9 Best Money Market Account Rates For March 2024 - Up to 5.30% | Bankrate (2024)

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Updated March 25, 2024

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Bankrate provides you with timely news and rate information on the top money market accounts from some of the most popular and largest FDIC banks and NCUA credit unions. This way you don’t have to spend time searching many bank and credit union websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.

Best money market accounts and rates for March 2024

Note: Annual percentage yields (APYs) shown are as of March 28, 2024. All other information is current as of March 25, 2024. All APYs are based on the lowest balance tier offered by the bank. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

The Federal Reserve held rates steady at its last meeting Jan. 31. Even without a 12th rate increase in the current cycle, money market account rates are already at their highest levels in more than a decade. The money market account national average APY is at 0.48 percent as of Mar. 28, 2024, according to Bankrate’s most recent survey of banks. Top money market account yields – generally at FDIC-insured online banks – are more than 11 times this.

The Federal Reserve is forecasting possible rate cuts in 2024. This could mean that competitive money market account yields could decrease a little in 2024.

However, the Fed raised rates 11 times during its current cycle — and some of the increases were 75 or 50 basis points. So top-yielding accounts should remain competitive.

Money market account yields aren’t moving higher but they will remain at very attractive levels, even as we see some pullback due to changing Fed policy.— GREG McBRIDE, CFA, BANKRATE CHIEF FINANCIAL ANALYST

A money market account is a type of savings deposit account that can be found at banks and credit unions. Money market accounts work like a savings account, where you can deposit and withdraw money. You will also earn interest on the money you keep in a money market account.

Money market accounts generally let you withdraw money, but banks may limit withdrawals and transfers. Unlike most savings accounts, money market accounts may provide check-writing privileges. You also might have a debit card and be able to access money at an ATM. The check-writing capability of money market accounts provides a degree of flexibility and liquidity often not found in other savings accounts.

High-yielding money market accounts may pay a higher interest rate than traditional savings accounts, but their minimum deposit and balance requirements might be higher, too.

Important money market account terminology

Check-writing privileges

A money market account may allow you to write checks against the account. This is one of the main differences between money market accounts and savings accounts. Savings accounts don’t usually offer this.

Interest

Money that you earn for having your funds deposited with a bank.

Compound interest

Earning interest on the previous interest you’ve earned.

Interest rate

The percentage of your balance that is paid to you over the course of one year for having your funds on deposit. This number doesn't take into account the effects of compounding.

Annual percentage yield (APY)

This takes into account the effects of compounding during the year. The best way to compare yields is to use this number, rather than comparing interest rates. The higher the APY, the more interest you’ll earn on your cash.

Minimum balance requirement

The amount you have to keep in a savings account in order to avoid a monthly maintenance fee.

Steps to choose a money market account

Money market accounts are a good option for achieving your savings goals, especially if you choose. Choosing the right money market account that helps should help you earn a competitive annual percentage yield (APY). Some of the best money market accounts allow savers to earn a high yield as well as have check-writing privileges. Follow the steps below to see if a money market account is right for you.

1. Determine what you’re saving for and when the funds will be used.
2. Research banks and credit unions. Compare accounts to find a good match. A competitive APY, check-writing capabilities and ATM access are some of the top features to look for.
3. Be aware of any minimum balance requirements and whether there are potential monthly service fees.
4. Assess whether the account comes with FDIC or NCUA insurance. Always make sure your money is within FDIC or NCUA limits and guidelines.

How to open a money market account

Opening a money market is as easy as choosing which bank and account is right for you. Some money market accounts don’t have a minimum opening balance requirement, so you won’t have to worry about keeping a certain amount in the account or incurring a maintenance fee. Compare the top APY accounts with the minimum balance that you’re comfortable with to make the best decision for your saving needs.

Prior to opening a money market account online you’ll want to:

• Have your government-issued photo identification with you.
• Be prepared, if needed, to lift a security freeze on your credit file to open the account.
• Have your routing number and account number handy for the account you’re using to fund this new account.
• Have your social security number available.

Almost all of this information may also be needed if you open a new account in person. You may need cash or a check (or checks) to fund a new account opened in a branch.

Who should get a money market account?

Anyone looking for a safe place to stash a good chunk of money and earn some interest may benefit from a money market account. But these accounts make particularly good sense in a handful of situations, such as:

Pros and cons of money market accounts

Some money market accounts have certain features that you won’t find in a savings account. Here’s a look at some of thekey advantages and disadvantagesof money market accounts.

Alternatives to money market accounts

MMAs vs. savings and checking accounts

Money market accounts are a good alternative to traditional savings accounts if you want the ability to write checks or use a debit card.

And you'll often get a better return. But if earning a high return is your priority, compare rates on online high-yield savings accounts, which may be superior to money market accounts and traditional savings accounts.

Meanwhile, money market accounts often combine the perks of paying interest and allowing some transactional features such as check-writing and debit card access. Most checking accounts are noninterest bearing, but they typically have no limits on the number of transactions each month.

MMAs vs. CDs

A money market account is for money that needs to be accessible. A certificate of deposit (CD) is for longer-term savings that you won’t use during the CD’s term, mainly because you don’t want to incur an early withdrawal penalty fee. Since money market account yields are usually variable, a CD could give you a fixed APY to protect you from future money market account rate decreases.

Sometimes you’re rewarded with a higher APY in a CD than you would earn in a liquid money market account. Which one is better for you will depend on your financial goals.

MMAs vs. NOW accounts

A negotiable order of withdrawal (NOW) account is classified as a transaction account, while a money market account is a non-transaction account, according to the Federal Reserve.

NOW accounts allow for an unlimited number of third-party payments, while money market accounts are restricted to six “convenient” transfers or withdrawals per month under Regulation D. Some banks may restrict money market account transactions further.

Regular MMAs vs. jumbo MMAs

A jumbo money market account is likely to have a higher minimum balance requirement than a normal money market account. Generally, a jumbo deposit product requires a minimum balance of $100,000. The same minimum balance requirement is also true of many jumbo CDs.

Jumbo money market accounts aren't very common, but there are at least two institutions that offer them:

• Navy Federal Credit Union offers up to 2.25 percent APY on balances of $1 million and higher.
• Canvas Credit Union offers a jumbo money market account that requires a $100,000 minimum balance to earn the account’s top yield of 3.50 percent APY.

Money market account FAQs

Research methodology

Bankrate has been around since 1976. It is a leading publisher of rates and personal finance articles. It is also often cited by some of the most respected and well-known publications and websites. The Bankrate promise is that we strive to help our readers make smarter financial decisions, adhering to strict principles of editorial integrity and transparency.

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs) and that are popular and broadly available, and we include some of the largest banks.