Find today’s best savings and money market account rates. Discover which online banks lead the pack with the highest interest rates to grow your savings faster.
The quest for the most lucrative savings and money market account rates has led us to an undeniable conclusion: online banks are currently outshining their brick-and-mortar counterparts.
In this comprehensive guide, we’ve meticulously scoured the offerings from credit unions, local and national traditional banks, and, most importantly, online banks to present you with the crème de la crème of interest rates.
With lower overhead costs, online banks are in a prime position to offer more attractive rates, making them a go-to option for savvy savers looking to maximize their earnings without stepping out of their homes.
Notable Updates
- Update 11/16/2023: UFB Secure Savings and UFB Secure Money Market got their new names. More details here.
- Update 9/27/2023: Vio Bank Money Market and Marcus by Gold Sachs Online Savings have increased rates.
- Update 8/14/2023: UFB’s High Yield Savings and High Yield Money Market accounts get rate increases.
- 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 Online Savings 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
- Valley Direct High Yield Savings Account 5.25% APY
- Quontic Bank High Yield Savings 4.50% APY
- Barclays Online Savings Account 4.35% APY
- American Express® High Yield Savings Account 4.35% Annual Percentage Yield (APY) – as of 12/14/23; Member FDIC
- Quontic Bank Money Market Account 5.00% APY
BEST ONLINE 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.
Baselane Review & Bonus Offer: $150 Sign Up & 4.19% APY On Banking Balances
Read our in-depth Baselane review and find out how to get a $150 bonus, making it the ultimate choice for landlords and real estate investors aiming to streamline their operations. Baselane offers a comprehensive suite of financial tools tailored for… GET OFFER
AmEx High Yield Savings Bonus: 4.35% Annual Percentage Yield (APY) – As Of 12/14/23 (Nationwide)
The American Express® High Yield Savings Account, Member FDIC, account offers a 4.35% Annual Percentage Yield (APY) rate - as of 12/14/2023. Discover the AmEx High Yield Savings Bonus available nationwide today. Quick Takeaways The American Express® High Yield Savings… GET OFFER
Barclays Bank Online Savings Account Earns 4.35% APY Plus $200 Bonus (Nationwide)
Discover how you can earn a competitive 4.35% APY and a lucrative $200 bonus. Learn how to grow your savings with no monthly fees or minimum deposit requirements. Finding a reliable and rewarding home for your savings is crucial. Barclays… GET OFFER
Valley Direct By Valley Bank High Yield Savings Account Earns 4.80% APY (Nationwide)
Get a great rate for the Valley Direct By Valley Bank High Yield Savings Account. Update 2/22/2024: The rate decreased to 4.80% APY. Update 1/17/2024: The rate changed to 5.05% APY for the High Yield Savings Account. Valley Direct is… GET OFFER
PrizePool Savings Promotions: 10% Bonus & 4.50% APY
PrizePool is offering an enticing referral program where you can earn a 10% bonus on all prizes won by friends you invite to join this innovative savings app. Explore more referral opportunities and start maximizing your savings today. Update 2/4/2024:… GET OFFER
Empower Free Personal Dashboard & Up To 4.70% APY Cash Account
Anyone can take advantage of Empower's robust financial tools (including retirement planning) and interest-earning Cash account, but you'll need at least $100,000 in assets to access the company's personalized Wealth Management service. Update 12/4/2023: The rate for the Empower Personal… GET OFFER
Quontic Bank High Yield Savings Account Earns 4.50% APY (Nationwide)
Get a great rate for the Quontic Bank High Yield Savings Account. Quontic bank is a digital bank and is often ranked in the top 10 in this space. Details below. Update 10/17/2023: Their competitive 4.50% APY is still available.… GET OFFER
Quontic Bank Money Market Account 5.00% APY Offer [Nationwide]
Are you tired of earning next to nothing in interest on your savings account? Quontic Bank is here to change that with their Money Market Account. With this account, you can rest easy knowing your money is growing at a… GET OFFER
CIT Bank Savings Connect Earns 4.65% APY (Available Nationwide)
The CIT Bank Savings Connect account is a very competitive online savings account option. See the current rate details below. CIT Bank is a popular option for online banking, especially if you're seeking interest-bearing online checking and savings accounts. Not… GET OFFER
CIT Bank Platinum Savings Earns 5.05% APY (Nationwide)
The CIT Bank Platinum Savings account is a very competitive online savings account option for those with balances of $5,000 or more. See the current rate details below. Update 10/17/2023: Their market-leading 5.05% APY is still available. Update 7/27/2023: APY… GET OFFER
Earn Up To 5.00% APY Citizens Access’ Best Online CD Rate, 4.50% APY Savings (Nationwide)
Citizens Access is the online division of Citizens Bank, offering great Savings and CD rates that surpass traditional banking institutions. Operating online, accounts are available to everyone nationwide. Update 1/19/2024: Their 1 year CD decreased slightly. Update 12/19/2023: The rate… GET OFFER
PayPal Savings Account Earns 4.30% APY (Just Need A PayPal Balance Account)
We all hustle in our daily lives, and who doesn’t love the idea of our hard-earned cash working a little overtime? PayPal Savings is here to give your savings account that boost it needs. Update 1/19/24: The offer is still… GET OFFER
Vio Bank Money Market Account Earns 5.30% APY (Nationwide)
Vio Bank is the new online banking division of MidFirst Bank, which is one of the five largest privately owned financial institutions in the United States. Update 1/19/2024: Their APY increased from 5.28% to 5.30%. This is a strong rate.… GET OFFER
Apple Card Linked High Yield Savings Account: Earns 4.15% APY Rate
Apple has launched a new high-yield savings account in partnership with Goldman Sachs, exclusively available for Apple Card users. Update 1/19/2024: The offer is still active. Also, consider this savings account from American Express for a competitive rate. The savings… GET OFFER
Live Oak Bank Personal & Business Savings Accounts Earn 4.00% – 4.40% APY (Nationwide)
Live Oak Bank is offering competitive rates on their savings accounts for consumers and businesses. See the current rates below. Live Oak Bank is an online bank serving small businesses and individuals nationwide. They offer FDIC-insured high-yield savings and CDs… GET OFFER
UFB Secure Savings & UFB Secure Money Market Accounts Earn Up To 5.25% APY
Both the UFB Secure Savings and UFB Secure Money Market accounts earn a very competitive rate. Details below. Update 1/19/2024: Rate still high at 5.25% APY. CIT Bank also offers a strong APY on its CIT Platinum Savings account. Update… GET OFFER
First Internet Bank Money Market Account Earns 3.76% APY or 5.46% APY (Nationwide)
First Internet Bank is an online-only bank available to everyone nationwide. I'll review some background information, and keep this page updated on new promotions and bonuses. Update 1/19/2024: Rate have remained the same. For competitive rates, also check out this… GET OFFER
Heritage Bank NA High Yield Personal Checking & Savings Accounts Earn Up To 3.02% APY (Nationwide)
Heritage Bank NA, Member FDIC, is offering competitive rates on their personal checking and savings accounts. See the current rates below. Heritage Bank is focused on helping people succeed financially. Their mission is to see every customer as an individual… GET OFFER
Redneck Bank Mega Money Market Account Earns 5.05% APY (Nationwide)
Redneck Bank is the online banking division of All America Bank, which was established in 1969 as The First Mustang State Bank. This online bank only offers a few deposit account options, but rates are fairly competitive and available online… GET OFFER
Northern Bank Direct Money Market Account Earns 4.95% APY (Nationwide)
Northern Bank Direct offers some of the best Money Market and CD rates available online, nationwide. Update 1/30/2024: Rate remain strong at 4.95%. You might also want to consider this one from CIT Bank. Update 7/13/2023: Rate increased from 4.75%… GET OFFER
Marcus By Goldman Sachs Online Savings Earns 4.50% APY (Available Nationwide)
See updated Marcus by Goldman Sachs promotions and bonuses here. Offers are available online, nationwide. Update 1/19/2024: The rate increased to 4.50% APY. You might also want to consider this savings account from American Express. Update 12/13/2023: The rate remained… GET OFFER
Betterment Cash Reserve Account Earns 4.75% APY
Betterment’s Cash Reserve is a high-yield cash account. See the rate details below. Update 1/19/2024: Rate is still 4.75% APY. CIT Bank also offers a strong APY on its CIT Platinum Savings account. Update 8/10/2023: Rate has increased to 4.75%… GET OFFER
Sallie Mae Bank Online Money Market Earns 4.75% APY (Nationwide)
Read about Sallie Mae banking promotions and offers for their money market account here. Update 1/19/2024: Rate remains the same at 4.75% APY. CIT Bank also offers a strong APY on its CIT Platinum Savings account. Update 8/10/2023: Rate increased… GET OFFER
Ally Bank Money Market Account Earns 4.40% APY (Nationwide)
Ally Bank is another great online-only bank, and offers nationwide online Checking, Savings, Money Market, CD and IRA accounts that earn market leading rates. Update 1/19/2024: Rate is the same at 4.40% APY. Consider this one from Quontic, which currently offers a… GET OFFER
Wealthfront Cash Account 5.00% APY (5.50% APY With Referral)
Wealthfront Cash Account is a high-yield hybrid account that combines the features of both checking and savings accounts with no fees or strings attached. See the rate details below. Update 12/13/2023: APY rate increased to 5.00%. You can get 5.50%… GET OFFER
Capital One 360 Performance Savings: 4.35% APY Rate [Nationwide]
Capital One 360 Performance Savings is a very competitive online savings account option. See the current rate details below. Update 1/19/2024: Rate remained competitive at 4.35% APY. Update 12/20/2023: Rate increased to 4.35% APY. Update 11/2/2023: Capital One 360 is… GET OFFER
Discover Bank Money Market Account Earns up to 4.25% APY (Nationwide)
Discover offers a popular money market account option that's available online and earns a competitive rate. Get the details below. Update 1/19/2024: Rates remained the same. Consider this savings account from CIT, which offers a much higher return. Update 7/27/2023:… GET OFFER
Capital One 360 Performance Savings: Earn Up To $1,500 Bonus With Promo Code FALL23 [Nationwide] – Ended
Capital One 360 Performance Savings is offering up to $1,500 cash bonus for opening a new account with a $20,000 or more deposit of new funds. They also offer a very competitive APY. See details below. Update 1/2/24: The deadline… GET OFFER
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.
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