Money market accounts (MMAs) are a popular choice for those looking to earn interest on their savings without taking on too much risk. These FDIC-insured bank accounts offer higher interest rates than traditional savings accounts, making them an attractive option for savers who want to earn more on their money.
The best money market accounts (MMAs) offer high rates, low fees, and fair minimum requirements. Many, though not all, also provide easy access to your money, either through a debit card or check writing privileges.
We ranked the top 10 money market accounts based on APY, maintenance fees, and more for May 2023. Our top pick for the best money market account is the CIT Bank Money Market Account, which offers a competitive APY of 0.40% and has no monthly maintenance fees.
Other top contenders include the Discover Money Market Account, which boasts a high APY of 0.35% and offers access to over 60,000 fee-free ATMs nationwide. The Ally Money Market Account also ranks high on our list, with an APY of 0.35% and no monthly maintenance fees.
Money market accounts are interest-bearing accounts at a bank or credit union. These accounts usually have higher interest rates than traditional savings accounts, but they may also come with more restrictions, such as minimum balance requirements or limits on the number of transactions you can make each month.
When choosing a money market account, it's important to consider the APY, fees, and any restrictions that may apply. Some accounts may offer higher rates but also charge higher fees or require a higher minimum balance. Be sure to read the fine print before opening an account to ensure that it meets your needs.
The average money market account (MMA) rate has remained fairly steady over the past week and sits at 0.38%, according to Curinos. However, some accounts offer rates as high as 0.50% or more, making them a great option for those looking to maximize their savings.
With an elevated inflation rate and the stock market testing the risk tolerance of investors, you may be wondering how you can both protect and grow your money. Money market accounts can be a great way to earn a decent return on your savings while minimizing risk.
In addition to money market accounts, certificates of deposit (CDs) can also be a good option for savers. CD rates are typically higher than money market rates, but they also come with more restrictions. Be sure to compare your options and choose the account that best fits your financial goals.
Check out the latest CD rates and recent interest-rate trends from Bankrate's weekly national survey of large banks and thrifts. This can give you a good idea of where rates are headed and help you make an informed decision about your savings.
At the moment, a 5% APY is the highest interest rate offered on the market right now. These accounts lead the way in terms of high rates, but they may also come with more restrictions or higher fees. Be sure to weigh the pros and cons before choosing an account.
Overall, money market accounts can be a great way to earn interest on your savings while minimizing risk. By choosing an account with a high APY and low fees, you can maximize your returns and reach your financial goals faster.