The Money Market Accounts With The Highest Interest Rates

If you’ve never considered a money market account before – or have never even heard of one – you probably should. Money market accounts, or MMA’s, offer a kind of hybrid model between checking and savings accounts, and you can likely take advantage of the best of both worlds.

Read on to learn more about what exactly a money market account is, as well as some of the MMAs with the highest interest rates you’ll be able to take advantage of in 2021.

What is a Money Market Account?

Money market accounts are a type of account that can be opened in many U.S.-based banks or credit unions. They typically have higher interest rates, like savings accounts or CDs, but they’re also easily accessible through a debit card or checkbook, like a checking account.

However, similar to savings accounts, they usually only have a limited number of withdrawals you can make in any given cycle. And unlike CDs, you can add money whenever you want and withdraw money whenever you want.

It combines all the best factors of every type of account: high interest rates like that of a CD; you can continuously input money like a savings account; and you can access it with a debit card or check. This makes it great for an emergency or long-term savings fund.

UFB Direct

Although supplying a lower yield than other institutions on the list, UFB Direct does have some benefits. They offer a 0.20% APY on balances of $25,000 or more, so this account is best for those who can bring forth a lot of money upfront.

You can still have money in the account below $25,000, provided the amount is about their minimum deposit of $5,000; you’ll just earn the lower APY of 0.10%. You can have an amount below the minimum deposit, but you’ll have to pay a maintenance fee.

Navy Federal Credit Union

Navy Federal Credit Union has some of the highest rates of all time, with a 0.60% APY. The downside is that you can only join this credit union if you’re an active member of the military, a retired veteran, or an immediate family member of one.

You also have to have a minimum balance of $2,500 in order to earn any interest at all, but the APY will continue to increase at up to $250,000, which is a bonus.

Axos Bank

Axos Bank boasts another one of the highest interest rates, with a 0.60% APY. It’s an online bank only, which is something to consider if you prefer brick-and-mortar institutions and face-to-face communication, as they only have remote and telecommunication customer service options. However, they have no monthly fees and are easily accessible through mobile devices.

CIT Bank

CIT Bank is a great option for those who don’t have as much to start with, as they only require a $100 minimum opening account balance and they have a 0.50$ APY on all balances, making this bank a highly attractive option to open an MMA.

They also offer free P2P transfers among accounts, and have high-yield savings accounts and CDs as well, if you’re looking for more services than just an MMA. They do have a $25 overdraft fee and a limit of 5 withdrawals per month, with a $10 excess withdrawal fee.

Sallie Mae Bank

The Sallie Mae Bank is an incredibly attractive option and has another of the highest interest rates, with a 0.55% APY on all balances, no minimum deposit, and no maintenance fees. They have an easy to navigate and use mobile and web system as well. They also offer other great high-yield savings opportunities.

However, they have very limited customer service hours and do not offer checking accounts. They have a limit of 6 withdrawals per month, with a $10 excess withdrawal fee and a $19 overdraft fee.

Nationwide Bank

Nationwide Bank is attractive for those who may not have enough money to invest at larger amounts, as they require a $1,000 minimum deposit in order to avoid maintenance fees. They also have a 0.50% APY on all balances up to $100,000, making this a great option for an emergency fund.

They are also fully accessible through the mobile app, which is considered to have a great design and functionality.

Ally Bank

Ally Bank is another option on this list that is highly considered. They seem to be bursting with benefits: a 0.50% APY, no minimum deposit, 24/7 accessible customer service, and debit and check access to your accounts at any time.

Their only fees are reasonable as well, with up to 6 transactions per month, a $10 excessive transaction fee, and a $25 overdraft fee.


To conclude, money market accounts function similarly to hybrid checking and savings accounts by combining all the best parts of each. They offer high interest rates like savings accounts, but the accessibility of checking accounts. Some of the downsides include the potential for fees and minimum opening account amounts.

Hopefully, this list will have given you some idea of the options out there available for you to consider opening a money market account that have the highest interest rates going into 2021.