Our List of The Best Money Market Accounts

Money Market Accounts make fantastic low-risk investments, especially if you are trying to save more money or if you need to create an emergency fund. These accounts come with great interest rates that are actually better than personal savings accounts. Many people (myself included) actually choose to use money market accounts as a personal savings account.

It is true that even the best money market accounts interest rates are getting lower and lower, the current average rate is 0.26%. However, even with the drop in interest rate, it still beats traditional savings accounts considering the average interest rate on savings accounts is 0.08%.

Before you run off and open a money market account with a random bank, it’s important to do your research and open an account with a company that has proven themselves to be worthy of your business.

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The main thing you want to look for are fee’s charged, interest rates, and interest rate history (make sure it’s not on a steady decline).

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The good news is we have already done the research for you and have selected our top 3 money market accounts.

  1. EverBank Yield Pledge Money Market Account
  2. Ally Money Market Account
  3. The Sallie Mae Money Market Account

Let’s review each one in detail.

The EverBank Yield Pledge Account

This bank really does stand out from other banks out there. This is because the interest rate is one of the best in the country and has been for a long time. New users will receive a 1.10% APY for the first twelve months. There are no fee’s on mobile check deposits or negative balances. However, in order to open a new account, you will have to deposit $1,500 into the account. But the good news is that Yield Pledge truly is one of a kind and the APY is very attractive.

The Upsides are:

  • Internet banking can be accessed 24/7
  • You can write and deposit unlimited checks
  • Interest rates  pledge
  • Mobile check deposits are available
  • No monthly fee assuming a positive balance
  • ATM Withdrawals

The Downsides Are:

  • A deposit of $1,500 is required
  • Interest rates drop after the first year

The Ally Money Market Account

This account is very hard to beat. This is because they have incredible customer service and have an APY of 0.85%. Although that’s not as high as Everbank for the first year, it beats Everbank every year after that. You can only withdraw or transfer money 6 times per month, but that is standard for money market accounts. Check-writing and mobile check deposit’s are provided with this account. The “straight talk product guide” is what makes Ally stand out from other banks. With this, a user will learn about everything that comes with this account and instantly get all their questions answered. There are very few banks where I will say you don’t actually need to read through the fine print, and Ally is one of them.

The Upsides Are: 

  • Simple terms and conditions
  • Unlimited Check writing
  • No Maintenance fees or minimum deposits
  • Internet access 24/7
  • Competitive interest rates
  • Mobile check deposits

The Downsides Are:

  • Limited to 6 withdraws or transfers per month

The Sallie Mae Money Market Account

This company is great for anyone who wishes to obtain a student loan, but even if you aren’t looking for a student loan, you should still consider using Sallie Mae to open a money market account. Online banking is available which allows the user to access a range of high-yield savings options, one of which is a money market account. Sallie Mae Money Market Accounts offer a very competitive interest rate of 0.9%.  There is no minimum deposit and no monthly fee’s. They also offer mobile check deposits and unlimited check writing. The only real downfall that comes with this account is that ATM withdrawals cannot be made. For some this might not be a big deal, for others it might be a deal breaker.

The Upsides Are:

  • Unlimited check writing
  • Very high interest rates
  • Internet banking access at any time
  • Mobile check deposits
  • No maintenance fees or minimum deposits

The Downsides Are: 

  • ATM withdrawals cannot be made

Other Great Money Market Accounts

There are some other great money market accounts that are worth considering. These may be helpful to you depending on what your requirements are.

ableBanking Money Market Savings has an APY of 1.02%. This is much higher than other money market accounts. This particular bank is known for their twenty five dollar bonus that can be donated to any charity a user chooses when an account is opened. You will be required to deposit $250 when opening a new account with them. The reason this bank did not make our list of the top 3 is because they have $30 overdraft charges which could end up costing you greatly. If you decide to go with this company, make sure you don’t overdraft.

Discover Bank’s Money Market Account is probably one of the most convenient accounts out there if you need to consistently make withdraws. The reason for this is because they have over 60,000 ATM’s nationwide. They do require a minimum deposit of $1,000 and have a solid APY of 0.80%.

Synchrony Bank is another great option. They have an APY of 0.85% and don’t have any fee’s IF your account has at least $1,500 in it. If your account does not have at least $1,500 in it they charge you $15/month. This is the number one reason we didn’t include them in our top 3. However, if you plan on always having more than the required $1,500 in your money market account, you definitely want to look into Synchrony.

As you can tell, none of these money market accounts have a significantly higher interest rate than the others which might make your decision a bit difficult. It’s easy to make the mistake of just choosing the account that has the highest APY, even if it’s only .05% higher, but you shouldn’t make your decision based off APY. You should make your decision based off your needs. Do you need to withdraw money and have access to ATMs at no charge? If so you’ll want to go with a bank that provides you with no charge ATM withdraws. Are you going to have a tough time keeping a minimum amount of money in the account? If so you need to choose a bank that has no minimum requirements.

Take time to make a list of the features that are important to you and then choose a money market account that matches those features. You can’t go wrong with any of the money market accounts mentioned above.

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