The highest money market rate we could verify today is 4.05% APY, and two banks pay it: Zynlo Bank and CFG Bank.
Zynlo has no minimum and no monthly charge, so it's the top pick.
So what does a money market account give you that a savings account doesn't? At some banks, a way to spend straight from it. Quontic, Redneck Bank and Ally give you checks and a debit card. Sallie Mae gives you checks, and Northern Bank Direct gives you checks and ATM access. That's about the only real difference.
Don't need checks or a card? Then look at the best high-yield savings accounts first, because the rate can be higher. Zynlo and Sallie Mae both pay more on their own savings accounts than on their money market accounts right now.
And if you won't touch the money for a year or more, a CD is the better choice. It locks your rate in, and a money market rate can drop at any time. Here are the best CD rates.
- The national average money market rate is 0.63%. The accounts on this page pay 3.10% to 4.05% APY.
- Checks and debit cards aren't standard. Three of the eight accounts here come with both, and CFG Bank comes with neither.
- A money market account is a bank deposit, insured up to $250,000. A money market fund is an investment, and it isn't FDIC insured.
- Every rate on this page is variable. The bank can raise it or cut it at any time.
Rates read October 13, 2026. Each one is variable and may change after you open the account.
The best money market accounts compared
Here are all eight side by side, ranked by APY. Where two tie, the one with the lower minimum goes first.
| Account | APY | Minimum to open | Monthly cost | Access and limits |
|---|---|---|---|---|
| Zynlo Bank Money Market Account | 4.05% | None | None | Checks and card not listed. No limit on transactions. |
| CFG Bank High Yield Money Market | 4.05% with $1,000 or more | $1,000 | $10 under $1,000 | No checks or debit card. Outside transfers capped at $5,000 a day. |
| Quontic Bank Money Market Account | 3.90% | $100 | None | Debit card and checks. No limit stated. |
| Sallie Mae Money Market Account | 3.60% | None | None | Checks. No limit stated. |
| Redneck Bank Mega Money Market | 3.60% up to $100,000 0.50% above $100,000 | $500 | None listed | Debit card and checks. 6 free debits a cycle, then $5 each. |
| Northern Bank Direct Money Market Premier | 3.50% under $250,000 Lower above $250,000 | $5,000 | None | Checks and ATM. Unlimited ATM withdrawals. |
| Vio Bank Cornerstone Money Market Savings | 3.40% | $100 | None with online statements | Checks and card not listed. No limit stated. |
| Ally Bank Money Market Account | 3.10% | No minimum balance | None | Debit card and checks. 10 withdrawals a cycle, plus unlimited ATM withdrawals. |
Each bank dates its own rate: Zynlo October 10, CFG Bank October 6, Quontic September 1, Sallie Mae October 13, Redneck Bank August 21, Northern Bank Direct July 31, Vio October 9 and Ally October 12, all 2026. We read every page on October 13, 2026.
1. Zynlo Bank Money Market Account
Zynlo pays 4.05% APY on its Money Market Account, which ties for the highest rate we could verify. There's no minimum to open it, and you earn that rate from the first penny.
You won't pay a monthly charge at any balance, and Zynlo doesn't limit your transactions or how often you pull money out.
So what does 4.05% look like? On $10,000 it works out to about $405 a year. At the 0.63% national average you'd get about $63.
The catch is how you get to your money. Checks and a debit card aren't listed for this account, so plan on moving your money by transfer.
And if a transfer is all you need, Zynlo's own Tomorrow Savings Account pays you a little more, 4.10% APY.
Zynlo is a division of PeoplesBank in Holyoke, Massachusetts. Your FDIC coverage is shared with anything else you hold at PeoplesBank.
2. CFG Bank High Yield Money Market
CFG Bank matches the top rate at 4.05% APY. It just asks more of you.
You need $1,000 to open the High Yield Money Market account, and you have to keep at least $1,000 in it every day, because if you drop under that there's a $10 service fee.
There are no checks and no debit card. Money moves by transfer, and transfers to outside banks are capped at $5,000 a day and $30,000 in any rolling 30 days. Your deposits are also held for the first 5 days after you fund the account.
Who's it for? You, if you're parking a few thousand bucks and you won't need to pull it out in a hurry.
If your balance might dip under $1,000, take Zynlo.
3. Quontic Bank Money Market Account
Want the checkbook and the card? This is the one.
Quontic pays 3.90% APY and gives you a free debit card and check writing. You need $100 to open it, there are no monthly service fees, and the same rate applies to every balance.
The rate is a bit under Zynlo and CFG Bank. On $10,000 that gap is about $15 a year, which is a pretty fair price for being able to spend straight from the account.
Bottom line: if you want a money market account that really works like one, start here.
4. Sallie Mae Money Market Account
Sallie Mae pays 3.60% APY on its Money Market Account with no minimum deposit, no minimum balance and no monthly maintenance fees.
You can write checks from it and your transfers are free, but a debit card isn't mentioned and an outgoing wire will cost you $20.
One thing to know before you open it: Sallie Mae's own High-Yield Savings Account pays 3.85% APY. If you'll never write a check, that's the better account.
5. Redneck Bank Mega Money Market
Don't let the name throw you. Redneck Bank is the internet banking division of All America Bank, and its Mega Money Market pays 3.60% APY on balances up to $100,000.
Anything over $100,000 earns 0.50% APY, so keep it under that.
You get a Mastercard debit card, and you can order checks. It takes $500 to open, and there's no minimum balance after that.
The catch is the withdrawal count. You get 6 free debits per monthly statement cycle, and each one after that costs $5. It's also one account per person.
6. Northern Bank Direct Money Market Premier
Northern Bank Direct's Money Market Premier pays 3.50% APY on balances under $250,000. You need $5,000 to open it, which is the highest minimum on this list.
What do you get for that? No monthly service charges, check access and unlimited ATM withdrawals. Use an ATM in the SUM program and you can avoid the surcharge too.
Don't put more than $250,000 in, because every dollar you hold above that line earns a 0.10% interest rate and your overall yield falls from there.
It's the online division of Northern Bank, and you can only open the account online.
7. Vio Bank Cornerstone Money Market Savings
Vio Bank calls this a money market savings account, and it behaves like a savings account. It pays 3.40% APY on all balances, takes $100 to open and has no monthly fee.
You won't find checks or a debit card listed. And if you ask for paper statements, that's $5 a month, so go paperless.
Vio is a division of MidFirst Bank. It's a simple account, but the rate is lower than the six above it and it doesn't add anything a savings account wouldn't.
8. Ally Bank Money Market Account
Ally has the lowest rate here at 3.10% APY, and the most ways to get at your money.
You get a debit card and checks, free use of Allpoint and MoneyPass ATMs, and up to $10 back per statement cycle when another ATM charges you. There are no monthly maintenance fees and no minimum balance requirements.
ATM withdrawals are unlimited. Other withdrawals, like transfers, checks and debit card purchases, are capped at 10 per statement cycle. Ally won't charge you for going over, but it can close the account if you keep doing it.
On $10,000 you'd earn about $310 a year here, against about $405 at the top of the list. Is the access worth $95? If this is the account you'll pay bills from, maybe.
What is a money market account?
A money market account is a bank account that pays you interest like a savings account, and at some banks it also lets you write checks or use a debit card the way you would with checking.
That's really the whole idea.
You'll also see it called a money market deposit account. Same thing.
The national average rate on one is 0.63%, so every account on this page pays you close to five times that or more.
Money market account or money market fund?
These two get mixed up all the time, and the difference matters.
A money market account is a deposit at a bank or credit union, and it's insured. A money market fund is a mutual fund that you buy through a broker or a fund company.
That makes the fund an investment. It is not FDIC insured, and you can lose money in one.
Most funds try to hold their share price at $1.00, but nobody guarantees it.
Everything on this page is a money market account.
Money market account vs. savings account vs. CD
All three are insured places to keep cash. Here's how they differ.
| Feature | Money market account | High-yield savings | CD |
|---|---|---|---|
| Rate | Variable | Variable | Fixed for the term |
| Checks or a debit card | At some banks | Not usually | No |
| Taking money out | Any time. Some banks cap how often. | Any time. Some banks cap how often. | A penalty may apply before the term ends |
| Insured | Yes, up to $250,000 | Yes, up to $250,000 | Yes, up to $250,000 |
| Use it for | Savings you may need to spend directly | Savings you move by transfer | Money you won't touch until the term is up |
Notice what isn't in that table? A rate gap. The top savings accounts pay about the same as the top money market accounts, and sometimes more, so pick by how you'll use your money.
Looking for CIT Bank? Its Platinum Savings and Savings Connect accounts are savings accounts, so you'll find them on the high-yield savings list. You can see its CD terms on the CIT Bank offers page.
Is a money market account insured?
Yes. At an FDIC-insured bank, your money market account is covered up to $250,000 per depositor, per bank, for each account ownership category, and all eight banks on this page are FDIC insured.
If you bank at a federally insured credit union, the NCUA's Share Insurance Fund does the same job for you, also up to $250,000.
One thing to watch: online brands often share a bank with their parent. Zynlo is a division of PeoplesBank, Vio is a division of MidFirst Bank, Redneck Bank is a division of All America Bank and Northern Bank Direct is a division of Northern Bank. Money you hold at the brand and at its parent counts toward the same $250,000.
Are there limits on withdrawals?
There used to be one rule for everybody: you got six transfers or withdrawals a month, and that was it. The Federal Reserve dropped that limit from its Regulation D in April 2020, so your bank now sets its own.
Here's where each one stands today.
- Zynlo doesn't limit your transactions or withdrawals.
- Ally allows 10 withdrawals per statement cycle. ATM withdrawals are unlimited and don't count.
- Redneck Bank includes 6 free debits per statement cycle and charges $5 for each one after that.
- CFG Bank caps transfers to outside banks at $5,000 a day and $30,000 in a rolling 30 days.
- Northern Bank Direct allows unlimited ATM withdrawals.
- Quontic, Sallie Mae and Vio don't state a limit on their account pages. Ask before you count on it.
Who should open a money market account?
Open one if you want a savings rate on money you sometimes need to spend directly. Think of an emergency fund you might have to write a check from, or a house fund you'll pay a contractor out of.
Skip it if you only ever move your money by transfer. A high-yield savings account does the same job for you, often at a higher rate.
And don't use one for everyday spending. You'd run into the withdrawal limits fast, and a checking account is built for that. If that's what you need, here are online banks that pay early. There are more ideas for keeping your cash working in the Save Money section.
How to open a money market account
It's pretty easy, and you can do it online. Vio Bank's application takes less than five minutes.
- Pick the account that fits how you'll use it: rate only, or checks and a card.
- Check the minimum. It runs from nothing at Zynlo and Sallie Mae to $5,000 at Northern Bank Direct.
- Fill out the application. Expect to give your Social Security number, your driver's license and your mailing address.
- Fund it. Most people link their checking account and transfer the money over.
- Order the checks or the debit card if the account has them. At Ally, they arrive within 10 business days of your opening deposit.
Don't have a Social Security number? Here's how to open a U.S. bank account without an SSN.
Is money market interest taxed?
Yes. The interest you earn in a money market account is taxable income in the year it becomes available to you.
If a bank pays you $10 or more in interest, you should get a Form 1099-INT. Earn less than that and you still have to report it.
At a credit union the payout may be called a dividend, and it's taxed as interest all the same.
So if you keep $10,000 at 4.05% APY for the year, plan on about $405 of income to report.
How we picked
We read each bank's own product page, rate table or FAQ on October 13, 2026 and wrote down the APY and balance tiers, the minimum to open, the monthly cost, whether the account comes with checks or a debit card, and any withdrawal limit the bank states.
Then we ranked the eight by APY. Where two tied, the one with the lower minimum and fewer conditions went first. There are no scores here, and no rate came from a third-party list.
We also checked EverBank, Discover, UFB Direct, First Internet Bank and Navy Federal. EverBank's money market account can only be opened at its financial centers. Discover's money market page now sends you to Capital One's savings page. The rest paid less than the accounts above or had a standard rate we couldn't confirm.
Money market account FAQ
What is the best money market rate right now?
The highest we could verify on October 13, 2026 is 4.05% APY, at Zynlo Bank and CFG Bank. The national average is 0.63%.
Is a money market account better than a high-yield savings account?
Only if you'll use the checks or the debit card. On rate they're about even, and savings sometimes wins. Zynlo and Sallie Mae both pay more on savings than on their money market accounts.
Can you lose money in a money market account?
Not from the market. It's a deposit, and it's insured up to $250,000 at an FDIC-insured bank or a federally insured credit union. A money market fund is different. That's an investment, and it can lose value.
Do all money market accounts come with checks and a debit card?
No. Quontic, Redneck Bank and Ally offer both. Sallie Mae offers checks, and CFG Bank offers neither.
How much do you need to open one?
Nothing at Zynlo or Sallie Mae. Quontic and Vio ask for $100, Redneck Bank $500, CFG Bank $1,000 and Northern Bank Direct $5,000.
Can the rate on a money market account go down?
Yes. These are variable rates, so the bank can change them at any time. If you need a rate that can't drop, that's what a CD is for.
How many withdrawals can you make each month?
It depends on the bank. Ally allows 10 per statement cycle plus unlimited ATM withdrawals, Redneck Bank gives you 6 free debits, and Zynlo doesn't set a limit.
Sources (17)
We use primary sources: each company's own product pages and legal terms.
- Zynlo Bank. Money Market Account. zynlobank.com. Accessed October 13, 2026.
- Zynlo Bank. FAQs. zynlobank.com. Accessed October 13, 2026.
- CFG Bank. Money Market Deposit Rates. cfg.bank. Accessed October 13, 2026.
- Quontic Bank. Money Market Account. quontic.com. Accessed October 13, 2026.
- Sallie Mae Bank. Money Market Account. salliemae.com. Accessed October 13, 2026.
- Redneck Bank. Mega Money Market. redneck.bank. Accessed October 13, 2026.
- Northern Bank Direct. Money Market Premier. northernbankdirect.com. Accessed October 13, 2026.
- Northern Bank Direct. FAQs. northernbankdirect.com. Accessed October 13, 2026.
- Vio Bank. Cornerstone Money Market Savings Account. viobank.com. Accessed October 13, 2026.
- Ally Bank. Money Market Account. ally.com. Accessed October 13, 2026.
- EverBank. Performance Money Market. everbank.com. Accessed October 13, 2026.
- FDIC. National Rates and Rate Caps. fdic.gov. Accessed October 13, 2026.
- FDIC. Understanding Deposit Insurance. fdic.gov. Accessed October 13, 2026.
- NCUA. Share Insurance Fund Overview. ncua.gov. Accessed October 13, 2026.
- U.S. Securities and Exchange Commission. Money Market Funds. investor.gov. Accessed October 13, 2026.
- Federal Reserve Board. Interim final rule on Regulation D, April 24, 2020. federalreserve.gov. Accessed October 13, 2026.
- IRS. Topic no. 403, Interest received. irs.gov. Accessed October 13, 2026.
