The best money market accounts have rates that help you grow your bank balance faster than money market accounts with average rates.
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Depending on your needs, a high-yield savings account might help you save more. We’ve included a few options at the bottom of the page to help you compare.
What is a money market account?
A money market account is typically a type of savings account that may also offer a debit card and the ability to write checks. Money market accounts sometimes offer higher rates than high-yield savings accounts, but they also may have higher minimum requirements.
Weigh your options: Some high-yield savings accounts beat money market accounts’ rates and have lower fees, which means you’ll come out ahead with the former. And the best savings accounts have low to no minimum deposits. But, without debit cards or checks, it might be slightly harder to access your money in a regular savings account compared to an MMA.
» For more savings options, check out best high-yield online savings accounts
The difference a high rate makes
The average money market rate is less than half of a percent. Say you save $10,000 in such an account; after a year, your balance would earn about 50 bucks. Put that same amount in a money market account with a 2.50% APY, and you would earn about $250. You earn extra money with practically no extra effort. Read on for more details about NerdWallet’s top money market accounts.