Best Online Savings and Money Market Account Rates of December 2023

See which banks have the best Savings Account and Money Market Account rates here.

• Update 11/16/2023: UFB Secure Savings and UFB Secure Money Market got their new names. More details here.
• Update 9/27/2023: American Express® Savings updates rate to 4.30% APY.
• Update 9/27/2023: Vio Bank Money Market and Marcus by Gold Sachs Online Savings have increased rates.
• Update 8/18/2023: American Express® Savings updates rate to 4.25% APY.
• Update 8/14/2023: UFB’s High Yield Savings and High Yield Money Market accounts get rate increases.
• Update 8/1/2023: American Express® Savings updates rate to 4.15% APY.
• Update 7/31/2023: Quontic Bank raises rates on their savings and money market accounts.
• Update 7/27/2023: CIT Bank gets rate raises on Savings Connect and Platinum Savings accounts. Several other banks get rate increases.
• Update 7/13/2023: Northern Bank Direct raises rates from 4.75% to 4.95% APY.
• Update 7/3/2023: Rates remain unchanged. Added PayPal Savings to the list.
• Update 6/18/2023: Minor rate updates for Capital One 360.
• Update 6/16/2023: CIT Bank Platinum Savings and Barclays Savings both have increased rates.

Differences Between Savings And 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.

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).

READ MORE: TAKE A LOOK AT THE BEST BANK OFFERS HERE FOR BONUS CASH

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 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.

READ MORE: TAKE A LOOK AT THE BEST CD PROMOTIONS HERE

GET STARTED WITH THESE OFFERS

• CIT Bank Platinum Savings 5.05% APY
• CIT Bank Savings Connect 4.65% APY
• Quontic Bank High Yield Savings 4.50% APY
• Barclays Online Savings Account 4.35% APY
• American Express® High Yield Savings Account 4.30% APY (Annual Percentage Yield) – as of 9/27/23; Member FDIC
• Quontic Bank Money Market Account 5.00% APY

BEST SAVINGS AND MONEY MARKET OFFERS

Below are the best savings and money market account offers currently available. We list the accounts with the best rates and the best features.

They are all available online, nationwide.

Final Thoughts

In the current era of high interest rates, Savings and Money Market accounts have certainly become more attractive options.

Here’s a quick recap and some key tips to keep in mind when choosing between Savings Accounts and Money Market Accounts and finding the best interest rates:

• Savings Accounts and Money Market Accounts have similarities but differ in access and features.
• Consider your access needs and how you plan to use the account.
• Money Market Accounts offer more features like checks and ATM withdrawals.
• Savings Accounts generally have limited access to funds.
• Higher minimum balances may be required for Money Market Accounts.
• Online banks typically offer better interest rates than traditional banks.
• Check the FDIC insurance for deposit security.
• Explore rates provided by internet-only banks for better returns.
• Choose the account that best aligns with your needs and offers competitive rates.

Understanding the differences between account types and exploring online banking options can help you make an informed decision and maximize your savings.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.