Savings

Best Money Market Account Rates on SaveBetter in May 2022

  • FDIC insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

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Compare Money Market Accounts on SaveBetter

What Is SaveBetter?

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The SaveBetter platform features a curated selection of high-yielding products offered by our network of banks. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions, and manage them all from one account!

Safety

Safety

Funds deposited into any of the products on SaveBetter.com are always held by an FDIC-insured institution. A very easy and safe way to diversify your deposit portfolio.

Choice

Choice

Access quality products from our network of banks. Find the product that’s right for you.

Convenience

Convenience

One account to remember. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How SaveBetter Protects Your Money and Personal Information

All deposit balances on the SaveBetter platform are held at FDIC insured financial institutions

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All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

Cybersecurity is a top priority at SaveBetter

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We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include Multi-Factor authentication, encryption, and Cloudflare advanced internet protection and monitoring. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

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Open an Account in 3-5 minutes

Select a product

Select

the right product for your savings goals.

Register for a SaveBetter account

Register

with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new SaveBetter account.

Why SaveBetter Is, Well, Better

SaveBetter
Safety: One secure account guards your personal data and safely allows you to tap into yields from multiple savings products.

VS

Traditional Banking
Multiple signups, savings accounts, and products at different banks each requires providing your sensitive personal information.
SaveBetter
Choice: Access diverse and competitive FDIC-insured savings products that increase your savings potential.

VS

Traditional Banking
Less savings and CD products options may limit your savings potential.
SaveBetter
Convenience: Only one SaveBetter account is required. You can manage your chosen savings products from our platform.

VS

Traditional Banking
Opening new bank accounts at multiple banks means more statements, passwords, and wasted time.

Benefits of a Money Market Account

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A money market account, also known as a money market deposit account or MMDA, is a type of interest-earning savings account offered by some banks, credit unions, and online financial institutions. Money market accounts provide many of the conveniences of a typical savings account but with a major added benefit — they often offer higher rates than traditional savings account or even high-yield savings accounts. Some financial instiutions set limits on how frequently you can withdraw funds from their money market accounts. However, money market accounts opened through SaveBetter do not currently have any withdrawal limits. So a money market account allows you to earn more interest on your savings while still having easy access to your funds when needed.

Money Market Accounts vs. Traditional Savings Accounts

Money Market Accounts
Highly competitive interest rate, typically well above national average for traditional savings accounts

VS

Traditional Savings Accounts
Interest rate typically above that of a checking account, but well below that of a money market account
Money Market Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minmum (SaveBetter does not)

VS

Traditional Savings Accounts
Minimum deposit is typically low
Money Market Accounts
Some banks may place limits on frequency of withdrawals from money market accounts (SaveBetter does not)

VS

Traditional Savings Accounts
Some banks may place limits on frequency of withdrawals from traditional savings accounts

Tips for Using Money Market Accounts

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Why settle for average rates when it comes to your savings? A traditional savings account may offer more interest than, say, a checking account. But savers can do much better extracting value from their cash reserves by opting for a higher-yielding savings product like a money market account.

What can you do with a money market account? Consider money market accounts for holding your emergency fund; savings for a major expense, like college tuition; or extra cash you don't need access to on a daily basis. By holding those reserves in a money market account, you're putting them to work. Click the button below to read more about how you can use a money market account to up your savings game.

High-Yield Money Market Deposit Accounts Available on SaveBetter

Financial institution
Savings product
APY
mph.bank
High-yield Money Market Deposit Account
0.85%
Ponce Bank
High-yield Money Market Deposit Account
0.75%
Patriot Bank
High-yield Money Market Deposit Account
0.70%

FAQs

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The SaveBetter name and logo are trademarks of SaveBetter LLC. The Deposit Solutions name and logo are trademarks of Raisin GmbH, used with permission. The Central Bank of Kansas City name and logo are trademarks of Central Bank of Kansas City, used with permission. Continental Bank is a trademark of Continental Bank, used with permission. Ponce Bank and the Ponce De Leon image are trademarks of Ponce De Leon Federal Bank, used with permission. WEX Bank is a trademark of WEX Bank, used with permission. The State Exchange Bank is a trademark of The State Exchange Bank, used with permission. Patriot Bank is a trademark of Patriot Bank N.A., used with permission. Liberty Savings Bank is a trademark of Liberty Savings Bank, used with permission. mph.bank and mph.bank Mark are trademarks of Liberty Savings Bank, FSB, used with permission.

© 2022 SaveBetter LLC. All rights reserved.

APY means Annual Percentage Yield. APY is accurate as of May 12, 2022. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.

Each customer authorizes the Custodian Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from deposit accounts at various Product Banks that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the deposit accounts, or offer the deposit accounts to customers, and provides no advice to customers about deposit accounts. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Custodian services are provided by Lewis and Clark Bank.