Top 2023 Money Market Accounts

Money market accounts aren’t getting much attention these days, and that’s understandable. According to recent figures from the Federal Deposit Insurance Corporation, the average rate for money market accounts and savings accounts is currently 0.33%.

There are still a few banks that offer money market account interest rates that rival certificates of deposit. Money market accounts, unlike CDs do not require you to lock your money away for an entire year or longer just to get the best interest rates.

We’ve compiled the best money market accounts available today, as well as important information to consider before you open a money-market account. Axos Bank offers the highest return on money market accounts, but it is worth checking out Discover, CIT Bank and BBVA for the best products.

Money Market Accounts: The Most Important Factors

  • Availability : Brick-and-mortar institutions offer money market accounts. However, online institutions may have more competitive rates and conditions. Online banks offer higher rates of interest than their competitors.
  • Minimum deposit requirements: Compare money market rates based on the minimum amount you are willing to deposit. If you deposit more, the rate may be higher. However, the thresholds to earn higher rates vary.
  • FDIC insurance: You should ensure that any money market accounts you open are covered by the FDIC up to a standard amount of $250,000. All the money market account that we ranked offer FDICinsurance.
  • Access to Money Market Funds: Having a debit card makes it easier to access money market funds. If you are considering a money market account, make sure it offers an easy way to get your money whenever you need it.

Your savings are now ready to be used. It’s time to get more out of your Money Market Account.

Money Market Accounts are the best option for those who want to increase their earnings. To open an account, click on your state.

Best Money Market Accounts for 2023

Money market accounts that are the best of 2023 will be easy to use and open, with a high rate of return. Our ranking was based on money market rates, as well as other factors.

Money Market Accounts Reviews

There are differences between the money market account on this list. Money market accounts can have different features, such as minimum deposit requirements.

These money market account reviews will help you choose between the top choices available today.

Discover the best way to buy

Discover has a wide range of popular banking products, including its cash-back credit card. Money market accounts are available with no hidden fees and home equity loans.

Discover money market account features include free access to 60,000 ATMs across the country, a Discover mobile app, and access 60,000 ATMs. You can also open your Discover money market account over the phone or online.

Current Rates for Money Market Accounts:As at the time of writing, this institution offers 3.50% APR on balances below $100,000 and 3.55% APR on balances over $100,000.

What holds it back:A major disadvantage of Discover Money Market Accounts is that they require an initial deposit to start of $2,500.


BBVA Money Market Accounts don’t offer the highest rates, but their $25 minimum deposit to open an account compensates for that. BBVA is a better option if you have a limited amount of savings but want to earn some interest.

Money Market Accounts from BBVA come with six withdrawals free per month. You can also manage your account using the BBVA Mobile Banking app.

Current Money-Market Account Rates: Money-market rates range between 0.010% and 0.150%, for balances ranging from $25 up to $5 million. The rates are current at the time of writing and may vary by region.

What holds it back:A major disadvantage of BBVA are its low interest rates compared with other financial institutions. BBVA’s money market rates for balances above $10,000 are higher than the average national rate of money market accounts.

CIT Bank

CIT bank, a popular online banking institution known for its savings and checking accounts. It also offers a money market account that has high interest rates.

CIT Bank’s money market accounts do not have hidden fees or maintenance fees. Open your account for as little as $100. This is a low-barrier to entry. You’ll get the same rate of return on your money market account no matter how much you have in it.

Current Rates for Money Market Accounts:As at the time of this writing, CIT Bank’s money market account rate is 4.05% Annual Percentage Yield (APY).

What holds it back:CIT Bank limits withdrawals and automatic transfers to six per billing cycle. CIT Bank being an online bank will also require you to manage and open your account online.

UFB Direct

UFB Direct also offers an attractive cash deposit offer. They offer a wide range of products through Axos bank (see below).

The Reward Money Market Program offers the same check-writing capabilities as any other money market accounts. You can access your money 24/7 using their online tools with no minimum deposit.

Current Money market Rates : As at the time of writing, UFB Reward Money Market Account pays 4.55% APY.

What holds it back: While there is no minimum deposit, there is a $10 monthly service charge if your balance falls below $5,000.

Axos Bank

Axos is another online institution that offers a money market account. You can open a money-market account at this bank without any fees. The same rate of return is earned regardless of the amount you deposit in your money-market account.

When you open your account, you get a free debit cards. You can also earn $20 for every friend that you refer who opens an Axos account and meets the minimum requirements.

Current Money Market Account rates:Axos offers 4.20% on all balances as of this writing.

What’s holding it back:Although Axos does not require you to keep a certain amount of money on your account, an initial deposit is required of $1,000 in order to start.


Nationwide has a generous rate on its money market accounts. Axos manages its money market account. Money Market Plus from Nationwide offers a high return on money market deposits. You can also receive up to $10 per month in reimbursements for domestic ATM fees.

Nationwide offers the same money market rate, regardless of how much is in your account. You can also access digital banking tools like mobile check deposits and online bill payment.

Current Money Market Rates:The rate for Nationwide’s Money Market Plus is currently 0.50% APR.

What’s Holding It Back?Nationwide demands a $1,000 minimum deposit to open a Money Market Account. To avoid the $8 monthly fee, you must also maintain at least $1000 in your account.

What We Found to be the Best Money Market Accounts

We looked beyond the interest rate to ensure that all banks included in our ranking were reputable and fair. The following are the key factors we considered when determining the best money-market accounts for 2023.

  • Minimum Balance Requirements Money market accounts with reasonable minimum balance requirements are the best.
  • Easy Setup and Accessibility. We searched for accounts that are easy to set up, and those that do not penalize you if you want to access your money.
  • FDIC Insurance. Only money market accounts with FDIC insurance were included.
  • Fees. Preference was given to money market accounts that had no monthly maintenance or account opening fees. If a monthly maintenance fee is charged we only included banks that allow the monthly fees to be waived.
  • Physical Access to Money. We gave higher marks for money market accounts with a debit card that is free and access to a large ATM network. This is important if you want to access your money market funds quickly (i.e. During an emergency.

Learn about money market accounts

You should know how money market accounts work before you open one. Also, compare them to online saving accounts. These are the main factors you should keep in mind.

  • Mutual funds are money market accounts. According to the U.S. Securities and Exchange Commission, or SEC, developed money market accounts in the 1970s. These accounts were designed to allow investors to invest in securities with a higher rate of return than traditional savings account.
  • The FDIC does not insure money market accounts at credit unions. Your money is insured by the National Credit Union Administration if you open a Money Market Account at a Credit Union.
  • Money market returns can be guaranteed. Money market accounts are still a safe investment, even though rates have fallen.
  • Money market accounts won’t make you rich. If you hold $10,000 in a Money Market Account for 10 Years and earn 0.60% Annual Percentage Yield, you will end the decade with $10,669. You can earn a higher return if you use other strategies to earn a passive income.

Best Money Market Accounts for 2023

Winner CategoryCurrent Money market RatesMinimum Account Opening Balance
Discover the best way to buyBroad ATM AccessBalances below $100,000 will earn 3.40% and balances above $100,000, 3.45%.$2,500
BBVALow Opening Balance RequirementFor balances between $25 and $5 million, 0.010% – 0.150%$25
CIT BankNo Fees4.05% Annual Percentage Yield$100
UFB DirectHighest APYAll balances earn 4.55% APR$1,000
NationalATM Fee Reimbursement0.50% Annual Percentage Yield$1,000
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