It may be difficult to determine the differences between a saving account and a money market account from a consumer perspective. The main differences are the cards you get (always available those for ATM usages), the minimum balance is usually higher than with saving accounts and you get a higher interest. Now when you know all the differences, the goal is to find the best bank which offers best money market accounts. We tested several of them and will show you the results below.

best money market accounts

  1. Ally Money Market Account

Online market accounts are prevalent nowadays, and in 2018 they will be even more needed. Ally Money Market Account is the one you will need. The monthly fee is free, and there is no reason to have the first balance to open the account. Minimum earned APY is $0, while the APY is 0.85%.

You also get excellent customer support, available 24/7, which is something other banks don’t offer.

  1. EverBank

EverBank offers a tricky type of money market account. Yes, you get 1.11% of APY, but it lasts only 12 months. Still, it is more than just a decent advantage to try out. The lowest amount for opening the account is $5.000, but an interesting fact is that you won’t lose any of your money during the first year.

The bank claims they will maintain the interest rate among 5% compared to major banks in the United States. Also, the monthly fee is $0.

  1. Synchrony

Money Market Accounts and RatesHere you can get one of the best money market accounts with the highest interest. It is 0.85% APY, but an interesting fact is that you don’t need initial funds to open the account. Other than that, you get discounts while traveling, but also the limited ATM usage.

High-Yield Savings Account may be a better option, due to 1.1% APY but it has higher requirements. Both of them have $0 monthly fees, and they are among highest rated in the entire country.

  1. Sallie Mae Money Market Account

You will have to like this money market account. It doesn’t require initial balance, nor does it have a monthly fee. All you get is the ability to achieve 0.9% APY on any balance you wish to keep in the account. In the case this is your primary desire, this bank account is simply the best one you can get, and the bank is appreciated among individuals with the same desire.

We will point out that there are no plenty of ATMs to use and linking the several accounts here isn’t an option. Nevertheless, this is a decent money market account you can have.

  1. Capital One 360

Have $10.000 ready to deposit to a bank? Then the Capital One 360 is the best choice. You will get a 1% APY immediately, and even if the balance get lowered below the initial amount, APY will stay 0.6%. Don’t forget that you get $200 as soon as you open the account.

There are no fees, but there is also a lack of ability to write checks against your balance. Nevertheless, this is a decent money market account to choose from.

  1. Bank of Internet Money Market Savings

Bank of Internet Money Market Savings simply must be mentioned. It offers a lot of benefits for those who are looking for an account with no initial balance. The APY you will be able to get is 0.65%, while fees are not included.

Opening balance isn’t required, but we will recommend an amount between $500 and $1000. Furthermore, if you are planning to increase the balance all the time, this is a bank for you.

  1. Radius Retail Money Market

In the end, we will mention the Radius Retail Money Market with APY between 0.05-0.1%. Minimum balance is $10, but in some cases, it may reach $10.000. We liked this option due to the fact it allows for all individuals to open an account as soon as possible.

If you are starting small, but planning to increase the balance anytime soon, this is the bank for you.


When it comes to money market accounts, you have two options. The first one is to start without or with little initial balance, which won’t bring you a high APY interest. The second is to start with a decent original budget and get even better APY. We prefer the second option, simply because you will get far more advantages than in the first case. Of course, both of them are beneficial compared to ordinary saving accounts.