Business Insider's personal finance team reviewed over 120 financial institutions to find the money market accounts with the highest interest rates. Top money market accounts currently pay comparable interest rates to the Redneck Bank Mega Money Market Account: 0.50% to 4.25% 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.
First Internet Bank of Indiana Money Market Account
$5 monthly service fee
3.61% to 4.42% (vary by daily balance)
$100
- High interest rate
- $100 minimum opening deposit
- No out-of-network ATM fee, and reimburses up to $10 per month in providers' fees
- Includes an ATM card upon request
- $5 monthly service fee
- Interest compounds monthly, not daily
- No paper checks
You may like First Internet Bank of Indiana if you are comfortable with an online-only banking experience. It's a great option for earning some of the best CD rates right now, but you might want to look elsewhere if you're searching for the highest savings rate.
First Internet Bank of Indiana Money Market Account- Earn 3.61% APY on account balances of $1 million or less
- Earn 4.42% APY on account balances over $1 million
- To waive $5 monthly service fee, maintain a $4,000 average daily balance
- Use ATMs in the Plus Alliance ATM Network for free
- First Internet Bank of Indiana does not charge an out-of-network ATM fee, but the ATM provider might
- Interest compounded monthly, paid monthly
- Member FDIC
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.
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.
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
TotalBank Online Money Market Deposit Account
no monthly service fee
up to 4.41%
$25,000
- High interest rate
- Interest compounds daily
- No monthly service fees
- High minimum opening deposit
- No customer service on weekends
- No extra ways to access your money
- Only balances of $25,000 or more earn interest
- Online-only bank
- No ATM access
- Customer service hours available via phone call from 8:30 a.m. ET to 5:00 p.m. ET, Monday through Friday
- Balances of $2,500 or more earn highest APY; balances of less than $2,500 don’t earn interest
- Maximum of $1,000,000 allowed in the account
- Interest compounds daily and deposits monthly
- Member FDIC
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 4.41% APY
Minimum opening deposit: $25,000
Vio Bank Cornerstone Money Market Savings Account
$5 monthly service fee
4.36%
$100
- High interest rate
- $100 minimum opening deposit
- No monthly fee if you sign up for online statements
- $5 monthly fee if you receive paper statements
- No physical branch locations
- No checks
- No debit card
The Vio Bank Cornerstone Money Market Savings Account stands out for its low minimum opening deposit and competitive interest rate. To avoid monthly service fees, just make sure to sign up for online bank statements.
Vio Bank Cornerstone Money Market Savings Account- No monthly service fee, but you'll pay a $5 monthly fee if you get paper bank statements
- Interest compounded daily, paid monthly
- FDIC insured
The Vio Bank Review
Brilliant Bank Surge Money Market Account
$10 monthly service fee
4.35%
$1,000
- High interest rate
- Check-writing features
- Debit card option
- Possible to waive monthly service fee
- No ATM fees
- $1,000 minimum opening deposit
- $10 monthly service fee
- $2.55 external funds transfer fee
- May be charged ATM fees by out-of-network ATM providers
- Brilliant Bank is a division of Equity Bank
- Earn up to 4.35% APY on all account balances
- Advertised APY is unavailable in Arkansas, Kansas, Missouri, and Oklahoma
- Initial APY available for new depositors only
- $2.55 fee when you make a transfer from your account to an external bank account
- Must maintain at least $2,000 in your account to waive the $10 monthly service fee
- Interest compounded and deposited monthly
- Deposits are FDIC insured
The Brilliant Bank Surge Money Market Account 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: 4.35% APY
Minimum opening deposit: $1,000
CFG Bank High Yield Money Market Account
$10 monthly service fee
4.32%
$1,000
- Competitive APY
- $1,000 opening deposit
- $1,000 minimum balance to earn APY
- $1,000 minimum balance to avoid $10 monthly service fee
- No debit or ATM card
- No paper checks
CFG Bank has one of the best money market account rates right now, and it pays solid CD rates. These accounts can be opened online from anywhere in the US. It also has a solid online checking account. But to open a standard savings account, you'll need to visit a branch in Maryland.
CFG Bank High Yield Money Market Account- 2 branches near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- $1,000 opening deposit and minimum balance to earn highest interest rate
- Avoid $10 monthly fee with balance of $1,000
- Interest compounded daily and paid monthly
- Member FDIC
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: 4.32% APY
Minimum opening deposit: $1,000
American First Credit Union Money Market Deposit Account
no monthly service fee
4.30%
$1
- Accounts pay high interest rates
- No fees
- Open accounts you might not be able access outside of Raisin
- Minimum opening requirements are often lower than if you opened an account directly with a bank
- No checking accounts or business accounts
- Only way to deposit or withdraw money is by connecting to an external account
- Can’t connect to third-party budgeting apps
Raisin is a great option if your ultimate goal is to earn the best savings account, money market account, and CD rates out there. It's a marketplace that connects you with accounts you might not be able to access otherwise, including ones at community-driven and minority-owned institutions.
American First Credit Union Money Market Deposit Account, powered by Raisin- Raisin is an online marketplace that partners with banks to offer competitive rates
- Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
- Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
- Interest is compounded daily and paid monthly
- Deposits are federally insured by the FDIC or NCUA
The Raisin Review
Quontic Money Market Account
no monthly service fee
4.25%
$100
- Competitive APY
- $100 minimum opening deposit
- No monthly service fees
- Includes a debit card and paper checks
- No out-of-network ATM fees
- Doesn't reimburse any fees charged by out-of-network ATM providers
- No Monthly Maintenance or Overdraft Fees
- $100 minimum deposit required to open an 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: 4.25% APY
Minimum opening deposit: $100
Redneck Bank Money Market Account
no monthly service fee
0.50% to 4.25%
$500
- Earn a high interest rate on balances up to $100,000
- $500 minimum opening deposit
- Includes a debit card (and paper checks upon request)
- No monthly service fee
- Interest rate drops on balances over $100,000
- Interest compounds monthly, not daily
Redneck Bank is a good option if you're looking for a high-yield checking account or money market account with competitive interest rates. The main downside is its tiered rate system, which sees your APY drop if your account goes above a certain balance threshold.
Redneck Bank Money Market Account- Interest rate of 4.25% APY on account balances up to $100,000 and 0.50% APY for amounts over $100,000
- Limit of one Redneck Mega Money Market account per person
- Interest is compounded and paid monthly
- Member FDIC
The Redneck Bank Money Market Account pays 0.50% to 4.25% APY on balances up to $100,000.
It's also one of the best banks for a money market account with flexible opening requirements. You only need $500 to get started.
The interest rate drops if you have more than $100,000, though. If you plan on maintaining a high account balance, you may prefer one of our other top picks to earn the same APY on your entire balance rather than a tiered rate.
Rate: 0.50% to 4.25% APY
Minimum opening deposit: $500
MYSB Direct Money Market Account
$10 monthly service fee
4.15%
$5,000
- High interest rate
- Comes with checks and a debit card
- Unlimited ATM fee reimbursements
- $10 monthly service fee if you don’t maintain $5,000 balance
- $5,000 minimum opening deposit
- No customer service on weekends
- New money only
- Can only deposit money that isn’t from another MYSB Direct or M.Y.Safra Bank account into the account
- MYSB Direct is M.Y.Safra’s digital, online-only branch
- No ATM network, but all ATM fees will be reimbursed by the bank
- Customer service available by phone from 9:00 a.m. ET to 4:00 p.m. ET, Monday through Friday
- Must maintain at least $5,000 daily balance to earn interest
- Must maintain at least $5,000 daily balance to waive $10 monthly service fees
- Currently suspends enforcement on monthly transaction limits
- Interest compounds and deposits monthly
- Member FDIC
The MYSB Direct Money Market offers a high APY if you can maintain a $5,000 daily balance.
If you can't make the $5,000 minimum opening deposit or maintain that balance, you might want to go with another bank. You won't earn any interest if you don't maintain $5,000 as a daily balance, and you'll also have to pay a $10 monthly service fee.
Rate: 4.15%
Minimum opening deposit: $5,000
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 NR (No Rating) from the BBB because the bureau doesn't have enough information to rate either company yet.
MYSB Direct doesn't have a BBB page, but its parent bank, M.Y.Safra Bank, does. M.Y.Safra was still given an 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 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 mutual funds are a better choice for long-term savings goals or for money you're not afraid to lose.
Money Market Account FAQs
Are money market accounts safe?
Yes, money market accounts are safe. The money in your account is insured by the FDIC or NCUA.
Which bank has the highest interest rate on a money market account?
The money market account with the highest interest rate right now is the First Internet Bank of Indiana Money Market Account, which pays 3.61% to 4.42% (vary by daily balance) APY. Keep in mind rates fluctuate along with the federal funds rate, so banks that offer the highest APY now might not down the road, and ones with lower rates now could hike their rates later.
How often do money market account rates change?
Interest rates on money market accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year based on the Federal Reserve's decisions.
Are money market account rates going up?
No, money market account rates have been dropping because the Federal Reserve has cut interest rates a few times already. It's forecasted that more rate drops could happen in 2025, which could also impact money market account rates further.
What are the benefits of a money market account?
Money market accounts offer the benefit of paying interest in a safe, low-risk bank account. You'll also typically have more accessibility than other types of savings accounts.
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:
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, bank account methodology at nearly 120 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.
