- 1 Savings Vs. Money Market Accounts
- 2 Where To Get The Best Interest Rates?
- 3 Best Savings Accounts By Category
- 4 All The Best High Yield Savings Account Rates
- 5 Best Money Market Accounts By Category
- 6 Best Money Market Account Rates
Do you need to find out which bank has the best Savings Account rates? Or, how about which has the best Money Market interest rates? Maybe you need a quick overview of the differences between the two types of interest-earning accounts to begin with.
We’ll go over all of these questions and help you find the best interest rates available.
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Savings Vs. Money Market Accounts
First things first, let’s go over what a Money Market account is (MMA for short). Most people have a pretty good idea of what a traditional Savings Account is.
The two are VERY similar, and most banks will offer both types of accounts. The table below will summarize the key similarities and differences.
|Both are simple and straightforward to open.||Money Market accounts typically have more Checking-like features, such as electronic funds transfers, checks, debit cards and ATM withdrawals.|
|Both will be FDIC insured, keeping your deposits safe.||Savings accounts generally only allow access to fund via electronic funds transfers, telephone withdrawals, or in-person withdrawals at a branch.|
|Both accounts will be limited on certain types of withdrawals per billing cycle (6 is the limit for these certain types by law).||As you’ll notice below, Money Market accounts often require higher minimum balances to earn the rate.|
While the minimum balance requirements may vary, most of the banks with the best rates keep the rates fairly competitive between their High Yield Savings and Money Market accounts. Also, it isn’t always the case that the Money Market account from the same bank will have better rates than its Savings account.
Aside from the interest rates, the other main deciding factor will be how you’ll need access to your funds (you’ll have more options with Money Market Accounts). A lot of people consider MMAs more a hybrid Checking/Savings account, with its limited Checking capabilities. Keep in mind, many banks limit you on the amount of check writing per month. Both a Savings and Money Market account are limited by the Federal Reserve on the total number of transactions a month.
Most consumers will choose a Money Market account for the flexibility of an emergency fund, and a Savings account for longer-term earnings. If all you’re looking for is an account to hold your savings and earn interest, simply choose the account with the best rates (assuming you can meet any minimum balance requirement).
Where To Get The Best Interest Rates?
We’ve searched through all the best rates from credit unions, local/national traditional banks, and online banks. Credit unions and traditional banks operate via brick-and-mortar locations and accumulate more overhead costs. They simply can not compete with the rates provided by online banks.
Online banking is trending up and more consumers are taking advantage of the benefits. Most people just haven’t learned about the higher rates, or are just more comfortable with big local banks. In terms of deposit security concerns, remember that your deposits are FDIC insured from all the banks listed on this page. Most of these online banks have been around for years or decades, and many are actually just the online division of a bigger, established banking group. Once you start looking at the rates provided by internet-only banks, you’ll find they’re better with all accounts – Checking, CDs, IRAs, etc.
Even when taking into account the rates provided by credit unions and traditional banks, all the best rates available nationwide are from online banks. Down below, we’ve compiled the best Savings and Money Market accounts by category and also go over special promotions offered by several banks.
Best Savings Accounts By Category
Besides the interest rates, there may be other factors that can influence your choice of Savings account. We’ll discuss below how certain banks specialize in particular areas.
Best Rate & Features: CIT Bank Savings (Available Nationwide)
CIT Bank is now offering one of the best rates at 1.55% APY on all balances (*see their Money Market account below for an even better rate). Previously their highest rate was capped at $250,000. The minimum opening deposit is only $100 and there are no fees open or maintain the account, which compounds interest daily.
Best Bonus: Chase SavingsSM
While the APY rate isn’t great, the Chase SavingsSM account usually has a great sign-up bonus that is very popular. Plus, they are the second biggest bank in the nation and offer a full range of services. There’s typically a $100-$150+ offer, where you’ll have to deposit a sum of money and maintain that balance for a specified amount of time required for the bonus. Get all the details with our Chase promotions review here.
*We keep an updated list of Savings Account bonuses here
Best Savings From A Major Bank: HSBC Direct Savings (Available Nationwide)
HSBC Bank is offering 2.01% APY. The minimum balance to earn this APY is just $1. There is no monthly maintenance fee, and you’ll have 24/7 online account access. Depositing checks is as simple as taking a picture with your mobile device using HSBC Mobile Banking. Member FDIC.
- Earn 2.01% APY on all balance tiers
- No monthly maintenance fee
- Minimum balance to earn APY is $1
- Apply online today
- Move money quickly and access your funds using online transfers
- Depositing checks is as simple as taking a picture with your mobile device using HSBC Mobile Banking
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Best High Yield Savings With ATM Access
Synchrony Bank consistently offers one of the highest rates with their Savings account, and it comes with the convenience of an ATM card. Get all the benefits on an online-only bank, with no monthly fee or minimum balance requirements. There’s also a rewards program where you can earn discounts on car rental, hotels, spas, etc.
All The Best High Yield Savings Account Rates
*Accounts below are all available nationwide
Best Money Market Accounts By Category
Best Rated Overall: CIT Bank (Available Nationwide)
Earn a great Money Market rate (1.85% APY) from a trusted bank with CIT. The minimum opening deposit is just $100 and you’ll be able to make deposits/transfers/withdrawals with this account (up to 6 of such transactions each month per federal regulation). CIT Bank’s Money Market account also works with People Pay, a free service that allows you to send money from your Money Market account to almost anywhere with an email address or mobile phone number.
Best For High Balances: BBVA Compass (Available Nationwide)
Some Money Market accounts have maximum account limits for earning the highest APY rate. The one from BBVA Compass is a good fit if you’re planning to maintain a very high balance. You can earn their highest interest rate (1.70% APY) on ALL balance amounts now (previously only applied to balances from $10,000 to $5 million), with their BBVA Compass ClearChoice MMA. Be sure that you can maintain a minimum $10,000 balance to waive the Monthly Fee. You can also set up a recurring $25 monthly transfer from a BBVA Compass Checking account to waive the fee also.
Lowest Minimum Deposit Required: Ally Bank & Sallie Mae (Available Nationwide)
Most Money Market Accounts with the best interest rates require a minimum opening deposit. Accounts from and allow you to open an account with as little as $1.
Best Money Market Account Rates
*Accounts below are all available nationwide
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
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- Chase Coupon Promo Codes: $200, $300, $350, $500 – September 2018
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer