Top 7 Banks Offering Competitive Money Market Rates

Traditional banks often provide low yields on money market accounts. The highest rates are usually found at online banks, offering 1.30% or higher. For example, depositing $50,000 at 0.03% yields only $15 annually, while at 1.30%, it earns $675. Opening an online money market account is quick, often completed in under 10 minutes. These accounts provide attractive interest rates and easy access, making them a valuable option for savers seeking better returns with minimal effort.

Below are some of the leading banks offering top-tier money market rates:

UFB Direct (around 1.41%)

Part of Bofi Federal Bank, UFB Direct is FDIC insured and based in San Diego. It has gained popularity for providing high interest rates up to 1.41%. A minimum deposit of $5,000 is required to avoid a $10 monthly fee. Account holders receive a Visa debit card and limited check-writing options. For those seeking higher returns, UFB Direct stands out as a strong choice.

For investors aiming for higher yields, UFB Direct is a compelling option.

Ally Bank (about 0.90%)

An online-only bank, Ally offers a competitive money market rate without requiring a minimum balance or monthly fees. Linking the account to an Ally checking account grants additional benefits and ATM access. It’s an excellent choice for those needing flexibility, overdraft protection, and earning interest simultaneously.

Sallie Mae (approximately 1.30%)

Sallie Mae operates an FDIC insured online bank offering some of the best rates in the U.S. The APY is 1.30%, compounded daily and paid monthly. With check-writing features and no account fees, Sallie Mae is ideal for simple, high-yield savings. The rate increased from 1.15% to 1.30%, enhancing its appeal.

Self-Help Credit Union (around 1.37%)

This credit union allows anyone to join and offers rates from 1.27% for balances up to $500,000, up to 1.37% for larger amounts. A minimum deposit of $500 is required, with a $500 minimum balance to avoid fees. Up to six free withdrawals per month make it a flexible savings option.

EverBank (about 1.31%)

Recently acquired by TIAA CREF, EverBank is an online bank based in Florida, known for its attractive interest rates. A minimum deposit of $5,000 is needed, and the APY of 1.31% applies up to $250,000 balance, with no monthly fees. Rates may fluctuate after a year.

Capital One 360 (approximately 1.30%)

Famous for credit cards, Capital One also runs a high-rate online bank. After acquiring ING Direct in 2012, it offers competitive money market accounts with excellent rates for both small and large balances, especially over $10,000.

All America Bank (around 1.50%)

This community bank from Oklahoma accepts deposits nationwide via online channels. It offers attractive rates, such as 1.50% APY for a $35,000 balance, alongside free debit cards and no monthly maintenance fees. It’s suitable for small investors seeking high returns.

Explore these options to maximize your investment returns with top money market rates.