This Bank Account Pays a 4.75% APY. Should You Open One Now?
KEY POINTS
- The Quontic Money Market Account offers an APY of 4.75% and works almost just like a savings account.
- Quontic is an online-only bank, and it offers many of the same perks as other digital banks.
- An MMA is a great way to earn high interest on short-term savings.
These days, the best high-yield savings accounts pay annual percentage yields (APYs) of about 3.75% to 4.50%. Certificates of deposit pay roughly the same amount, meaning there's little to no reward for locking up your money for months or years.
But right now, there's a money market account (MMA) paying an interest rate of 4.75%. And it offers the same benefits as a savings account and more.
The Quontic Money Market Account
The MMA offered by Quontic currently pays an APY of 4.75%. Almost no savings account can match that -- and those that do typically have a higher minimum balance requirement.
On top of that, the Quontic Money Market Account comes with:
Our Picks for the Best High-Yield Savings Accounts of 2025
| Product | APY | Min. to Earn | |
American Express® High Yield Savings
Member FDIC.
APY
3.70%
Rate info
3.70% annual percentage yield as of April 16, 2025. Terms apply.
Min. to earn
$0
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
3.70%
Rate info
3.70% annual percentage yield as of April 16, 2025. Terms apply.
|
$0
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
CIT Platinum Savings
Member FDIC.
APY
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn
$100 to open account, $5,000+ for max APY
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
|
$100 to open account, $5,000+ for max APY
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Barclays Tiered Savings
Member FDIC.
APY
4.10%
Rate info
Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%.
Min. to earn
$0
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
4.10%
Rate info
Balances less than $250,000 earn 4.10%, and balances greater than $250,000 earn 4.30%.
|
$0
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
- A minimum deposit of only $100
- No monthly fees
- No overdraft fees
- A debit card and access to over 90,000 fee-free ATMs
- FDIC insurance
How big a difference could that APY make? Let's look at the interest earned on a $10,000 balance, assuming:
- An APY of 0.41% (the current national average)
- A competitive APY of 4.00%
- The Quontic Money Market Account's current APY of 4.75%.
| Time | Balance With 0.41% APY | Balance With 4.00% APY | Balance With 4.75% APY |
|---|---|---|---|
| 0 years (initial deposit) | $10,000 | $10,000 | $10,000 |
| 1 year | $10,041 | $10,400 | $10,475 |
| 5 years | $10,207 | $12,167 | $12,612 |
| 10 years | $10,418 | $14,802 | $15,905 |
Keep in mind that savings accounts and MMAs have variable interest rates, meaning your APY can change at any time. Still, over the course of years, a high APY could earn you hundreds or thousands of dollars more.
Ready to start saving with Quontic today? WARNING SCL [bankaccount slug=quontic-money-market field=apply_url] does not generate a link. Anchor tag will not render in production..
Should you open a Quontic Money Market Account?
There's little reason not to open a Quontic Money Market Account. It has a low minimum deposit, it charges no fees for regular banking activities, and it's FDIC insured, so deposits up to $250,000 are safe. It works almost just like a savings account, so it's a great place for your emergency fund and other short-term savings.
The main difference is that this MMA comes with a debit card that you can use to spend money directly from the account. Most savings accounts don't have this option (though you can use a debit card to spend money from a checking account at the same bank).
However, like many savings accounts, the Quontic Money Market Account only allows six withdrawals per statement cycle. That means you can only use your debit card for purchases or ATM withdrawals roughly six times per month; beyond that you may start racking up fees.
If you need to avoid the temptation to spend your savings, then you may not want the convenience of a debit card.
It's also worth noting that Quontic is an online-only bank. That means it has no physical bank branches. This is standard for banks that offer high-yield accounts. Their lack of physical locations is the main reason they can offer high yields in the first place, as it lowers their costs.
If your goal is to earn as much money as possible on your savings, then the Quontic Money Market Account is one of the best accounts you can find.
Our Research Expert
Managing editor for Motley Fool Money. James has worked full-time for The Motley Fool since 2012. A longtime editor and former reporter, James oversees the production and quality of Motley Fool Money's editorial content.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.