Money market accounts offer a unique way to save and spend your money. They act as a mix of a savings account and a checking account. This means you can earn interest on your money market accountbalance and easily access those funds with a debit card and/or checks. Of course as with your savings accounts, you’ll probably want to maximize your savings with the highest money market rates.
If you’re looking for financial advice beyond money market accounts, a financial advisor can help you create a financial plan. Speak with a financial advisor today.
Average Money Market Rates
Money market accounts typically earn at higher rates than basic savings accounts, instead climbing closer to CD rates. That’s not always the case, though, as you can see with Regions Bank. You will often find money market accounts that earn according to a balance tier. This simply means that your exact interest rate depends on your account balance, with higher balances usually earning at a higher rate.
Average money market rates fall between 0.01% APY and 3.45% APY, again depending on your balance. Below, we’ve listed a number of popular banks and given a range of their basic money market account rates. Again, your rate will depend on your account balance. It’s also important to note that a few big names in the financial industry do not offer money market accounts.
Money Market Rates
| Bank | Account Balance | Rates |
| Bank of the West | $0 – $9,999 $10,000 – $24,999 $25,000 – $49,999 $50,000 – $249,999 $250,000 – $999,999 $1,000,000+ | 0.02% 1.17% 1.17% 1.17% 1.23% 1.23% |
| Capital One 360 | $0 – $9,999 $10,000+ | 0.80% 0.80% |
| Citizens Bank | All balances | 0.01% |
| Comerica Bank | All balances | 0.02% |
| Dime Direct | $0 – $50,000 $50,000+ | 1.35% 0.20% |
| EverBank | $0 – $9,999 $10,000 – $24,999 $25,000 – $49,999 $50,000 – $99,999 $100,000+ | 3.75% 3.75% 3.75% 4.05% 4.30% |
| FifthThird Bank | All balances | 0.01% |
| Navy Federal Credit Union | $2,500 – $9,999 $10,000 – $24,999 $25,000 – $49,999 $50,000+ | 0.95% 1.06% 1.10% 1.50% |
| PNC Bank | All balances | 0.02% |
| Regions Bank | All balances | 0.01% |
| Santander | $0 – $9,999 $10,000+ | 0.03% 0.05% |
| SunCoast Credit Union | $0 – $999 $1,000 –$24,999 $25,000 – $49,999 $50,000 – $99,999 $100,000 – $249,999 $250,000 – $499,999 $500,000+ | 1.15% 1.30% 1.40% 1.50% 2.00% 2.50% 3.00% |
| TD Bank | $0 – $9,999 $10,000 – $24,999 $25,000 – $49,999 $50,000 – $99,999 $100,000 – $249,999 $250,000 – $499,999 $500,000 – $999,999 $1,000,000+ | 0.01% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% |
| U.S. Bank | $0 – $24,999 $25,000+ | 0.01% 4.25% |
Relationship Money Market Account Rates
Many banks offer the opportunity to raise your money market interest rate by linking your money market account with another bank account at the same bank. Often, the relationship account is a checking account, although it can also be another savings account.
It’s also important to note that banks require you to have a certain checking account to open a specific money market account. To open a Citizens Bank Quest Money Market account, you’ll need a Quest Checking account. The same goes for the Citizens Bank Private Client Money Market account which requires a Wealth Checking account.
U.S. Bank’sElite Money Market Account allows you to get started when you add the $100 minimum opening deposit.
When opening a money market or checking account, you’ll want to check the fees that come with each account. Some banks, like Citizens, will waive the monthly fees when you link the accounts or meet other requirements. Doing this can help you avoid paying unnecessary fees.
The table below includes the banks that offer relationship MMA rates.
Money Market Relationship Rates
| Bank | Account Balance | Rates |
| Bank of the West + Easy Checking or Choice Interest Checking | $0 – $9,999 $10,000 – $49,999 $50,000 – $249,999 $250,000+ | 0.03% 1.19% 1.21% 1.24% |
| Bank of the West + Premier or Signature Checking | $0 – $9,999 $10,000 – $49,999 $50,000+ | 0.03% 1.21% 1.26% |
| Citizens BankQuest Money Market | $0 – $24,999 $25,000 – $74,999 $75,000 – $249,999 $250,000 – $999,999 $1,000,000+ | 0.07% 0.10% 0.15% 0.35% 1.20% |
| Citizens Bank Private Client Money Market | $0 – $24,999 $25,000 – $49,999 $50,000 – $99,999 $100,000 – $249,999 $250,000 – $999,999 $1,000,000+ | 0.10% 0.20% 0.25% 0.30% 0.60% 1.70% |
| FifthThird Bank | All balances | 0.01% |
| PNC Bank Premiere Money Market Account + Performance | $0 – $999,999 $1,000,000+ | 0.03% 0.04% |
| PNC Bank Premiere Money Market Account + Performance Select | $0 – $99,999 $100,000+ | 0.04% 1.00% |
| Regions Bank | $0 – $9,999 $10,000 – $250,00+ | 1.50% 2.00% |
| Santander | $0 – $9,999 $10,000+ | 0.03% 0.05% |
| U.S. Bank Elite Money Market | $0 – $24,999 $25,000 – $500,000+ | 0.01% 4.25% |
Online Money Market Account Rates
While money market accounts typically have higher rates than a basic savings account, not all financial institutions can offer the highest rates. Online banks tend to offer much higher rates on their savings vehicles than a bank with multiple physical branches. This is due to the costs of physical branch upkeep that online banks don’t have to meet.
Below are the online banks that offer money market accounts. Northpointe and Synchrony each have one location, but operate entirely online otherwise.
Online Money Market Rates
| Bank | Account Balance | Rates |
| Ally Bank | All balances | 4.20% |
| Discover | $0 – $99,999 $100,000+ | 4.00% 4.05% |
| Northpointe | $2,500 – $4,999 $5,000 – $24,999 $25,000 – $3,00,000 $3,000,000+ | 0.25% 0.35% 3.25% 0.35% |
| Sallie Mae | All balances | 4.6% |
| Synchrony | All balances | 2.25% |
Bottom Line
Opening a money market account with average money market rates allows you to save at a better rate than with your basic savings account. Money market accounts also offer more flexibility in accessing your money like check-writing abilities. When shopping for a money market account, check to make sure you can handle its minimums and fees. You may even consider linking a checking account to your money market account to earn relationship rates and avoid certain fees.
Tips for Boosting Your Savings
- The first step towards boosting your savings is stashing your money away in an account with a high interest rate. You won’t find high interest rates everywhere, making it important to compare savings accounts before you open one.
- A financial advisor can help you figure out how a money market account fits into your financial plan.SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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