Best Money Market Accounts of 2025 (High Rates + Easy Access)

What is a Money Market Account?

Money market accounts allow you to get a better interest rate on your savings. These accounts operate similarly to savings accounts and are available at most banks. Like savings accounts, they’re typically insured up to $250,000 by the FDIC or NCUA. Additional perks include the potential for a debit card and/or check-writing capabilities. 

Basically, money market accounts are a hybrid of a checking account with perks and a savings account with a high interest rate, all rolled into one. When you open a money market account, you can take advantage of a higher interest rate to increase your savings.

You won’t have to worry about market trends and taking risks when you open a money market account. Instead, your money sits in your account and accrues interest as the years go by. You can take it out any time and do with it what you please.

However, when compared to a savings account, money market accounts are limited to a maximum of 6 withdrawals per month. You may also have a limit on how many checks you can write and transfers you can make, depending on where you open your money market account. Most banks, credit unions, and investment firms offer money market accounts to their customers.

When compared to CDs, money market accounts score higher in terms of liquidity. While CDs might have a higher interest rate, you will have to keep your money locked up for 5-10 years and you’ll pay a penalty for cashing in before the expiration date. But where CDs are always FDIC-insured, you might come across a money market account that is not.

What to Look For in a Money Market Account?

All money market accounts were not created equal. Here are a few characteristics you’ll want to keep an eye out for when considering money market accounts:

• Interest rates: Banks may advertise a killer interest rate, but be careful to read the fine print. These introductory rates won’t last long and typically give way to lower ongoing rates. You should also do your research when it comes to interest tiers, which can get complicated fast. 
• Fees: These include monthly maintenance fees, minimum balance fees, transfer fees, etc.  
• Minimum balances: The balance required to open an account is not the same as what might be required within the account once it’s established. Keep an eye on these numbers to prevent unseen fees for having less in your account than is required. 
• Restrictions: Most money market accounts are limited to 6 outgoing transfers, but check with your financial institution to see what their policy is. 
• Perks: Banks will offer specific perks to stand out from their competitors. These include the ability to write checks from your account, a corresponding debit card, ATM fee reimbursement, or online tools.

You might have heard of retirement money market accounts. These accounts provide you with tax advantages if you pair them with an IRA and can be good for liquidity in the case of an emergency. Ask your bank if they offer these types of money market accounts if you’re interested in setting one up. 

Many major banks will offer traditional money market accounts, but you can also find money market accounts from online-only financial institutions as well. If you find that your funds go above the FDIC-insured limits for your new money market account, consider spreading out your wealth to several accounts for ultimate protection.

How to Open a Money Market Account?

Opening a money market account isn’t much different from opening a checking or savings account, though there are certain aspects that vary slightly. Let’s take a closer look at how you can open a money market account today. 

1. Search out money market rates from banks you trust. If you’re not sure which banks to consider, check out our list below. We’ve got over a dozen listed to help you get started with a money market account. 
2. Once you’ve decided on a financial institution, it’s time to complete an application. The application varies from one bank to the next but includes some of the same basic information. Examples include your ID (such as a driver’s license), your birth certificate, a social security number, your phone number, and/or proof of address. You can typically complete an application online or in person unless otherwise noted by your financial institution of choice.  
3. Funding your account comes next. This is common for most money market accounts, but not always necessary. If you are applying online, you’ll likely need to do an electronic transfer. However, you can also pay with cash or a check if you open a money market account in person. 
4. Depending on the terms of the money market account, you may need to set up banking and/or direct deposit to complete the sign-up process. Link your accounts as necessary and you should be ready to use your money market account any way you wish. 

Now that you know how to open a money market account, let’s take a look at a few you’ll want to take advantage of to get the best interest rate possible.  While other perks can certainly help offset a lower interest rate, it’s a good idea to go after money market accounts that offer you a high interest rate from the get-go. 

FAQs

Make the Most of Your Savings with Money Market Accounts

Now that we have shown you our candidates for the best money market accounts, hopefully, you understand what features you should look for when deciding between them.

These features can make or break a money market account, especially if you’re looking for something in particular.

We hope you’ve found this article on money market accounts useful. These accounts can be a great way to earn more interest on your savings than even high-yield savings accounts.

Plus, you’ll have access to unique features from each financial institution, depending on where you bank. With the right approach, money market accounts can round out a portfolio for a solid investment strategy.