The best money market account rates of February 2024: Earn up to 5.46% APY and score checking account features (2024)

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Money market accounts — typically seen written as MMAs — are another type of savings account where you can stash your cash to earn interest and grow over time. What makes MMAs stand out from other savings vehicles like brick-and-mortar savings accounts, high-yield accounts and CDs, however, is their checking account features.

Many of the best MMAs offer savers perks they would normally find in a checking account, such as check-writing privileges, debit cards and ATM access with out-of-network fee reimbursem*nts.

To determine which MMAsare the best overall,CNBC Selectanalyzed and compared dozens of MMAs. The ones we selected for our ranking all offer above-average APYs, with many offering either or both check-writing privileges and/or debit card/ATM access to your cash. All of the banks on this list are FDIC-insured. (Seeour methodologyfor more information on how we choose the best MMAs.)

• Ally Bank®: Earn up to 4.40% APY
• CFG Bank: Earn up to 5.25% APY
• EverBank® (formerly TIAA Bank®): Earn up to 4.75% APY
• First Internet Bank of Indiana: Earn up to 5.46% APY
• Prime Alliance Bank:Earn up to 4.50% APY
• Quontic Bank: Earn up to 5.00% APY
• Redneck Bank®: Earn up to 5.05% APY
• Republic Bank of Chicago: Earn up to 5.21% APY
• Sallie Mae: Earn up to 4.75% APY
• UFB Direct: Earn up to 5.25% APY
• Vio Bank: Earn up to 5.15% APY
• ZYNLO® Bank: Earn up to 5.00% APY

The Ally Bank Money Market Account is a straightforward, online-only option with no minimums or monthly fees. Savers get access to both checks and a debit/ATM card.

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The CFG Bank High Yield Money Market Account is a great option for those chasing higher returns, but note that it requires a minimum $1,000+ to earn its above-average APY and waive the $10 monthly fee. CFG's MMA also doesn't offer any checking account features.

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The above-average APY offered with the EverBank (formerly TIAA Bank) Yield Pledge® Money Market is only available your first year of being a new account holder up to a pretty high balance of $250,000. There are no minimums or monthly fees, and savers get access to both checks and a debit/ATM card.

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The online-only First Internet Bank of Indiana Money Market Savings offers the highest APY we found, but you need a hefty amount of cash to earn it as it's only available on daily balances above $1,000,000. Savers will have debit/ATM card access.

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The Prime Alliance Bank Personal Money Market has no minimums or monthly fees, but it also doesn't offer any checking account features.

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With the Quontic Bank Money Market Account, you get access to checks and a debit/ATM card for no monthly fee and a small minimum deposit of $100.

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The Redneck Bank Mega Money Market® account has a good APY available on balances all the way up to $100,000. There's a required $500 minimum to open an account, but the online-only bank gives savers access to checks and a debit/ATM card.

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Interested Republic Bank of Chicago Digital Money Market account holders are required to put down a minimum $2,500 deposit to open an account and waive the $25 monthly fee. While you won't get any debit/ATM card access, you'll get access to checks.

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With the online-only Sallie Mae Money Market Account, you won't have to meet minimums or pay monthly fees. There's no debit/ATM card access, however.

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The UFB Secure Money Market is another option offering one of the highest APYs. There's a $5,000 minimum deposit to open the account, however, and to waive the $10 monthly fee. So, it's best for those with a steady amount of cash. You'll get access to checks and a debit/ATM card.

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The online-only Vio Bank Cornerstone Money Market Savings Account has a great APY for just a $100 minimum deposit. There are no checking account features, however.

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The online-only ZYNLO Money Market Account has a decent APY up to a pretty high balance cap of $250,000, plus a small minimum deposit of $10 and zero monthly fees. There are no checking account features, however.

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The Ally Bank Money Market Account offers an above-average APY that is available on all balance tiers and Ally will even reimburse your out-of-network ATM fees up to $10 per month.

Annual Percentage Yield (APY)

Up to 4.40% APY

Minimum balance

None

Monthly fee

None

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The CFG Bank High Yield Money Market Account's APY is one of the highest we've seen on the market and the bank has some physical locations for those to visit in person.

Annual Percentage Yield (APY)

Up to 5.25% APY

Minimum balance

$1,000 minimum deposit; $1,000+ minimum balance to obtain APY

Monthly fee

$10, with option to waive if account maintains minimum $1,000 balance

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EverBank pledges that the EverBank Yield Pledge® Money Market's APY will stay in the top 5% of competitive accounts. Plus, the high rate offered your first year is fixed so it won't change and it has a pretty high balance cap. EverBank will reimburse your out-of-network ATM fees up to $15 per month and there are physical branch locations you can visit.

Annual Percentage Yield (APY)

Up to 4.75% APY

Minimum balance

None

Monthly fee

None

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First Internet Bank of Indiana Money Market Savings has a very attractive APY offering for those with ultra-large balances. The bank will reimburse your out-of-network ATM fees up to $10 per month

Annual Percentage Yield (APY)

Up to 5.46% APY

Minimum balance

$100 minimum deposit

Monthly fee

$5, with option to waive if account maintains minimum $4,000 balance

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Prime Alliance Bank Personal Money Market offers a competitive APY for a basic savings product and there's a physical branch location customers can visit.

Annual Percentage Yield (APY)

Up to 4.50% APY

Minimum balance

None

Monthly fee

None

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The Quontic Bank Money Market Account offers a solid APY and there are a few physical locations customers can visit.

Annual Percentage Yield (APY)

Up to 5.00% APY

Minimum balance

$100 minimum deposit

Monthly fee

None

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Aside from offering a strong APY, Redneck Bank Mega Money Market® makes it easy to waive the $3 monthly fee by just enrolling in paperless billing.

Annual Percentage Yield (APY)

Up to 5.05% APY

Minimum balance

$500 minimum deposit

Monthly fee

$3, unless you opt for paperless billing

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Republic Bank of Chicago Digital Money Market offers one of the highest APYs we found on MMAs, plus there are physical branch locations.

Annual Percentage Yield (APY)

Up to 5.21% APY

Minimum balance

Minimum $2,500 deposit

Monthly fee

$25, with the option to waive if account maintains a minimum $2,500 balance

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The Sallie Mae Money Market Account gives savers access to checks and it will even send them for free when you open an account.

Annual Percentage Yield (APY)

Up to 4.75% APY

Minimum balance

None

Monthly fee

None

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The UFB High Yield Money Market's standout APY is offered on all balance tiers and the bank has a physical location.

Annual Percentage Yield (APY)

Up to 5.25% APY

Minimum balance

$5,000 minimum deposit

Monthly fee

$10, with option to waive if account maintains minimum $5,000 balance

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The Vio Bank Cornerstone Money Market Savings Account makes it easy to waive the $5 monthly fee by just enrolling in paperless billing.

Annual Percentage Yield (APY)

Up to 5.15% APY

Minimum balance

$100 minimum deposit

Monthly fee

$5, unless you opt for paperless billing

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Unlike most other accounts, ZYNLO Money Market Accounts are fully insured with no coverage cap. Deposits up to $250,000 are insured by the FDIC, while all deposit amounts above the FDIC limit are insured in full by the Depositors Insurance Fund (DIF).

Annual Percentage Yield (APY)

Up to 5.00% APY

Minimum balance

$10 minimum deposit; $.01 minimum balance to obtain APY

Monthly fee

None

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A money market account (MMA) works by combining the features of both a checking and savings account.

MMA savers can withdraw or spend the cash in their account like they would if it were a checking account, including writing checks, swiping their debit card, using their ATM card or making an electronic transfer.

The difference between an ATM card and a debit card: An ATM card can only be used for ATM access (withdrawing cash) and not to directly make purchases, while a debit card is much more functional. A debit card can be used to buy things or to take out cash from your account when you make a purchase at a store, in addition to allowing you to make transactions at an ATM.

You earn interest at a higher rate with an MMA than with an interest-bearing checking account, but you're typically subject to the same federal withdrawal and transfer limit that savings accounts have: six per statement cycle (not counting ATM withdrawals, however). This means that MMA savers are limited to the number of checks that they can write from their account each month.

• What's the difference between a money market account and other banking products?
• Can you lose money in a money market account?
• What are the disadvantages of a money market account?
• Should I open a money market account?
• Why is my money market rate low?
• Do you pay taxes on money market accounts?
• What's better than a money market account?

There are a few differences between MMA and other banking products. The annual percentage yield (APY) you earn with a MMA is higher than what you'd likely earn with a checking account, traditional savings account or even a short-term CD, but these MMA rates tend to be around the same as what high-yield savings accounts offer these days. MMA minimum deposit and balance requirements are often higher with MMAs than with high-yield savings, but if you have a large chuck of cash you can rest assured this is also a safe place to put it.

To earn the highest APY, your best bet usually is to put money into a long-term CD. MMAs offer more flexibility and access to your funds than CDs, but the latter comes with term lengths and penalties for withdrawing your cash before your maturity date.

You won't lose money in a MMA up to a certain limit, so, for many, your money is safe. Most MMAs, like those included on this list, are covered by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per person. If you're opening a joint MMA with a spouse, the insurance limit is doubled.

This means that if your bank were to suddenly collapse and go bankrupt, your money is covered up to this $250,000 limit and will be refunded to you. When shopping around for the best MMA, check that the bank is FDIC-insured. Be sure not to confuse money market accounts with money market funds, which are investment products that are not insured.

Keep in mind that while you won't lose the money in your MMA, any withdrawals that you make will lower your principal balance/earnings.

There are some downsides to having a MMA when you compare it to its sibling savings products.

Here are three disadvantages that stand out:

1. MMAs may offer checking account features, but they're still subject to the withdrawal and transfer limit of six per statement cycle (though this doesn't include ATM withdrawals).
2. MMAs may pay higher interest rates than traditional savings accounts, but they often require larger minimum deposits to open an account and higher balances to earn interest and/or have your monthly fee waived.
3. MMAs provide more access to your money than CDs do, but their APYs may not be as high as the longer-term CDs.

Deciding whether you should open a MMA depends on what you plan to do with the money you put into one.

As an alternative to high-yield savings accounts, MMAs are a good option for earning interest to reach a certain savings goal. And while you use your checking account for everyday purchases, MMAs can be useful to fund a larger expense once a month, like a mortgage. You wouldn't have to worry about transferring the funds to a checking account if they would otherwise be stored in a typical savings account and you'd stick to the standard MMA withdrawal limit. Plus, the money sitting in your MMA would collect more interest than it would in a checking account.

Since many MMAs allow customers to access their funds via a debit card, check or ATM, these accounts may not be the best option for building an emergency fund. The money is almost too easy to tap into and you could end up spending more than saving. If you can resist the urge to unnecessarily spend what's in your MMA, however, these are good products when you have more of an immediate need for cash.

MMAs have variable interest rates, which means they can fluctuate. Similar to when you sign up for a typical checking, savings or high-yield account, you have the risk of your rate dropping after you open a MMA.

APYs typically go up when the economy is doing well and the Federal Reserve raises interest rates, and likewise, they drop when the economy weakens and the Fed lowers interest rates. When shopping around, just remember that the rates and fee structures that banks advertise for their MMAs are not guaranteed forever. They are subject to change without notice, and they will often fluctuate in accordance with the Fed rate.

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To determine which money market accounts (MMAs) offer the best return on your money, CNBC Select analyzed dozens of MMAs offered by online and brick-and-mortar banks, including large credit unions.

We found that the APYs offered by online banks and credit unions far outpaced those offered by most national brick-and-mortar banks. While many credit unions have good MMA options, they didn't make our final list because the majority require membership, which can require you to jump through several hoops to qualify. This is a ranking of only MMAs, excluding any money market funds (which are investment products).

We prioritized those accounts that offer competitive APYs, or higher-than-average rates. While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each MMA on a range of other features, including check-writing abilities, debit card and ATM access, website and mobile features, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and the frequency with which the interest compounds.

All of the MMAs included on this list are FDIC-insured up to $250,000 per person. If you are opening a joint account MMA, the insurance limit is doubled.

The rates and fee structures banks advertise for their MMAs are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a MMA, the APY you earn is a variable rate — meaning it can go up and down at any time. Your earnings depend on the amount you deposit into your MMA, your APY, any additional contributions and associated fees, as well as withdrawals that you make from your account. Generally, larger deposits and a higher interest rate will earn you the most money. Any withdrawals will lower your principal balance/earnings. To open a MMA for the first time, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

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