July 2023’s Top Money Market Accounts (Up to 5.25% Earned)

July 2023's Top Money Market Accounts (Up to 5.25% Earned)

The Best Money Market Accounts for Savers

If you’re a saver who likes to have easy access to your account, you might like a money market account. A money market account is a type of savings account that usually has a tiered interest rate or easy access to your account through check writing or a debit card. And if you’re looking for the highest money market account rate, Pacific Western Bank powered by Raisin has an impressive 5.25% APY. However, there are other banks that offer great rates too.

Our Top Choices

To help you find the best money market account, we check rates daily and evaluate various factors such as interest rates, access to funds, and more. Here are our top choices:

Pacific Western Bank Money Market Deposit Account, powered by Raisin: 5.25% APY
Republic Bank of Chicago Digital Money Market Account: 5.21% APY
CFG Bank High Yield Money Market Account: 5.17% APY
UFB Priority Money Market: 5.06% (as of 07/19/2023) APY
Redneck Bank Money Market Account: 0.50% to 5.05% APY
Vio Bank Cornerstone Money Market Savings Account: 5.02% APY
Premier Members Credit Union Money Market Account: 0.50% to 5.00% APY
First Internet Bank of Indiana Money Market Account: 3.66% APY on balances of $1 million or less and 5.20% APY on balances over $1 million

These top picks offer competitive rates and are protected by FDIC or NCUA insurance, ensuring the safety of your deposits.

What Makes a Money Market Account Good?

We asked our panel of experts what sets a money market account apart from others:

Sophia Acevedo: “A good money market account generally provides several ways to access your money, like a debit card, ATM card, or paper checks.”
Roger Ma: “I don’t really recommend a money market accounts for parking your money. I don’t know if their fees are really that competitive versus high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account for your emergency fund and any short-term goals.”
Tania Brown: “The decision depends on factors such as the amount of money you want to save and the level of transactions you anticipate. If you require transactions, you’ll have to choose between high-yield savings and money market accounts.”
Mykail James: “Consider factors like how soon you need the money, what kind of access you need to it, and your desire for growth. If you want to keep temptation away and allow your money to grow, a certificate of deposit (CD) might be the better option.”

In summary, choose a money market account that aligns with your financial needs and priorities. Consider the access to funds, fees, and interest rates when making your decision.

Why Trust Us: How We Chose the Best Money Market Accounts

We understand that finding the best money market account can be overwhelming with numerous options available. Through extensive research and analysis, we have identified the strongest options. Our criteria include interest rates, minimum deposits, balance requirements, fees, access to funds, and other standout features.

Personal Finance Insider aims to help individuals make informed financial decisions. We provide comprehensive evaluations of various financial products, highlighting both their benefits and limitations. Our team spent hours comparing and contrasting the features and fine print of different options to simplify your decision-making process.

Frequently Asked Questions

To further assist you in understanding money market accounts, here are some common questions about them:

What are money market accounts?
How do money market accounts work?
What are the advantages of money market accounts?
Are money market accounts safe?

Money Market Account Reviews

Now, let’s take a closer look at some of the top money market accounts:

Pacific Western Bank Money Market Deposit Account

Rate: 5.25% APY
Minimum opening deposit: $1
What to look out for: Raisin doesn’t offer checking accounts, so if you prefer to do all your banking with one institution, consider other options.

Republic Bank of Chicago Digital Money Market Account

Rate: 5.21% APY
Minimum opening deposit: $2,500
What to look out for: This account is not available in Illinois, Indiana, Wisconsin, and Michigan. It also charges a $25 monthly service fee and does not provide an ATM or debit card.

CFG Bank High Yield Money Market Account

Rate: 5.17% APY
Minimum opening deposit: $1,000
What to look out for: Maintain a $1,000 balance to earn competitive interest and avoid a $10 monthly service fee. This account does not offer check writing or a debit card.

UFB Priority Money Market

Rate: 5.06% (as of 07/19/2023) APY
Minimum opening deposit: $0
What to look out for: A $10 monthly service fee applies unless you maintain a minimum balance of $5,000.

Redneck Bank Rewards Checkin’ Account

Rate: 0.50% to 5.05% APY
Minimum opening deposit: $500
What to look out for: Limited to one account per person.

Vio Bank Cornerstone Money Market Savings Account

Rate: 5.02% APY
Minimum opening deposit: $100
What to look out for: A $5 monthly service fee applies if you choose paper statements. This account does not offer checks or a debit card.

Premier Members Credit Union Money Market Account

Rate: 0.50% to 5.00% APY
Minimum opening deposit: $5
What to look out for: Membership requirements apply, but there are various ways to become a member.

First Internet Bank of Indiana Money Market Account

Rate: 3.66% APY on balances of $1 million or less and 5.20% APY on balances over $1 million
Minimum opening deposit: $100
What to look out for: A $5 monthly service fee applies unless you maintain a minimum balance of $4,000. This account does not come with check writing privileges.

Other Considerations

While the above options are our top choices, we also considered other money market accounts that may be of interest to you:

Quontic Money Market Account
Northern Bank Direct Money Market Account
Brilliant Bank Luminary Money Market Account
Connexus Credit Union Money Market Account
Ally Money Market Account
Sallie Mae Money Market Account
Discover Money Market Account
U.S. Bank Elite Money Market Account
Bethpage Federal Credit Union Money Market Account
Synchrony Money Market Account
CIT Bank Money Market Account
Affinity Plus Federal Credit Union Superior Money Market Account
Axos High Yield Money Market Account
NBKC Money Market Account
Sun East Federal Credit Union Money Market Account
TAB Money Market Account

Please note that each account has its own set of benefits and limitations, so make sure to choose the one that suits your needs best.

Trustworthiness of Financial Institutions

Understanding the reliability of a financial institution is crucial. We have taken into account the Better Business Bureau (BBB) ratings to provide additional insights:

Vio Bank: part of MidFirst Bank (rated by BBB)
Pacific Western Bank Money Market Deposit Account (powered by Raisin): rated A by BBB
Redneck Bank: no BBB rating available
CFG Bank: currently undergoing profile updates on the BBB website
Raisin (platform): rated A by BBB

While a strong BBB rating reflects a company’s responsiveness to customer complaints and business transparency, it is essential to consider other factors as well. Seek recommendations from friends and family to ensure a bank aligns with your requirements.

Conclusion

Money market accounts offer convenience and competitive interest rates for savers. By taking the time to review different options, you can find the best money market account that meets your financial goals and provides the flexibility you desire. Remember to consider factors such as access to funds, minimum deposits, fees, and interest rates when making your decision.