Banking and Finance

The 5 Best Money Market Accounts and Rates

Elizabeth
December 18, 2020

We’ve explained the difference between savings accounts and CDs, but now it’s time to talk about another savings product, money market accounts. Offering often higher interest rates and annual percentage yields, money market accounts are a great option for savvy savers interested in growing their cash without restricting access to it when they need it.


Currently, Forbes reports that the national average interest rate for savings accounts sits at just under 0.06%. However, the average interest rate for money market accounts is 0.09%. With some offering up to 1.51% APY, money market accounts might be a good option for you if you’re able to find the right one for your financial lifestyle.

What is a Money Market Account?

It helps to look at money market accounts as a saving option somewhere between a savings account and a CD but with a few of the perks you’d expect out of a traditional checking account.


Monkey market accounts traditionally offer a higher interest rate than regular savings accounts. But, they also tend to have higher minimum balance requirements. Unlike savings accounts, however, money market accounts come with check-writing privileges and you’re also given a debit card to use for transactions.


Are money market accounts FDIC-insured? Yes! Money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures $250,000 per depositor per bank and joint money market accounts are insured for $500,000.

The Best Money Market Accounts in 2020

1. Sallie Mae Money Market Account

Image: Sallie Mae
Image: Sallie Mae

Sallie Mae might be well-known as a student loan provider, but they also offer some of the best money market accounts, too. This account is the perfect mix of high money market rates plus no fees or minimum balance required.

💸  Minimum Opening Balance: $0

💲 Other Fees: No monthly maintenance fees; free transfers; six free withdrawals per month; free checks upon opening your account (they’ll cost $5 if you order them later).

📈 Interest Rate & APY: 0.99% APY

🤑  Other Perks: This is one of the best money market accounts for those interested in a low minimum opening balance. It costs you nothing to open this account, which is great considering that it offers one of the highest money market rates at just under 1% APY.

2. Affinity Plus Superior Money Market Account

Image: Affinity Bank
Image: Affinity Bank

Affinity Plus offers one of the best money market accounts for those who don’t have over $25,000 to deposit. This money market account is reverse-tiered, which means that you earn higher rates on lower balances. To earn the highest rates, however, you’ll need to set up a direct deposit of at least $500.

💸  Minimum Opening Balance: $0

💲 Other Fees: Check with Affinity regarding fees as they differ for certain money market account options.

📈 Interest Rate & APY: 0.75% to 2.02% APY

🤑  Other Perks: Affinity’s money market account offers the highest money market rates depending on how much money you’ve got in the account. With APY rates of up to 2%, it’s hard to beat the savings to be found with this account.

3. CIT Bank Money Market Account

Image: CIT Bank
Image: CIT Bank

Offering daily compounded interest regardless of how much money is in your account, CIT Bank’s money market account option is one of the best for those interested in banking with a trusted bank that offers some great perks such as the ability to easily transfer money via Zelle.

💸  Minimum Opening Balance: $100

💲 Other Fees: $10 fee for making more than six transactions per month; $25 overdraft fee.

📈 Interest Rate & APY: 1% APY

🤑  Other Perks: Aside from earning 1% APY on your money, regardless of how much you have in your account, this account offers the ability to enjoy features such as Zelle money transfer, PayPal transfers, and daily compounded interest.

4. VirtualBank eMoney Market Account

Image: VirtualBank
Image: VirtualBank

If you don’t need to write checks and aren’t interested in getting a debit card with your account, VirtualBank’s eMoney market account is a great option. Offering a high money market rate of 1% APY, it’s a great way to save more, but it doesn’t come with checks or a debit card.

💸  Minimum Opening Balance: $100

💲 Other Fees: $5 monthly maintenance fee unless you maintain a balance of $100.

📈 Interest Rate & APY: 1% APY

🤑  Other Perks: The interest rate is the biggest pro here. Make sure you read the fine print, though. The money in your VirtualBank account compounds interest monthly, not daily.

5. Synchrony Financial Money Market Account

Image: Synchrony Bank
Image: Synchrony Bank

Synchrony offers a few great money market account options. The Financial Money Market account is great for everyday savers while their IRA Money Market account is best suited for those interested in reaping the benefits of tax advantages.

💸  Minimum Opening Balance: $0

💲 Other Fees: This truly is a fee-free account.

📈 Interest Rate & APY: $0.50% APY

🤑  Other Perks: Enjoy check-writing abilities plus 24/7 access to customer service if you need it. 

Other High-Interest Banking Options

If you’re not interested in opening a regular checking account with one of the major banks in the US but also don’t want to deposit money into one of the best money market accounts, you do have other banking options.


The Cheese Debit Card is one of the most popular solutions for non-traditional banking. As a prepaid debit card of sorts, it allows you to enjoy all of the perks of an FDIC-insured account with zero fees and monthly charges. And you can enjoy lots of cashback perks and saving bonus.


💸  Minimum Opening Balance: $0

💲 Other Fees: $0

📈 Saving Bonus: cashback perks, saving bonus

🤑  Other Perks: FDIC-insured, and enjoy 24/7 access to customer service if you need it. 

Ready to enjoy lots of savings perks and cashback opportunities? Sign up today to unlock financial opportunities.


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Cheese 银行卡 美国华人最好的选择