Following the recent rise in interest rates, money market accounts have become one of the best low-risk ways to earn solid returns on your cash.
With yields now topping 3.50% at some banks, these accounts are offering savers a rare combination of safety, flexibility, and growth.
Whether you’re building your emergency fund or simply want a smarter place to hold your cash, the following money market accounts stand out for their high APYs, low fees, and overall value.
Best Money Market Accounts of 2026
Bottom line: Money market accounts offer higher yields than traditional savings with added flexibility like check writing and debit card access. Our top pick, UFB Portfolio Money Market, delivers a competitive 3.40% APY with no minimum opening deposit and full liquidity features.
UFB Portfolio Money Market
UFB Direct, a division of Axos Bank, Member FDIC
*Waived with $5,000+ balance
- Competitive 3.40% APY on all balances
- No minimum deposit to open
- Includes debit card and check writing
- 24/7 online and mobile banking
- FDIC insured up to $250,000
- $10 monthly fee under $5,000 balance
- No physical branch locations
- Rate may change with market conditions
Why we picked it
UFB Portfolio Money Market stands out by combining a highly competitive APY with features you rarely see in high-yield accounts: debit card access and check-writing privileges. This gives you the flexibility of a checking account with the earning power of a high-yield savings account. For savers who want to maximize returns without sacrificing access to their funds, it's an ideal choice. The $5,000 minimum to waive the monthly fee is reasonable for most emergency fund goals.
Compare the Best Money Market Accounts
We evaluated dozens of money market accounts based on APY, fees, minimums, access features, and overall user experience. Here are our top picks for 2026:
| Bank | APY | Min. to Open | Monthly Fee | Rating | |
|---|---|---|---|---|---|
| UFB Portfolio Money Market Top Pick UFB Direct (Axos Bank) | 3.40% | $0 | $10 (waived w/ $5K+) | Open Account | |
| Barclays Money Market Barclays Bank | 3.90% | $0 | None | ||
| Sallie Mae Money Market Sallie Mae Bank | 3.85% | $0 | None | ||
| Marcus by Goldman Sachs Goldman Sachs Bank USA | 3.65% | $0 | None | ||
| Capital One 360 Capital One, N.A. | 3.40% | $0 | None | ||
| Discover Money Market Discover Bank | 3.30% | $2,500 | None | ||
| First Internet Bank First Internet Bank | 3.25% | $100 | $5 (waived w/ $4K+) |
What Is a Money Market Account?
A money market account (MMA) is a type of deposit account offered by banks and credit unions that typically pays higher interest rates than regular savings accounts while providing easier access to your funds. Think of it as a hybrid between a savings account and a checking account.
Higher Interest Rates
MMAs typically offer higher APYs than traditional savings accounts, helping your money grow faster while remaining accessible.
Debit Card Access
Many MMAs include a debit card for ATM withdrawals and purchases, giving you more flexibility than standard savings accounts.
Check Writing
Unlike savings accounts, many MMAs allow you to write checks directly from your account for convenient bill payments.
FDIC Protection
Your deposits are federally insured up to $250,000, providing the same protection as checking and savings accounts.
How to Choose the Right Money Market Account
When comparing money market accounts, focus on these key factors:
1. Annual Percentage Yield (APY)
The APY tells you how much interest you'll earn over a year, including compound interest. A higher APY means more earnings, but don't chase rate alone—consider the full picture including fees and minimums.
2. Minimum Balance Requirements
Some accounts require minimum balances to open, earn the advertised APY, or avoid monthly fees. Make sure the requirements align with how much you plan to deposit.
3. Monthly Fees
Many high-yield MMAs charge monthly maintenance fees that can eat into your earnings. Look for accounts with no fees or easily waivable fee thresholds.
4. Access Features
Consider how you'll need to access your money. Do you want a debit card? Check-writing privileges? Mobile check deposit? These features vary by account.
5. Transaction Limits
While federal Regulation D limits were suspended, some banks still impose their own withdrawal limits. Check the fine print if you anticipate frequent transactions.
Money Market vs. Savings Accounts
Both money market and savings accounts are FDIC-insured options for storing your emergency fund or short-term savings. Here's how they compare:
| Feature | Money Market Account | Savings Account |
|---|---|---|
| Typical APY | 3.25% – 4.00% | 3.50% – 4.50% |
| Debit Card | Often included | Rarely offered |
| Check Writing | Often included | Not available |
| Minimum Balance | Often higher | Usually lower |
| FDIC Insured | Yes, up to $250K | Yes, up to $250K |
| Best For | Emergency funds needing quick access | Long-term savings goals |
Frequently Asked Questions
Yes. Money market accounts at FDIC-insured banks are protected up to $250,000 per depositor, per institution. This means your deposits are backed by the full faith and credit of the U.S. government, just like checking and savings accounts.
Financial experts typically recommend keeping 3-6 months of living expenses in an easily accessible account like a money market. This serves as your emergency fund. Beyond that, you might consider investing additional savings for potentially higher long-term returns.
You cannot lose your principal in an FDIC-insured money market account (up to the $250,000 limit). However, if your interest earnings are lower than inflation, your purchasing power could decrease over time. Note: Money market accounts are different from money market funds, which are investments that can fluctuate in value.
Money market rates are variable and can change at any time based on market conditions and Federal Reserve policy. When the Fed raises or lowers interest rates, banks typically adjust their MMA rates accordingly. It's wise to periodically compare rates to ensure you're still getting a competitive yield.
CDs (certificates of deposit) lock your money for a fixed term (3 months to 5+ years) in exchange for a guaranteed rate. Money market accounts offer more flexibility—you can withdraw funds anytime—but rates may change. Choose a CD if you won't need the money and want rate certainty; choose an MMA for emergency funds or flexible savings.
Start Earning 3.40% APY Today
Open a UFB Portfolio Money Market account in minutes. No minimum deposit required, FDIC insured, and full access to your funds.
Open Your AccountOur Methodology
We evaluated over 50 money market accounts from online banks, traditional banks, and credit unions. Our ratings consider APY competitiveness, fee structures, minimum balance requirements, access features (debit cards, checks, ATM networks), mobile banking experience, and customer service quality. We update our rankings monthly to reflect current rates and any changes to account terms. Our top pick balances competitive yield with practical features for everyday use.
Rates and terms accurate as of January 15, 2026 and subject to change. APYs may vary by balance tier. FDIC insurance provided through member banks. My Millennial Guide may receive compensation when you click on partner links. This does not influence our rankings or recommendations, which are based on editorial judgment. Please review account terms and conditions before opening an account.