Best Money Market Accounts

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Contributor, Benzinga
December 19, 2022

Money market accounts offer investors the benefits of easy access to funds while earning above-average interest rates. Held by credit unions and banks, these accounts are insured (up to a limit). As interest rates rise, money market accounts become increasingly attractive. 

If you’re looking for a savings alternative that offers an above-average annual percentage yield (APY) with transactional flexibility, a money market account may tick all the boxes. Benzinga compares some of the best money market accounts on the market today. 

The Best Money Market Accounts

With money market accounts, the product offerings are surprisingly different. Here are some of the best available.

UFB Direct

A division of Axos Bank, the online bank UFB Direct was launched in 1999. Pitched at savers, UFB Direct specializes in savings and money market accounts. The bank offers excellent APYs with a maximum of 3.91%. You can access UFB Direct on the well-designed and intuitive mobile app, and it charges no monthly fee for balances of over $5,000. If your balance drops below the limit, you’ll pay $10 monthly. The bank issues checks, and you can withdraw funds from one of 91,000 automatic teller machines (ATMs). 


Open a money market account at ZYNLO Bank with a $10 deposit. It charges no monthly maintenance fees and has no minimum balance requirement. With ZYNLO Bank, your deposits are insured against bank failure with no cap. An insurance cap of $250,000 applies to most other money market accounts. You can access your account via the mobile app, but you can’t write checks or make ATM withdrawals. Transactions don’t incur fees. The bank offers better-than-average interest rates, compounded daily and transferred into your account monthly.


At 2%, Synchrony’s APY might not be the highest of all the money market accounts reviewed here, but it offers easy access to your funds via checks and ATM withdrawals. You can also use the mobile app to manage your funds. It requires no minimum balance and charges no penalties for excess transactions. 

Quontic Bank Money Market Account

  • Quontic Bank
    Best For:
    High Yield Savings
    securely through Quontic Bank's website

    10 debit card POS transactions per statement cycle required to earn maximum APY. Otherwise, APY will be 0.01%. Visit site for a list of qualifying activities.

The Quontic Bank tiered money market account pays a competitive annual yield on a tiered basis. You need just $100 to open a money market account at Quontic Bank, and it charges no maintenance fees. Quontic has an extensive network of more than 90,000 ATMs, and it issues you an ATM debit card. Limit your transactions to six per statement cycle, or you’ll pay $10 per transaction when you breach the limit. 

Vio Bank

A division of Mid First Bank, the largest privately held U.S. bank, Vio Bank offers competitive interest rates for no maintenance costs. The bank doesn’t accept cash deposits and issues no debit or credit cards. There are also no checks, so this is a good option for savers who want a good return but don’t need ongoing transactions. Vio Bank requires a $100 minimum balance, and you can manage your account with the mobile app. If you make more than six transactions during the month, you’ll pay a $10 penalty. If you want a monthly printed statement, you’ll pay $5. 

Difference Between Money Market and Savings Accounts

Though the purpose of a savings account and a money market account may be similar, there are some differences. They’re listed below.

Minimum balance: Money market accounts typically require a higher minimum balance than a savings account

Interest rate: In the past, money market accounts always paid a higher interest rate, but in recent years some high-yield interest savings accounts have offered similar rates. Do your research to find the best money market rates. They should still outperform savings accounts.

Access to funds: Some money market account providers will issue you a debit or credit card. The cards may have use limits and penalties for breaching the limit. You can write checks from your money market account. The only way savings account holders can access funds is by transferring them to another account or visiting the bank to withdraw funds. 

Who Should Save With a Money Market Account?

Money market accounts are designed for people who want to park their money and watch it grow with almost no risk. Here’s who will benefit.

People with a substantial amount of money to invest: Some money market accounts use a tiered approach to interest payments, and most have minimum balance requirements. 

Investors needing easy access to funds: With a money market account, you can write checks and transact using a debit or credit card. Banks don’t usually issue debit cards or checks to savings account holders

Pensioners: A money market account gives you the freedom to transact while still offering a good yield. Pensioners who want easy access to their money will enjoy the convenience of a money market account.

Investors looking for a money haven: When equity markets don’t perform well, investors may want to safeguard their funds until the markets recover. The higher interest on money market accounts should help shield the funds from inflation.

Temporary holding for windfall funds: A money market account is a great way to hold windfall funds, like an inheritance, until you decide on a long-term investment strategy. 

Compare Money Market Accounts

Benzinga offers insights and reviews on financial services providers like insurance companies, virtual payment platforms and money market account providers.

MMAMaximum APY as of Dec. 10, 2022Minimum balanceAccessFees 
UFB Direct3.91%$091,000 ATMs
Check facility
Mobile transactions
$10 monthly for balances of less than $5,000
ZYNLO BankAbove average daily rates on demand$0No check
No ATM withdrawals
No fees
Synchrony2%$0ATM withdrawals, checks and phone withdrawalsNo fees
Quontic Bank3%$100More than 90,000 ATMs checks6 transactions free and then $10 per transaction
Vio Bank3.62%$500No credit or debit cards, no checks6 transactions free and then $10 per transaction

Frequently Asked Questions


How do I open a money market account?


Opening a money market account is simple. Most savings organizations are online, so you’ll complete the application on the website or mobile app. 


Why do money market accounts pay higher rates?


Money market accounts pay higher rates because fund managers can invest in low-risk financial assets like government securities.

About Anna Yen

Anna Yen, CFA is a personal finance writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about personal finance topics ranging from investments, budgeting, debt management, credit, student loans, insurance, and retirement planning to real estate and cryptocurrencies. Her work has been published on sites like Quicken, the crypto exchange Bybit, and