Savings

Compare Money Market Accounts: Top Banks in 2020 So Far and Reasons for Starting an MMA

A money market account is a great way to potentially earn more money beyond what a traditional savings account offers. Many MMAs offered tiered rates, with the ability to get more back for maintaining a higher balance. If you think you have enough money to put into an MMA, then it’s time to compare money market accounts online to help you find the best option.

There are literally thousands of credit unions and banks in all 50 states, and some of them operate entirely online. In recent years, the rate on MMAs has grown, although each bank has its own rules regarding the minimum amount required, number of transactions allowed per month, whether or not the rate is guaranteed, and so forth.

Here are a few of the top money market accounts right now for you to compare:

Ally Bank

This is a very popular internet-only bank. It offers an APY of 0.75% on all of its balance tiers. Trust that your money is FDIC-insured, and that there are no minimums or sneaky fees to worry about when opening an account. There is an option to deposit checks remotely. You can make unlimited ATM withdrawals and up to six additional transactions.

UFB Direct

This is another online bank to look into if you want to compare money market accounts. It’s actually a division of Axos Bank and is able to offer competitive APY rates. You can actually earn up to 1.90% APY on balances of $25,000 or greater. If you have that amount of money and want to put it into savings, this money market account is definitely worth considering.

Sallie Mae

Sallie Mae offers more than just student loans. It actually provides a range of savings products as well. Whether you’re a student, a parent, or simply want to put your money into a good, trustworthy bank, Sallie Mae has no minimum balance requirement and offers an APY of 1.75% right now. There are other perks such as easy online account management and no maintenance fees to worry about.

CIT Bank

This bank might be your bet if you want an online bank. CIT Bank has an excellent reputation and only requires a minimum of $100. The APY goes up to 1.80%. Interest is earned on a daily balance, which is compounded daily and paid monthly.

If you want to compare money market accounts, then start by taking a look at these companies – especially CIT Bank.

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