open
- $0
- Min balance requirement
- $0
3.7/5
How we score MMA accounts We score money market accounts based on annual percentage yields, customer experience, and minimum deposits and fees. Our MMA ratings are based on extensive in-house research.
Read Synchrony Bank Review
The Synchrony money market account beats national average yields, but doesn’t keep pace with CNET’stop high-yield savings accounts. This online account does not permit cash deposits, but you can wire funds, make mobile check deposits or execute electronic transfers.
- Minimum balance requirement: $0
- Debit card access: No
- Physical locations: 0
The Synchrony money market account beats national average yields, but doesn’t keep pace with CNET’stop high-yield savings accounts. This online account does not permit cash deposits, but you can wire funds, make mobile check deposits or execute electronic transfers.
- Minimum balance requirement: $0
- Debit card access: No
- Physical locations: 0
What is a money market account and how does it work?
A money market account is a type of savings account that earns interest. But unlike most savings accounts, MMAs generally offer check-writing privileges and debit card access.
You can typically earn more interest with a money market account than with a traditional savings account. Many of the best MMAs continue to outpace the national average rates for traditional savings accounts, which is currently at 0.45%, according to the Federal Deposit Insurance Corporation.
However, money market accounts often require higher initial deposits or minimum balances. A money market account also usually limits your transactions per month, like most savings accounts, so it’s not always a suitable replacement for a checking account.
If you open a money market account with no minimum balance requirements -- or with a reasonable balance requirement -- this type of account can offer a safe way to grow your savings while offering more access to your cash than most savings accounts.
How do I apply for a money market account?
You can apply for a money market account online, in a branch or over the phone, depending on the bank or credit union. You’ll typically need to provide some personal information, like your legal name, address and Social Security number.
When you’re ready to open an account, here are the steps to get you started:
- Shop around and compare rates. While a high APY can help you earn more in interest, there are other factors to consider when choosing the right money market account. Consider things like minimum balance requirements, monthly fees and penalties, the number of transactions permitted each month, and access to physical branches or ATMs.
- Fill out an application. You can apply for a money market account online or in-branch, depending on the bank or credit union. You’ll need to verify your identity, so make sure you have a government-issued ID like a state driver’s license and your SSN handy.
- Fund your account. If the money market account requires a minimum deposit, you’ll need to fund the account right after you open it. You can transfer funds electronically from another bank account, fund it by check or, in some cases, deposit cash.
FAQs
Anyone who can open a bank account in the US can open a money market account. You’ll typically need to be 18 years old and show proof of identification to open an account.
Compare no-fee or low-fee money market accounts by exploring all of their features. Outside of minimum balance requirements, look at initial deposit requirements, fees, penalties, branch and ATM access, and any other features that are important to you.
Although the Federal Reserve removed the monthly withdrawal limits formerly imposed on savings and money market accounts in 2020, some banks still adhere to this limit. This means many money market accounts limit the number of transactions and withdrawals you can make each month -- generally six -- before imposing an excessive withdrawal fee.
As long as your bank or credit union is insured by the Federal Deposit Insurance Corporation or National Credit Union Administration (most reputable financial institutions are), your balances up to $250,000 are insured against bank loss or failure by the two government agencies. This makes a money market account a low-risk savings option.
A high-yield savings account may offer rates that can rival a money market account -- but it doesn’t generally have debit card or check-writing privileges. A checking account works similarly to a money market account, but most do not earn an APY, unless you open a high-yield checking account.
Methodology
CNET reviews high-yield money market accounts based on the latest information posted on bank, credit union and neobank websites. We evaluated APYs, minimum deposits, monthly maintenance fees, minimum balances and other terms and conditions for money market accounts from more than 50 organizations. We selected the money market accounts with the highest APYs and the best terms for banking consumers.
The banks, credit unions and neobanks we reviewed include: Affirm Savings, Alliant Credit Union, Ally, America First Credit Union, American Express High Yield Savings Account, Axos High Yield Savings, Bank of America Advantage Savings, Bank of the West, Bank5 Connect, Barclays, Bask Bank, Bread Savings, BrioDirect High-Yield Savings, Capital One 360 Checking, Charles Schwab, Chase Premier Savings, Chime, Citibank, Citizens Online Savings Account, Colorado Federal Savings Bank, Consumers Credit Union, Discover, First Internet Bank of Indiana, LendingClub, Live Oak Bank, M&T Bank, Marcus, My Banking Direct, Nationwide My Savings, Navy Federal Credit Union, NBKC, OneUnited Bank, PenFed CU, PNC, Popular Direct Select Savings, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sally Mae Smarty Pig, Santander Bank, Synchrony, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Varo, Vio and Wells Fargo.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
Written by
Toni Husbands
Staff Writer
Read more from Toni
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Written by
Liliana Hall
Associate Writer
Read more from Liliana
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
