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average money market rates

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 account balance 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.

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 0.08% APY and 0.11% 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. This includes American Express, Marcus, Barclays, Bank of America, Chase, Citibank and Wells Fargo.

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%
0.04%
0.05%
0.07%
0.10%
0.11%
Capital One 360 $0 – $9,999
$10,000+
0.85%
1.50%
Citizens Bank All balances 0.01%
Comerica Bank All balances 0.03%
Dime Direct $0 – $50,000
$50,000+
1.35%
0.20%
EverBank $0 – $250,000
$0 – $25,000
$25,000 – $49,999
$50,000 – $99,999
$100,000+
1.41% Intro Rate
1.01%
1.05%
1.11%
1.21%
FifthThird Bank $0 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000-$99,999
$100,000 – $249,999
$250,000+
0.01%
0.02%
0.05%
0.13%
0.15%
0.20%
Navy Federal Credit Union $2,500 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000+
0.60%
0.65%
0.70%
0.75%
PNC Bank $100 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000-$99,999
$100,000 – $499,999
$500,000+
0.03%
0.09%
0.11%
0.13%
0.15%
0.17%
Regions Bank All balances 0.01%
Santander All balances 0.02%
SunCoast Credit Union $0 – $999
$1,000 – $49,999
$50,000+
0.15%
0.35%
0.45%
SunTrust Bank All balances
$0 – $10,000
$10,000+
0.27% Promo
0.01%
0.03%
TD Bank $0 – $1,999
$2,000 – $4,999
$5,000 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000 – $99,999
$100,000+
0.03%
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
Union Bank $0 – $2,499
$2,500 – $9,999
$10,000 – $49,999
$50,000+
0.01%
0.05%
0.08%
0.10%
U.S. Bank $100 – $9,999
$10,000+
0.04%
0.05%

Relationship Money Market Account Rates

average money market 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 Platinum Money Market® account, you’ll need a Platinum Checking account. The same goes for the Citizens Bank Platinum Plus Money Market® account which requires a Platinum Plus Checking account.

Union Bank’s High Rate MoneyMarket and MoneyMarket accounts require checking accounts to open. And U.S. Bank’s Platinum Select Money Market Savings is available to only Platinum Checking Package customers and Package Money Market Savings accounts are available only to customers with a Silver or Gold Checking account.

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 – $99,999
$100,000 – $249,999
$250,000 – $499,999
$500,000+
0.04%
0.11%
0.14%
0.17%
0.16%
0.14%
Bank of the West + Premier or Signature Checking $0 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000 – $249,999
$250,000 – $499,999
$500,000+
0.04%
0.13%
0.16%
0.25%
0.18%
0.14%
Citizens Bank Platinum Money Market® $0 – $24,999
$25,000 – $2,999,999
$3,000,000+
0.03%
1.25%
0.25%
Citizens Bank Platinum Plus Money Market® $0 – $24,999
$25,000 – $2,999,999
$3,000,000+
0.05%
1.50%
0.25%
FifthThird Bank $0 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000-$99,999
$100,000 – $249,999
$250,000+
0.02%
0.04%
0.10%
0.26%
0.30%
0.40%
PNC Bank Premiere Money Market Account + Performance $100 – $9,999
$10,000 – $24,999
$25,000 – $49,999
$50,000 – $99,999
$100,000+
0.25%
0.27%
0.30%
0.32%
0.35%
PNC Bank Premiere Money Market Account + Performance Select $100 – $24,999
$25,000 – $49,999
$50,000 – $99,999
$100,000+
0.60%
0.80%
1.00%
1.10%
Regions Bank $0 – $4,999
$5,000 – $19,999
$20,000 – $29,999
$30,000 – $99,999
$100,000+
0.01%
0.05%
0.10%
0.20%
0.25%
Santander $0 – $10,000
$10,000+
0.03% for 6 months
1.00%
Union Bank High Rate Money Market $0 – $2,499
$2,500 – $9,999
$10,000 – $49,999
$50,000+
0.01%
0.05%
0.08%
0.10%
Union Bank MoneyMarket $0 – $2,499
$2,500 – $24,999
$25,000+
0.05%
0.10%
0.13%
U.S. Bank Platinum Select Money Market Savings $0 – $99,999
$100,000+
0.05%
0.10%
U.S. Bank Package Money Market Savings $25 – $9,999
$10,000 – $49,999
$50,000+
0.04%
0.05%
0.07%

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 $0 – $24,999
$25,000+
0.90%
1.00%
Discover $0 – $90,999
$100,000+
1.25%
1.30%
Northpointe $0 – $2,499
$2,500 – $24,999
$25,000 – $99,999
$100,000+
0.20%
0.25%
0.40%
0.50%
Sallie Mae All balances 1.45%
Synchrony All balances 1.05%

Bottom Line

average money market rates

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.
  • You should also check each account’s fees. Sometimes savings accounts can charge fees that negate any earnings you make. It’s important to know what these fees are and whether you can waive them with certain account activity.

Photo credit: ©iStock.com/eclipse_images, ©iStock.com/mapodile, ©iStock.com/YinYang

Lauren Perez, CEPF® Lauren Perez writes on a variety of personal finance topics for SmartAsset, with a special expertise in savings, banking and credit cards. She is a Certified Educator in Personal Finance® (CEPF®) and a member of the Society of American Business Editors and Writers. Lauren has a degree in English from the University of Rochester where she focused on Language, Media and Communications. She is originally from Los Angeles. While prone to the occasional shopping spree, Lauren has been aware of the importance of money management and savings since she was young. Lauren loves being able to make credit card and retirement account recommendations to friends and family based on the hours of research she completes at SmartAsset.
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