How To Get The Best Money Market Account Rate

Money market account rates currently range up to 4.40% APY at top banks, significantly higher than the 0.46 national average, according to Bankrate data.

The best money market accounts pay more than seven times the national average alongside benefits like check-writing privileges and debit card access. Getting the highest APY requires a bit of strategic shopping and knowing key factors that influence rates.

What are money market accounts and how do rates work?

Money market accounts combine the higher interest rates of savings accounts with the accessibility features of checking accounts. These accounts typically offer the ability to write checks and debit card access alongside higher yields, making them ideal for emergency funds or short-term savings goals.

Unlike certificates of deposit, money market accounts offer more liquidity — you can access your funds without early withdrawal penalties. Most banks limit certain types of withdrawals to six per month, though this restriction was lifted by federal law in 2020 and varies by institution.

4 strategies to get the best money market account rate

1. Focus on online banks and credit unions

Online-only banks consistently offer the highest money market rates, often around or above 4 percent, because they don’t have the overhead costs of physical branches. This cost advantage translates directly into higher yields for customers.

Compare options: See Bankrate’s best online banks for rate comparisons and account features.

2. Understand minimum balance requirements and their impact

Minimum balance requirements for money market accounts typically range from $100 to $10,000, with some accounts requiring no minimum at all. However, many high-yield accounts use tiered rate structures where larger balances earn higher APYs.

When deciding which MMA to open, consider your typical account balance when choosing. A 4.25% APY with no minimum often beats a 4.50% APY account if fees apply when you fall below the required balance.

3. Look beyond the headline rate

While APY is important, several factors affect your actual returns:

Monthly fees can quickly erode earnings. Many accounts charge $10-$25 monthly fees if you don’t maintain minimum balances. A $10 monthly fee costs $120 annually — equivalent to losing 1.2 percentage points on a $10,000 balance.

Account features potentially add value beyond interest rates:

• Check-writing privileges
• Debit card access
• ATM fee reimbursements
• Online banking and mobile apps

Promotional vs. ongoing rates: Some banks offer introductory rates available only to new customers for limited periods.

4. Time your account opening strategically

Money market rates fluctuate with Federal Reserve policy changes. Despite recent Fed rate cuts from the 2024 peak, money market account rates remain elevated by historical standards.

The Fed is widely expected to start cutting rates in the near future, so it may be a smart idea to open an account sooner rather than later.

Check out Bankrate’s 2025 interest rate forecast for more guidance on how to time your decision.

How to compare money market accounts effectively

1. Calculate your true earnings. Use the total balance you plan to maintain in that account, factoring in any fees. A simple calculation: (APY × Balance) – Annual Fees = Net Return.
2. Consider how often you’ll need to access funds and through what methods. Money market accounts generally allow check-writing and debit card access, unlike traditional savings accounts.
3. Review new account requirements. Check minimum opening deposits, ongoing balance requirements, and any relationship requirements with other bank products.
4. Ensure the institution offers FDIC insurance up to $250,000 per depositor, per bank.

Bottom line

Money market accounts currently offer some of the most attractive yields available on safe, liquid savings vehicles. With top rates exceeding 4% APY, these accounts provide a great opportunity to earn meaningful returns on your cash.

The key to maximizing your returns is looking beyond headline rates to understand the fee structures, balance requirements and account features. Online banks consistently offer the highest rates, but traditional institutions may provide relationship benefits that offset lower APYs for some savers.