Contents
- 1 **FEATURED SAVINGS OFFER**
- 2 **THE BEST SAVINGS ACCOUNTS**
- 2.1 Axos Bank High Yield Savings: 0.61% APY (Nationwide)
- 2.2 American Express® High Yield Savings Account, Member FDIC: 0.60% APY (Annual Percentage Yield) – as of 9/17/2020
- 2.3 Marcus By Goldman Sachs Savings Offer: 0.60% APY (Nationwide)
- 2.4 CIT Bank Savings Builder Offer: 0.55% APY (Nationwide)
- 2.5 Capital One 360 Performance Savings Offer: 0.50% APY (Nationwide)
- 2.6 Nationwide By Axos Bank My Savings: 0.40%, 0.70%* APY (Nationwide)
- 2.7 Salem Five Direct eOne Savings Account: 0.80% APY (Nationwide)
- 2.8 Vio Bank High Yield Online Savings Account: 0.76% APY (Nationwide)
- 2.9 SmartyPig Savings Account: 0.75% APY (Nationwide)
- 2.10 Live Oak Bank High Yield Savings: 0.70% APY (Nationwide)
- 3 **THE BEST MONEY MARKET ACCOUNTS**
- 3.1 Axos Bank High Yield Money Market: 0.60% APY (Nationwide)
- 3.2 CIT Bank Money Market Rate Offer: 0.60% APY (Nationwide)
- 3.3 Nationwide By Axos Bank Money Market Plus: 0.50% APY (Nationwide)
- 3.4 BankDirect Money Market Account Plus: 0.75% APY (Nationwide)
- 3.5 My eBanc Super Saver Money Market Account: 0.70% APY (Nationwide)
- 3.6 Northern Bank Direct Money Market Account: 0.60% APY (Nationwide)
- 3.7 iGObanking iGOmoneymarket: 0.60% APY (Nationwide)
- 3.8 TotalDirectBank Direct Money Market Deposit Account: 0.60% APY (Nationwide)
- 3.9 BankUnitedDirect Direct Online Money Market: 0.60% APY (Nationwide)
- 3.10 BankPurely PurelyMoneyMarket: 0.60% 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.
**FEATURED SAVINGS OFFER**
Chase Savings℠ $150 Coupon Bonus
- What you’ll get: $150 bonus
- Where it’s available: Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- How to earn it:
- Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
- Access to 16,000 Chase ATMs and nearly 4,900 branches
- Link this account to your Chase checking account for Overdraft Protection.
- Chase Mobile® app – Manage your accounts, deposit checks, transfer money and more — all from your device.
- Open your account online now.
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- When it expires: 1/20/2021
**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: 0.60% APY (Annual Percentage Yield) – as of 9/17/2020
- 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: 0.60% 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: 0.55% 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: 0.50% 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.
Salem Five Direct eOne Savings Account: 0.80% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Salem Five Direct.
Vio Bank High Yield Online Savings Account: 0.76% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $100
- Monthly fee: $0
Read our review on this and other offers from Vio Bank.
SmartyPig Savings Account: 0.75% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: –
- Monthly fee: $0
Read our review on this and other offers from SmartyPig.
Live Oak Bank High Yield Savings: 0.70% 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: 0.60% 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 Account Plus: 0.75% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $10,000
Read our review on this and other offers from BankDirect.
My eBanc Super Saver Money Market Account: 0.70% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: –
- Monthly fee: $15; waive with $5,000 minimum balance
Read our review on this and other offers from My eBanc.
Northern Bank Direct Money Market Account: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: –
Read our review on this and other offers from Northern Bank Direct.
iGObanking iGOmoneymarket: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $25,000
- Monthly fee: $0
Read our review on this and other offers from iGObanking.
TotalDirectBank Direct Money Market Deposit Account: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $2,500
- Monthly fee: $0
Read our review on this and other offers from TotalDirectBank.
BankUnitedDirect Direct Online Money Market: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $2,500
- Monthly fee: $0
Read our review on this and other offers from BankUnitedDirect.
BankPurely PurelyMoneyMarket: 0.60% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $25,000
- Monthly fee: $-
Read our review on this and other offers from BankPurely.
| OFFER LINK | OFFER | OUR REVIEW |
| Chase Private Client | $2,000 Cash | Review |
| Chase Business Checking | $300 Cash | Review |
| Chase Total Checking® | $200 Cash | Review |
| Chase Savings℠ | $150 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 |
| Axos Basic Business Checking | $100 Cash | Review |
| Ally Invest | Up To $3,500 | Review |
| Betterment | 1 Year Free | Review |
![Capital One Promotions: $100, $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}
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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.