Editor’s Note: The APYs indexed in this article exist at the time of publication. They can move (up or down) as Fed rates change. CNBC Select will be updated as adjustments are made public.
Money market accounts are a type of savings account where you can store your money to earn interest and grow over time. Money market accounts are distinguished from other savings vehicles such as physical savings accounts, high-yield accounts, and certificates of deposit through their checking account features.
Many of the most productive cash market accounts offer savers benefits they’d find in a checking account, such as check-writing privileges, debit cards, and access to ATMs with out-of-network payment refunds.
CNBC Select analyzed and compared dozens of possible options for which cash market accounts are the most productive. The ones we’ve decided on for our rating provide above-average APYs, and many provide one or both, check-writing privileges and/or debit/ATM access to your cash. All banks on this list are FDIC insured. (See our method for more information on how we select the most productive cash market accounts. )
Up to 4. 20% APY
None
None
Yes
Yes
Conditions apply.
Ally Bank’s Money Market account is a simple, online-only option with no minimum or monthly fees. Savers should receive checks and a debit card or ATM.
[Go to details]
Up to 5. 25% APY
Minimum deposit of $1,000; Minimum of $1,000 or more to earn APY
$10, with loss if the account maintains a minimum balance of $1,000
No
No
See our methodology, apply.
CFG Bank’s high-yield cash market account is a great option for those earning higher returns, but keep in mind that it requires a minimum of $1,000 to earn your above-average APY and waive the $10 per month fee. CFG’s MMA is also not offering checking account features.
[Go to details]
Up to 4. 30% APY
None
None
Yes
Yes
See our methodology, apply.
The above-average APY presented on the EverBank Yield Pledge® cash market can only be earned during the first year as a new account holder, up to a maximum balance of $250,000. There are no monthly minimums or fees, and savers have access to checks and a debit/ATM card.
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Up to 5. 48% APY
Minimum deposit of $100
$5, and will be forfeited if the account maintains a minimum balance of $4,000
No
Yes
Conditions apply.
The online-only First Internet Bank of Indiana Money Market Savings offers the highest APY we’ve found, but you need a giant amount of cash to earn it, as it’s only available on daily balances over $1,000,000. have access to debit/ATM cards.
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Up to 4. 50% APY
None
None
No
No
Conditions apply.
Prime Alliance Bank’s private cash market has no minimum or monthly fees, but it also doesn’t offer checking account features.
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Up to 5. 00% APY
Minimum deposit of $100
None
Yes
Yes
Conditions apply.
With Quontic Bank’s Money Market account, you get checks and a debit/ATM card with no monthly payment and a small minimum deposit of $100.
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Up to 4. 90% APY
Minimum deposit of $500
$3 you opt for paperless billing
Yes
Yes
Conditions apply.
Redneck Bank’s Mega Money Market® account has a smart APY that can be earned with balances of up to $100,000. A minimum of $500 is required to open an account, but online-only banking gives savers access to checks and a debit/ATM card.
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Up to 5. 21% APY
Minimum deposit of $2,500
$25, with the loss if the account maintains a minimum balance of $2,500
Yes
No
Conditions apply.
[Go to details]
Up to 4. 65% APY
None
None
Yes
No
Conditions apply.
With the online-only Sallie Mae Money Market account, you may not have to meet any minimums or pay any monthly fees. However, there is no access to debit or ATM.
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Up to 5. 25% APY
Minimum deposit of $5,000
$10, with loss if the account maintains a minimum balance of $5,000
Yes
Yes
Conditions apply.
The UFB Safe Cash Market is another option that offers one of the highest APYs. However, there is a minimum deposit of $5,000 to open the account and waive the $10 per month fee. Therefore, it is more productive for those who have a solid amount of cash. You will have access to checks and a debit/ATM card.
[Go to details]
Up to 5. 30% APY
Minimum deposit of $100
$5 you opt for paperless billing
No
No
Conditions apply.
Vio Bank’s online-only Cornerstone Money Market savings account offers an excellent APY for a minimum deposit of $100. However, there are no checking account features.
[Go to details]
Up to 5. 00% APY
Minimum deposit of $10; Minimum of $0. 01 to earn APY
None
No
No
Conditions apply.
The ZYNLO Cash Market Online Account only has a decent APY up to a top balance limit of $250,000, plus a small minimum deposit of $10 and no monthly fees. However, there are no checking account features.
[Go to details]
Ally Bank’s cash market account offers an above-average APY, available on all balance levels and Ally will even reimburse you out-of-network ATM fees up to $10 per month.
Annual Percentage Yield (APY)
Up to 4. 20% APY
The balance
None
Monthly fee
None
[Return to Account Summary]
CFG Bank’s high-yield cash market account APY is one of the highest we’ve noticed in the market and the bank has a few physical locations where consumers can do it in person.
Annual Percentage Yield (APY)
Up to 5. 25% APY
The balance
Minimum deposit of $1,000; Minimum of $1,000 or more to earn APY
Monthly fee
$10, with loss if the account maintains a minimum balance of $1,000
[Return to Account Summary]
EverBank is committed to ensuring that the EverBank Yield Pledge cash market APY remains at the most sensible 5% of competing accounts. In addition, the height rate presented in the first year is fixed, so it will not replace and its salary limit is height. EverBank will reimburse you for out-of-network ATM fees up to $15 per month and there are physical branches you can visit.
Annual Percentage Yield (APY)
Up to 4. 30% APY
The balance
None
Monthly fee
None
[Return to Account Summary]
The First Internet Bank of Indiana Money Market Savings has a very attractive APY for those with very large balances. The bank will reimburse you for out-of-network ATM fees up to $10 per month.
Annual Percentage Yield (APY)
Up to 5. 48% APY
The balance
Minimum deposit of $100
Monthly fee
$5, and will be forfeited if the account maintains a minimum balance of $4,000
[Return to Account Summary]
Prime Alliance Bank Personal Money Market offers a competitive APY for a fundamental savings product and there is a physical branch that consumers can visit.
Annual Percentage Yield (APY)
Up to 4. 50% APY
The balance
None
Monthly fee
None
[Return to Account Summary]
Quontic Bank’s cash market account offers a fake APY, and consumers can do so at some physical locations.
Annual Percentage Yield (APY)
Up to 5. 00% APY
The balance
Minimum deposit $100
Monthly fee
None
[Return to Account Summary]
In addition to providing a counterfeit APY, Redneck Bank Mega Money Market makes it simple to waive the $3 per month payment by simply signing up for paperless billing.
Annual Percentage Yield (APY)
Up to 4. 90% APY
The balance
Minimum deposit of $500
Monthly fee
$3 you opt for paperless billing
[Return to Account Summary]
Annual Percentage Yield (APY)
Up to 5. 21% APY
The balance
Minimum deposit of $2,500
Monthly fee
$25, with the loss if the account maintains a minimum balance of $2,500
[Return to Account Summary]
The Sallie Mae Money Market account offers savings for checks and you’ll even send them loose when you open an account.
Annual Percentage Yield (APY)
Up to 4. 65% APY
The balance
None
Monthly fee
None
[Return to Account Summary]
The UFB High Yield Money Market APY is presented in all balance grades, and the bank has a physical location.
Annual Percentage Yield (APY)
Up to 5. 25% APY
The balance
Minimum deposit of $5,000
Monthly fee
$10, with loss if the account maintains a minimum balance of $5,000
[Return to Account Summary]
Vio Bank’s Cornerstone Money Market Savings Account makes it easy to waive the $5 per month payment when signing up for paperless billing.
Annual Percentage Yield (APY)
Up to 5. 30% APY
The balance
Minimum deposit of $100
Monthly fee
$5 you opt for paperless billing
[Return to Account Summary]
Unlike most other accounts, ZYNLO cash market accounts are fully insured with no policy limit. The FDIC insures deposits up to $250,000, while all deposit amounts above the FDIC limit are fully insured through the Deposit Insurance Fund (DIF).
Annual Percentage Yield (APY)
Up to 5. 00% APY
The balance
Minimum deposit $10; $0. 01 minimum to earn APY
Monthly fee
None
[Return to Account Summary]
A cash market account is a savings account that earns a higher interest rate than your classic savings accounts (more in line with what high-yield savings accounts offer), but it also differs in the features of your checking account, such as check-writing privileges, debit cards. and ATMs with out-of-network payment refunds.
A marketplace account combines the features of an existing account and a savings account.
Savers can withdraw or spend cash from their account as they would if it were a checking account, by adding checks, swiping their debit card, ATM card, or making an electronic transfer.
The difference between an ATM card and a debit card: An ATM card can only be used for the ATM (withdrawing cash) and not for making purchases directly, while a debit card is much more functional. A debit card can be used to buy things or withdraw cash from your account when you make a purchase at a store, as well as allowing you to make transactions at an ATM.
You earn interest at a higher rate with a cash market account than with an interest-bearing checking account (and more than with a traditional savings account), but sometimes you’re subject to the same federal withdrawal and movement limit as savings accounts: six per cycle (without adding ATM withdrawals). This means that savers in cash market accounts are limited to the number of checks they can write each month from their account.
The benefits of a cash market account come with an above-average savings rate and checking account features that give you smarts with your cash, such as check writing, debit cards, ATMs, and out-of-network ATM fee reimbursement.
The disadvantages of a cash market account come with being subject to withdrawal and movement limits (outside of ATMs), as well as requiring higher minimums than those required through high-yield savings accounts.
Interest rates on market accounts lately vary between around 4. 00% and 5. 50% APY.
Your cash in a cash market account is because most banks offer FDIC insurance and your cash is not invested in the market.
With FDIC insurance, if your bank suddenly collapses and fails, your money is covered up to a limit of $250,000 per user and will be reimbursed. When looking for the most productive cash market account, check that the bank is FDIC-uncertain. Make sure you don’t confuse cash market accounts with cash market funds, which are uncertain investment products. Keep in mind that while you may not lose the cash in your cash market account, any withdrawals you make will reduce your capital balance. income.
When opting for a cash market account, a higher APY is probably the biggest draw. Approximately 5% of the APY is competitive in today’s market. However, there are other features as well. For example, find out if the Cash Market account offers verification features, such as check-writing privileges or a debit/ATM card. ATM withdrawals are not included in the monthly withdrawal limit, so having one is a huge advantage. And, as with any bank account, a lack of monthly fees or minimum balance requirements can allow you to be less pressured on how much is left in your account.
What you want to know about cash market accounts is that they offer a competitive savings APY, as well as easy access to your cash. Unlike cash market funds, cash market accounts do not invest your cash in the market, so your cash is FDIC insured up to $250,000 per account. Please note that cash market account rates are variable and can be updated at any time. The rate you get when opening an account is rarely guaranteed forever.
A cash account in the marketplace is a smart choice to earn interest and achieve a secure savings goal. And while you’re using your checking account for everyday purchases, cash accounts in the market can be helpful for investing a larger expense once a month, such as a mortgage. You wouldn’t have to worry about transferring the budget to a checking account if they were stored differently in a typical savings account, and you’d be within the popular withdrawal limit. In addition, the cash placed in your Marketplaceplaceplace cash would earn more interest than in an existing account.
Since many cash market accounts allow consumers to access their budget through a debit card, check, or ATM, those accounts may not be the most productive option for building an emergency fund. Money is almost too easy to exploit and you can also just end up spending more than you save. If you can resist the urge to unnecessarily spend what’s in your cash market account, those are smart products when you have an immediate need for cash.
The minimum deposit and balance requirements vary depending on the cash market account being considered. Some have no minimum, while others have a minimum of $100, $500, $1000, $2500, $5000, or a minimum of tens or hundreds of thousands of dollars to get the maximum. rate.
Money market accounts have variable interest rates, meaning they can vary. However, currently, cash market account rates range between 4. 00% and 5. 50% APY. When you need to increase your chances of getting a higher return, in exchange for taking on much higher risk: you can transfer your money to the market.
The highest-paying cash market account we’ve discovered at the time of writing is the First Internet Bank of Indiana Money Market Savings, where savers can earn up to 5. 48% APY on balances over $1,000,000.
As with other savings accounts, you generally have to pay federal income taxes (and state and local taxes) on the interest you earn with a cash market account.
The typical minimum balance of a cash market account can be thousands of dollars. However, there are accounts that don’t require you to meet a minimum. Our list here is a handful.
The most productive cash accounts on the market offer above-average APYs, and many come with checking account features that make it easy for you to access your funds. This makes them great savings vehicles for getting money back while you have the ability to get your money back. directly without wanting to transfer it from your savings to your checking account.
At CNBC Select, our project is to provide our readers with high-quality journalism and comprehensive client recommendations so they can make informed decisions with their cash. Each cash market account review is based on rigorous reports written through our team of trained copywriters with extensive knowledge of banking and savings products. While CNBC Select gets engagement from our partner partners on many offers and links, we create all of our content without the involvement of our sales team or outside third parties, and we pride ourselves on our journalistic criteria and ethics. See our Method to learn more about how we select the best cash market accounts.
To the cash market accounts that offer the most productive return on your cash, CNBC Select analyzed dozens of accounts offered through physical and online banks, adding primary credit unions.
We found that the APYs offered through online banks and credit unions far exceed those offered through most national traditional banks. While many credit unions offer smart account options in the cash market, they’re not on our definitive list because most require membership, which may require you to overcome several hurdles to qualify. This is a classification of cash market accounts only, cash market budget (which are investment products).
We’ve prioritized accounts that offer competitive APYs or above-average rates. While the accounts we’ve selected in this article consistently rank among the highest APY rates, we also compare each account across a variety of other features. adding check writing capabilities, debit card and ATM access, online pages, and cellular features, as well as points such as insurance policies and visitor reviews when available. We also look at users’ deposit characteristics and how interest is composed.
All cash market accounts on this list are FDIC insured for up to $250,000 per child. If you open a joint cash market account, the insurance limit is doubled.
The rates and payment structures advertised through banks for their cash market accounts are not guaranteed forever. They are subject to replacement without realizing it and vary depending on the Federal Reserve rate. If you open a cash market account, the APY you earn is a floating rate. meaning you can go up and down at any time. Your earnings depend on the amount you deposit into your cash market account, your APY, any additional contributions and related payments, and any withdrawals you make from your account. Generally, larger deposits and a higher interest rate will allow you to get the most cash. Any withdrawals will reduce your balance/capital income.
To open a cash market account for the first time, most banks and establishments require a new cash deposit, which means you move the cash you already had in an account at that bank.
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