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Opening a bank account with a high interest rate makes a lot of sense. You might as well earn a return with the cash you're keeping on the sidelines in case you need it for an emergency.
Money market accounts are a popular option for people who want to earn interest on their savings but don't want to get stuck with a low rate. According to the FDIC, the typical money market account interest rate is 0.58% (as of 11/17/25) annual percentage yield (APY)1 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> . It's possible to only end up with 0.01% APY, but it's also possible to find an account with up to 5% APY if you know where to look.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
4.30%Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Minimum Balance for APY
$0
Bonus Offer
Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.3 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees4 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit5 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million6 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Money market accounts allow you to earn a risk-free return on your idle cash.
You'll have to compare several money market accounts to find the best rates.
Money market rates vary, depending on whether you use an online bank or a brick-and-mortar bank.
Consumers can also consider alternatives such as CDs and high-yield savings accounts.
What is a money market account?
A money market account is a type of bank account that accrues interest over time. These accounts usually come with check writing privileges, one of the things that sets them apart from savings accounts.
You don't have to worry about losing your money since these accounts are FDIC-insured. While you may be able to earn a higher return with stocks and real estate, those investments also carry significant risk of loss. Your money market account will continue to grow over time as you store your savings and collect interest.
Money market accounts are suitable for people who want to receive a risk-free return on their capital. These individuals don't need massive returns, but they want something respectable for the cash that they don't plan on using. Money market accounts are also liquid. You can withdraw money at any point without incurring any penalty fees or jumping through hoops to access your cash like you have to with certificates of deposit (CDs).
These bank accounts are slightly different from money market funds. While money market accounts are bank accounts, money market funds are mutual funds that pay interest like a money market account. You can write checks against a money market account, but you cannot write checks against a money market fund.
Typical money market account interest rates
The money market account interest rate is currently 0.58% (as of 11/17/25), but this number fluctuates from time to time. The FDIC regularly records interest rates across various bank accounts and financial products. Money market account interest rates usually hover around 0.60%, per the FDIC.
Online banks tend to have money market account interest rates that exceed the FDIC's average rate. It's possible to find online banks that have APYs above 4%.
The best banks give you a high APY regardless of your balance while others require that you deposit more money to access a higher yield. These banks have tiers in place that reward people who do more business with the bank. It's also possible to receive a higher rate with a relationship bonus if you link another account held at the same bank.
Online bank interest rates usually edge out brick-and-mortar banks. This trend is common in the industry since online banks have less overhead and can offer more competitive rates to attract new customers. Here's how the rates vary for each type of bank.
Money market rates at brick-and-mortar banks
Bank
APY
Republic Bank
4.46%
First Citizens
Under $25,000: 0.05%
$25,000-$99,999.99: 0.07%
$100,000-$499,999.99: 0.10%
$500,000+: 0.15%
Hanover Bank
3.50%
Sky One Federal Credit Union
$2,500-$24,999.99: 0.10%
$25,000-$49,999.99: 0.20%
$50,000-$99,999.99: 0.30%
$100,000-249,999.99+: 0.40%
U.S. Bank
Under $25,000: 0.01%
Above $25,000: 3.75% (as of 11/13/25)
Capital One
0.80%
PNC
0.02%
Note that fees incurred could reduce earnings on all accounts.
Money market rates at online banks
Bank
APY
Redneck Bank
Balances under $100,000: 4.40%
Balances over $100,000: 0.5%
Quontic
4.25% (as of 11/03/25)
Prime Alliance Bank
4.50% (all balances)
EverBank
2.02-4.00% (as of 10/17/25) depending on the balance
CFG Bank
4.52%
First Internet Bank
Balances of $1,000,000 or less: 3.77%
Balances of more than $1,000,000: 4.69%
Discover
3.30-3.35% (as of 10/29/25) depending on the balance
Note that fees incurred could reduce earnings on all accounts.
How to open a money market account
Opening a money market account is straightforward, but you should compare the fees, rates, and policies of each bank before making a decision. Once you choose a bank, you can follow these steps.
Gather the necessary documents: The bank will request important documents that verify your identity, such as your photo ID and Social Security Number.
Create an account with the bank: You may have to create an account with the bank's platform before you can set up a money market account. You'll have to create a username and password to get into your account.
Fund your money market accounts: Some banks have minimum deposit requirements for their money market accounts. For instance, a First Citizens Bank money market account requires a $500 minimum opening deposit, and the Republic Bank has a $2,500 minimum opening deposit requirement.
Money market account alternatives
A money market account isn't your only choice for earning interest on your extra cash. These are some of the other financial products you could consider.
Certificates of Deposit
These accounts have fixed interest rates for a predetermined term. If the Fed decides to lower rates, your CD will continue to deliver interest at the assigned rate. However, money market accounts have variable rates, which means interest income will immediately decrease if the Fed reduces its rate.
While the best CD options vary for each bank, you can find CDs with terms ranging from three months to ten years, and rates can exceed 5% APY in some cases. Your money is usually locked in the account until it matures.
Some banks let you withdraw money from a CD without incurring any penalties while others may impose a penalty fee if you want to access any of the funds before the maturity date. You can often reinvest interest into the CD to earn more money or send each interest payment to a bank account of your choice.
High-Yield Savings Accounts
These accounts have variable interest rates just like money market accounts. While the best savings accounts have higher yields than money market accounts, you can't write checks with them.
Most banks limit you to six withdrawals from a high-yield savings account each month before fees apply. You may also have to deposit more money to receive the maximum APY for a tiered account.
Money Market Mutual Funds
These mutual funds offer exposure to multiple short-term bonds. They have competitive rates like money market accounts, but you can't write checks with them. Most brokerage firms, like Fidelity and Vanguard, put your spare cash into a money market fund. Some money market funds have higher rates than money market accounts to compensate for the lack of check-writing privileges and debit cards.
4.7
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Openbank High Yield Savings - 4.20% APY7 <p>Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET September 23, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.</p>
<p>Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.</p>
Earn 10x the national savings average for Savings deposit products as published on FDIC.gov.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.3 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.6 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank8 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.9 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks10 <p>Your first deposit may take longer depending on your employer.</p>
The best money market account rates vary, but you can currently find yields above 5.00%. You will find the best rates if you compare online banks instead of looking at the money market account rates from brick-and-mortar banks.
Are money market account rates going up?
Money market account interest rates remain elevated but don't have a catalyst for going higher. The Federal Reserve has expressed its desire to lower interest rates soon. Once the Fed acts, money market account rates should gradually decrease.
What is the difference between a money market and a savings account?
Both money market and savings accounts let you earn interest from your balances. However, you can write checks with a money market account. Savings accounts don't give you that level of flexibility. Furthermore, most banks limit you to six withdrawals per month for a savings account.
Bottom line
The average money market account rate isn't a good indicator of what's available right now. It's possible to find accounts with rates above 5.00% APY, but you'll probably have to narrow your search to online banks for that type of rate. Once you've found a money market account (and its APY) that you're happy with, you can proceed to create an account and fund it.
The best money market accounts could be useful for people who don't want to put their money into risky investments. The return is risk-free since your money market account is insured by the FDIC. Letting interest accumulate will give you more money if you ever need to tap into your account for an emergency.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.3 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit5 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees4 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network11 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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