Savings

Best Money Market Account Rates on SaveBetter in November 2022

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

  • 24/7 online access to funds.

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Compare Money Market Accounts on SaveBetter

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.

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.

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

More About Money Market Accounts

What Is a Money Market Account?

A money market account is a type of interest-earning savings account offered by some banks, credit unions, and online financial institutions. MMAs provide many of the conveniences of a typical savings account but with a major added benefit — they often offer higher rates than traditional savings accounts or even high-yield savings accounts (HYSAs).

A money market account (abbreviated as MMA) is often also called a money market deposit account (MMDA). The money market deposit accounts offered through SaveBetter are equivalent to money market accounts. 

Money Market Account Rates

Money market account interest rates can be similar or just slightly less than those offered through certificates of deposit (CD), but MMAs are much more liquid; CDs require you to hold a set amount of savings untouched in an account to obtain their higher rates, but with MMAs, you can withdraw and deposit money at any time without penalty fees.

How Does a Money Market Account Work?

When choosing an account to park your hard-earned money, the decision often comes down to greater accessibility or earning a higher interest rate. But a money market account may strike just the right balance between both benefits. After opening the account, you can continue to deposit money into and withdraw money from a money market account, unlike the way a certificate of deposit works. 

Can I Withdraw Money from a Money Market Account?

Withdrawals from money market accounts had been limited to six per month, but in April 2020 the Federal Reserve Board announced a new regulation allowing financial institutions to lift the cap on withdrawals on all savings accounts. This announcement was introduced due to the Covid-19 pandemic to make it easier for customers to access their savings in a time of financial need. A few months after the initial announcement, the Fed updated its Frequently Asked Questions on savings deposits to indicate that the Board does not have plans to re-impose transfer limits.

While banks and credit unions are not required to make these changes, money market accounts opened through SaveBetter do not have any withdrawal limits.

Find and Open Online Money Market Accounts, All Through the Convenience of Savebetter

With SaveBetter’s unique online marketplace, you can compare and access a curated selection of federally insured money market accounts with competitive interest rates and flexible features, all with a single one-time registration, all in one portfolio. 

The money market accounts curated by SaveBetter are a great alternative to the standard savings account you may get through a local brick-and-mortar bank, which in addition to offering a paltry interest rate may also put limits on the frequency of withdrawals. SaveBetter exclusively selects higher-earning savings accounts from its network of partner banks. 


What Can a Money Market Account Be Used for?

A money market account allows you to earn more interest on your savings while still having easy access to your funds when needed. These features make MMAs great options for the following savings goals:

  • An emergency fund for unexpected costs, such as medical bills or car repairs

  • Major expenses, like a down payment for a new home or college tuition

  • Short-term wants and needs, like an upcoming vacation or new car purchase

  • Extra funds that you don’t need access to on a daily basis

How to Choose a Money Market Account

Interest rate

APY.

Annual percentage yield (APY) is one of the most important figures associated with a savings account because it dictates how much you’ll earn in interest on your money. The higher the rate, the more you’ll make over time. Unlike that of a CD, an MMA’s interest rate is variable; it may change based on overall market conditions. For example, if the Federal Reserve raises interest rates, then the rates banks offer on MMAs may increase as well. The reverse also is true.

Security

Security.

MMAs are a type of deposit account, which means they are eligible for FDIC or NCUA insurance through financial institutions. FDIC insurance (covering banks) and NCUA insurance (covering credit unions) offers government-backed protection on your money, up to $250,000 per depositor, per insured institution. Ensure your funds will be covered by choosing a federally insured account.

Piggy bank

Minimum deposit.

Different MMAs have different rules for the minimum amount required to open an account — varying from as little as $1 to as high as several thousand dollars. The money market deposit accounts available through SaveBetter can be opened with as little as $1. 

requirement

Minimum balance.

If an MMA requires you to maintain a minimum balance — say, $1,000 — you may incur a fee if the amount in your account dips below that threshold. So, if you’d rather be able to access all of your money, be sure to look for an account that requires a low or no minimum balance. SaveBetter does not set a minimum balance for the money market accounts accessible through its platform.

Fees

Fees (or lack thereof).

Some financial institutions charge monthly maintenance fees, which can quickly eat into your savings. Make sure you understand any fees that are associated with an account — or choose one that doesn’t charge any. There are no fees to open or maintain a money market deposit account through SaveBetter.

Limit

Withdrawal limits.

MMAs are considered liquid, which means you can withdraw or transfer funds when needed, without penalty. Just keep in mind, some financial institutions may restrict your withdrawals to the six-per-month limit, despite recent changes in Fed rules. There are no such restrictions with a money market deposit account you get through SaveBetter.

Money Market Accounts Versus Other Deposit Accounts

Interest offered
How interest rates compare
Check/ATM accessible funds
Deposit/withdraw money as needed

What Is SaveBetter?

Family spending time out door

SaveBetter brings together high-yielding savings products offered by a network of U.S. financial institutions. 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 savings products available through SaveBetter are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

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

How SaveBetter Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

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

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at SaveBetter

SOC2 logo

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.

Click to learn more about SOC 2 certification

Open an Account in 3-5 Minutes

Select a product

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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

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

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With SaveBetter
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With SaveBetter
Only one account is required. You manage all your chosen savings products through the SaveBetter platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

High-Yield Money Market Deposit Accounts Available on SaveBetter

Financial institution
Savings product
APY

Refer to the selection tool at the top of this page to access terms for the savings products listed.

FAQs

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APY means Annual Percentage Yield. APY is accurate as of {todayDate}. 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 & Clark Bank, Member FDIC.