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The highest money market account rate overall is 5.46% APY from the First Internet Bank of Indiana Money Market Account for account balances above $1 million.
Meanwhile, the most competitive money market account rate regardless of your account balance is 5.35% APY from Brilliant Bank. Brilliant Bank’s money market account isn’t available for residents of Kansas, Missouri, Oklahoma, and Arkansas, though.
If you’re looking for more options, you can also find great rates from other banks. We check rates daily to find the most productive rates for cash market accounts. Here are our most sensible options.
Cash market accounts pay well above the average interest rate of cash market accounts and are comparable to rates on high-yield savings accounts.
Here are the existing fees for cash marketplace accounts:
If you’re an investor who likes to have simple access to your account, you might be interested in a cash market account. A cash market account is a type of savings account that has a progressive interest rate or simple access to your account by writing a check or debit card.
Our top picks for the most productive accounts in the cash market are protected through FDIC or NCUA insurance. Although some financial institutions closed their doors in 2023, don’t forget that the cash is in a federally insured financial institution. The institution is federally insured, up to $250,000 for each depositor is in a bank account.
Indiana’s first bank cash market account has a tiered interest rate formula with competitive APYs. The cash market account will pay 3. 76% APY on account balances of $1 million or less and 5. 46% APY on account balances over $1 million. You can also apply for an ATM card to make ATM withdrawals.
First Internet Bank of Indiana is also part of the IntraFi network, a program that provides additional FDIC insurance coverage for balances that exceed the $250,000 limit. The way it works is that your cash is split among other FDIC-insured monetary establishments in the network (there are only about 3,000 banks). Up to $150 million can be secured through the FDIC through deposits on the IntraFi network.
This cash market account has a service fee of $5 per month. To waive the fee, you must keep at least $4,000 in your account. This cash market account also does not have check-writing privileges.
Rate: 3. 76% APY on account balances of $1 million or 5. 46% APY on account balances over $1 million
Minimum opening deposit: $100
First Internet Bank of Indiana Review
Brilliant Bank’s Surge Money Market account offers a competitive interest rate and would possibly be a smart choice if you can keep at least $2,000 in your account so you can waive the $10 per month service fee.
The existing APY is only available to new applicants. If you live in Kansas, Missouri, Oklahoma, or Arkansas, you may not be able to open this account.
Rate: 5. 35% APY
Minimum opening deposit: $1,000
Vio Bank’s Cornerstone Money Market Savings Account has a low minimum initial deposit and no monthly service fees if you sign up for online bank statements.
If you obtain paper statements, you will be charged a service fee of $5 per month. Vio Bank’s Cornerstone Money Market Savings Account also doesn’t come with paper checks or a debit card.
Rate: 5. 30% APY
Minimum opening deposit: $100
Vio Bank Review
UNCLE Credit Union’s money market deposit account offers the highest interest rate for cash market accounts at Raisin. That said, there are also other cash market accounts available on Raisin that pay 5. 00% APY or more.
You may like the UNCLE Credit Union Money Market Deposit Account if you’re looking for an option with a high interest rate and low minimum opening deposit. You’ll only need $1 to get started.
Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.
You may prefer one of our other, more sensible options if you prefer to open a cash market account directly with a bank or if you want to do all your banking with a single financial institution. Raisin does not offer checking accounts.
Rate: 5.32% APY
Minimum opening deposit: $1
Raisin Review
The UFB Secure Money Market offers a competitive interest rate regardless of your balance, and it allows you to write checks.
This account has a service fee of $10 per month. To waive fees, you must maintain a minimum balance of $5,000.
Rate: 5. 25% (as of 11/16/2023) APY
Minimum opening deposit: $0
UFB Direct Review
CFG Bank’s high-yield money market account offers one of the most competitive maximum interest rates on your market account.
You will need $1,000 to open and a cash market account with CFG. Otherwise, you may not get competitive interest rates and possibly end up paying a service fee of $10 per month. This cash market account also doesn’t come with check writing or debit card privileges.
Rate: 5. 25% APY
Minimum opening deposit: $1,000
CFG Bank Review
The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you’re searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the $25 monthly service fee.
This account is not available in Illinois, Indiana, Wisconsin, and Michigan. There is a service fee of $25 per month. It also doesn’t offer an ATM card or debit card, only paper checks.
Rate: 5.21% APY
Minimum opening deposit: $2,500
Redneck Bank’s Mega Money Market account offers a maximum interest rate on account balances up to $100,000. You’ll earn 5. 05% APY on balances up to $100,000, and over $100,000 you’ll earn 0. 50% APY. The account also has a minimum initial deposit of $500.
Redneck Bank is a department of All America Bank.
Redneck Bank’s Mega Money Market account has a limit of one account for every other.
Rate: 0. 50% to 5. 05% APY
Minimum opening deposit: $500
Quontic Bank’s Money Market account is a smart choice if you need to open an account in the cash market with no monthly service fees. This cash market account will also pay the same interest rate regardless of your account balance.
Depending on your account balance, you may be able to find other monetary establishments that offer more competitive interest rates.
Rate: 5. 00% APY
Minimum opening deposit: $100
Quontic Bank Review
Premier Members Credit Union’s cash market account stands out because it requires an initial deposit of $5. The account will also pay a maximum interest rate on low balances. You can earn 5. 00% APY on balances up to $2000.
If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
To open a bank account with Premier Members Credit Union, you will need to be a member. The easiest way to become a member is to sign up for Impact on Education, a Boulder Valley School District charity.
You can also become a member if you or a member of your household circle lives or works in an eligible Colorado county (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose). , Pueblo or Weld are all eligible); you are a student, college member, or staff member of the Boulder Valley School District or Westminster Public Schools; you are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or you are a worker or member of one of the 750 organizations served through the credit union.
Rate: 0. 50% to 5. 00% APY
Minimum opening deposit: $5
Premier Member Credit Union Review
The Better Business Bureau measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
Vio Bank is a department of MidFirst Bank, so we’ve included MidFirst Bank’s BBB score. Since UNCLE Credit Union’s marketplace cash deposit account can be obtained through Raisin, we have included the Raisin BBB score.
Redneck Bank doesn’t have a BBB rating yet. Here are the BBB scores for the other institutions on our list:
Brilliant Bank is an online-only department of Equity Bank. Brilliant Bank has yet received a BBB rating, but Equity Bank earned an A- score from BBB because it failed to respond to a visitor complaint.
Raisin has a B score and has won 39 court cases on the BBB site.
Lately, CFG Bank has no score as its profile is being updated on the BBB website.
However, a strong BBB rating does not guarantee that you will have a good relationship with a company. You may still need to ask your friends and family about their reports to see if a bank is right for you.
To learn more about what constitutes a smart account in the cash market and how to choose the right one for you, 4 experts took the floor:
We concentrate on what will make a cash market account more useful, adding APYs, access to your cash, and much more. Here’s what they had to say about cash market accounts. (Some texts may be edited for clarity. )
What makes a cash market account bad?
Sophia Acevedo, Certified Personal Finance Educator, Banking Journalist, Personal Finance Expert:
“A smart account in the cash market offers multiple tactics to access your cash, such as a debit card, ATM card, or paper checks. “
Roger Ma, lifelaidout® and Work Your Money, Not Your Life Certified Financial Planner:
“I’m not proposing cash market accounts to park your cash. I don’t know if their rates are competitive compared to high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account. Consider your emergency fund and short-term goals.
How can you decide whether to deposit your cash in a cash market account or some other interest-bearing account?
Tania Brown, Certified Financial Planner at SaverLife:
“So I guess we’re going to start with the amount of cash you need to invest and the point of the trades you need to make. If you need to transact, this eliminates the CDs. Then you’re caught between the highlights: the profitable savings and the cash market account. “
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“How soon do you want cash? What kind of access do you want?And if you want your cash to grow and you want to tempt yourself, then you’d put it on a CD. “
Sophia Acevedo, Personal Finance Expert:
“I would create a list of what I prioritize at most in a bank account. For example, some banks have accounts that charge a monthly service fee. I would take a look at what the requirements are for waiving the monthly service payment and if I think I could. “
Methodology: How We Choose the Best Money Market Accounts
There are many accounts in the cash market. Through our research, we found that cash market accounts are filed through banks with a strong online presence and cellular access.
We tested cash market accounts (our method of cash market accounts) at approximately two dozen locations to identify the most powerful options.
While interest rates are a vital facet of any cash market account, we also have minimum deposit and balance requirements, overdraft and overage fees, ability to access budgeting, and every other notable feature.
Personal Finance Insider’s project is to help other people make the most productive decisions with their money. We understand that “most productive” is subjective. That’s why, in addition to pointing out the apparent benefits of a product or monetary account (a higher APY, for example), we also describe its limitations. We’ve spent hours comparing and contrasting the features and fine print of various products so you don’t have to.