Banks.com Best Money Market Rates: July 2019

Banks Editorial Team · July 23, 2019

Best Money Market Rates

We’ve identified 10 of the best money market rates available today, from both traditional banks and Fintech firms.  Your local bank or credit union probably offers a money market account as a higher-interest alternative to a traditional savings or checking account option. With the wide range of FDIC-insured money market accounts available from traditional and online banks, though, you aren’t limited to institutions in your immediate geographic area.

 

 

The problem? There are so many options that you may not know what will best meet your needs. In fact, with the growing emergence of Fintech brands moving into this space — and offering higher yields and a wider range of services – you may be overwhelmed with the possibilities. To help, we’ve identified some of the most promising money market accounts available today, from both traditional banks and Fintech firms.

1. BBVA

BBVA Compass Bank serves more than 73 million people around the world and has $80 billion in assets, maintaining physical branches in its home state of Alabama as well as throughout the southern U.S. You’ll reap the most rewards if you maintain a $10,000 balance, but you can open an account with as little as $25. You may be able to take advantage of a $100 bonus offer if you deposit at least $10,000 and leave it in your account for at least 90 days.

  • Current Interest Rate: 2.00% APY for more than $10,000
  • Minimum Deposit/Balance Required: $10,000 to get the best rate
  • Fees: $15/month service charge if your balance is less than $10,000. You can avoid the charge by setting up an automatic recurring $25 monthly transfer from a BBVA checking account
  • Ease of Use: Excellent. Online banking and mobile banking app tools make moving money quick and easy. BBVA’s mobile app won a 2018 award for its ease of use

2. BMO Harris Bank

BMO Harris Bank’s Platinum Money Market Account permits in-person or online banking from a Chicago-based financial institution with branches in the Midwest, Arizona and Florida. There’s no minimum balance to start earning dividends and no monthly service fee, regardless of your balance, though you’re only guaranteed the cited APY interest rate if you maintain at least a $5,000 balance.

  • Current Interest Rate: 2.45% APY
  • Minimum Deposit/Balance Required: $5,000
  • Fees: No monthly maintenance fee. $3 for third-party ATM use
  • Ease of Use: Average. You can perform all the transactions you need online

3. Personal Capital

Originally started as an online financial adviser tool, Personal Capital is branching out to give consumers a place to combine all their financial information in one place. The benefit is that you may be able to more easily review fees that you’re paying on all your accounts, review your current investment balance and better analyze your investment opportunities. There is no minimum balance required. By itself, the money market account is not charged management fees, but if you utilize their customized wealth management services you’ll pay a fee of 0.89% if you have less than $1 million.

  • Current Interest Rate: 2.3% APY
  • Minimum Deposit Required: None
  • Fees: None for the money market account; up to 0.89% with wealth management services
  • Ease of Use: Good. All transactions are conducted through the Personal Capital dashboard that’s accessible via web and mobile app. Some users report a complicated web interface, but that’s updated and improved regularly

4. Wealthfront Cash

Wealthfront Cash is a newer Fintech firm that aims to compete with banks via excellent rates, low balance requirements and no fees. No wonder why it’s included in our best money market rates for this year. They do this by automating services and minimizing frills. For example, their money market account does not offer checks or debit cards, and moving money between Wealthfront accounts isn’t offered, though the company says they’re working to add features.

  • Current Interest Rate: 2.57% APY
  • Minimum Deposit Required: $1
  • Fees: None
  • Ease of Use: Good. Easy to set up and make withdrawals via web or mobile app

5. CIT Bank Money Market Account

CIT, a national online bank, offers an account that works well for those who can’t or don’t wish to maintain a higher monthly balance. Open the account with as little as $100. The interest rate is not as high as others that require higher minimum balances.

  • Current Interest Rate: 2.05% APY
  • Minimum Deposit Required: $1,000 to get the best rate
  • Fees: None
  • Ease of Use: Average. Since the bank is online only, you must use their website or app to do your banking

6. UFB Direct Money Market Account

UFB requires a relatively high minimum balance to earn the best rates and avoid fees, but they include some nice perks, like check-writing privileges, a debit card and free transfers between your accounts.

  • Current Interest Rate: 2.45% APY
  • Minimum Deposit Required: $25,000 to get the best rate
  • Fees: None with $5,000 minimum balance
  • Ease of Use: Good. You can use SMS text messaging to access some parts of your account

7. Marcus by Goldman Sachs

This flexible account from Goldman Sachs lets you earn a decent rate even without a high balance. Customer service is more highly ranked than average.

  • Current Interest Rate: 2.15% APY
  • Minimum Deposit Required: None
  • Fees: None
  • Ease of Use: Easy to set up. Has a U.S.-based customer service center open 7 days a week for any questions/issues you have

8. Capital One 360 Money Market Account

While you have to maintain a higher balance to get maximum yields from this Capital One account, you’ll still earn 0.85% APY if you fall below $10,000. The size of Capital One means you’ll have most of the features you want in an account.

  • Current Interest Rate: 2.00% APY
  • Minimum Deposit Required: $10,000
  • Fees: None
  • Ease of Use: Good. Capital One has several online tools to help you do you banking and set up automated savings plans. You can add checking and use a debit card with your account

9. Discover Bank Money Market Account

Discover touts the ease of getting cash from your account whenever you need it, and backs this up with checks, debit card and a large network of ATMs that you can quickly locate via mobile app.

  • Current Interest Rate: 1.95% APY (2.00% APY for balances over $100,000)
  • Minimum Deposit Required: None
  • Fees: None
  • Ease of Use: Good. Online tools include the ability to freeze and unfreeze use of your debit card, find ATMS and do regular banking transactions like depositing checks

10. State Farm Bank Money Market Account

State Farm is well known for insurance, but it also makes several financial accounts available; you don’t have to be an insurance client to open a money market account. Don’t, however, think you can bank at your local insurance agent’s office. You’ll need to do most of your transactions online and by phone.

  • Current Interest Rate: 2.15% APY
  • Minimum Deposit Required: $1,000
  • Fees: $10 if you fall below the minimum balance of $500
  • Ease of Use: Average. Online tools allow you to make transactions as needed

Now it’s up to you to identify the best money market rates that most suit your savings needs.

 

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