Are you interested in opening a money market account? This kind of account is a type of deposit account that is offered primarily by credit unions and banks of all sizes. It pays interest on the deposits and can be used for long-term or short-term savings Some withdrawals may be allowed with some restrictions. Some common uses of creating a MMA account include emergency savings, money to put away that will eventually be used as a car or home down payment, and money that might be put into stocks and other types of investments at some point. Only consider putting money in a bank that has the best money market yields.
The difference between MMAs and CDs is that CDs do usually pay higher rates, but they are term deposits and that can trigger a penalty should you withdraw funds before the end of the agreed-upon date.
Best Money Market Yields By Bank
If you choose an online bank or financial institution, you will likely be able to get a higher money market yield.
Here are a few of the best money market yields offered by online banks right now:
StateFarm
Get an introductory rate of 1.85% when opening a money market account with StateFarm. Additional benefits include complimentary ATM card and permission to write checks or transfer funds whenever you need to do so.
UFB
With a Premium Money Market account with UFB, earn up to 2.00% APY on balances of $25,000 or higher. There are no monthly maintenance fees when the minimum average daily balance is $5,000. For smaller funds of $9,999 or less, you still get a decent APY of 0.50%.
Marcus by Goldman Sachs
This is one of the best money market yields because its APY of 1.90% is almost constant and hardly fluctuate. It is an FDIC-backed bank and has no minimum deposit requirements and zero maintenance fees to worry about.
Ally Bank
This is an internet-only bank that is growing in popularity. If your daily balance is $5,000 or less, you’ll still get a pretty decent APY in the money market account of 0.90%. The more money you keep in the account, the higher the APY.
CIT Bank
Not only does CIT Bank offer some of the best money market yields (currently at 1.85%), it’s also among the best banks and has great customer service. Earn as much as 20x the national average, get 24/7 security, and have fast, easy access to your funds with this FDIC-insured bank.
All of these banks are good. However, if one deserves the #1 spot the most for the best money market yields and customer service, it is CIT Bank.