Best Money Market Accounts for December 2023


Best Money Market Accounts

Want to earn more interest on your savings? Need a place to stash your cash and ride out the storm? Consider adding a money market account to your portfolio.

Money market accounts typically earn a higher rate than traditional savings accounts. They also offer capabilities similar to those of a checking account, which makes them even more attractive.

Due to current conditions, rates are on the rise, making them a good spot to store savings for short-term and medium-range goals. Currently, you’ll find several MMA rates over 2.00% APY, with a few earning over 3.00% APY. That makes a money market account a solid spot to store your emergency fund, vacation savings, or money to meet other savings goals.

Typically, your money also has some protection in a money market account. Like savings accounts, they are FDIC-insured, which means up to $250,000 of them are insured by the full faith and credit of the U.S. government.

Summary of Best Money Market Account Rates Today

Here’s a quick overview of the best money market account rates.

Disclosure: The offers that appear below are from companies from whom Club Thrifty receives compensation. This may affect the order and manner in which they appear. Rates are subject to change. Club Thrifty does not include or review all companies or available offers.

Bank APY Learn More
5.00% APY
$100 Minimum to Open
Learn More
CIT Bank logo 1.55% APY
$100 Minimum to Open
Learn More
Axos Logo 0.25% APY
$1,000 Minimum to Open
Learn More
nationwide logo 0.25% APY
$1,000 Minimum to Open
Learn More
Updated: December 19, 2023

What are money market accounts?

You’re probably more familiar with traditional savings and checking accounts, right? Well, money market accounts are essentially a hybrid of both.

money market account is like a savings account that earns a high interest rate. However, it also comes with a debit card and check-writing capabilities.

Money market accounts often require a higher minimum balance or opening deposit, which could be a pitfall for those just beginning to save. However, some of them require just $100 to get started.

There are several great money market accounts available. To help you choose, we’ve created a list of the top ones to share with you, along with their best features.

Best Money Market Accounts This Month: Our Picks

Without further ado, here’s our list of the top MMAs this month!

1) Quontic Bank Money Market Account

Current Rate: 5.00% APY

Quontic Bank (FDIC #57807) is an online bank that provides a full slate of personal banking options across the United States.

With the Quontic Bank Money Market Account, all balances now earn a very nice 5.00% APY. That’s a nice departure from the tiered balance structure this account previously applied.

Quontic Bank also offers mortgage loans, savings accounts, CDs, and some of the best checking accounts on the market. In fact, their High Interest Checking product currently earns 1.10% APY, which is outstanding at the moment. Learn more here.

If social responsibility is important to you, Quontic Bank may also be a great fit. They are in the 3% of banks that have the CDFI Certification. This is available to organizations who provide financial services to historically underserved communities.

2) CIT Bank Money Market

CIT Bank logo

Current Rate: 1.55% APY

CIT Bank (FDIC #58978) provides some of the best online banking solutions you’ll find, and the CIT Bank Money Market Account is no exception. It offers a nice 1.55% APY and requires a $100 minimum opening deposit, which is outstanding.

Despite being an online bank, funds are super easy to access 24/7. This money market account also carries no monthly fees. With the CIT Bank mobile app, customers can easily deposit checks remotely and make transfers. They are even launching bill pay features soon.

Try out their savings account calculator to see estimated totals of how much you’ll earn with their money market account. Opening an account with CIT Bank could be the decision that jump-starts your savings. Check out our complete CIT Bank review to learn more, or open your account using the link below!

3) Axos Bank High Yield Money Market

Axos Logo

Current Rate: 0.25% APY

Axos Bank (FDIC #35546) currently offers one of the top earning money market accounts on our list. It is also relatively easy to get started.

Their High Yield Money Market account earns a very solid 0.25% APY. There are no monthly maintenance fees and no minimum balance requirements. With that said, you will need to make a $1,000 deposit to open the account.

With the Axos Bank High Yield Money Market, accessing your funds is also a breeze. This account comes with check writing privileges and debit card access, making it simple to get to your money whenever you need it. Follow the link below to learn more!

4) Nationwide Money Market Plus

nationwide logo

Current Rate: 0.25% APY

Nationwide is widely known for their insurance offerings. They also provide a host of financial service, however, including bank accounts.

The Nationwide Money Market Plus currently offers a rate of 0.25% APY. The account is held with Axos Bank, which means you get the same FDIC protection on this account that you would find at other banking establishments.

Free starter checks are available upon request once you open the account. A $1,000 minimum opening deposit is required, and there is an $8 per month maintenance fee. However, the monthly maintenance fee is waived as long as you keep a minimum balance of $1,000 in the account.

Money Market Account vs High-Yield Savings Account

When it comes to your savings, which is better: a money market account or a high-yield savings account? Money market accounts usually offer a higher interest rate than traditional savings accounts. But both money market and high-yield savings accounts can earn high rates. Why choose one over the other?

It comes down to a matter of preference and needs. Do you want easy access to your funds at any time? If so, a money market account may make more sense. Money market accounts often come with a debit card and checks that can make it easier to get to your money on the go. Just like the best high-yield savings accounts, however, you are limited by federal rules to 6 transactions per month (excluding ATM and in-person withdrawals). Some banks charge a fee for going over your limit or will even close your account.

Both types of accounts are geared toward people wanting to save money without touching it too much. Money market accounts often require a higher minimum balance or opening deposit, so if you aren’t planning on a large deposit, a high-yield savings account could be better for you.

Best Money Market Accounts pin - picture of hands holding coins with sapling growing out of them

In the end, the differences between money market accounts and high-yield savings accounts often have to do with what your bank offers. For the best value, look for a bank that has an app you can use to transfer funds, incentives for saving, and a wide variety of accounts to meet your financial needs.

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