8 Best Money Markets in the US for 2022
A money market account is a type of savings account that typically pays a higher interest rate than a traditional savings account in exchange for higher minimum balance requirements. Money market accounts are sometimes called "treasury only" accounts because federal regulations limit the types of investments that can be made with the account's funds. Here are the eight best money markets in the United States for 2022.
2022-04-11 22:23:36 - Boaz Sanuel
The APY of this account from Ponce Bank is 0.75. This is credited monthly in the form of a statement credit, so you can grow your money while still having access to it.
Currently there is no sign up bonus being offered.
i. Minimum Deposit
The minimum opening deposit is only $1. This is quite low compared to other banks. If you're looking to start small and grow your account over time, this could be a good option for you.
ii. Fees
There are no fees associated with this account. This is great news, as some money market accounts can come with a monthly maintenance fee or other hidden charges.
iii. Access to Your Money
You will have 24/7 access to your account through Ponce Bank's online and mobile banking platforms. You can also make up to six withdrawals per statement cycle without incurring a fee.
iv. SaveBetter platform
The SaveBetter platform is an online tool that helps you track your goals and progress. This can be helpful if you're trying to save for a specific purpose, such as a down payment on a house or a new car.
v. Competitive interest rate
The APY on this account is very competitive. You can earn more interest than you would with a traditional savings account, without having to worry about tying up your money in a long-term investment.
vi. FDIC insured
This account is FDIC insured, so you can rest assured that your money is safe. With a money market account, you get the best of both worlds: a high interest rate and peace of mind.
Pros:
i. No fees
ii. Competitive interest rate
iii. Easy to open and use
iv. SaveBetter platform can help you track your goals
v. FDIC insured
Cons:
i. No sign up bonus
The SaveBetter Money Market Deposit Account from Ponce Bank is our top pick for the best money market account in the US. It has no fees and a very competitive interest rate. You can also use the SaveBetter platform to track your goals and progress. This account is FDIC insured, so you can rest assured that your money is safe.
The APY of this account from Patriot Bank is 0.45%. Interest will be compounded daily and credited monthly. Interest rates are subjected to change at any time without prior notice.
Currently there is no sign up bonus being offered.
i. Minimum Deposit
The minimum opening deposit for this account is $1. The one dollar deposit is one of the lowest minimums we've seen for money market accounts.
ii. Fees
This account has no fees. You won't have to worry about a monthly maintenance fee or any other hidden charges.
iii. Access to Your Money
You will have 24/7 access to your account through Patriot Bank's online and mobile banking platforms. You can also make up to six withdrawals per statement cycle without incurring a fee.
iv. SaveBetter platform
The SaveBetter platform is an online tool that helps you track your goals and progress. This can be helpful if you're trying to save for a specific purpose, such as a down payment on a house or a new car.
v. Competitive interest rate
The APY on this account is very competitive. You can earn more interest than you would with a traditional savings account, without having to worry about tying up your money in a long-term investment.
vi. FDIC insured
This account is FDIC insured, so you can rest assured that your money is safe. With a money market account, you get the best of both worlds: a high interest rate and peace of mind.
Pros:
i. No fees
ii. Competitive interest rate
iii. Easy to open and use
iv. SaveBetter platform can help you track your goals
Cons:
i. No sign up bonus
ii. Minimum deposit of $1
The Patriot Bank Money Market Deposit Account is our pick for the best money market account for those with a small opening deposit. The account has no fees and a very competitive interest rate. You can also use the SaveBetter platform to track your goals and progress. This account is FDIC insured, so you can rest assured that your money is safe.
CIT Bank is offering a promotional APY of 0.55% for new account holders. This rate is a good one as compared to the industry average, but it is subject to change at any time.
Currently there is no sign up bonus being offered for this account.
i. Minimum Deposit
The minimum deposit to open this account is $100. This is a relatively low minimum deposit as compared to other money market accounts.
ii. Fees
This account has no fees. You won't have to worry about a monthly maintenance fee or any other hidden charges.
iii. Access to Your Money
You will have 24/7 access to your account through CIT Bank's online and mobile banking platforms. You can also make up to six withdrawals per statement cycle without incurring a fee.
iv. Competitive interest rate
The APY on this account is very competitive. You can earn more interest than you would with a traditional savings account, without having to worry about tying up your money in a long-term investment.
Pros:
i. Over 6x the national average APY
ii. No fees
iii. Minimum deposit of $100 to open
iv. Access to your money 24/7
Cons:
i. Variable interest rate
ii. Limited branch locations
The CIT Bank Money Market Account is our pick for the best money market account for those looking for a competitive interest rate. The account has no fees and a very competitive APY. You can also access your account 24/7 through CIT Bank's online and mobile banking platforms. This account is FDIC insured, so you can rest assured that your money is safe.
Axos Bank offers a promotional APY of 0.20% for new account holders. This rate is 3x the national average, but it is subject to change at any time.
Currently there is no sign up bonus being offered for this account.
i. Minimum Deposit
The minimum deposit to open this account is $5000. Although this is a high minimum deposit, it is still lower than some other money market accounts.
ii. Fees
This account has no fees for balance above 5,000. But, if your balance falls below 5,000 you will be charged a $10 monthly fee.
iii. Access to Your Money
You will have 24/7 access to your account through Axos Bank's online and mobile banking platforms. You can also make up to six withdrawals per statement cycle without incurring a fee.
iv. Competitive interest rate
The APY on this account is very competitive. You can earn more interest than you would with a traditional savings account, without having to worry about tying up your money in a long-term investment.
Pros:
i. 3x the national average APY
ii. No fees for balances over $5,000
iii. Minimum deposit of $5,000 to open
iv. Access to your money 24/7
Cons:
i. Monthly fee of $10 if balance falls below $5,000
ii. Variable interest rate
The Axos Bank UFB Premium Money Market Account is our pick for the best money market account for those looking for a high interest rate. The account has no fees for balances over $5,000 and a very competitive APY. You can also access your account 24/7 through Axos Bank's online and mobile banking platforms. This account is FDIC insured, so you can rest assured that your money is safe.
Axos Bank offers a promotional APY of 0.25% for new account holders. This rate is 4x the national average, but it is subject to change at any time.
Currently there is no sign up bonus being offered for this account.
i. Minimum Deposit
There is no minimum deposit required to open this account. This makes it a great option for those who don't have a lot of money to invest.
ii. Fees
This account has no fees. You won't have to worry about a monthly maintenance fee or any other hidden charges.
iii. Access to Your Money
You will have 24/7 access to your account through Axos Bank's online and mobile banking platforms. You can also make up to six withdrawals per statement cycle without incurring a fee.
iv. Competitive interest rate
The APY on this account is very competitive. You can earn more interest than you would with a traditional savings account, without having to worry about tying up your money in a long-term investment.
Pros:
i. 4x the national average APY
ii. No fees
iii. No minimum deposit required to open
iv. Access to your money 24/7
Cons:
i. Variable interest rate
ii. Limited branch locations
The Axos Bank Axos High Yield Money Market Account is our pick for the best money market account for those who are looking for a high interest rate and no fees. The account has a very competitive APY and no fees. You can also access your account 24/7 through Axos Bank's online and mobile banking platforms. This account is FDIC insured, so you can rest assured that your money is safe.
The Nationwide Money Market Plus account offers a promotional APY of 0.15%. The rate is variable and subject to change at any time.
Currently there is no sign up bonus being offered for this account.
i. Minimum Deposit
The minimum opening deposit is $1,000. This is a bit higher than some of the other accounts on our list, but it is still manageable for most people.
ii. Fees
This account has no fees. You won't have to worry about a monthly maintenance fee or any other hidden charges.
iii. Access to Your Money
You will have 24/7 access to your account through Nationwide's online and mobile banking platforms. You can also make up to six withdrawals per statement cycle without incurring a fee.
iv. Competitive interest rate
The APY on this account is very competitive. You can earn more interest than you would with a traditional savings account, without having to worry about tying up your money in a long-term investment.
Pros:
i. No fees
ii. Access to your money 24/7
iii. Competitive interest rate
Cons:
i. Variable interest rate
ii. Minimum deposit of $1,000 required to open account
The Nationwide Money Market Plus account is our pick for the best money market account for those who are looking for a no-fee account with a competitive interest rate. The account has no fees and offers 24/7 access to your account. You can also make up to six withdrawals per statement cycle without incurring a fee. This account is FDIC insured, so you can rest assured that your money is safe.
The Axos Bank Business Money Market Account offers a promotional APY of 0.20%. The rate is variable and subject to change at any time.
Currently there is a bonus of $200 for new business money market account holders. To qualify, you must deposit a minimum of $5,000 into your account within 30 days of opening.
i. Minimum Deposit
The minimum opening deposit is $1000. This is a bit lower than some of the other accounts on our list, making it a great option for small businesses.
ii. Fees
This account has no fees. You won't have to worry about a monthly maintenance fee or any other hidden charges.
iii. Minimum Daily Balance
The minimum daily balance required to avoid a fee is $5,000. This is a bit higher than some of the other accounts on our list, but it is still manageable for most businesses. Failure to this requirement will result to no interest.
iv. Online Banking and Bill Pay
You will have 24/7 access to your account through Axos Bank's online banking platform. You can also use the online bill pay service to pay your bills.
iv. Moblie Banking
You can also access your account 24/7 through Axos Bank's mobile banking app.
v. Remote Deposit Anywhere
You can deposit checks into your account using the remote deposit anywhere feature. This is a great feature for businesses that don't have a lot of foot traffic.
Pros:
i. $200 bonus for new account holders
ii. No monthly maintenance fees
iii. 24/7 access to your account
iv. Remote deposit anywhere
Cons:
i. Variable interest rate
ii. Minimum daily balance of $5,000 required
iii. Minimum deposit of $1000 required to open account
The Axos Bank Business Money Market Account is our pick for the best money market account for businesses. The account offers a promotional APY of 0.20% and has no monthly maintenance fees. You will have 24/7 access to your account through Axos Bank's online banking platform. You can also use the remote deposit anywhere feature to deposit checks into your account. This is a great feature for businesses that don't have a lot of foot traffic.
The Quontic Bank Money Market Account offers a competitive APY of 0.60%. The rate is variable and subject to change at any time. This account also has no monthly maintenance fees.
There is currently no sign up bonus.
i. Minimum Deposit
$100 minimum deposit to open account. This is one of the lowest minimum deposits on our list, making this account a great option for those with limited funds.
ii. Fees
This account has no monthly maintenance fees. You also won't be charged any fees for making withdrawals or transfers.
iii. Minimum Daily Balance
No minimum daily balance is required. This is great for those who don't always have a lot of money in their account.
iv. Online Banking and Bill Pay
You will have 24/7 access to your account through Quontic Bank's online banking platform. You can also use the online bill pay service to pay your bills.
v. Mobile Banking
You can also access your account 24/7 through Quontic Bank's mobile banking app.
vi. ATM Access
You will have free access to any ATM in the Allpoint network. This is one of the largest ATM networks in the country, so you should have no problem finding a free ATM near you.
vii. Includes a debit card and paper checks
Pros:
i. Competitive APY of 0.60%
ii. No monthly maintenance fees
iii. No minimum daily balance required
iv. Free ATM access
v. Debit card and paper checks included
Cons:
i. Variable interest rate
ii. $100 minimum deposit to open account
The Quontic Bank Money Market Account is our pick for the best money market account for those with limited funds. The account only requires a $100 minimum deposit to open, and there are no monthly maintenance fees. You will have 24/7 access to your account through Quontic Bank's online banking platform. You can also use the online bill pay service to pay your bills. The account comes with a debit card and paper checks, and you will have free access to any ATM in the Allpoint network.
These are the best 8 money market accounts in the US for 2022. Choose the account that best meets your needs and start earning interest on your money today!