Contents
- 1 **THE BEST SAVINGS ACCOUNTS**
- 1.1 Axos Bank High Yield Savings: 0.61% APY (Nationwide)
- 1.2 American Express® High Yield Savings Account, Member FDIC: 0.50% APY (Annual Percentage Yield) – as of 12/17/2020
- 1.3 Marcus By Goldman Sachs Savings Offer: 0.50% APY (Nationwide)
- 1.4 CIT Bank Savings Builder Offer: 0.45% APY (Nationwide)
- 1.5 Capital One 360 Performance Savings Offer: 0.40% APY (Nationwide)
- 1.6 Nationwide By Axos Bank My Savings: 0.40%, 0.70%* APY (Nationwide)
- 1.7 SmartyPig Savings Account: 0.80% APY* (Nationwide)
- 1.8 SFGI Direct Savings Account: 0.67% APY (Nationwide)
- 1.9 Comenity Direct High-Yield Savings Account Offer: 0.60% APY (Nationwide)
- 1.10 Live Oak Bank High Yield Online Savings: 0.60% APY (Nationwide)
- 2 **THE BEST MONEY MARKET ACCOUNTS**
- 2.1 Axos Bank High Yield Money Market: 0.60% APY (Nationwide)
- 2.2 CIT Bank Money Market Rate Offer: 0.50% APY (Nationwide)
- 2.3 Nationwide By Axos Bank Money Market Plus: 0.50% APY (Nationwide)
- 2.4 BankDirect Money Market Plus Account: 0.60% APY (Nationwide)
- 2.5 Northern Bank Direct Money Market: 0.50% APY (Nationwide)
- 2.6 Synchrony Bank Money Market: 0.50% APY (Nationwide)
- 2.7 Redneck Bank Mega Money Market Account: 0.50% APY (Nationwide)
- 2.8 Ally Bank Money Market Account: 0.50% APY (Nationwide)
- 2.9 First Internet Bank Money Market Savings: 0.50% APY (Nationwide)
- 2.10 Sallie Mae Bank Money Market: 0.45% APY (Nationwide)
See which banks have the best Savings Account and Money Market Account rates here.
Member FDIC
Member FDIC
Member FDIC
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.
| Similarities | 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 insured (Member FDIC), keeping your deposits safe. | Savings accounts generally only allow access to funds 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). | Money Market accounts often require higher minimum balances to earn the rate. |
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).
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 insured (Member FDIC) 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.
**THE BEST SAVINGS ACCOUNTS**
Here are the best Savings account offers currently available. We list the accounts with the best high yield rates and the best features.
Axos Bank High Yield Savings: 0.61% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Axos Bank.
American Express® High Yield Savings Account, Member FDIC: 0.50% APY (Annual Percentage Yield) – as of 12/17/2020
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from American Express National Bank.
Marcus By Goldman Sachs Savings Offer: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Marcus by Goldman Sachs.
CIT Bank Savings Builder Offer: 0.45% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $25,000 balance, OR $100 balance & a $100 minimum single deposit each month
- Monthly fee: $0
Read our review on this and other offers from CIT Bank.
Capital One 360 Performance Savings Offer: 0.40% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Capital One 360.
Nationwide By Axos Bank My Savings: 0.40%, 0.70%* APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
*To qualify for the 0.70% APY you must open your new My Checking account and have a monthly Direct Deposit of at least $1,000 from a third party to your My Checking account. Otherwise, the rate is 0.40% APY with My Savings account by itself.
Read our review on this and other offers from Nationwide By Axos Bank.
SmartyPig Savings Account: 0.80% APY* (Nationwide)
- *Rate Tiers:
- Up to $10k: 0.80% APY
- $10k-$250k: 0.55% APY
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from SmartyPig.
SFGI Direct Savings Account: 0.67% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from SFGI Direct.
Comenity Direct High-Yield Savings Account Offer: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $100
- Monthly fee: $0
Read our review on this and other offers from Comenity Direct.
Live Oak Bank High Yield Online Savings: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Live Oak Bank.
**THE BEST MONEY MARKET ACCOUNTS**
Here are the best Money market account offers currently available. We list the accounts with the best high yield rates and the best features.
Axos Bank High Yield Money Market: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Axos Bank.
CIT Bank Money Market Rate Offer: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $100
- Monthly fee: $0
Read our review on this and other offers from CIT Bank.
Nationwide By Axos Bank Money Market Plus: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: Maintenance fees waived when you maintain a $1,000 daily minimum balance
Read our review on this and other offers from Nationwide By Axos Bank.
BankDirect Money Market Plus Account: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $10,000
- Monthly fee: $0
Read our review on this and other offers from BankDirect
Northern Bank Direct Money Market: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Northern Bank Direct.
Synchrony Bank Money Market: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Northern Bank Direct.
Redneck Bank Mega Money Market Account: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $500
- Monthly fee: $0
Read our review on this and other offers from Redneck Bank.
Ally Bank Money Market Account: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Ally Bank.
First Internet Bank Money Market Savings: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $5; waive with $4,000 minimum balance
Read our review on this and other offers from First Internet Bank.
Sallie Mae Bank Money Market: 0.45% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: –
- Monthly fee: $0
Read our review on this and other offers from Sally Mae Bank
| OFFER LINK | OFFER | OUR REVIEW |
| Chase Business Complete Banking℠ | $300 Cash | Review |
| Chase Total Checking® | $200 Cash | Review |
| Bank of America Checking | $100 Offer | Review |
| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience Checking℠ | $150 Cash | Review |
| HSBC Premier Checking | $450 Cash | Review |
| HSBC Premier Checking | Up To $600 | Review |
| HSBC Advance Checking | $200 Cash | Review |
| HSBC Advance Checking | Up To $240 | Review |
| Aspiration Checking | $100 Cash | Review |
| Wise Business Banking | $100 Cash | Review |
| Ally Invest | Up To $3,500 | Review |
| TradeStation | $100 Cash | Review |
| BlockFi | Up To $250 BTC | Review |
![Capital One Promotions: $100, $250, $400, $450, $500 Bonuses & $1,000 In Referrals [Nationwide]](https://i0.wp.com/www.moneysmylife.com/wp-content/uploads/2016/02/Capital-One-360.jpg?fit=750%2C420&ssl=1&resize=40%2C40){kind=small}
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.