A money market account pays a savings-style rate, and some add check writing or a debit card.
Top picks
Quontic Money Market
UFB Portfolio Money MarketRates verified on each bank’s site at this update. Rates are variable. Terms apply.
The best money market accounts
1. Raisin
Best rateWhy we picked it Raisin is a marketplace, not a bank. The top money market account it lists pays 4.11% APY and opens with $1.
- No platform fees or withdrawal penalties
- Up to $1,000 Raisin savings bonus
- No checks or debit card
- Rate varies by partner bank
4.11% APY is the Ponce Bank Money Market Deposit Account as listed on Raisin at this update. Rates vary by product and can change. Bonus: new customers, code STACK, first deposit must be started by October 31, 2026, $10,000 or more held 90 days. Raisin is not a bank. Deposits are held at FDIC-insured banks and NCUA-insured credit unions.
2. Quontic Money Market
Best with check writingWhy we picked it The top bank money market rate on this page, with a free debit card, check writing and no monthly fee.
- Free debit card and check writing
- No monthly service fees
- $100 minimum to open
- Pays less than Raisin’s top rate
APY as listed by Quontic at this update: 3.90% on all balance tiers. The Money Market Account is a tiered variable account. Rates may change without notice. Fees could reduce earnings. Quontic Bank, Member FDIC.
3. UFB Portfolio Money Market
No minimum to openWhy we picked it Check writing with no minimum to open. Keep $5,000 in it and the $10 monthly fee goes away.
- Check-writing privileges
- No minimum balance to open
- $10 monthly fee under $5,000
- Lower rate than Raisin and Quontic
APY as listed by UFB Direct at this update: up to 3.26% on all balance tiers. The rate is variable and may change as often as daily without prior notice. Fees may reduce earnings. The $10 monthly fee applies when the average daily balance falls below $5,000. Bank products and services are offered by Axos Bank, Member FDIC.
4. CIT Platinum Savings
Savings account alternativeWhy we picked it This is a savings account. It is here because its 3.75% APY on $5,000 or more beats some money market rates.
- 3.75% APY on $5,000 or more
- No monthly service fee
- 0.25% APY below $5,000
- $100 minimum to open
APYs as listed by CIT Bank: 0.25% on balances of $0.01 to $4,999.99 and 3.75% on balances of $5,000.00 or more. Rates are variable and may change at any time without notice. CIT Bank is a division of First Citizens Bank. Member FDIC.
Compare money market accounts
| Account | APY | Minimum to open | Monthly fee | Access | |
|---|---|---|---|---|---|
| Money market accounts | |||||
| Raisin | Up to 4.11% | $1 | $0 | Transfers only | See rates |
| Quontic Money Market | 3.90% | $100 | $0 | Debit card, checks | Visit Quontic |
| UFB Portfolio Money Market | 3.26% | None | $10, or $0 with $5,000 | Check writing | Open account |
| Savings account alternative | |||||
| CIT Platinum Savings | 3.75% on $5,000+ | $100 | $0 | Online transfers | Open account |
| Other money market accounts, for comparison | |||||
 Sallie Mae Money Market | 3.60% | None | $0 | Check writing | Visit Sallie Mae |
 Ally Bank Money Market | 3.10% | None | $0 | Debit card, checks | Visit Ally Bank |
Rates verified on each bank’s site at this update. Rates are variable. Terms apply.
MoreBest 5% interest savings accounts
Money market account vs. savings account
Both are insured deposit accounts that pay a variable rate. The difference is access. A money market account can come with checks or a debit card, so you can pay a bill straight from it. A savings account moves money by transfer to a linked account.
A money market account does not always pay more. On this page, CIT Platinum Savings pays 3.75% APY on $5,000 or more, which is more than the 3.26% APY on UFB’s money market account. If you will never write a check from it, compare the best high-yield savings accounts before you choose.
A money market account is also not a money market fund. A fund is an investment you buy through a brokerage. It is not FDIC insured and its value can change.
| Feature | Money market account | Savings account |
|---|---|---|
| Interest rate | Variable | Variable |
| Checks or debit card | On some accounts | Rare |
| Federal insurance | FDIC or NCUA, up to $250,000 | FDIC or NCUA, up to $250,000 |
| Best for | Cash you may need to spend directly | Cash you move by transfer |
MoreBest cash management accounts
Before you open a money market account
Four things savers ask first.
Quontic Bank, Axos Bank (UFB Direct) and First Citizens Bank (CIT Bank) are FDIC members, covered up to $250,000 per depositor, per bank. Raisin is not a bank; it places deposits at partner institutions, where pass-through FDIC or NCUA insurance applies up to $250,000 per institution, subject to conditions. See what happens when a bank fails.
A money market APY can change at any time without notice. UFB Direct says its rate may change as often as daily. Confirm the rate on the bank’s site before funding. If you want a rate that cannot drop, compare the best CD rates.
The Federal Reserve dropped its six-per-month transfer limit in April 2020, but banks can still set their own. UFB Direct’s account agreement allows a limit of six certain transfers a month and a $10 fee for each one over it. Raisin has no checks or card, and a withdrawal takes 1 to 2 business days.
Money market interest is ordinary income. Banks report it on Form 1099-INT when it reaches $10 in a year.
How we chose these
APY, the minimum to open, the monthly fee, and whether the account comes with checks or a debit card. Money market accounts rank ahead of the savings account.
Every rate was checked on the bank’s own page at this update.
Rates are variable and can change at any time, so confirm with the bank before you fund an account.
Money market account FAQs
As of this update, Raisin lists the highest money market rate on this page at up to 4.11% APY, and you only need $1 to open. It has no checks or debit card. Quontic Money Market pays 3.90% APY on all balances with a free debit card and check writing, and UFB Portfolio Money Market pays 3.26% APY. Rates are variable, so confirm the rate with the bank the day you fund.
It is a deposit account at a bank or credit union that pays a variable interest rate, like a savings account. Many also let you write checks or use a debit card, which a savings account usually does not. It is not the same as a money market fund, which is an investment and is not FDIC insured.
Yes, when the deposits are federally insured. Quontic Bank, Axos Bank (UFB Direct is one of its brands) and First Citizens Bank (CIT Bank is one of its divisions) are FDIC members, which covers deposits up to $250,000 per depositor, per bank. Raisin is not a bank. It places deposits at partner banks and credit unions, where FDIC or NCUA insurance applies up to $250,000 per institution, subject to conditions.
Only if you will use the checks or the debit card. The rate can go either way. On this page, CIT Platinum Savings is a savings account that pays 3.75% APY on $5,000 or more, while UFB’s money market account pays 3.26% APY. Pick the money market account for access. Pick the savings account when its rate is higher and you only move money by transfer.
A CD locks your rate and your money for a set term, and you usually pay a penalty to take the money out early. A money market account has a variable rate, and you can take money out when you need it. Use the money market account for your emergency fund and a CD for cash you will not touch until the term ends.
It depends on the bank. The Federal Reserve removed its six-per-month limit on savings and money market transfers in April 2020, but banks may still set their own. UFB Direct’s account agreement allows a limit of six certain transfers a month and charges $10 for each one over it. Ask your bank for its limit before you use the account to pay monthly bills.
