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Best Money Market Accounts

Earn interest with one of these checking-savings hybrid accounts

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Until recently, the best money market accounts paid less than 1% interest. Decent returns on idle cash were difficult, if not impossible, to find. As the Federal Reserve raises interest rates, money market accounts follow suit with rising yields, allowing consumers to profit from a robust yield on their idle cash.

If you have cash for an emergency fund or savings, don’t leave money on the table. Choose a high-yield money market account and let your cash work for you. Many high-yield money market funds on our list have no minimum investment requirement and don’t charge monthly fees. As interest rates continue to rise, so will the yield on your money market account. All the financial institutions provide FDIC insurance, so you can be confident that your deposit is protected from bank failure up to a maximum of $250,000.

Best Money Market Accounts 2023

Best Overall : Prime Alliance Bank

Prime Alliance Bank

Prime Alliance Bank

  • APY: 4.05%, as of March 22nd, 2023
  • Minimum Balance To Earn APY: $0.00
  • Monthly Fees: $0.00
  • Transaction Limits: Six transfers or withdrawals per month; $50,000 per external transfer via online banking website; $250,000 per month, external transfer limit
Why We Chose It

Prime Alliance Bank offers a high yield and no minimums or monthly fees, making it accessible for all.

Pros & Cons
  • No required minimum

  • No monthly management fee

  • Only one physical location

  • No chat feature


Prime Alliance Bank, located in Woods Cross, Utah, was founded in 2004 with a commitment to customer service both locally and nationwide. The bank has a network of more than 100,000 surcharge-free ATMs. The lack of fees and no required minimum deposit make Prime Alliance attractive to those seeking a high-yield stash for emergency funds.

Prime Alliance offers a solid lineup of banking services to augment the high-yield personal money market account. Other banking services and accounts include checking, interest checking, personal savings, and certificates of deposit (CDs).

You can make six electronic, online transfers or withdrawals per month with the money market account. In-person, telephone, mail, or ATM withdrawals are exempt. Any transactions in excess of the six result in a $25-per-transaction service charge. If you exceed the six monthly limited transactions three times during a 12-month period, your account will be changed to a demand deposit account. Talk to a phone customer service representative weekdays between 8:30 a.m. and 5:00 p.m. (MST) and email anytime.

Best for Full-service Banking : TIAA Bank



  • APY: Tiered yields; 3.55% for $100,000 and up; 3.20% for $50,000 to $99,999.99; 2.80% for $25,000-$49,999.99; 2.45% for $10,000 to $24.999.99; 1.70% for under $10,000 as of March 22nd, 2023
  • Minimum Balance To Earn APY: $500 to open, then all balances
  • Monthly Fees: $0.00
  • Transaction Limits: None
Why We Chose It

TIAA Bank offers high-yield money market accounts as well as other investment services and financial advisor access through the larger TIAA group of companies.

Pros & Cons
  • Unlimited transactions

  • ATM-fee reimbursements

  • Well-regarded app

  • $500 minimum opening deposit

  • Small savers can earn higher yields at competitors

  • No branches outside of Florida


TIAA Bank, a division of TIAA, FSB, offers banking services to U.S. consumers and businesses online and through its Florida-based financial centers. In 2022, TIAA agreed to sell TIAA Bank with expected completion in 2023. The TIAA money market account provides a unique guarantee: the Yield Pledge for checking and money market accounts. The pledge promises that yields will remain in the top 5% of competing accounts, as measured by the Bankrate Monitor National Index survey data.

TIAA customers can access a list of banking services in addition to the high-yield money market account including basic savings, interest-bearing checking, CDs, and bump-rate CDs. Online access through the web or app enables mobile banking, including deposits, on the go. The required $500 deposit to open an account might be high for new savers, and the tiered interest payments penalize smaller savers as well. That said, ATM fees are reimbursed up to $15 monthly and the unlimited transactions might be an offset to the high minimum requirement.

Customer service is designed for today's consumer with live representatives available Monday through Friday from 8 a.m. to 8 p.m. EST and on Saturday from 9 a.m. to 7 p.m. Email is available and Twitter support is a bonus. We’ve found that Twitter customer service is responsive and helpful. Online account setup is fast and TIAA Bank is held in high regard.

Best for All Balances : Vio Bank

Vio Bank

Vio Bank

  • APY: 4.50% as of March 22nd, 2023
  • Minimum Balance To Earn APY: $100 to open
  • Monthly Fees: $0.00
  • Transaction Limits: Six transfers or withdrawals per month; $10 fee for transactions in excess of six; external transfers limited to $25,000 per day and $100,000 per month (no limit on mailed-in deposit checks)
Why We Chose It

Vio Bank has an outstanding yield and reasonable $100 minimum opening deposit.

Pros & Cons
  • Live customer service seven days a week

  • Highest current money market yield of all competitors

  • Only six fee-free monthly transactions

  • No checking accounts or debit cards


Vio Bank is the online division of MidFirst Bank, the largest privately held bank in the United States. Vio monitors Informa Research Services to ensure high, competitive interest rates. Vio fits the bill for anyone with $100 seeking a high-yield money market, with one of the highest yields on the list.

No monthly fees and a small $100 minimum first deposit open the door to high-yield banking for nearly all savers, but you should consider Vio as a savings bank only. The bank offers high-yield savings, money market, and CD accounts. You’ll need to look elsewhere for checking and debit cards. This might not be a disadvantage if you simply want an online bank account with high interest rates. You can make six fee-free transactions per month with Vio Bank—again showing it is geared toward savings, not transacting frequently. After that, you’ll pay a $10 fee per transaction.

With high interest rates, a low minimum, and no monthly fees, Vio is a good money market account for all savers.

Best for Ultimate Flexibility : Ally Bank

Ally Bank

 Ally Bank

  • APY: 4.00% as of March 27th, 2023
  • Minimum Balance To Earn APY: $0.00
  • Monthly Fees: $0.00
  • Transaction Limits: Six transfers or withdrawals per month with a $10 fee for additional transactions
Why We Chose It

Ally Bank is a full-service online bank with 24/7 live customer service.

Pros & Cons
  • Multi-service online banking

  • 24/7 customer service

  • No minimum balance or monthly fees

  • No physical bank branches

  • No cash deposits


Ally began in the early 1920s as auto financing company GMAC, a division of General Motors. By the early 2000s, the company rebranded as the online-only full-service bank Ally. Ally is known for its high yields and low fees.

At Ally, you’ll earn a higher APY with daily compounding of interest. Free ATM withdrawals are available at 43,000 Allpoint ATMs, and Ally reimburses fees at other nationwide ATMs up to $10 per month. 24/7 phone, chat, and email customer service options are standout features. Customers can access the bank via mobile app or website.

Ally is a full-service bank without physical buildings. With checking, savings, investing, and lending, users have premier access to all banking and investing services. There is a $10-per-transaction fee charged on transactions that surpass six per month. For ultimate flexibility, no minimums or monthly balance requirements add to Ally’s allure. Ally makes banking easy for most computer-literate savers.

Best IRA Option : Synchrony Bank

Synchrony Bank

Synchrony Bank

  • APY: 2.25% as of March 22nd, 2023
  • Minimum Balance To Earn APY: $0.00
  • Monthly Fees: $0.00
  • Transaction Limits: Six transfers or withdrawals per month
Why We Chose It

Synchrony Bank has a no-minimum IRA with high-yield money market and CD options.

Pros & Cons
  • Credit cards and retail financing available, in addition to bank accounts

  • No-minimum IRA offers money market and CD products

  • Customer service available seven days per week (but not IRA team)

  • No physical bank branches

  • Relatively low money market account yields


Synchrony Bank originated in 1932 as General Electric Contracts Corporation, a finance company geared toward helping consumers buy appliances. In 2013, the company acquired MetLife Retail Deposits and began development of mobile technology strategies. In 2014, Synchrony Financial launched an IPO on the NYSE and began the transition to an independent bank.

Synchrony is now a full-service online bank with checking, savings, high-yield savings, and money market accounts in addition to consumer financing. The two high-yield savings products at Synchrony are the money market account and the high-yield savings account. Both limit transactions to six per month. The Synchrony IRA money market account offers both traditional and Roth IRAs.

Transactions are available online and through the mobile app. Accessible phone or online chat is available Monday through Friday from 8 a.m. until 10:00 p.m. (EST) and weekends from 8 a.m. until 5:00 p.m. (EST). However, the IRA team is not available on weekends.

Final Verdict

The best high-yield bank money market accounts all offer low minimums and no monthly fees. There are no worries about safety either, as all of the banks have FDIC insurance and protect your money from bank default up to $250,000. While the six-transaction limit applies to most of the banks, the majority of savers don’t use a high-yield account for regular banking transactions. The availability of weekend customer service is appealing to those busy with work during the week.

For those seeking one financial institution for all of their finances, there are several options, but our overall goal was to identify the best money market accounts rather than evaluate the quality of all the financial options proportionally. Be aware that the yields will change along with market interest rates, so keep an eye on your account. Your yields can and will go up or down as the interest-rate environment changes. That said, now is an ideal time to transfer from a traditional, low-yield savings account into a high-yield money market.

Compare Providers

Financial Institution Why We Picked It  Key Benefit 
Prime Alliance Bank Best Overall Competitive interest rate for any balance
TIAA BANK  Best for Full-Service Banking  Investing; banking; advisors all under one roof 
Vio Bank  Best for All Balances  Higher APY for all balances 
Ally Bank  Best for Ultimate Flexibility  Access your funds online, through ATM, debit, or Zelle 
Synchrony Bank  Best IRA Options  Roll over an existing IRA to an IRA money market account 

Frequently Asked Questions

  • What is a money market account?

    A money market is an FDIC-insured bank deposit account that earns interest, typically at a higher rate than a bank savings account. An insured bank market account is distinct from a high-yield money market mutual fund, which is not insured and typically available through an investment brokerage account. Bank accounts, including a money market account are normally insured up to $250,000. Most money market accounts offer check writing, ATM access, and higher interest rates than traditional savings accounts. The interest rate will vary with your money market account, but the principal value will not.

  • What are the limits of a money market account?

    Money market accounts previously were governed by Federal Regulation D. This limited money market accounts to six monthly transactions in order for the bank to maintain sufficient reserves on hand for normal business activities. The regulation was suspended by the Federal Reserve with no plans to reinstate it, but many banks have continued to maintain limits as there is no requirement for their elimination. Some money market accounts might also have a minimum balance requirement. Others might have tiered interest-rate payments, with larger accounts eligible for higher yields.

  • What should you use a money market account for?

    A money market account is ideal for short- and intermediate-term cash needs. If you keep three to six months cash on hand for emergencies or a summer vacation, it’s preferable to select a high-yield money market account, or even a money market mutual fund, over a typical lower-yielding savings account. A money market account works as a holding account for any money you’ll need within the next three to four years. Long-term money might be better invested in stocks and bonds for retirement and other future goals. With a money market account, the principal value of your money will remain constant and you’ll enjoy a higher yield on your savings. As a general rule, don’t use a money market account if you expect to make more than six transactions in a month.

  • How safe are money market accounts?

    All bank and credit union money market accounts are insured. Banks are insured by the Federal Deposit Insurance Corporation, or FDIC, for up to $250,000. Money market accounts held at a credit union are insured up to $250,000 by the National Credit Union Association (NCUA). The insurance protects your money in the event of a bank failure.

  • Are money market accounts taxed?

    Yes, the income from money market accounts are taxed by the Internal Revenue Service. If you have a savings account, then you’re already familiar with the Internal Revenue Service form 1099-INT. This form is prepared by your bank and mailed to you at tax time in order for you to report all your interest income. High-yield money market accounts offered by banks earn interest. Your interest income is taxed as ordinary income on your 1040 tax return.


As interest rates rise from historically low levels, savers are rediscovering the benefits of using money market accounts to earn low-risk returns. In addition to paying higher interest rates than traditional savings accounts, the best money market accounts offer check writing privileges and access to ATMs. We reviewed several of the top money market account providers based on these factors, along with the fees they charge, the range of customer service and banking options they make available, the account minimums they require, and the transaction limits they impose.

woman checking financial data of her online bank account on smartphone

Oscar Wong / Getty Images

Article Sources
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  6. Prime Alliance Bank. "Personal Accounts Disclosure."

  7. TIAA Bank. "Yield Pledge Money Market."

  8. TIAA Bank. "Florida Financial Centers."

  9. TIAA. "TIAA Enters into Definitive Areement to Sell TIAA Bank." 

  10. Vio Bank. "Cornerstone Money Market Savings Account."

  11. Vio Bank. "Vio Bank FAQ."

  12. Vio Bank. "Vio Fee Schedule." 

  13. Vio Bank. "Great Rates. Easy. Secure." 

  14. Vio Bank. "Fee Schedule."

  15. Ally Bank. "Money Market Account."

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  17. Synchrony. "IRA Money Market Accounts."

  18. Synchrony. "Consumer Deposit Accounts."

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  21. Federal Deposit Insurance Corporation. "Deposit Insurance."

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  23. Federal Reserve. "CA 21-6: Suspension of Regulation D Examination Procedures." 

  24. FDIC. "Deposit Insurance." 

  25. NCUA. " Deposits Are Safe in Federally Insured Credit Unions." 

  26. Internal Revenue Service. "Topic No. 403 Interest Received."

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