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Best Money Market Account Rates for April 2025

Review Updated
Matt Frankel, CFP®
Matt Frankel, CFP®
| 2 others [ + ]
Steven Porrello
Steven Porrello
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Opening a money market account is a fast way to earn money while you're saving for shorter-term goals.

We evaluated over 100 banks to find the top money market accounts below. They offer competitive interest rates, easy access to your funds, and added benefits like check-writing privileges. Keep reading to find the right balance of earning potential and flexibility for you.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

  • At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

    Our scores are weighted as:

    • APY: 40%
    • Brand and Reputation: 20%
    • Fees and Minimums: 10%
    • Perks: 30%

    Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

Best money market rates

Here are our top picks for the best money market accounts, ordered by highest APY. Click the links to jump to a deeper dive on the account below.

Expert insights on money market rates
Image of reviewer

Since the Federal Reserve lowered its target for the fed funds rate in September, November, and December, interest rates on most banking products have drifted downward. So far in 2025, however, the Fed has taken a "wait and see" approach to further rate reductions.

Even if the Fed reduces rates again, money market accounts can be an attractive higher-yield option for money you want to keep absolutely safe; it won't drop in value, and is usually insured by the FDIC or the NCUA up to $250,000 per depositor, per bank (unlike money market funds, which are generally not insured).

That makes money market accounts especially attractive, since -- regardless of what the Fed does -- they tend to pay higher rates than regular checking accounts.

-Robert Brokamp, Certified Financial Planner® and Senior Advisor at The Motley Fool

Discover® Money Market
Open Account for Discover® Money Market

On Discover Bank's Secure Website.

Member FDIC.

A closer look at our best money market accounts:

Rates as of Apr 01, 2025

Discover® Money Market

Open Account for Discover® Money Market

On Discover Bank's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Open Account for Discover® Money Market

On Discover Bank's Secure Website.

Monthly Fee
$0
Min. Balance
$0
APY
3.60%-3.65% Rate info Circle with letter I in it. 3.60% applies to balances under $100K, Need $100,000+ to earn 3.65%
Min. To Earn APY
$0.01-$100,000 for 3.60%; $100,000+ for 3.65%
  • Competitive APY
  • No minimum balance to maintain account
  • No monthly fee
  • Debit card and check availability
  • No minimum deposit required to open
  • FDIC insured
  • Best rate requires at least $100,000
  • No in-person banking/branches

This account offers a competitive APY, especially given there are no monthly service fees, while still giving access to ATMs and checks. You don't need to maintain a high balance to earn a good rate.

Read Full Review

Quontic Money Market Account

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Read Review
Monthly Fee
$0
Min. Balance
$100
APY
4.75%
Min. To Earn APY
$100
  • Competitive APY
  • Debit card and checks available
  • Few fees
  • FDIC insured
  • Difficult to deposit cash

The Quontic Money Market Account offers one of the most competitive APYs around, and its lack of common banking fees helps you keep more of what you earn in your pocket. The account is also pretty flexible when it comes to withdrawing your money, but depositing cash could be a challenge without any branches or deposit-taking ATMs.

American First Credit Union Money Market Deposit Account from Raisin

Open Account for American First Credit Union Money Market Deposit Account from Raisin

On Raisin's Secure Website.

Federally insured by NCUA.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Open Account for American First Credit Union Money Market Deposit Account from Raisin

On Raisin's Secure Website.

Monthly Fee
$0
Min. Balance
$1
Limited-time offer
$250 bonus for new customers with a minimum deposit of $25,000 with promo code GET250.
APY
4.30%
Min. To Earn APY
$1
  • High APY
  • No account fees
  • Unlimited deposits and withdrawals
  • NCUA insured
  • Deposits and withdrawals can only be conducted via ACH transfer between a single external bank account and a Raisin Cash Account.
  • No checking accounts offered through Raisin
  • Limited customer service hours
  • Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
  • No branch access; online only

American First Credit Union is a Southern California-based credit union that offers NCUA-insured deposit accounts. The American First Credit Union Money Market Deposit Account from Raisin could be a great choice if you're looking for a high APY savings product. It offers a much higher APY than you'd get when opening an account directly through the credit union, plus you get access to Raisin's savings marketplace and easy account management.

Read Full Review

Vio Bank Cornerstone Money Market Savings

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$100
APY
4.46%
Min. To Earn APY
$0
  • Competitive interest rates
  • No monthly fee with electronic statements
  • Low minimum
  • No debit card or check-writing privileges
  • No physical branches
  • No ATM network

Vio Bank is the online bank division of MidFirst Bank, the largest privately held bank in the United States and an FDIC member. It offers a competitive rate for its Money Market Savings Account and no monthly fees as long as you agree to electronic statements. There is a $100 minimum deposit with this account and it is FDIC insured.

The online bank has no physical branches and no ATM network. This makes accessing cash on the go a little more difficult. The online bank does not offer a checking account so you are limited to only a few products in its lineup.

Ally Money Market Account

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Read Review
Monthly Fee
$0
Min. Balance
$0
APY
3.80%
Min. To Earn APY
$1
  • FDIC insured
  • No monthly fee
  • ATM access
  • Checking privileges
  • No cash deposits
  • No branches

Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.

Sallie Mae Money Market

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Read Review
Monthly Fee
$0
Min. Balance
$0
APY
4.00%
Min. To Earn APY
$0
  • Competitive APY
  • No minimum balance
  • Check-writing capabilities
  • FDIC insured
  • No debit card

Sallie Mae Bank's money market account can grow your money at a competitive rate with no minimum deposits or fees. You can access savings through checks and electronically deposit funds into your account.

How to choose the best money market account

If you're interested in opening a money market account, you'll want to be sure to choose the right one. Here's what you should look for:

  • FDIC insurance: This protects your money in case your bank goes under. Most money market accounts are FDIC insured, so your money is protected up to $250,000 per account holder per bank in case of bank failure.
  • High APY: Look for an annual percentage yield (APY) that's close to the highest money market interest rates, but don't only worry about choosing the highest-yield money market account. Banks change their rates and the best options can shift over time.
  • Debit card: Some accounts include a debit card in case you'd like to withdraw cash directly or use your money market account funds to make purchases.
  • Check-writing capabilities: Many money market accounts let you write checks directly from the account.
  • Branch locations: If you prefer to bank in person, open a money market account at a bank that has branches near you. That said, you'll typically find higher APYs for money market accounts at online-only banks.
  • ATM locations: If your money market account has a debit card, check where your nearest fee-free ATMs are and whether your bank charges fees for using an out-of-network ATM. The best banks reimburse you for some out-of-network ATM fees each month.
  • Balance requirements: Historically, money market accounts were designed for savers with high balances. The emergence of online banking has loosened this requirement, but there are still plenty of banks that have some minimum deposit requirement.

Who is a money market account right for?

It could be a good idea to open a money market account if you:

  • Want to earn interest on your savings
  • Want convenient withdrawals from your bank account (withdrawing from a savings account can be a bit of a hassle)

The best money market rates allow you to earn money on your money. They also sidestep the biggest problem of a savings account: With a savings account, you cannot usually withdraw funds directly. Instead, you have to transfer funds to a checking account first. Money market accounts, on the other hand, let you take out cash directly through a debit card, checks, or both.

They're not a great replacement for a checking account, unless you rarely withdraw funds. But a money market account could replace your savings account. Both money market accounts and savings accounts are subject to Regulation D rules, which may limit you to six convenient withdrawals per month and a bank may charge you extra for exceeding these limits. In response to the pandemic, the government waived this rule in 2020, but individual banks still restrict the number of monthly transactions you can make.

Pros and cons of MMAs

Pros

  • Higher APYs than checking accounts
  • May offer check-writing abilities
  • Debit card access

Cons

  • Savings accounts often have higher APYs
  • MMA features vary greatly between banks
  • Many MMAs have minimum deposit requirements

How to open a money market account

The account opening procedure for a money market account can vary from bank to bank. Some (including the MMAs on this list) can be opened completely online, while others may require you to open them in person.

For those on our list, the first step is to fill out the bank's online account application. Be prepared to provide some identifying information, such as your Social Security number. Once you've filled out the application, you'll typically need to provide a bank account to link for the purpose of deposits and withdrawals, unless you already have a checking or savings account with the same institution. Finally, you'll transfer or send your initial deposit to fund the account and start earning interest.

To recap, here are the basic steps to open a money market account:

  • Decide which money market account you want to open
  • Fill out the bank's online application
  • Link a checking or savings account
  • Transfer or send your opening deposit

Alternatives to money market accounts

If you don't think a money market account is a good fit for you, here are some other options worth considering.

Savings accounts

A savings account is another type of deposit account that offers a similar APY to a money market account, but has more restrictions on accessing funds. You're usually limited to six savings account withdrawals per month if you'd like to avoid fees, and savings accounts lack check-writing capabilities and rarely offer debit cards.

The best savings accounts tend to have lower minimum balance requirements than the top money market accounts, and some may not have minimum balance requirements at all. And if your goal is to max out your interest income, there's a good chance that you'll find the highest APY on a savings account.

READ MORE: Savings Accounts vs. Money Market Accounts

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 1, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 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
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Feb. 6, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit (CDs)

A certificate of deposit (CD) gives you a guaranteed rate of return for a specific period of time. CD rates are comparable to or even higher than money market account rates; better yet, the rate is fixed for the length of your term. However, in exchange for a fixed rate, you have to keep your money locked up until the CD matures or risk paying an early withdrawal penalty.

CD terms can range from a month to 10 years, with most falling between six months and five years. They can be a great place for savings you don't intend to use anytime soon, and can provide a safe and predictable income stream

READ MORE: CDs vs. Money Market Accounts

Money market terms to know

Here are some common terms used when discussing money market accounts and rates:

Term Definition
Money market account An MMA is a deposit account that pays interest over time. The main difference between an MMA and savings account is that MMAs have check-writing abilities and may come with debit cards.
Annual percentage yield (APY) APY is how much a deposit account earns within a 12-month period. It takes into account the actual interest rate as well as how often that interest compounds.
Minimum balance Some money market accounts require a minimum deposit to open the account or to avoid monthly maintenance fees. These minimum balance requirements are often higher than the requirements for savings accounts.
Transaction limits Money market accounts may be subject to restrictions on the number of convenient withdrawals you can make without incurring additional fees. Convenient withdrawals include electronic transfers, most check withdrawals, and online bill pay, but do not include things like withdrawals made at a branch location or cash taken out at an ATM.

Banks we monitor

  • Alliant, Ally, All America Bank, American First Credit Union, American Express National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime®, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, TAB Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

FAQs

  • A money market account is a deposit account that shares some checking and savings accounts features, such as a high APY, but with check-writing and debit card access. Many online banks offer this account type. Money market interest rates are typically comparable to those found with savings accounts.

  • As of June 2024, a good interest rate for a money market account is 4.00% APY or higher (the best is up to 5.30%). This can fluctuate over time and can vary significantly from bank to bank.

  • Money market accounts work similarly to other types of deposit accounts, particularly savings accounts.

    When you deposit money into your money market account, your bank or credit union will pay you interest on the total money in your account, just like high-yield savings accounts.

    How often do money market accounts pay interest? Typically, your money market account will pay you interest on the funds in your account monthly, but the interest normally compounds daily. So, the more you contribute, and leave in your account, the more interest you will earn!

    Money market accounts can also include options such as debit cards and check-writing capabilities for easy money access, similar to checking accounts, although not all money market accounts offer these features.

  • Money market accounts pay a higher interest rate than traditional (branch-based) savings accounts, and sometimes even high-yield savings accounts, because of where the banks or credit unions are allowed to invest the money you deposit.

    With money market accounts, your financial institution is allowed to invest your money in short-term, highly liquid, low-risk securities like certificates of deposit (CDs), government bonds/securities, commercial paper, or other similar investments.

    Then, when those assets it invested in mature (reach their term length for payout), the bank gives a portion of that money back to you, as a money market account holder. This investment strategy is not available to financial institutions if you put your money in just a traditional savings account.

  • In most cases, you can't lose money with a money market account, unless your bank fails and you have an extremely high balance. And even in this case, you'd be unlikely to lose your money. Money market accounts are treated like regular savings accounts at both banks and credit unions. And like a savings account, a money market account is often insured by the Federal Deposit Insurance Corporation (FDIC) when it's in a bank, and insured by the National Credit Union Administration (NCUA) when it's in a credit union. These cover up to $250,000 per person per bank in case of bank failure.

  • Typically, the interest you earn on the funds in your money market account compound daily, and are paid out to you monthly. However, not all banks follow this same compounding schedule.

    What does compounding interest mean? It means the more money you add, the more money you will earn. Interest can compound yearly, monthly or daily, depending on your account type. So, if you have daily compounding (like most MMA accounts), you will earn more money on your account if you make more frequent deposits, and the higher your balance is in your money market account, the more interest you will earn!

  • The interest rates on money market accounts are variable. The rate of interest rises and falls over time, impacted by inflation, Federal Reserve interest rate movements, and other variables.

  • The interest income you earn in a money market account is taxable, and that's true even if you don't withdraw it. Shortly after the end of the calendar year, you can expect to receive a tax document known as a 1099-INT, with a copy sent to the IRS as well.

    One way to get around the tax implications is to use an IRA (individual retirement account) to hold your money market funds, but since you can't readily withdraw money from an IRA until you're 59 1/2 years old, this option isn't practical for everyone. After all, the key benefit of using an MMA is a combination of high yield and easy access to your money.