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Home Banking

Best Online Savings and Money Market Account Rates of January 2023

Tony Jay by Tony Jay
January 17, 2023 8:19 pm CST
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This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Contents

  • 1 Differences Between Savings And Money Market Accounts
  • 2 Where To Get The Best Interest Rates?
  • 3 BEST SAVINGS AND MONEY MARKET OFFERS
    • 3.1 Axos Bank UFB Best Savings & Best Money Market Accounts Earn Up To 4.21% APY
    • 3.2 CIT Bank Savings Connect Earns 4.05% APY (Nationwide)
    • 3.3 Quontic Bank High Yield Savings Account Earns 3.50% APY (Nationwide)
    • 3.4 Quontic Bank Money Market Account Earns 3.50% APY (Nationwide)
    • 3.5 Barclays Bank Online Savings Account Earns 3.40% APY (Available Nationwide)
    • 3.6 American Express® High Yield Savings Account Earns 3.30% APY (Nationwide)
    • 3.7 M1 Finance Checking Account Earns 3.30% APY
    • 3.8 Personal Capital 6 Months Free Promotion, $100 Visa Gift Card Offer & Up To 3.90% APY Cash Account
    • 3.9 Heritage Bank NA High Yield Personal Checking & Savings Accounts Earn Up To 3.02% APY (Nationwide)
    • 3.10 Live Oak Bank Personal & Business Savings Accounts Earn 3.50% APY (Nationwide)
    • 3.11 First Internet Bank Money Market Account Earns 3.35% APY or 4.39% APY (Nationwide)
    • 3.12 Earn Up To 4.25% APY Citizens Access’ Best Online CD Rate, 3.75% APY Savings (Nationwide)
    • 3.13 Wealthfront Cash Account 3.80% APY (Nationwide)
    • 3.14 SoFi Checking & Savings Promotion: Up To $250 Bonus + Up To 3.75% APY
    • 3.15 Capital One 360 Performance Savings Rate: 3.30% APY [Nationwide]
    • 3.16 Redneck Bank Mega Money Market Account Earns 4.25% APY (Nationwide)
    • 3.17 Sallie Mae Bank Online Money Market Earns 3.40% APY (Nationwide)
    • 3.18 Marcus By Goldman Sachs Online Savings Earns 3.30% APY (Available Nationwide)
    • 3.19 Betterment Cash Reserve Account Earns 3.75% APY
    • 3.20 Discover Bank Money Market Account Earns up to 3.25% APY (Nationwide)
    • 3.21 Ally Bank Money Market Account Earns 3.30% APY (Nationwide)
    • 3.22 Vio Bank Money Market Account Earns 4.01% APY (Nationwide)
    • 3.23 Northern Bank Direct Money Market Account Earns 3.25% APY (Nationwide)
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See which banks have the best Savings Account and Money Market Account rates here.

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).

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: Compare CDs vs Money Money Accounts vs Savings Accounts…

Get started with these offers:

  • Axos Bank UFB Best Savings 4.21% APY
  • Axos Bank UFB Best Money Market 4.21% APY
  • CIT Bank Savings Connect 4.05% APY
  • Quontic Bank High Yield Savings 3.50% APY
  • Quontic Bank Money Market Account 3.50% APY
  • Barclays Online Savings Account 3.40% APY
  • American Express® High Yield Savings Account 3.30% APY (Annual Percentage Yield) – as of 12/22/2022

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.

Bank Promotions

Axos Bank UFB Best Savings & Best Money Market Accounts Earn Up To 4.21% APY

January 23, 2023 1:24 am CST

Both the UFB Best Savings and UFB Best Money Market accounts from Axos Bank earn a very competitive rate. Details...

Read more
Bank Promotions

CIT Bank Savings Connect Earns 4.05% APY (Nationwide)

January 24, 2023 8:28 pm CST

The CIT Bank Savings Connect account is a very competitive online savings account option. See the current rate details below....

Read more
Bank Promotions

Quontic Bank High Yield Savings Account Earns 3.50% APY (Nationwide)

January 23, 2023 2:02 am CST

Get a great rate for the Quontic Bank High Yield Savings Account. Quontic bank is a digital bank and is...

Read more
Bank Promotions

Quontic Bank Money Market Account Earns 3.50% APY (Nationwide)

December 27, 2022 12:29 pm CST

Find the latest rate details for the Quontic Bank Money Market Account here. Quontic bank is a digital bank and...

Read more
Bank Promotions

Barclays Bank Online Savings Account Earns 3.40% APY (Available Nationwide)

January 19, 2023 4:34 am CST

Barclays has a good rate on their savings account with no minimum required - available online-only in the U.S. Update...

Read more
Bank Promotions

American Express® High Yield Savings Account Earns 3.30% APY (Nationwide)

January 19, 2023 4:35 am CST

The American Express® High Yield Savings Account, Member FDIC, account offers a 3.30% APY (Annual Percentage Yield) rate - as of...

Read more
Bank Promotions

M1 Finance Checking Account Earns 3.30% APY

December 28, 2022 11:25 pm CST

The high-yield checking account from M1 Finance earns a good rate and is available with their M1 Plus plan. Update...

Read more
Personal Capital Review by moneysmylife
Bank Promotions

Personal Capital 6 Months Free Promotion, $100 Visa Gift Card Offer & Up To 3.90% APY Cash Account

January 19, 2023 4:35 am CST

Anyone can take advantage of Personal Capital's robust financial tools (including retirement planning) and interest-earning Cash account, but you'll need...

Read more

Heritage Bank NA High Yield Personal Checking & Savings Accounts Earn Up To 3.02% APY (Nationwide)

January 23, 2023 3:40 am CST

Heritage Bank NA is offering competitive rates on their personal checking and savings accounts. See the current rates below. Heritage...

Read more

Live Oak Bank Personal & Business Savings Accounts Earn 3.50% APY (Nationwide)

January 23, 2023 12:01 am CST

Live Oak Bank is offering competitive rates on their savings accounts for consumers and businesses. See the current rates below....

Read more

First Internet Bank Money Market Account Earns 3.35% APY or 4.39% APY (Nationwide)

First Internet Bank
January 17, 2023 8:23 pm CST

First Internet Bank is an online-only bank available to everyone nationwide. I'll review some background information, and keep this page...

Read more

Earn Up To 4.25% APY Citizens Access’ Best Online CD Rate, 3.75% APY Savings (Nationwide)

January 5, 2023 9:49 pm CST

Citizens Access is the online division of Citizens Bank, offering great Savings and CD rates that surpass traditional banking institutions....

Read more

Wealthfront Cash Account 3.80% APY (Nationwide)

January 5, 2023 1:14 am CST

Wealthfront Cash Account is a high-yield hybrid account that combines the features of both checking and savings accounts with no...

Read more

SoFi Checking & Savings Promotion: Up To $250 Bonus + Up To 3.75% APY

Featured Banking Image 001 (30)
January 4, 2023 3:16 am CST

SoFi Checking & Savings earns interest and has no account and overdraft fees. Earn more on your money with 3.75%...

Read more

Capital One 360 Performance Savings Rate: 3.30% APY [Nationwide]

December 27, 2022 12:46 pm CST

Capital One 360 Performance Savings is a very competitive online savings account option. See the current rate details below. Update...

Read more

Redneck Bank Mega Money Market Account Earns 4.25% APY (Nationwide)

Redneck Bank
December 27, 2022 1:18 pm CST

Redneck Bank is the online banking division of All America Bank, which was established in 1969 as The First Mustang...

Read more

Sallie Mae Bank Online Money Market Earns 3.40% APY (Nationwide)

Sallie Mae
December 27, 2022 1:17 pm CST

Read about Sallie Mae banking promotions and offers for their money market account here. Update 12/27/2022: Their APY rate increased...

Read more

Marcus By Goldman Sachs Online Savings Earns 3.30% APY (Available Nationwide)

December 27, 2022 1:02 pm CST

See updated Marcus by Goldman Sachs promotions and bonuses here. Offers are available online, nationwide. Update 12/27/2022: The APY rate...

Read more

Betterment Cash Reserve Account Earns 3.75% APY

December 27, 2022 12:54 pm CST

Betterment’s Cash Reserve is a high-yield cash account. See the rate details below. Update 12/27/2022: The APY for Cash Reserve...

Read more

Discover Bank Money Market Account Earns up to 3.25% APY (Nationwide)

December 27, 2022 12:53 pm CST

Discover offers a popular money market account option that's available online and earns a competitive rate. Get the details below....

Read more

Ally Bank Money Market Account Earns 3.30% APY (Nationwide)

December 16, 2022 11:44 am CST

Ally Bank is another great online-only bank, and offers nationwide online Checking, Savings, Money Market, CD and IRA accounts that earn market...

Read more

Vio Bank Money Market Account Earns 4.01% APY (Nationwide)

December 16, 2022 11:39 am CST

Vio Bank is the new online banking division of MidFirst Bank, which is one of the five largest privately owned...

Read more

Northern Bank Direct Money Market Account Earns 3.25% APY (Nationwide)

December 13, 2022 2:33 am CST

Northern Bank Direct offers some of the best Money Market and CD rates available online, nationwide. Northern Bank Direct is...

Read more

Read more: See the best bank bonuses here.

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