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The 20 Best Money Market Accounts of 2022

·11 min read
utah778 / iStock.com
utah778 / iStock.com

Money market accounts typically have interest rates that are on par with high-yield savings accounts, but also come with check-writing access. These accounts often have fees for not maintaining a high minimum balance, but not all do, so if you shop around, you can benefit from the capabilities and perks of a money market account without worrying about minimum balance requirements.

GOBankingRates’ Top Picks: Best Checking Accounts of 2022
And More: Best CD Accounts of 2022

Fortunately, GOBankingRates is making it easier to compare accounts by singling out the institutions with the Best Money Market Accounts of 2022. These accounts were chosen based on criteria including minimum deposit requirements, fees and APY rates. Keep reading to see the Best Money Market Accounts of 2022.

Best Money Market Accounts of 2022

These category standouts offer competitive interest rates, and some have no minimum balance requirements.

Ally Bank’s Money Market Account

Why it stands out: The Ally Bank Money Market Account has a $0 minimum deposit, no monthly fees, and 0.50% annual percentage yield. That APY is tied for the best in the category. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

  • 0.50% APY

Cons:

  • Online only

What to look for: This account has no minimum deposit, no monthly fees, and no minimum balance to avoid fees. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.50%.

Read our full review on this money market account.

CIT Bank: Money Market Account

Why it stands out: The CIT Bank Money Market Account has no monthly fees and 0.45% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

  • 0.45% APY

Cons:

  • Online only

What to look for: You‘ll need a minimum balance of $100 for this account. It has no monthly fees and no minimum balance to avoid fees. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.45%.

Read our full review on this money market account.

First Internet Bank: Money Market Account

Why it stands out: The First Internet Bank Money Market Account has a $5 monthly fee (waived if your account balance is $4,000 or more) and 0.50% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • 0.50% APY

Cons:

  • Online only

  • Must have balance of $4,000 to avoid monthly fee

What to look for: This account requires a minimum deposit of $100 and you must maintain a balance of $4,000 to avoid the $5 monthly fee. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.50%.

Read our full review on this money market account.

BankDirect: Money Market Account

Why it stands out: The BankDirect Money Market Account has a $0 minimum deposit, no monthly fees, and 0.50% annual percentage yield. To earn that APY, you’ll need a minimum account balance of $10,000.

Pros:

  • No minimum deposit

  • No monthly fee

  • 0.50% APY

Cons:

  • Online only

  • Must have balance of $10,000 to earn 0.50% APY

What to look for: There is no minimum deposit, no minimum balance to avoid a fee, and no monthly fee with this account. You’ll need a minimum balance of $10,000 to earn the APY of 0.50%.

Read our full review on this money market account.

TIAA Bank: Yield Pledge Money Market

Why it stands out: The TIAA Bank Yield Pledge Money Market account has no monthly fees and a 0.40% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

  • 0.40% APY

Cons:

  • Online only

  • $500 minimum deposit

What to look for: This account requires a minimum deposit of $500, but there are no monthly fees. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.40%. The mobile app is highly rated.

Read our full review on this money market account.

Sallie Mae Bank: Money Market Account

Why it stands out: The Sallie Mae Bank Money Market Account has a $0 minimum deposit, no monthly fees, and 0.50% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

  • 0.50% APY

Cons:

  • Online only

What to look for: This account has no minimum deposit, no monthly fees, and no minimum balance to avoid fees. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.50%.

Read our full review on this money market account.

Synchrony Bank: Money Market Account

Why it stands out: The Synchrony Bank Money Market Account has a $0 minimum deposit, no monthly fees, and 0.35% annual percentage yield.

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

Cons:

  • Online only

What to look for: There is no minimum deposit, no monthly fee, and no minimum balance to avoid fees with this account. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.35%. Plus the mobile app is highly rated.

Read our full review on this money market account.

Discover Bank: Money Market Account

Why it stands out: The Discover Bank Money Market Account has a $0 minimum deposit, no monthly fees, and 0.30% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

Cons:

  • Online only

What to look for: This account has no minimum deposit, no monthly fees, and no minimum balance to avoid fees. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.30%.

Read our full review on this money market account.

Truist Bank: High Performance Money Market Account

Why it stands out: The Truist Bank High Performance Money Market Account has a $100 minimum deposit and the convenience of physical bank locations.

Pros:

  • Minimum balance to earn APY is only $0.01

  • Minimum deposit $100

  • Physical bank locations

Cons:

  • $12 monthly fee

  • Low APY

What to look for: You’ll need a minimum deposit of $100 for this account. There’s a monthly fee of $12 unless you maintain a minimum balance of at least $1,000. There’s a minimum balance of $0.01 to earn interest. You can earn an APY of 0.01%.

Read our full review on this money market account.

Quontic Bank: Money Market Account

Why it stands out: The Quontic Bank Money Market Account has no monthly fees and a 0.325% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

  • 0.325% APY

Cons:

  • Online only

What to look for: This account has a $100 minimum deposit, no monthly fees, and no minimum balance to avoid fees. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.325%.

Read our full review on this money market account.

U.S. Bank: Elite Money Market Account

Why it stands out: The U.S. Bank Elite Money Market Account has a $100 minimum deposit and the convenience of physical bank locations.

Pros:

  • Minimum balance to earn APY is only $0.01

  • Minimum deposit $100

  • Physical bank locations

Cons:

  • $10 monthly fee

  • Low APY

What to look for: You’ll need a minimum deposit of $100, and there’s a monthly fee of $10 unless you have a minimum balance of $10,000. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.01%.

Read our full review on this money market account.

PNC Bank: Premiere Money Market Account

Why it stands out: The PNC Bank Premiere Money Market Account has a $100 minimum deposit and the convenience of physical bank locations.

Pros:

  • Minimum balance to earn APY is only $1

  • Minimum deposit $100

  • Physical bank locations

Cons:

  • $12 monthly fee

  • Low APY

What to look for: You’ll need a minimum deposit of $100, and there’s a monthly fee of $12 unless you have a minimum balance of $5,000. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.02%. You get unlimited deposits and up to six free withdrawals per month.

Read our full review on this money market account.

Axos Bank: High Yield Money Market

Why it stands out: The Axos Bank High Yield Money Market account has no monthly fees and a 0.25% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • Minimum balance to earn APY is only $0.01

  • No monthly fee

  • 0.25% APY

Cons:

  • Online only

  • $1,000 minimum deposit

What to look for: This account has a $1,000 minimum deposit, but there are no monthly fees. You’ll need to maintain a minimum of $0.01 to earn the 0.25% APY.

Read our full review on this money market account.

TAB Bank: Money Market Account

Why it stands out: The TAB Bank Money Market Account has a $25 minimum deposit, no monthly fees, and 0.25% annual percentage yield.

Pros:

  • $25 minimum deposit

  • Minimum balance to earn APY is only $1

  • No monthly fee

Cons:

  • Online only

What to look for: You’ll need a minimum deposit of $25, and there are no monthly fees. You’ll need a minimum balance of $1 to earn interest. You can earn an APY of 0.25%.

Read our full review on this money market account.

iGObanking.com: iGOmoneymarket

Why it stands out: The iGObanking iGOmoneymarket account has a 0.50% annual percentage yield and no monthly fees.

Pros:

  • No monthly fee

  • 0.50% APY

Cons:

  • Online only

  • Minimum deposit of $25,000

What to look for: While this account has no monthly fees, there’s a minimum deposit of $25,000. You’ll need a minimum balance of $25,000 to earn interest. You can earn an APY of 0.50%.

Read our full review on this money market account.

VirtualBank: eMoney Market

Why it stands out: The VirtualBank eMoney Market account has a 0.25% annual percentage yield. Plus, the minimum balance to earn that APY is only $0.01.

Pros:

  • $100 minimum to avoid monthly fee

  • Minimum balance to earn APY is only $0.01

  • 0.25% APY

Cons:

  • Online only

  • $5 monthly fee

What to look for: You’ll need a minimum deposit of $100, and there’s a monthly fee of $5 unless you have a minimum balance of $100. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.25%.

Read our full review on this money market account.

TD Bank: TD Growth Money Market

Why it stands out: The TD Bank TD Growth Money Market account has a $0 minimum deposit and the convenience of physical bank locations

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • Physical bank locations

Cons:

  • $12 monthly fee

  • Low APY

What to look for: This account has no minimum deposit, however there is a $12 monthly fee unless you maintain a balance of $2,000. You must have a balance of $0.01 to earn interest at an APY of 0.01%.

Read our full review on this money market account.

Amboy Direct: Money Market Max More

Why it stands out: The Amboy Direct Money Market Max More account has no monthly fees and a 0.20% annual percentage yield.

Pros:

  • $100 minimum deposit

  • No monthly fee

  • 0.20% APY

Cons:

  • Online only

What to look for: There is a minimum deposit of $100 and no monthly fees for this account. You’ll need a minimum balance of $5,000 to earn interest at an APY of 0.20%.

Read our full review on this money market account.

Regions Bank: Money Market Account

Why it stands out: The Regions Bank Money Market Account has a $12 minimum deposit and the convenience of physical locations.

Pros:

  • $12 minimum deposit

  • Minimum balance to earn APY is only $0.01

  • Physical locations

Cons:

  • Monthly fee

  • Low APY

What to look for: You’ll need a minimum deposit of $12 and there’s a monthly fee of $12 unless you have a minimum balance of $2,500. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.01%.

Read our full review on this money market account.

Citizens Bank: Personal Money Market

Why it stands out: The Citizens Bank Money Market account has a $0 minimum deposit and the convenience of physical locations.

Pros:

  • No minimum deposit

  • Minimum balance to earn APY is only $0.01

  • Physical locations

Cons:

  • Monthly fee

  • Low APY

What to look for: This account has no minimum deposit and there’s a monthly fee of $10 unless you have a minimum balance of $2,500. You’ll need a minimum balance of $0.01 to earn interest. You can earn an APY of 0.01%.

Read our full review on this money market account.

More From GOBankingRates

Methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) money market APY rate (5) minimum balance needed in account to earn APY, (6) monthly fees associated with the account; (7) minimum balance needed to avoid the fee; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) were weighted 1.5 times and factor (2) was weighted 2 times and factor (4) was weighted 4 times. All data is up to date as of Oct. 11, 2021. Rates and fees are subject to change.

This article originally appeared on GOBankingRates.com: The 20 Best Money Market Accounts of 2022