Finest Banks for Cash Market Accounts in 2025

*Charges and APYs are topic to vary. All info offered right here is correct as of April 30, 2025.

To your day-to-day spending, you sometimes need a checking account. And to retailer money for the long run, you often need a financial savings account, ideally one the place you earn curiosity. However generally you need slightly of each.

Money market accounts (MMAs) operate as a hybrid between checking and financial savings, combining options of each account sorts. They have an inclination to supply larger rates of interest than conventional financial savings accounts, and lots of supply debit playing cards and checks, supplying you with entry to your cash that’s extra akin to a checking account. Learn on for our checklist of the most effective cash market account charges in the marketplace, in addition to a information on how to decide on the most effective one for you.

What to learn about cash market account charges

• The rate of interest on cash market accounts will often be offered as an annual percentage yield (APY). This determine reveals what share of curiosity you’d earn in your cash in a yr, whereas an rate of interest reveals the share of curiosity you’d earn within the account with out compounding.
• As is the case with high-yield savings accounts (HYSAs), the APY on cash market accounts are variable.
• When banks and credit unions see the Federal Reserve improve or lower its benchmark rate of interest, they have a tendency to do the identical to merchandise like cash market accounts.

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How we selected our prime picks

Our editors and writers collected the charges on roughly 60 cash market accounts from among the largest and hottest business banks, credit score unions and on-line banks. Whereas APY was the principle issue we thought-about, we additionally thought-about minimal opening necessities, stability tiers and extra. Until in any other case famous, these picks don’t have month-to-month upkeep charges.

Learn the total methodology to be taught extra.

Our prime picks for finest banks for cash market accounts for 2025

The businesses listed beneath are organized in descending order of APY.

Why we selected this firm: Vio, a division of Oklahoma Metropolis-based MidFirst Financial institution, provides a 4.41% APY — the best on our checklist — on each greenback within the account. There’s a $100 minimal requirement for opening, which is comparatively low, and no month-to-month upkeep price. As an online-only financial institution, Vio doesn’t have debit playing cards or verify writing capabilities, however there may be customer support seven days every week (7:00 a.m. to 9:00 p.m Central Time Monday via Friday, 8:00 a.m. to six:00 p.m. Saturday and 12:00 p.m. to 4:00 p.m. Sunday.)

Why we selected this firm: ZYNLO’s cash market account is interesting for its 4.40% APY and ease of use. You solely want $10 to open the account, and there’s no minimal stability required to earn the marketed APY. In contrast to some banks, you’re not restricted to a sure variety of withdrawals a month, and there’s no month-to-month upkeep price. Though ZYNLO is a division of PeoplesBank, in-person customer support isn’t accessible. Customer support is accessible by cellphone 24/7. There aren’t any overdraft or non-sufficient fund charges, however there are additionally no check-writing capabilities.

Why we selected this firm: First Foundation Bank provides a pretty 4.40% APY, and the account comes with check-writing privileges, a debit card and cellular verify deposit. The excessive $1,000 minimal opening deposit is one downside to this account; one other is a restriction on funding the account with cash from one other present First Basis Checking account. In the event you occur to stay in California, Florida, Hawaii, Nevada and Texas, you might be able to discover a bodily department of First Basis Financial institution, however this account is to be opened on-line, and may be carried out so from wherever within the U.S.

Why we selected this firm: This account from CFG Community Bank made our checklist because of its enticing 4.32% APY, however it solely is smart to open this account in case you’re going to maintain no less than $1,000. Not solely is that the required minimal opening deposit, but when your stability drops beneath that quantity, you gained’t earn the APY and you’ll face a $10 month-to-month price. It’s additionally essential to notice that your funds gained’t be accessible for withdrawal for the primary 30 days after you open the account. There aren’t any check-writing privileges with this account. CFG does have brick-and-mortar branches, however solely in Maryland.

Why we selected this firm: Quontic Bank’s cash market account has an APY of 4.25% with no minimal stability requirement and no month-to-month upkeep charges. It additionally has an affordable minimal opening deposit of $100. You get checking-writing privileges and may request a free debit card after having the account open for 30 days. Nonetheless, there’s a restrict of six withdrawals per assertion cycle. It’s additionally essential to notice that the each day and month-to-month exterior switch limits at Quontic vary from $2,000 each day to $10,000 month-to-month, and also you’ll need to create an account and login to see what these are.

Why we selected this firm: UFB Direct, an Axos Financial institution model, has a pretty 4.01% APY and check-writing privileges. Though there’s technically no minimal quantity to open the account and earn curiosity, you’ll need to pay a $10 month-to-month upkeep price until you preserve a stability of no less than $5,000 — which is on the excessive facet. You may also enhance your APY 0.05% by opening a checking account and organising direct deposit that totals $5,000. You may earn an extra 0.10% in case you preserve a stability of $10,000 within the MMA, and one other 0.05% in case you make 10 debit card transactions per cycle.

Why we selected this firm: EverBank’s cash market account has a aggressive 4.00% APY, however a really excessive $10,000 minimal stability requirement to earn that charge. Balances beneath that quantity simply earn 2.02%, which isn’t a aggressive charge in in the present day’s market. There aren’t any charges for ATM use, overdrafts or debit card alternative. The financial institution may also reimburse you for charges paid at different ATMs as much as $15 per thirty days.

Why we selected this firm: Sallie Mae’s money market deposit account comes with a aggressive 3.90% APY on all balances with no minimal opening requirement. You may deposit checks through cellular, however there are charges for different providers, together with $5 for verify orders (although the primary order is free in case you place it whenever you open the account).

Why we selected this firm: Western State Bank could also be primarily based in North Dakota, however you possibly can open a cash market on-line that gives a aggressive 3.75% APY on all balances. Whereas the dearth of a minimal stability requirement is a plus, this account additionally has a number of drawbacks. Its $5,000 opening requirement is excessive and entry to the account is proscribed, since there isn’t a verify writing or debit playing cards. The primary 10 withdrawals are free; many MMAs restrict that to 6.

Why we selected this firm: Ally could also be widespread for its HYSA, however its money market account can also be price contemplating, because of its 3.60% APY and lack of a minimal opening requirement, stability necessities and month-to-month upkeep price. This account has a debit card and check-writing privileges. Ally is among the best-known on-line banks and that’s partly to its wide selection digital choices, together with 24/7 customer support through cellphone, chat and electronic mail. Nonetheless, a few of its checking and financial savings account options — together with financial savings buckets and roundups on purchases that robotically transferred to your account — aren’t accessible with the cash market account.

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Different cash market accounts we thought-about

We assessed many HYSA accounts that in the end didn’t make our checklist. Beneath are a number of corporations that weren’t named on our checklist however have enticing APYs and could also be a match relying in your wants.

Discover Money Market Account

Uncover’s cash market account provides entry to ATMs, debit and checks and has only a few charges. It’s a stable possibility for savers, however it didn’t make our checklist as a result of its APYs of three.50% for balances below $100,000 and three.55% for balances over $100,000 is decrease than the others on our checklist.

Bank5Connect Connect Money Market Account

Bank5Connect’s cash market account has a $100 minimal opening requirement and a $100 stability requirement to earn the marketed rate of interest, and it comes with a checking-writing capabilities and a debit card. Nonetheless, the three.03% APY is decrease than what different high-yielding cash market accounts supply.

What you might want to learn about cash market accounts

Cash market accounts (MMAs) are a kind of financial savings account that even have checking-like capabilities. They typically supply larger rates of interest than conventional financial savings accounts, in addition to simpler entry to your cash.

How does a cash market account work?

MMAs work equally to different sorts of interest-bearing deposit accounts. Curiosity is usually compounded each day and delivered month-to-month. Many MMAs even have some checking account-like options like check-writing privileges and debit playing cards you might discover useful if you need extra entry to your cash than financial savings accounts present.

Whereas many financial savings accounts, particularly from on-line banks, don’t have any minimal opening necessities, these necessities are extra frequent with MMAs. Since they will differ extensively, from $50 to $2,500 or extra, it is best to store round in case you plan to start out with a small stability. There can also be a separate minimal stability to earn the marketed APY.

MMAs might restrict the variety of transactions you may make through debit playing cards, checks or transfers. The Federal Reserve used to require banks to restrict withdrawals to 6 transactions per thirty days.Though it did away with that requirement in 2020, some banks nonetheless implement that restrict.

How you can open a cash market account

Opening a cash market account at a financial institution or credit score union is pretty easy, and may typically be carried out on-line. Right here’s a step-by-step information:

1. Select the precise account: You’ll wish to think about components similar to transaction limits and costs. Extra on easy methods to make this determination may be discovered beneath.
2. Present your private info: Like whenever you open different sorts of financial savings and checking accounts, you’ll want to offer your Social Safety quantity, contact info and proof of id to open an account.
3. Deposit your cash: With MMAs, you’ll typically have to make a minimal deposit to get began. Be sure that to additionally deposit the minimal stability required to get the marketed APY.

How to decide on a cash market account

There are a number of components you’ll wish to think about when selecting an MMA, together with:

• Charges: Charges can eat away on the curiosity you’re incomes in your money. Search for an account with out month-to-month upkeep charges and with low charges on different providers you might require.
• Minimal opening requirement: This may differ extensively by account. In the event you’re planning to deposit $2,000 into your MMA immediately, a $1,000 opening requirement gained’t be an issue. However in case you’re beginning out with a $100 deposit, you need an account that can permit you to take action.
• Minimal stability requirement: Some MMAs will promote an APY that’s solely accessible in case you hold a sure minimal stability.
• Steadiness tiers: MMAs additionally typically supply larger APYs for larger balances. Search for one that gives the most effective APYs on the amount of cash you propose to maintain within the account to get probably the most bang on your buck.
• Withdrawal restrictions: Some MMAs restrict the variety of withdrawals or transactions you may make in a month. Be sure that these limits gained’t get in the best way of your banking wants.
• Options: MMAs may be extra handy than financial savings accounts due to their checking-like options. Search for debit card entry and check-writing in case you plan to make use of your MMA like a checking account.
• Comfort: In case you are somebody who likes to talk to a financial institution teller in individual, select a brick-and-mortar monetary establishment. In the event you favor to handle your account on-line, discover a financial institution or credit score union with robust digital capabilities and a cellular app.

Options to cash market accounts

Relying in your wants, a special sort of financial savings or investing account might make extra sense. Listed here are some options to an MMA:

• HYSA: A high-yield financial savings account generally is a good solution to earn curiosity in your emergency fund or short-term financial savings. However they don’t have the checking-like options of cash market accounts.
• Certificates of deposit (CD): Certificates of deposit have a tendency to supply larger rates of interest than MMAs or HYSAs, making them extra interesting to some folks. However additionally they require you to lock up your funds for a sure period of time — sometimes three months to 5 years — or need to pay an early withdrawal penalty.
• Investing account: MMAs generally is a good solution to hold your cash simply accessible, and deposits are protected as much as regulatory limits. However if you need probably larger yields and have a time horizon of a number of years or extra earlier than you count on to want the funds within the account, you may wish to put it in a taxable brokerage, particular person retirement account (IRA) or one other sort of investing account as an alternative.

How we selected the most effective banks for cash market accounts

To search out the most effective cash market accounts, we collected APYs from round 60 of the most important and hottest banks, credit score unions and on-line banks. We assessed what the APY was for every stability tier, and decided whether or not the marketed APYs had been introductory promotions.

Whereas APYs had been our predominant focus, we additionally collected info on the accounts’ minimal opening deposits and costs.

Newest cash market charges information

Banks and credit score unions have been slicing their rates of interest on financial savings accounts similar to cash market accounts during the last yr, following the Federal Reserve’s cuts to its benchmark federal funds charge. Whereas the Fed held charges regular at its final assembly, it additionally indicated that it anticipated to chop charges two instances this yr, which implies that the rates of interest on cash market accounts are more likely to fall, as nicely.

Abstract of our prime picks for finest banks for cash market accounts