Best Money Market Accounts & Rates for 2019

If you’re looking to earn interest on your savings, there are multiple ways to do so. You’ve probably already heard about CDs and high-yield savings accounts – but how much do you know about money market accounts (MMAs)?

MMAs provide higher interest than traditional savings accounts – and give you access your funds whenever you need to.

But not all money market accounts were created equal. Some outshine their competitors – and it’s worth knowing which money market accounts are topping the list (and why).

So, what are the ultimate best money market accounts – and what makes them so great?
Money Market Accounts

7 Best Money Market Accounts for 2019

Here is our list of the best money market accounts right now, what their unique features are, and how to decide whether opening an MMA is the right next step on your financial journey.

  1. Marcus by Goldman Sachs
  2. FNBO Direct
  3. UFB Direct
  4. Discover Bank
  5. CIT Bank
  6. BBVA
  7. Popular Direct

Marcus by Goldman Sachs Online Savings Account

Marcus, the online bank run by a leading global investment banking, investment management, and securities firm, Goldman Sachs, offers some highly competitive rates without a minimum deposit requirement, which is great for those looking to start small.

Marcus by Goldman Sachs Online Savings Account offers 2.00% APY on all balances up to $1,000,000 – without charging you any monthly fees. When many other banks require you to maintain a more substantial account balance or make a minimum deposit to earn high APY, Marcus by Goldman Sachs doesn’t – and that’s what sets it apart from the rest.

  • Monthly fees: $0
  • Interest rates: up to 2.00% APY
  • Minimum deposit: $0
  • FDIC insured: Yes
  • Other features: Link your savings account to other accounts to receive and send transfers, US-based customer support center 7 days a week

FNBO Direct Online Savings Account

Another online bank that will allow you to earn stellar interest rates with its money market account is FNBO Direct. The FNBO Direct Online Savings Account offers up to 2.00% APY on all balances – no matter how high or low (although there is a maximum principal deposit balance of $1,000,000).

Since there are no required average account balances, your money can grow while you sleep – even if it’s just a few hundred dollars.

The account’s minimum deposit is just $1 – and it comes with a few exciting features, like Person to Person payments, digital payments (like Apple Pay and Samsung Pay), and mobile banking.

  • Monthly fees: $0
  • Interest rates: 2.00% APY (on all balances)
  • Minimum deposit: $1
  • FDIC insured: Yes
  • Other features: digital payments (like Apple Pay and Samsung Pay), Person to Person payments, online and mobile banking

UFB Premium Money Market Account

UFB Direct offers a high-yield money market account that’ll earn you buckets of money – but only if you deposit quite a lot of money in the first place. The account opening minimum deposit is $5,000 – and you could definitely find lower minimums than that.

With the UFB Premium Money Market Account, you will earn an excellent 2.15% APY on all balances of $25,000 and over – and that means quite substantial earnings. It’s the ideal account if you already have quite a lot of money set aside for saving and investment purposes – because the APY offered on balances lower than $25,000 isn’t great (0.50%).

The account also comes with a complimentary Visa debit card, limited check-writing privileges and free transfers between direct deposit accounts. There are no monthly maintenance fees.

  • Monthly fees: $0
  • Interest rates: up to 2.15% APY (on balances $25,000 or greater)
  • Minimum deposit: $5,000
  • FDIC insured: Yes
  • Other features: Complimentary Visa debit card, free transfers between direct deposit accounts, mobile deposits, SMS banking

Discover Bank Money Market Account

Discover Bank goes above and beyond to shine in every aspect – from delivering competitive private student loans to offering multiple rewards and cashback credit cards. Perhaps unsurprisingly, Discover Bank also has a solid money market account worth taking a look at.

Earn 1.75% APY on balances under $100,000 with Discover Bank Money Market Account – and 1.80% APY on balances over that. Some other banks offer higher interest rates, of course – but Discover Bank is a highly-rated financial institution with countless cool products and features, so I’d say its money market account is worth considering nevertheless.

There are no minimum balances nor fees – and you can withdraw your money at over 60,000 ATMs nationwide. The bank also has a nifty mobile app which customers seem to love (the app has 4.8 stars on the App Store, and 4.7 on Google Play).

  • Monthly fees: $0
  • Interest rates: up to 1.80% APY (balances of $100,000 or more)
  • Minimum deposit: $0
  • FDIC insured: Yes
  • Other features: Top-rated mobile banking app, no fees, over 60,000 nationwide ATMs, you can open a money market account in a few simple steps online, customer service available 24/7

CIT Bank

If this isn’t your first time here, you’ll know that I’ve talked about CIT Bank in several posts recently. It’s one of those banks that has a lot to offer.

CIT Bank’s money market account is an online account that pays a variable rate of interest, allows deposits, withdrawals and transfers, and has no fees. You can earn 1.85% APY on all balances, which, according to the CIT Bank, is “20x the national average.”

Opening and funding your account can be done in minutes online. There’s a minimum balance of $100 – but that’s very low compared to some of the other top money market accounts. Interest is compounded daily and paid monthly.

  • Monthly fees: $0
  • Interest rates: 1.85% APY (on all balances)
  • Minimum deposit: $100
  • FDIC insured: Yes
  • Other features: You can deposit checks remotely, and make transfers using the CIT Bank top-rated mobile app (4.6 stars on the App Store, 4.2 on Google Play)

BBVA Money Market Account

Those looking to deposit more than just a few hundred dollars into their BBVA money market account will be rewarded with a great interest rate.

You will get 1.90% APY on all balances of at least $10,000 – but the rate for lower balances could be a better (0.05% APY). BBVA’s interest rates also vary by location, so make sure you check what it is in your area.

Unlike many other banks listed, BBVA has over 600 branches across the U.S. – and that’s a big advantage for those who prefer personal customer service.

It’s also worth pointing out that BBVA will charge you a monthly service fee of $15, but it will be waived if your daily collected balance is $10,000 or more – or if you set up a monthly transfer of $25 or more to your BBVA money market account (from a BBVA checking account).

  • Monthly fees: $15 (can be waived if you meet the criteria)
  • Interest rates: up to 1.90% APY (for balances of $10,000 or above)
  • Minimum deposit: $25
  • FDIC insured: Yes
  • Other features: Manage your account online with an award-winning mobile banking app, highly-rated customer experience

The Popular Direct Ultimate Savings Account offers a stellar 2.40% APY – but it does come with a minimum opening balance requirement.  You will need to have saved up at least $5,000 to get started with the Popular Direct Ultimate Savings Account – as well as an external bank account to be able to fund it.

The bank doesn’t offer checking accounts – nor are there physical bank branches to visit. If face-to-face support and advice are not on your list of must-have features – and if you’re looking for an account to store a substantial amount of cash, then Popular Direct is an option worth considering.

There are no monthly service fees but have a look at the bank’s disclosures for a detailed list of fees.

  • Monthly fees: $0
  • Interest rates: up to 2.40% APY (available to new customers only)
  • Minimum deposit: $5,000
  • FDIC insured: Yes
  • Other features: Live customer service available 24/7 by phone

What Is A Money Market Account?

The best definition of a money market account would be “a hybrid between a checking and savings account,” because it combines features of both.

For example, with a money market account, you can get high interest on your savings, as well as write checks and use your debit card (though there’s a limit to how many times you can use it a month).

It’s an excellent option for those looking to save – but without having their funds locked up for a set period. Many of the other savings account types don’t give you instant access to your money – not without paying a substantial penalty, at least.  A money market account, on the other hand, gives you that flexibility – while also giving your account balance a boost.

Which Money Market Account Is Best For Your Needs?

Money market accounts provide an opportunity to earn interest while being able to access your money quickly.

With many familiar account benefits, such as access to debit cards, checks, ATMs and online banking, money market accounts are the perfect investment vehicle for anyone looking to earn interest without having your money locked up.

Now that you know more about what money market accounts are, the trick is deciding which of the top money market accounts is most suitable for your financial needs. The provider you go with will depend on multiple factors aside from interest rates. For example, whether you want to deposit a little or a lot into your account, and how much money you want to keep in there at all times.

While many accounts don’t have minimum deposits – others do, and they can be as much as a few thousand dollars. If you’re not looking to put that much money into a money market account – then you’ll be better off choosing one of the providers with no minimum deposit requirement.

Other things you may want to think about are access to ATMs, and additional features like a user-friendly mobile app – and access to customer support. While some providers offer 24/7 customer support, others don’t – so make sure you think about what’s important to you before committing to one financial institution.

Grant Sabatier

Creator of Millennial Money and Author of Financial Freedom (Penguin Random House). Dubbed "The Millennial Millionaire" by CNBC, Grant went from $2.26 to over $1 million in 5 years, reaching financial independence at age 30. Grant has been featured in The New York Times, Wall Street Journal, BBC, NPR, Money Magazine and many others. He uses Personal Capital to manage his money in 10 minutes a month.

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