12 best money market accounts of December 2024: Earn up to 5.20% APY

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Money market accounts are another type of savings account where you can stash your cash to earn interest and grow over time. Money market accounts stand out from other savings vehicles like brick-and-mortar savings accounts, high-yield accounts and CDs for their checking account features.

Many of the best money market accounts offer savers perks they would normally find in a checking account, such as checkwriting privileges, debit cards and ATM access with out-of-network fee reimbursements.

CNBC Select compared dozens of choices to determine which money market accounts are the best. The ones we selected for our ranking all offer above-average APYs, along with either or both check writing privileges and/or debit card/ATM access to your cash. All of the banks on this list are FDIC-insured. (See our methodology for more information on how we chose the best money market accounts.)

The Ally Bank Money Market Account is a straightforward, online-only option with no minimums or monthly fees. Savers get access to both checks and a debit/ATM card.

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The CFG Bank High Yield Money Market Account is a great option for those chasing higher returns, but note that it requires a minimum of $1,000 to earn its above-average APY and waive the $10 monthly fee. CFG's MMA also doesn't offer any checking account features.

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The above-average APY offered with the EverBank Yield Pledge® Money Market is only available your first year of being a new account holder up to a pretty high balance of $250,000. There are no minimums or monthly fees, and savers get access to both checks and a debit/ATM card.

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The online-only First Internet Bank of Indiana Money Market Savings offers the highest APY we found, but you need a hefty amount of cash to earn it as it's only available on daily balances above $1,000,000. Savers will have debit/ATM card access.

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The Prime Alliance Bank Personal Money Market has no minimums or monthly fees, but it also doesn't offer any checking account features.

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With the Quontic Bank Money Market Account, you get access to checks and a debit/ATM card for no monthly fee and a small minimum deposit of $100.

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The Redneck Bank Mega Money Market® account has a good APY available on balances up to a whopping $100,000. There's a required $500 minimum to open an account, but the online-only bank gives savers access to checks and a debit/ATM card.

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Interested Republic Bank of Chicago Digital Money Market account holders must put down a minimum $2,500 deposit to open an account and waive the $25 monthly fee. While you won't get any debit/ATM card access, you'll get access to checks.

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With the online-only Sallie Mae Money Market Account, you won't have to meet minimums or pay monthly fees. There's no debit/ATM card access, however.

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The UFB Portfolio Money Market is another option offering one of the highest APYs. There's a $5,000 minimum deposit to open the account, however, and to waive the $10 monthly fee. So, it's best for those with a steady amount of cash. You'll get access to checks and a debit/ATM card.

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The online-only Vio Bank Cornerstone Money Market Savings Account has a great APY for just a $100 minimum deposit. There are no checking account features, however.

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The online-only ZYNLO Money Market Account has a decent APY up to a pretty high balance cap of $250,000, plus a small minimum deposit of $10 and zero monthly fees. There are no checking account features, however.

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The Ally Bank Money Market Account offers an above-average APY that is available on all balance tiers and Ally will even reimburse your out-of-network ATM fees up to $10 per month.

Annual Percentage Yield (APY)

Up to 4.00% APY

Minimum balance

None

Monthly fee

None

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The CFG Bank High Yield Money Market Account's APY is one of the highest we've seen on the market and the bank has some physical locations for those to visit in person.

Annual Percentage Yield (APY)

Up to 4.90% APY

Minimum balance

$1,000 minimum deposit; $1,000+ minimum balance to obtain APY

Monthly fee

$10, with an option to waive if account maintains minimum $1,000 balance

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EverBank pledges that the EverBank Yield Pledge Money Market's APY will stay in the top 5% of competitive accounts. Plus, the high rate offered your first year is fixed so it won't change and it has a pretty high balance cap. EverBank will reimburse your out-of-network ATM fees up to $15 per month and there are physical branch locations you can visit.

Annual Percentage Yield (APY)

Up to 4.00% APY

Minimum balance

None

Monthly fee

None

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First Internet Bank of Indiana Money Market Savings has a very attractive APY offering for those with ultra-large balances. The bank will reimburse your out-of-network ATM fees up to $10 per month.

Annual Percentage Yield (APY)

Up to 3.77% APY

Minimum balance

$100 minimum deposit

Monthly fee

$5, with an option to waive if account maintains minimum $4,000 balance

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Prime Alliance Bank Personal Money Market offers a competitive APY for a basic savings product and there's a physical branch location customers can visit.

Annual Percentage Yield (APY)

Up to 4.50% APY

Minimum balance

None

Monthly fee

None

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The Quontic Bank Money Market Account offers a solid APY and there are a few physical locations customers can visit.

Annual Percentage Yield (APY)

Up to 5.00% APY

Minimum balance

$100 minimum deposit

Monthly fee

None

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Aside from offering a strong APY, Redneck Bank Mega Money Market makes it easy to waive the $3 monthly fee by just enrolling in paperless billing.

Annual Percentage Yield (APY)

Up to 4.40% APY

Minimum balance

$500 minimum deposit

Monthly fee

$3, unless you opt for paperless billing

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Republic Bank of Chicago Digital Money Market offers one of the highest APYs we found on MMAs, plus there are physical branch locations.

Annual Percentage Yield (APY)

Up to 4.71% APY

Minimum balance

Minimum $2,500 deposit

Monthly fee

$25, with an option to waive if account maintains a minimum $2,500 balance

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The Sallie Mae Money Market Account gives savers access to checks and it will even send them for free when you open an account.

Annual Percentage Yield (APY)

Up to 4.20% APY

Minimum balance

None

Monthly fee

None

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The UFB Portfolio Money Market's standout APY is offered on all balance tiers and the bank has a physical location.

Annual Percentage Yield (APY)

Up to 4.31% APY

Minimum balance

$5,000 minimum deposit

Monthly fee

$10, with an option to waive if account maintains minimum $5,000 balance

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The Vio Bank Cornerstone Money Market Savings Account makes it easy to waive the $5 monthly fee by enrolling in paperless billing.

Annual Percentage Yield (APY)

4.90% APY

Minimum balance

$100 minimum deposit

Monthly fee

$5, unless you opt for paperless billing

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Unlike most other accounts, ZYNLO Money Market Accounts are fully insured with no coverage cap. The FDIC insures deposits up to $250,000, while all deposit amounts above the FDIC limit are insured in full by the Depositors Insurance Fund (DIF).

Annual Percentage Yield (APY)

Up to 5.00% APY

Minimum balance

$10 minimum deposit; $.01 minimum balance to obtain APY

Monthly fee

None

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A money market account is a savings account that earns a higher interest rate than your traditional savings (more in line with what high-yield savings accounts offer), but it also differs with its checking account features, such as checkwriting privileges, debit cards and ATM access with out-of-network fee reimbursements.

Money market accounts vs. savings accounts

Money market accounts and savings accounts have many similarities. The main difference between money market and savings accounts is that money market accounts can provide easier access to your cash compared to savings accounts. Money market accounts generally allow you to write checks and use a debit card linked directly to the account, whereas savings accounts typically don't. Also, money market accounts usually have higher minimum balance requirements.

A money market account combines the features of both a checking and savings account.

Savers can withdraw or spend the cash in their account like they would if it were a checking account, including writing checks, swiping their debit card, using their ATM card or making an electronic transfer.

You earn interest at a higher rate with a money market account than with an interest-bearing checking account (and more than with a traditional savings account), but you're typically subject to the same federal withdrawal and transfer limit that savings accounts have: six per statement cycle (not counting ATM withdrawals). This means that money market account savers are limited to the number of checks that they can write from their account each month.

Interest rates on money market accounts currently fluctuate between around 4.00% to 5.50% APY.

Your cash in a money market account is safe since most banks offer FDIC insurance and your money isn't invested in the market.

With FDIC insurance, if your bank were to suddenly collapse and go bankrupt, your money is covered up to a $250,000-per-person limit and will be refunded to you. When shopping around for the best money market account, check that the bank is FDIC-insured. Be sure not to confuse money market accounts with money market funds, which are investment products that are not insured. Keep in mind that while you won't lose the money in your money market account, any withdrawals that you make will lower your principal balance/earnings.

When choosing a money market account, a high APY is probably the biggest attraction. Around 5% APY is considered competitive in today's market. However, there are other features to consider as well. For example, consider if the money market account offers any checking features, like checkwriting privileges or a debit/ATM card. ATM withdrawals aren't included in the monthly withdrawal limit, so having one is a nice perk. And, as with any bank account, having no monthly fees or minimum balance requirements can leave you less stressed about how much you keep in your account.

What you should know about money market accounts is that they offer a competitive savings APY, as well as easy access to your money. Unlike money market funds, money market accounts don't invest your money in the market so your cash is safe, secured and FDIC-insured up to $250,000 per account. Keep in mind that rates on money market accounts are variable and can change at any time. The rate you get when you open an account is not guaranteed forever.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every money market account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings and banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best money market accounts.

To determine which money market accounts offer the best return on your money, CNBC Select analyzed dozens offered by online and brick-and-mortar banks, including large credit unions.

We found that the APYs offered by online banks and credit unions far outpaced those offered by most national brick-and-mortar banks. While many credit unions have good money market account options, they didn't make our final list because the majority require membership, which can require you to jump through several hoops to qualify. This is a ranking of only money market accounts, excluding any money market funds (which are investment products).

We prioritized accounts that offer competitive APYs, or higher-than-average rates. While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each account on a range of other features, including checkwriting abilities, debit card and ATM access, website and mobile features, as well as factors such as insurance policies and customer reviews when available. We considered users' deposit options and the frequency with which the interest compounds, as well as taking into account CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

All of the money market accounts included on this list are FDIC-insured up to $250,000 per person. If you are opening a joint account money market account, the insurance limit is doubled.

The rates and fee structures banks advertise for their money market accounts are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a money market account, the APY you earn is a variable rate — meaning it can go up and down at any time. Your earnings depend on the amount you deposit into your money market account, your APY, any additional contributions and associated fees, as well as withdrawals that you make from your account. Generally, larger deposits and a higher interest rate will earn you the most money. Any withdrawals will lower your principal balance/earnings.

To open a money market account for the first time, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

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