Best Money Market Accounts May 2024: Up To 5.48%

Our experts picked Connexus Credit Union’s High Yield Money Market Account because it’s a tiered-rate account paying higher dividends for larger deposits, and it comes with check-writing privileges.

Why We Like It

While the tiered APY makes for a more complicated earning structure than some of the other accounts on our list, the rewards may be worth the effort if you’re able to jump through some hoops.

What We Don’t Like

The minimum deposit requirement might be hard to meet for some, and if you don’t have at least $20,000 to save, you won’t earn much interest.

Who It’s Best For

Go for this account if you need to write checks and have at least $20,000 to save—the bigger the balance, the higher the APY.

Savers earn 0.25% APY for balances between $1,000 and $19,999.99, 2.51% APY for balances between $20,000 and $99,999.99, 2.76% APY for balances between $100,000 and 249,999.99, 3.01% APY for balances between $250,000 to $499,999.99, 3.26% APY for balances between $500,000 to $999,999.99. The highest tier pays 4.01% APY but requires a hefty balance of $1,000,000 or more..

While you must deposit at least $1,000 to open an account, there’s no penalty if your balance falls below $1,000. Balances below $1,000 do not earn dividends.

This account includes the ability to write checks. And Connexus offers 24/7 online and mobile banking options for access to your money.

In addition to the regular group and geographic categories of membership, you can become a member of Connexus by making a one-time $5 donation to the Connexus Association.

The yields earned on credit union accounts are referred to as dividends rather than interest. Connexus Credit Union dividends are compounded and credited monthly. All members must make a $5 deposit into a Connexus Credit Union savings account to establish membership before adding other types of accounts. There’s a $6 fee for certain types of transactions over four per statement period.

Our experts picked Quontic Bank’s Money Market account because it has a competitive tiered interest rate structure and comes with a debit card offering access to over 90,000 ATMs nationwide.

Why We Like It

This account requires a relatively low $100 minimum deposit to open the account and charges no monthly maintenance fee.

What We Don’t Like

If you need to make more than six transactions per statement cycle, you’ll be charged $10 per transaction over the limit.

Who It’s Best For

Look into this account if you want to earn interest while still being able to use a debit card—as long as you don’t plan on using it more than six times each month.

Savers earn a healthy interest rate no matter how much money is in their accounts. The 5.00% annual percentage yield applies to all balance tiers, which are identified as $0.01–$4,999.99, $5,000.00–$149,999.99 and balances over $149,999.99.

You can choose to use a debit card with this money market account. And Quontic has an extensive network of more than 90,000 ATMs nationwide. Keep in mind that you’re limited to six transactions per statement cycle—there’s a $10 charge for each transaction over six.

Customer service is available Monday through Friday via live chat, email or phone. The bank also offers a highly rated mobile app.

Interest is compounded daily and credited monthly. There’s an excess transaction fee of $10 for certain types of transactions over six per statement cycle.

Our experts liked the Zynlo Bank’s Money Market account because all deposits with Zynlo are 100% insured. This means no matter how much you deposit, your full balance will be covered by insurance in the event of a bank failure. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor for each account ownership category. Above that amount, deposits are insured by the Massachusetts-based Depositors Insurance Fund (DIF).

Why We Like It

Zynlo Bank’s Money Market account offers a competitive rate: 5.00% APY for balances of up to $250,000. Account balances of more than $250,000 earn 0.10% APY. Plus, there’s no monthly maintenance fee.

What We Don’t Like

To access your funds, you’ll have to transfer them to a checking account as this MMA doesn’t come with a debit card or checks.

Who It’s Best For

This account is ideal for anyone who wants to earn interest and guarantee full protection of their funds, even if their balance goes over the typical $250,000 insurance limit.

You can open the account with only $10 and earn the APY with a minimum balance of $0.01.

Interest is compounded daily and credited monthly. The current APY is 5.00% APY for balances of up to $250,000. Account balances of more than $250,000 earn 0.10% APY. You’re limited to making six transactions per statement cycle from your account, but Zynlo doesn’t charge a fee for excess transactions.

Zynlo doesn’t offer checks or a debit card with this account. But you can access your account online or via the bank’s mobile app. Customer service is available 24/7 by phone.

We chose First Internet Bank because its money market account offers a tiered APY structure that pays a generous rate on all balances, making it ideal for building an emergency savings fund. Its monthly fee is waived on balances of $4,000 or more, and emergency funds tend to be large enough to surpass this minimum.

Why We Like It

This full-service online bank also offers competitive checking, savings and CD accounts, so you can do all your banking in one place.

What We Don’t Like

Other money market accounts don’t charge monthly fees, so if your balance might fall below $4,000, it’s best to go with those. Also, this account doesn’t come with an ATM card, which could be a pro or a con depending on your needs.

Who It’s Best For

Opt for this account if you have at least $4,000 to save and you prefer not to have an ATM card so you can avoid impulsive spending.

First Internet Bank’s Money Market Savings offers a competitive 3.77% APY with a daily balance of $1 million or less or a 5.48% APY with a daily balance above $1 million. There is a $5 monthly maintenance fee, but you can avoid this by keeping an average daily balance of at least $4,000. Customers can open an account for $100, lower than required by some other banks and credit unions.

To get a debit card or checks, you’ll need to open a separate checking account with First Internet Bank. There’s no ATM network, but the bank does provide up to $10 per month in ATM surcharge rebates.

Interest is compounded and credited monthly. There’s an excess transaction fee of $5 for certain types of transactions beyond six per statement cycle.

Our experts liked the Ally Bank Money Market Account because it pays a competitive APY and makes your cash easily accessible. Although certain types of withdrawals and transfers are limited to six per statement cycle, you can make unlimited withdrawals at more than 43,000 surcharge-free ATMs throughout the nation.

Why We Like It

Ally reimburses for up to $10 per statement cycle for fees charged by out-of-network U.S. ATMs.

What We Don’t Like

You’re limited to 10 convenient withdrawals and transfers per month with this account. While Ally no longer charges excessive transaction fees, it can close your account if you continually exceed this limit.

Who It’s Best For

This MMA is ideal for savers who use ATMs and want both checks and a debit card.

Ally Bank pays a competitive 4.20% on all balance tiers APY on its Money Market Account with no minimum deposit requirement. Account holders get standard checks and a debit card with this account.

Online-based Ally Bank provides 24/7 customer support via phone, live chat and email. It also gets high ratings for customer satisfaction.

Ally keeps fees to a minimum—it doesn’t charge fees for monthly maintenance, ACH transfers, incoming domestic or international wire transfers, cashier’s checks or copies of online statements.

Interest is compounded daily and credited monthly. Ally recognizes three balance tiers—less than $5,000, $5,000 to $24,999.99 and $25,000 or more. All three tiers pay the same money market account APY.

Our experts ranked Sallie Mae Bank’s money market account highly because savers can pair this competitive MMA with the bank’s SmartyPig savings account. The SmartyPig Account comes with tools to create and track progress toward specific money goals—like an online piggy bank. The bank’s MMA gives consumers a place to earn a high rate on savings they’ve already built, and the SmartyPig Account helps them set and achieve new savings milestones.

Why We Like It

The combination of a high APY with no monthly maintenance fee or minimum deposit requirement makes this account a clear winner.

What We Don’t Like

The bank’s mobile app could be more user friendly.

Who It’s Best For

Consider Sallie Mae’s MMA if you’re working on building your savings. The savings tools and competitive APY should provide extra motivation.

Sallie Mae Bank’s money market account features a competitive 4.65% APY with no minimum deposit requirement and no monthly maintenance fee. The account doesn’t come with a debit card, but account holders can write checks.

Money market account transfers out of the account to repay loans at Sallie Mae are unlimited.

Interest on Sallie Mae money market accounts is compounded daily and paid monthly.

Our experts picked EverBank’s Yield Pledge Money Market account because it guarantees that the interest rate you earn on its money market account will be among the top 5% of “competitive accounts.” This is based on accounts from the 10 largest banks and thrifts in 10 large U.S. markets.

Why We Like It

EverBank’s Yield Pledge Money Market account pays intro APY of 4.30% for the first year on balances up to $250,000; then the ongoing rate of 4.05% applies and has no monthly fees or minimums.

What We Don’t Like

There’s a $10 excessive transaction fee, so this account isn’t good for everyday spending.

Who It’s Best For

Look into EverBank’s Yield Pledge MMA if you want to take advantage of a generous promotional APY and prefer to have debit card and ATM access.

Interest is compounded daily and credited monthly. EverBank charges $10 per transaction over the allowable limit of six per statement cycle. EverBank recognizes five balance tiers—less than $10,000, between $10,000 and $24,999.99, between $25,000 and $49,999.99, between $50,000 and $99,999.99 and $100,000 and up. The lower your balance tier, the lower the APY you earn.

Vio Bank’s Cornerstone Money Market Account made our list because it earns one of the highest APYs available and, unlike many MMAs, it doesn’t come with an ATM or debit card. Vio has no ATM network, and you can’t write checks either. This might be a disadvantage for some, but the lack of immediate access to funds could be beneficial for savers who want to avoid impulsive spending and unnecessary savings drains.

Why We Like It

With one of the highest APYs on our list and no instant access to your funds, we love that this account makes it easy—and rewarding—to save.

What We Don’t Like

On the flip side, you’ll have to wait a few days any time you want to access the cash in your Vio Bank MMA, which could present a challenge if an emergency comes up.

Who It’s Best For

Go for this account if you want to earn a top-rate APY and protect your savings—just make sure you keep some cash on hand in your checking for immediate needs.

Vio Bank’s Cornerstone Money Market Account offers a competitive interest rate— 5.30% on all balances on all balances—and a low minimum deposit requirement. There’s no monthly maintenance fee and no charge for incoming domestic or international wire transfers.

As a customer, you can manage your account through the bank’s highly rated mobile app. You can also make internal and external transfers. If you decide to opt for paper statements, there’s a $0 monthly fee. And there’s a $10 excess transaction fee.

Interest is calculated daily and credited monthly. There’s a $10 fee for each withdrawal in excess of six per monthly statement cycle.

We ranked the Bethpage Federal Credit Union Money Market Account highly thanks to its highly-rated, easy-to-use mobile app. With the app, Bethpage members can send money to friends and family through its Pay Anyone feature, deposit checks, transfer money, pay bills and take advantage of free budgeting and savings tools.

Why We Like It

Fans of credit unions will like that Bethpage makes it very easy to join and open an account online. And as is the case with many credit unions, you won’t have to worry about monthly fees.

What We Don’t Like

This account’s APY is above average but fairly low when compared to the best money market accounts.

Who It’s Best For

This MMA is good for consumers who prefer to bank with credit unions and value customer service and easy-to-use mobile apps.

Bethpage Federal Credit Union’s money market account offers a competitive 0.10% to 2.00% APY depending on the balance tier with a $500 minimum deposit requirement. APY on all balance tiers with a $500 minimum deposit requirement. Any balance above $500, big or small, earns the same dividend rate with Bethpage. Balances below $500 earn 0.10%. And there’s no monthly maintenance fee charged on its money market account.

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and credited to your account monthly. Bethpage recognizes three balance tiers—balances between $500 to $24,999, balances between $25,000 and $49,999 and balances above $50,000. All tiers pay the same money market account dividend. There’s a fee for certain types of transactions over six per month, but Bethpage does not list the fee on its website.

You can write up to three checks per month with this account. And you can manage your account online or via Bethpage’s mobile app.

Becoming a member at Bethpage is relatively straightforward—you can do so by making a $5 deposit into a Bethpage savings account.