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A money market account is a type of savings account that earns you interest. But unlike a traditional savings account, money market accounts typically offer checking account features, including access to your cash through debit card withdrawals and physical checks. Because money market accounts offer competitive interest rates, adopted they can be a good way to save up, especially if you think you might need to pull from the account on occasion.
You can typically earn more interest with a money market account than with a traditional savings account, but money market accounts often require higher initial deposits or minimum balances. If neither of these requirements are an issue, a money market account can offer a safe way to grow your savings, while still offering access to your cash. They're also particularly attractive now that annual percentage yields, or APYs, are starting to rise as a result of the Federal Reserve's recent interest rate hikes.
As a general rule of thumb, anything over a 1% APY for a money market account is considered a good rate. Here are the best money market accounts available today -- but first, some important notes about insurance and withdrawal limits for money market accounts.
FDIC insurance and withdrawal limits for money market accounts
All the banks included on this list are backed by the Federal Deposit Insurance Corporation, which insures deposits up to $250,000 per person, per bank. That means if your bank closes because it's unable to meet its financial obligations, FDIC insurance will reimburse your deposits up to that amount.
Some of these money market accounts have withdrawal limits. In years past, most savings accounts were limited to six withdrawals per statement cycle, but that "excessive transaction" rule (called Regulation D) was eliminated in 2020, at least temporarily. While some banks have eliminated or paused their withdrawal limits, others continue to charge fees for exceeding withdrawal caps.
Note: The APYs provided were collected from the issuing organizations' websites and are valid as of Aug. 31, 2022.
Best money market accounts
Vio Bank Vio Bank
A division of MidFirst Bank, Vio Bank is an online-only, privately owned bank based in Oklahoma City -- and it offers the highest APY on this list. With just $100, you can open an MMA at 2.15% APY, with interest compounding daily.
You won't pay a monthly fee with Vio, unless you opt in for paper statements ($5 per month). The only other fee to worry about is a $10 excessive transaction fee per withdrawal if you go over your six withdrawal limit per statement period.