Best Money Market Rates for January 2025: Top Accounts, Features, and Benefits

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Business Insider's personal finance team reviewed over two dozen financial institutions to find the money market accounts with the highest interest rates.

The highest money market account rate is 4.75% APY. This APY is offered on the Quontic Money Market Account.

Top Money Market Accounts

• Quontic Money Market Account: 4.75% APY
• Brilliant Bank Surge Money Market Account: 4.70% APY
• TotalBank Online Money Market: up to 4.67% APY
• Vio Bank Cornerstone Money Market Savings Account: 4.56% APY
• First Internet Bank of Indiana Money Market Account: 3.61% to 4.42% (vary by daily balance) APY
• Patriot Bank N.A. Money Market Deposit Account, powered by Raisin: 4.40% APY
• CFG Bank High Yield Money Market Account: 4.37% APY
• Bank5 Connect Accelerator Money Market Account: 4.31% APY
• Republic Bank of Chicago Digital Money Market Account: 4.30% APY
• Northern Bank Direct Money Market Account: 0.25% to 4.25% (depends on balance) APY

Compare the Top Money Market Accounts

Top-rated money market accounts for savers have manageable fees and standout features, like ATM access or check-writing abilities. These accounts also have the most competitive money market account rates nationwide. You can learn more about the best high-yield money market accounts.

Quontic Money Market Account

The Quontic Bank Money Market Account is a good choice if you'd like to open a low-fee money market account — it has zero monthly service fees. This money market account also pays the same interest rate regardless of your account balance.

Depending on your account balance, you may find other financial institutions with more competitive interest rates.

Rate: 4.75% APY

Minimum opening deposit: $100

Quontic Bank Review

Brilliant Bank Surge Money Market Account

The Brilliant Bank Surge Money Market Account might be a good option if you can keep at least $2,000 in your account so you can waive a $10 monthly service fee. It also stands out as one of the top money market accounts with the highest interest rates.

The current APY is only available for new depositors. If you live in Kansas, Missouri, Oklahoma, or Arkansas you won't be eligible to open this account.

Rate: 4.70% APY

Minimum opening deposit: $1,000

TotalBank Online Money Market Deposit Account

TotalBank offers a great rate for its TotalBank Online Money Market account. It also charges no monthly service fee, making it a good choice if you don't want to pay if you can't meet a minimum balance.

That being said, you need to keep at least $2,500 in the account to earn interest. As long as you meet that requirement, you'll earn the account's highest interest rate on your funds up to the account's maximum amount, $1,000,000. To get started, you'll need to deposit a sizable minimum opening deposit of $25,000.

If you're looking for a money market account that offers several ways for you to withdraw money, you might want to consider some of our other top picks instead. This account doesn't come with checks, ATM cards, or debit cards, and you're limited to six fee-free withdrawals per month.

Rate: up to 4.67% APY

Minimum opening deposit: $25,000

Vio Bank Cornerstone Money Market Savings Account

The Vio Bank Cornerstone Money Market Savings Account has a low minimum opening deposit, and no monthly service fees if you sign up for online bank statements.

If you get paper statements, there's a $5 monthly service fee. The Vio Bank Cornerstone Money Market Savings Account also doesn't include paper checks or a debit card.

Rate: 4.56% APY

Minimum opening deposit: $100

Vio Bank Review

First Internet Bank of Indiana Money Market Account

The First Internet Bank of Indiana Money Market Account has a tiered interest rate system with competitive APYs.

This account is one of the best money market accounts for large balances. The money market account pays 3.61% APY on account balances of $1 million or under and 4.42% APY on account balances over $1 million. You may also request an ATM card to make ATM withdrawals.

First Internet Bank of Indiana is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the $250,000 limit. The way it works is your money is spread across other FDIC-insured financial institutions in the network (there are nearly 3,000 participating banks). Up to $150 million may be FDIC-insured through IntraFi Network Deposits.

This money market account has a $5 monthly service fee. To waive the fee, you'll need to maintain at least $4,000 in your account. This money market account also doesn't come with check writing privileges.

Rate: 3.61% APY on account balances of $1 million or under and 4.42% APY on account balances over $1 million

Minimum opening deposit: $100

First Internet Bank of Indiana Review

Patriot Bank N.A. Money Market Deposit Account

The Patriot Bank N.A. Money Market Deposit Account offers the highest money market account interest rate on Raisin.

You may like the Patriot Bank N.A. Money Market Deposit Account if you're looking for an option with a high interest rate and low minimum opening deposit. You'll only need $1 to get started.

Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions.

You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you'd like to do all your banking with one financial institution. Raisin doesn't offer checking accounts.

Rate: 4.40% APY

Minimum opening deposit: $1

Raisin Review

CFG Bank High Yield Money Market Account

The CFG Bank High Yield Money Market Account offers one of the most competitive interest rates on its money market account.

You'll need $1,000 to open a money market account with CFG and maintain it. Otherwise, you may not earn competitive interest, and have to pay a $10 monthly service fee. This money market account also doesn't come with check writing privileges or a debit card.

Rate: 4.37% APY

Minimum opening deposit: $1,000

CFG Bank Review

Bank5 Connect Accelerator Money Market Account

The Bank5 Connect Accelerator Money Market Account is a strong choice if you can commit to keeping at least $5,000 in the account. This account charges no monthly service fee and offers extended FDIC insurance past the standard $250,000 through DIF, or Depositors Insurance Fund, protection. It comes with a debit card, and your first order of checks for the account is free.

If your account balance dips under $5,000, you won't earn interest on the account. And if your account balance goes over $1 million, you won't earn interest on the excess funds either.

Rate: 4.31% APY on account balances between $5,000 and $1 million. No interest on account balances below $5,000 or above $1 million.

Minimum opening deposit: $5,000

Bank5 Connect Review

Republic Bank of Chicago Digital Money Market Account

The Republic Bank of Chicago Digital Money Market Account has one of the highest interest rates on our list. You might like this account if you're searching for an online money market account that offers paper checks. This account also might be appealing if you can maintain a minimum of $2,500, so you can waive the $25 monthly service fee.

This account isn't available in Illinois, Indiana, Wisconsin, and Michigan. It has a $25 monthly service fee to be mindful of. It also doesn't offer an ATM card or debit card, only paper checks.

Rate: 4.30% APY

Minimum opening deposit: $2,500

Northern Bank Direct Money Market Account

The Northern Bank Direct Money Market Account offers 4.75% APY on balances up to $250,000. You also might like this pick if you want a money market account with no monthly service fee.

You'll need a minimum of $5,000 to open this account. You may prefer one of our top options if you are looking for more lenient opening requirements.

Keep in mind that the APY also drops to 0.25% APY on balances above $250,000.

Rate: 0.25% to 4.25% (depends on balance) APY

Minimum opening deposit: $5,000

Northern Direct Bank Review

Which Money Market Accounts are the Most Trustworthy?

To help you get a better understanding of the overall ethics of a company, we include Better Business Bureau ratings and recent settlement history of the last three years.

The BBB measures businesses by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.

Vio Bank is a division of MidFirst Bank, so we included the BBB rating for MidFirst Bank. Since the Patriot Bank N.A. Money Market Deposit Account is available through Raisin, we included Raisin's BBB rating.

Here are the BBB scores for the other institutions on our list:

TotalBank has an A- rating from the BBB because it hasn't responded to a complaint filed against it.

Brilliant Bank is an online-only division of Equity Bank. Brilliant Bank hasn't been rated by the BBB yet, but Equity Bank has received a B- grade from the BBB because it has failed to respond to a few customer complaints.

CFG Bank currently doesn't have a rating because its profile is being updated on the BBB website.

A strong BBB rating does not guarantee that you'll have a smooth relationship with a company, though. You still may want to ask friends and family about their experiences to see if a bank is right for you.

Introduction to Money Market Accounts

Money Market Account Definition and How It Works

A money market account is a type of savings account that you can find at many financial institutions. Features can vary by bank, but usually, these accounts offer a tiered interest rate and let you access your account through check-writing privileges or a debit or ATM card.

Key Benefits of Money Market Accounts

Money market accounts let you grow your savings securely and earn interest. The amount of interest you'll earn on a money market account is shown through the annual percentage yield (APY). APY is a percentage, and it tells you how much you'll earn over the course of a year.

Government agencies like the FDIC or NCUA protect certain money in bank accounts so that even if there's a bank failure, your money will be protected. Up to $250,000 per depositor, per ownership category is safe in a money market account. This means if you open a money market account by yourself, up to $250,000 is insured. Meanwhile, if you open a joint bank account with someone else, up to $500,000 can be insured in an account. 

These accounts also often offer more accessibility than traditional savings accounts or CDs — many banks offer a debit card or paper checks along with the account. If your money market comes with a debit card or ATM card, make sure you know how big its ATM network is and what fees it charges for out-of-network ATM usage.

Features to Look for in a Money Market Account

Competitive Interest Rates and Interest Qualification Criteria for Money Market Accounts

According to the FDIC, the average money market account pays 0.64% APY. However, the best online banks offer money market accounts with significantly higher interest rates.

Some banks will require you to meet certain criteria to earn interest. You might also see a money market account with tiered interest rates, which means the rate you earn depends on the amount of money you keep in the account.

To maximize your interest earnings, carefully review the bank's interest requirements to ensure you qualify for the highest rate.

Also, the compounding frequency for your money market account can affect your total interest earnings if you maintain a high balance. Banks may pay compound interest daily, monthly, quarterly, or annually. APY includes compounding frequency.

Minimal Bank Fees on Money Market Accounts

A strong money market account won't have any monthly service fees, overdraft fees, or out-of-network ATM fees. Some banks will also reimburse you if you're charged by an out-of-network provider.

Banks specify common bank fees associated with a money market account in a fee schedule. You can find this information online, or you can call customer service to request fee information.

FDIC Insurance and Security on Money Market Accounts

Money market accounts are FDIC-insured at banks or NCUA-insured at credit unions. In the event of a bank failure, these government agencies will ensure that up to $250,000 per depositor, per account ownership category, is secure.

If you have more than $250,000 in a money market account, you'll get a Receiver's Certificate from the government agency. This document says you can claim funds once the bank's assets are liquidated. It isn't guaranteed that you'll get uninsured deposits back, though.

How to Choose the Best Money Market Account

While our guide highlights the top money market accounts with the highest interest rates, that isn't the only factor you should consider when choosing an account.

Ideally, you want a low-fee money market account so bank fees don't reduce your interest earnings. Review the account's minimum opening deposit, monthly service fees, and interest rate requirements to determine whether a money market account is the best choice for you.

Selecting the right bank can also make a big difference in your overall banking experience. For example, if traditional banking hours don't work for your schedule, then perhaps you'll want a bank with 24/7 customer support. Or, if you want to open other bank accounts, you'll likely value a bank with a variety of account types in lieu of one that has limited services.

Impact of Federal Reserve Rate Changes on Money Market Accounts

Similar to other types of savings accounts, money market account rates can shift when the Federal Reserve changes the federal funds rate. Money market account rates tend to go up when the Fed raises the federal funds rate, and rates decline if the Fed starts making cuts.

It's helpful to keep track of Fed meetings so you know when the Federal Reserve may potentially implement changes. There are eight meetings scheduled per year, with the potential for more if needed.

In September, the Fed cut the federal funds rate for the first time in 2024. In November and December, the Fed cut its rates again. Money market account rates have declined since they peaked earlier in the year, and rates declined further after the decisions. 

While money market account interest rates are often impacted by changes in economic conditions, banks also have their own criteria for changing rates. 

Setting Up and Using a Money Market Account

You can open a money market account online, at a branch, or by phone. Several of our top picks are online-only banks and credit unions. If you choose an online-only financial institution, be aware that you won't have access to any physical locations, so you'll have to set up and manage your account solely online.

When you're opening up a money market account, you typically need to have your Social Security number and U.S. ID to fill out the application. That said, the top banks for immigrants and non-U.S. Citizens allow you to provide a foreign passport or Matricula Consular, too.

Several of our top picks have a tiered interest rate, so you'll need to meet certain requirements to maximize your savings and get the highest APY. You might need to maintain a certain account balance, set up automatic transfers, or make a specific number of debit card purchases.

If you don't think you can regularly meet those requirements, you might prefer a money market account that's more straightforward. Some money market accounts pay the same interest rate regardless of how much money you keep or what you do on the account.

If you have a negative financial history, also know that you still have banking options available. You can look for second chance bank accounts, which are bank accounts that build your banking history.

Tax Implications of Money Market Accounts

Like all bank accounts, you'll need to report the interest you earn from your money market account when you file your taxes. Interest is considered a form of income, so you'll need to pay both federal taxes and state taxes on it, depending on where you live and how much interest you make. You can use Form 1099-INT when filling out your tax return to let the IRS know what interest you earned.

Risks Associated with Money Market Accounts

Money Market Accounts and Bank Failure

While bank accounts like money market accounts are one of the safest ways you can make money on your savings, they aren't entirely without risk.

The biggest risk is that your financial institution might fail or somehow not be able to get you your money, but there are some protections in place to help mitigate that risk. Most banks are FDIC-insured, while most credit unions are NCUA-insured. Fintechs can't be insured by the federal government, but they generally partner with banks to provide FDIC insurance anyway.

Both of these types of insurance work the same: your money is insured in your bank account up to $250,000 per depositor. That being said, money market accounts are more likely than other bank accounts to require you to keep that much money or more in your account to earn the highest rate. Some of these accounts offer enhanced FDIC insurance by spreading your money across several banks, but not every financial institution does this. If you choose to keep more money than federal insurance covers in your account, keep in mind that you could be opening yourself up to risk if your institution fails.

Interest Rate Risks with Money Market Accounts

Money market accounts are variable-rate accounts, which means that your bank can choose to change your interest rate at any time. This means there's some risk that your bank will lower your interest rate after you've opened an account. You're always free to move your money to another account, but doing that every time there's a rate change can be tiring. If you'd prefer a fixed interest rate, certificates of deposit ensure your rate will stay the same for the CD's term length. For example, if you open a 1-year CD, your interest rate will not change for one year.

Inflation Risks and Money Market Accounts

If your money market account has a low interest rate, the interest rate you're earning on your money might be outpaced by the inflation rate, which means your money could actually lose value over time. Right now, you can get a money market account with an interest rate at or near 5%, while the general inflation rate is between 2% and 3%. If possible, you'll want to get a money market account that's well over the inflation rate to make sure you're not losing money.

Liquidity Risks for Money Market Accounts

While money market accounts are generally easier to withdraw money from than savings accounts, there are still some limits to your liquidity. Many money market accounts charge excess withdrawal fees if you withdraw money more than six times per month. If you think you'll need to regularly make more withdrawals than that, you might prefer a checking account.

Pros and Cons of Money Market Accounts

Pros of a Money Market Account

• Earns interest
• FDIC or NCUA-insured bank account
• More accessibility than a traditional savings account, since many offer paper checks or debit/ATM cards

Cons of a Money Market Account

• May need to meet certain requirements to earn interest
• Fees vary by bank

Alternatives to Money Market Accounts

Money Market Account vs. High-Yield Savings Account

The best high-yield savings accounts pay similar rates to the top money market accounts. The two accounts also share a similar purpose, so figuring out the best fit for you could come down to small preferences in features.

High-yield savings accounts often have lower minimum opening deposits than money market accounts. If you do not have that much money to deposit upfront, high-yield savings accounts might be the way to go.

However, if you want more account accessibility, money market accounts will be a lot more appealing to you than high-yield savings accounts. High-yield savings accounts do not give out paper checks, and rarely do they offer an ATM or debit card.

Money Market Account vs. High-Yield Checking Account

Deciding between a money market account and a high-yield checking account will depend on how you plan to use your account. If you usually maintain a high account balance for expenses, a high-yield checking account is a great account option. However, you're better off with a money market account if you want to establish an emergency fund or save for your financial goals.

Money Market Account vs. CD

Money market accounts and CDs are both great places to grow your savings.

These accounts are managed very differently, though. Money market accounts are more accessible. You can deposit or withdraw money at any time. CDs only let you deposit money when you first open the account. You'll have to maintain all your money a CD until it reaches maturity or you'll face an early withdrawal penalty.

Interest earnings can also impact your decision. The best CD rates are slightly higher than money market account rates. CDs also have a fixed interest rate, which means the rate stays the same until maturity. Money market accounts have a variable interest rate, so it can change at any time.

Due to these differences, you might lean more toward a CD if you can set your money aside for a while in order to earn a fixed interest rate. If you need to add or take out money frequently and don't mind rate fluctuations, choose a money market account.

Money Market Account vs. Money Market Fund

Money market accounts are often confused with money market funds, but it should be noted that they are very different accounts.  A money market account is a type of bank account. Its protected by federal insurance in the event of a bank failure. A money market mutual fund is an investment option, and it isn't federally insured by the FDIC.

There's the potential to earn more with a money market fund, but that's also because you're taking some risk — although money market funds are generally considered a low-risk investment, you could still potentially lose money in a money market fund. Meanwhile, money market accounts are protected for up to $250,000 per depositor at banks by the FDIC and at credit unions by the NCUA. You also have a better idea of what your annual rate of return will be with money market accounts than with money market funds, although neither offers a fixed interest rate.

Money market accounts could be a good choice for money you don't want to lose, such as emergency funds or short-term savings goals. Money market mutual funds are a better choice for long-term savings goals or for money you're not afraid to lose.

Money Market Account FAQs

Why You Should Trust Us: Our Expert Panel for the Best Money Market Accounts

To learn more about what makes a good money market account and how to choose the best fit, four experts weighed in:

BI

We're focusing on what will make a money market account most useful, including APY, access to your money, and more. Here's what they had to say about money market accounts. (Some text may be lightly edited for clarity.)

What makes a money market account good or not good?

Sophia Acevedo, banking editor, Business Insider:

"A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks."

Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life":

"I don't really recommend a money market account for parking your money. I don't know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals."

How should someone decide whether to put their money in a money market account or another interest-earning account?

Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:

"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."

Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:

"How soon do you need the money? What kind of access do you need to it? And if you want your money to grow and you want to keep temptation away, then I would put it in a CD."

Sophia Acevedo, Business Insider:

"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly maintenance fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account, I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."

Methodology: How We Chose the Best Money Market Accounts

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

Our personal finance team is editorially independent, which means our business team does not decide how we cover products and what we write about. Our editorial standards page has more information about how we review and choose products.

There are a lot of money market accounts out there. Through our research, we've found that the best money market accounts are offered by banks with a strong online presence and mobile access.

We reviewed money market accounts using our bank account methodology at nearly two dozen institutions to identify the strongest options.

While interest rates are an important aspect of any money market account, we also considered minimum deposits and balance requirements, overdraft, and excess transaction fees, the ability to access funds, and any other standout features.

We score these features on a scale of zero to five and figure out the weighted average to get an account's total rating. The highest total rating a money market account can get is five stars, while the lowest rating is one star.

Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
• Quality assurance
• Affiliate marketing
• Search engine optimization (SEO)
• Content strategy

EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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