Best Money Market Account Rates for You

Money market accounts are an excellent way to get high APYs. Depending on the provider, you may be able to use your money market account similar to a regular bank account. Online banks typically offer these financial products, which give customers above-market average returns compared to traditional financial institutions. 

That because online banks pass the money they save on operating physical locations to their customers. Just like brick-and-mortar banks offer cash rewards to attract new account holders, money market accounts are online banks’ way of incentivizing new customers.

Selecting an FDIC money market account from an online bank gives you an opportunity to enjoy higher APYs on your money. As you consider different lenders, make sure to choose one that is FDIC-insured. To help you get started, check out Bankrate’s list of best money market account rates for November 2020.

Best for Service Members and Family

Navy Federal Credit Union

Navy Federal Credit Union offers 0.70% APY for jumbo market savings accounts of $250,000 or more. It’s available for active members of the Air Force, Army, Coast Guard, Marines, National Guard, and Space force. Additionally, veterans, retirees, and relatives of current service members can become members of this institution. 

The Navy Federal Credit Union’s jumbo money market savings accounts gradually raise its APY until it reaches $250,000 or more.

Best Monthly ATM Surcharge Rebates

First Internet Bank

First Internet Bank offers online banking ease with real-world convenience thanks to its generous monthly ATM surcharge rebates. Plus, you only need $100 to open an account. With 0.60% APY, First Internet Bank falls just behind Navy Federal Credit Union, but you don’t need to maintain a substantial balance to enjoy your rewards.

This lender offers up to $10 back every month to cover the cost of ATM fees. This way, you don’t have to deal with the hassle of locating an ATM in First Internet Bank’s network. There is a $5 monthly maintenance fee on checking accounts, but if you maintain an average daily balance of $4,000, the bank will waive it.

Free Checks For Your First Order

Sallie Mae Bank

Sallie Mae isn’t just a leading provider of student loans. In addition, it also offers a wide variety of financial products to help customers save, including money market accounts, high-APY savings accounts, and certificates of deposit (CDs).

One of the most significant advantages of opening a money market account with Sallie Mae is that there’s no minimum deposit required. Plus, when you open your account, your first order of checks is entirely free. Sallie May money market accounts currently offer 0.55% APY.

Most Savings Options

CIT Bank

On top of a money market account with 0.55% APY, CIT bank offers customers several savings account options, eight CD term lengths, four jumbo CD terms, and a CD with no penalties for 11 months. 

CIT money market accounts only need a $100 deposit to open and come with zero monthly charges. If you want an online bank with plenty of financial products to choose from, CIT Bank is a cut above the rest.

Guaranteed Competitive Introductory Rate


TIAA Bank — previously EverBank — offers customers a variety of options to meet any banking, lending, or investing need. You can find high-yield bank and money market accounts, as well as competitive CDs. Plus, you also have access to mobile banking and other online resources. 

TIAA Bank’s most notable advantage is its “Yield Pledge.” This guarantees that its money market accounts will always offer yields in the top 5%. Currently, it provides an introductory APY of 0.55%. The downside is that since this is just an introductory APY, this percentage will change after 12 months. Make sure to check the new rate before you open an account.

Additionally, you don’t have to pay any monthly fees, and you can deposit checks from your smartphone. If you maintain a minimum of $5,000 or more in your Yield Pledge account, TIAA Bank will offer a rebate for any ATM fees. No matter how much money you have in your account, TIAA will pay up to $15 worth of expenses when you use an ATM outside its network. 


  • “9 Best Money Market Account Rates for November 2020.” Bankrate,