10 best money market accounts of November (rates up to 5.28%)

A money market account is a unique combination of a checking and savings account. And right now, some of the best ones offer annual percentage yields (APYs) as high as 5.25%. And luckily, it’s pretty easy to find these top-paying accounts. The Fortune Recommends^TM editorial team analyzed more than 40 money market accounts to find this month’s top 10 picks. 

Check out our full methodology here.

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Current rates for our top 10 money market accounts*

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Our top 10 money market accounts (MMAs)

1. Ally Bank

Why we picked it

Ally Bank is an online-only bank that offers all the benefits of a traditional big bank—like access to various products and a variety of customer service options.

Ally Bank’s money market account is our top pick because of its 4.40% APY and lack of minimum opening deposit or monthly fees. These features make this money market account a great option for those starting to build their savings. You’ll also have plenty of access to your funds when banking with Ally—you’ll get checks and a debit card with your account.

2. Quontic Bank

Why we picked it

Quontic Bank is a New York City-based digital bank that also serves as a community development financial institution (CDFI), providing banking services to low-income communities.

Quontic’s money market account offers a nothing-to-sneeze-at 5.00% APY, low opening minimum deposit, and no maintenance fees. The downside is that you’re limited to just six transfers and withdrawals per billing cycle unless you cough up $10 for each additional withdrawal. However, you can access your funds via a debit card associated with the account.

3. EverBank

Why we picked it 

Founded in 1998, EverBank, formerly known as TIAA Bank, is a Jacksonville-based bank offering CDs, high-yield savings accounts, checking accounts, and more. 

EverBank’s money market account offers a solid 4.75% introductory 1-year APY for first-time money market clients, regardless of how much you have to invest. After the first year, you’ll get a 3.75% APY for balances between $0 and $9,999, and an even higher rate if you maintain a larger balance. You’ll get a debit card and checks, which makes accessing your money easy.  

4. Redneck Bank

Why we picked it

Redneck Bank is the online banking division of All America Bank—a bank first established in Oklahoma in 1969.

Though this account requires at least $500 to open, its other features may make it worth the trade-off. The account comes with a high 5.05% APY, which is among the top on our list. In addition, you won’t pay any maintenance fees. 

Some of the other notable benefits of this account include a Mastercard debit card, checks, and six monthly withdrawals. If you need more than six monthly withdrawals, there’s a $5 fee per withdrawal.

5. Sallie Mae Bank

Why we picked it

Sallie Mae is a consumer bank, first founded in 1972. It now provides lending and savings products like private student loans and CDs.

Sallie Mae’s money market account offers a high APY of 4.75% with no minimum deposit or monthly maintenance fees. Note that even though there is no minimum balance requirement, Sallie Mae has the right to close your account if the balance drops to $100 or less with no activity on the account. 

While there’s no debit card, you can access your funds with free transfers and checks.

6. Merchants Bank of Indiana

Why we picked it

Merchants Bank of Indiana is based in its namesake state and was founded in 2002. It offers consumers a range of products like loans, CDs, and checking accounts.

This bank’s money market account offers a high APY of 5.00%, a low minimum deposit of $50, and no maintenance fees. You can tap the cash in your money market accounts with checks, but you’ll be limited to six withdrawals per statement cycle.

7. UFB Direct

Why we picked it

UFB Direct is an online bank and division of Axos Bank, offering a limited selection of products that currently include a high-yield savings account, money market account, and mortgages. 

UFB’s money market account had one of the highest interest rates, clocking in at a 5.25% APY. This account does charge a monthly maintenance fee of $10, but customers who maintain a balance of $5,000 or greater get the monthly maintenance fee waived. This account also offers a debit card and check-writing privileges.

8. Vio Bank

Why we picked it

Vio Bank is an online bank division of MidFirst Bank and offers CDs, money market accounts, and savings accounts. 

Vio, like UFB, had the highest APY on our list at 5.25%. It has a low minimum opening deposit and no maintenance fees, making it a solid option for investors just getting started. You’ll need to open and maintain your account online. Unfortunately, you won’t get a linked debit card or checks with your account, but you get six free monthly withdrawals.

9. Prime Alliance Bank

Why we picked it

Prime Alliance Bank was founded in 2004 with headquarters in Utah. They offer products like checking and savings accounts as well as CDs.

With Prime Alliance’s money market account, you can earn a solid 4.50% APY with no minimum balance requirement or monthly maintenance fees. However, if having access to a debit card is a priority, you’ll want to look elsewhere, as Prime Alliance’s money market account only offers checks.

10. Zynlo Bank

Why we picked it

ZYNLO Bank is a digital bank, with funds held by FDIC-insured PeoplesBank—a bank headquartered in Massachusetts. ZYNLO offers just three accounts: savings, money market, and checking.

The ZYNLO money market account made our list because it had a high 5.00% APY, $10 minimum deposit, and no monthly maintenance fees. Another notable benefit of this account is that there are no monthly withdrawal limits, unlike some of the other banks on our list. The one drawback? ZYNLO doesn’t offer check or debit card access with its money market accounts.

What is a money market account?

A money market account is like a combination between a checking account and a savings account. These accounts typically offer higher APYs than checking accounts and, in many cases, identical features—check-writing abilities, debit card access, and the ability to make withdrawals and deposits via ATM. 

However, unlike checking accounts, there may be a limit on the number of withdrawals—usually six—made from your money market account each month. And not all money market accounts come with all the features mentioned above.

It’s also not unusual for money market accounts to be tiered, offering higher APYs on higher balances. There may also be a minimum opening deposit or a balance you must maintain to avoid paying maintenance fees.

Before opening a money market account, it’s essential to shop around and research APYs, fees, and other features to ensure you find the best account fit for your finances.

How to pick a money market account

When deciding between money market accounts, you’ll want to consider various account features such as:

• Interest rate: A higher APY means that your account will earn more interest over the year. You’ll also want to ask about the compounding frequency—how often interest is calculated and credited to your account. 
• Account minimums: Many financial institutions require a minimum deposit or balance to open an account and earn a certain APY. While some institutions offer accounts with minimums as low as $10, others impose more demanding minimums. You could sometimes face fees and penalties if your balance falls below the required minimum balance.
• Fees: Fees can eat into your balance, whether big or small. Before opening an account, read the fine print to determine if your account charges any monthly maintenance, withdrawal, or low-balance fees. You’ll also want to look for balance thresholds that might get these fees waived.
• Withdrawal rules: If you expect to make frequent withdrawals from your MMA, you’ll want to know if there’s a monthly cap. You’ll also want to know your options for accessing your funds, like whether you get a debit card or check-writing privileges.

3 factors to look for when choosing a money market account

While there may be certain aspects of a MMA that are more important to you, here are a few key features that you’ll want to pay special attention to when narrowing down your list:

• Easy access to your funds: Many MMAs offer debit cards and checkbooks for customers who want to use the money in their account on a regular basis. If you’re looking for a savings vehicle that you plan to dip into regularly, you may want to opt for an MMA that provides one or both of these options.
• Low or no fees: Many MMAs are fee-free and those that are not often outline certain conditions that, if met, would waive your monthly maintenance fee. Look for ways to maximize your savings by not having to spend on fees each month.
• No withdrawal limits: Banks and credit unions are no longer required to limit withdrawals to six per month, but some may still choose to do so. Ask your financial institution if there are any limitations on how often you can withdraw funds and then consider whether that limit aligns with your spending habits.  

Money market accounts vs. savings accounts vs. CDs

Money market accounts and savings accounts have many similarities. Think of a money market as a hybrid between a savings account and a checking account. Like a savings account and a CD, the money in your MMA will earn interest and your balance will grow over time. However, unlike a CD, you can withdraw money from your MMA the same way you would from your checking or savings account, and in most cases, you won’t incur a penalty unless you’ve hit your withdrawal limit for the month.

Similar to a savings account, APYs on money market accounts are not fixed and can fluctuate day to day, whereas CDs offer a fixed rate in exchange for locking up your money for a set amount of time with zero liquidity.

Frequently asked questions about MMAs

What is a money market account? 

A money market account is similar to a checking account and a savings account. These accounts typically offer higher APYs than checking accounts and often have check-writing and debit card privileges.

How to choose the best money market account? 

When choosing a money market account, you should consider the account’s APY, maintenance fees, minimum balance requirements, check-writing and debit card privileges, and withdrawal limits.

Are money market accounts safe? 

Your money is safe in a money market account if your bank or credit union is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), respectively. These organizations insure your deposits of up to $250,000 per account in the unlikely event of bank failure.

What determines the APY on the money market account? 

Your individual bank or credit union determines money market account APYs and may fluctuate in response to macroeconomic changes, changes to the federal funds rate, and more.

Are money market accounts taxed? 

Any interest earned on your money market account balance is considered taxable income and is reported to the IRS on Form 1099-INT.

Are money market accounts and money market funds the same? 

No. Money market accounts are deposit accounts offered by your bank or credit union that are liquid and federally insured. Money market funds are a type of mutual fund that invests in debt securities and may pay a small amount of interest on a monthly basis. These funds are not federally insured.

Do money market accounts come with debit cards? 

Many money market accounts offer debit cards, but not all do. Check with your financial institution to confirm that your MMA has a debit card.

Can you write checks from money market accounts? 

Many money market accounts offer check-writing privileges, although some financial institutions may charge an additional fee for ordering checks.

Our methodology 

The Fortune Recommends^TM team has analyzed more than 40 banks and credit unions across the U.S. to compare and find its top picks available to you. All banks that made the cut are available no matter where you live in the U.S.

Here are the key elements we ranked each bank by:

• APY (50%): APY is the interest you earn on the balance you carry in your account; the higher the APY, the higher it likely will be on our list.
• Minimum opening or required deposit (20%): This is the minimum dollar amount you’ll need to invest to open an account or earn its APY. Banks that required little or no minimum required deposit scored higher on our list.
• Maintenance fees (15%): Some banks charge fees to keep the account open, ranging from $0 to $20 monthly. These fees may be waived if customers maintain a certain minimum balance.
• Access to funds (10%): Banks will offer various ways to withdraw funds from your account (e.g., checks, debit cards, and ATM cards). We looked at whether banks offered debit cards and check writing privileges, with those offering both or one option higher than those with fewer options. 
• Customer service (5%): Being able to reach your bank in multiple ways (e.g., email, phone, chat support) is critical. We ranked places with more options higher than those with fewer options.

Rates and fees are subject to change. All the accounts on this list are NCUA- or FDIC-insured.