January 2025's Best Money Market Accounts

Ally Bank’s Money Market Account comes with a competitive 4.00% APY, and that rate applies to all balance tiers. You’ll also be able to skip out on minimum account balances or monthly maintenance fees.

With this account, you won’t pay for standard or expedited ACH transfers, copies of online statements, incoming wire transfers, postage-paid deposit envelopes or cashier’s checks. You’ll only be charged for overdraft items, returned deposit items, excessive transactions fees, expedited delivery, outgoing domestic wires and account research fees.

If you decide to open Ally’s Money Market Account, you’ll also be able to make unlimited ATM withdrawals at any of Allpoint 43,000 ATMs for free. Ally will reimburse you for up to $10 per statement cycle for fees from other ATMs. And if you’ve got any questions, the bank offers 24/7 customer service support.

Even though much of the world has gone digital, checks remain one of the simplest ways to make payments and take care of debts. Northern Bank Direct isn’t the only bank on this list that gives customers free checks for their MMAs, but it sacrifices the least to make that possible with a 4.95% APY on daily balances below $250,000. In other words, the incorporation of both a high APY and no monthly maintenance fees fails to appear with any other bank that includes free checks in this study. However, to become an account holder, you'll need to deposit at least $5,000.

Although you’ll handle much of your business with Northern Bank Direct via its website or mobile app, you can still visit a branch to do your banking. However, you can access what’s available in-person remotely as well, including online account transfers, transaction histories and online bill pay. If you need money and you’re not near any of this bank’s locations or ATMs, your best bet is to use your ATM card at a fee-free SUM® ATM, a network with which Northern Bank Direct is partnered.

Northern Bank Direct only has branches in Massachusetts and is a part of Northern Bank. S&P Global Market Intelligence ranked it the best community bank in the nation in 2015.

Discover Bank's Money Market Account earns a 3.60% APY when the account's balance is under $100,000, though that rate jumps to 3.65% when the balance crosses the $100,000 threshold. There is a $0 minimum opening balance for the aforementioned APYs.

After around 3.5 million user ratings between the Apple and Android app stores, the Discover mobile app holds an average rating of about 4.8 stars out of 5, making it one of the most popular banking apps out there. From the app, you’ll be able to handle anything from general mobile banking and transfers to online bill pay and mobile check deposit, along with getting a fee-free ATM locator. If you encounter some sort of issue with the app, fear not, as Discover also has a 24/7 customer service hotline ready to help you out.

This account is actually quite a strong offering if you’re in the market for an online MMA. Using your new debit card at fee-free ATMs should be easy, as Discover Bank offers a massive 60,000-machine ATM network all around the U.S. There are no hidden fees with the account, and you can even request an official bank check at no charge.

It’s the best of both worlds: a robust APY without the stress of having to reach a high required balance to earn it. And in the case of Sallie Mae’s high-yield MMA, you won’t even have to worry about a minimum balance at all, as you'll receive a 4.20% APY that compounds daily regardless of balance. Sallie Mae also has no monthly maintenance fees.

Sallie Mae offers clients over-the-phone customer service seven days a week along with a highly-quality website. Unfortunately, the same cannot be said for the bank’s mobile app, as past customers have complained about insufficient transaction histories and an inability to transfer funds between Sallie Mae accounts.

The majority of the other financial institutions on this list have extensive ATM networks that allow you easy access to the funds in your account. Sallie Mae doesn’t include such a service for its customers, and because of this weakness, it should be seen as a bank that can deliver solid financial growth for your MMA without providing the customer experience most of its competitors do.

You’ll be able to save with a 2.25% APY if you open the Synchrony Bank Money Market Account. The account also has no minimum balance requirements, monthly fees or average daily balance requirements. And if you need to write checks or access cash, you can do so online, by ATM or by phone. Free mobile check deposits, online transfers and free ATM access are among the many perks the bank offers. 

Synchrony Bank is an online-only institution, but the bank still excels when it comes to customer support. Synchrony offers customer support seven days a week, and the bank has high customer ratings both in the Apple and Google Play stores. In fact, between both versions of the app, it holds an average rating of about 4.7 stars out of 5.

UFB Direct’s Portfolio Money Market Account is an online-only bank account that works best for clients who don’t need access to branch locations. And with a great 4.57% APY, this account has the highest APY on our list by a solid margin.

The account’s 4.57% APY applies to all balance tiers, and you won’t need a minimum balance to become an account holder. However, to avoid a $10 monthly maintenance fee, you must maintain a $5,000 balance or higher.

With UFB Direct’s Portfolio Money Market Account, you get 24/7 customer service so that a representative can answer any questions you may have. You also get online banking access with features you can use anywhere in the world. The bank also offers additional perks, including check-writing privileges and a free debit card for your convenience.

EverBank, Member FDIC, offers a unique pledge to all of its Yield Pledge® Money Market account holders: your yield will be in the top 5% of Competitive Accounts, no matter what. Your rate will change based on your balance and the tiers below:

• Up to $9,999.99: 3.75%
• $10,000 - $24,999.99: 3.75%
• $25,000 - $49,999.99: 3.75%
• $50,000 - $99,999.99: 4.00%
• $100,000 and up: 4.20%

EverBank does not impose a minimum deposit to open an account, and there are no monthly maintenance fees. This MMA also stands out because of its impressive customer service package. EverBank offers a free mobile app for both iOS and Android that allows you to handle just about all of your banking needs, including mobile check deposit, personal payments and cross-account transfers.

You'll also get either a Visa® debit card or an ATM card when you create your account and will have access to a sizable free ATM network. EverBank also provides a full U.S. ATM fee reimbursement program that applies to all accounts with more than $5,000. If your account's average daily balance is less than $5,000, you'll be reimbursed for up to $15 a month.

If you can deposit at least $100 into your account, you can earn a competitive APY with First Internet Bank's Money Market Savings account. This account boasts a 3.77% APY, though you will be charged $5 monthly maintenance fee. To avoid these charges, you’ll need to maintain an average daily balance of at least $4,000. By doing this, you can ensure that your account will avoid losing some of its returns to needless charges. 

First Internet Bank also excels in the online and mobile banking departments. Its mobile app allows you to view account information, check account balances, transfer funds, deposit checks and view recent transactions. The bank also offers several online banking services.

The CIT Bank Money Market Account is a strong offering, as it boasts a 1.55% APY and no monthly fees. Additionally, you only need to deposit $100 to become an account holder. This is an online-only account, so there's no branch access to speak of.

In fact, most of the bank’s MMA customers only use online and mobile services. CIT has a user-friendly website, as well as a highly-rated mobile app on the Apple and Android app stores. In fact, Apple users rate it at 4.6 stars out of 5, while Android users give it a slightly lower rating of 4.3 stars out of 5.

CIT Bank’s MMA has some drawbacks. For example, you will not receive a debit card or checks from the bank when you open your account. CIT currently also does not support online bill pay, though the bank claims that it’s on the way. People Pay, CIT’s free money transfer service, does help with these issues to a certain extent. However, you are limited to a maximum money transfer amount of $50 a day through this program.

Axos Bank’s High Yield Money Market Account earns 0.25% APY and there are no minimum balance requirements for that APY. This account also comes with no monthly fees, which as a result adds more savings to your wallet. Additionally, you won’t have any overdraft fees if your funds are running low. When you open the High Yield Money Market Account, you also have the benefit of having unlimited ATM reimbursements with no fees at 91,000 different locations nationwide.

Axos Bank’s High Yield Money Market Account has five different tiers which currently have same APY. This means those who have an account balance between $0 to $9,999, $10,000-$24,999.99, $25,000-$49,999.99, $50,000-$99,999.99 and $100,000 and up have an APY of 0.25%.

But while there are no minimum balance requirements to earn APY, there is a $1,000 minimum balance requirement to open a High Yield Money Market Account. The biggest drawback is that Axos Bank has limited branch locations, which are in five cities, including San Diego, Los Angeles, Las Vegas, Salt Lake City and Overland Park, Kansas. So if you don’t live in any of those places, that means you have to have to make sure that online banking fits your needs rather than making transactions at a branch location.