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Home Bank Promotions

Best Online Savings and Money Market Account Rates of September 2023

Tony Jay by Tony Jay
September 1, 2023 12:01 am CDT
in Bank Promotions, Banking, Deals
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See which banks have the best Savings Account and Money Market Account rates here.

  • 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.

Table of contents

  • Differences Between Savings And Money Market Accounts
  • Where To Get The Best Interest Rates?
  • GET STARTED WITH THESE OFFERS
  • BEST SAVINGS AND MONEY MARKET OFFERS
  • Final Thoughts

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.

SimilaritiesDifferences
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 4.25% APY (Annual Percentage Yield) – as of 8/18/23; 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.

Baselane $300 Bonus Offer & 4.46% APY On Banking Balances

1 month ago | Categorized as: Bank Promotions, Banking, Deals, Investing

Baselane (baselane.com) is a comprehensive financial platform with several tools for managing and expanding your investment portfolios. Baselane might be a suitable option for you if you're thinking about making real estate investments or are having trouble managing your rental… GET OFFER

American Express® High Yield Savings Account Earns 4.25% APY (Nationwide)

1 month ago | Categorized as: Bank Promotions, Banking, Deals

The American Express® High Yield Savings Account, Member FDIC, account offers a 4.25% APY (Annual Percentage Yield) rate - as of 8/18/2023. Update 8/18/2023: Rate for Amex HYSA increases to 4.25% APY. Update 8/1/2023: Rate for Amex HYSA increases to 4.15%… GET OFFER

Empower Free Personal Dashboard & Up To 4.70% APY Cash Account

1 month ago | Categorized as: Bank Promotions, Banking, Deals, Investing

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 8/10/2023: The rate for the Empower Personal… GET OFFER

PrizePool Savings Promotions: 10% Bonus & 4.50% APY

2 months ago | Categorized as: Bank Promotions, Banking, Referral Promotions

Find the latest PrizePool (getprizepool.com) promotions and offers here. They have a referral program where you earn 10% of all prizes won by every friend you invited to the savings app. More referral deals here. Update 5/19/2023: Starting June 1… GET OFFER

Quontic Bank High Yield Savings Account Earns 4.50% APY (Nationwide)

2 months ago | Categorized as: Bank Promotions, Banking

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 7/31/2023: The High Yield Savings account gets a… GET OFFER

Quontic Bank Money Market Account 5.00% APY Offer [Nationwide]

2 months ago | Categorized as: Bank Promotions, Banking

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)

2 months ago | Categorized as: Bank Promotions, Banking

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)

2 months ago | Categorized as: Bank Promotions, Banking

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 7/27/2023: APY rate has increased again to 5.05% APY. Update 6//16/2023:… GET OFFER

Barclays Bank Online Savings Account Earns 4.35% APY (Available Nationwide)

2 months ago | Categorized as: Bank Promotions, Banking

Barclays has a great rate on their savings account with no minimum required - available online-only in the U.S. Update 7/26/2023: APY has increased to 4.35% APY. Update 6/16/2023: The APY rate has increased to 4.15% APY. Update 4/27/2023: The… GET OFFER

Capital One 360 Performance Savings: 4.30% APY Rate [Nationwide]

3 days ago | Categorized as: Bank Promotions, Banking

Capital One 360 Performance Savings is a very competitive online savings account option. See the current rate details below. Update 9/20/2023: Rate remains high at 4.30% APY Update 7/27/2023: Rate has increased to 4.30% APY. Update 6/25/2023: Rate has increased… GET OFFER

Wealthfront Cash Account 4.80% APY (5.30% APY With Referral)

2 weeks ago | Categorized as: Deals

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 7/27/2023: Wealthfront has raised the APY to 4.80%. The boosted… GET OFFER

UFB High Yield Savings & High Yield Money Market Accounts Earn Up To 5.25% APY

1 month ago | Categorized as: Bank Promotions, Banking

Both the UFB High Yield Savings and UFB High Yield Money Market accounts earn a very competitive rate. Details below. Update 8/14/2023: Rates for their savings and money market accounts are now up to 5.25% APY. Update 7/27/2023: Rates for… GET OFFER

Betterment Cash Reserve Account Earns 4.75% APY

1 month ago | Categorized as: Bank Promotions, Banking

Betterment’s Cash Reserve is a high-yield cash account. See the rate details below. Update 8/10/2023: Rate has increased to 4.75% APY Update 5/8/2023: The offer increased from 4.35% to 4.50%. Update 4/24/2023: The APY for their Cash Reserve account increased… GET OFFER

Marcus By Goldman Sachs Online Savings Earns 4.30% APY (Available Nationwide)

1 month ago | Categorized as: Bank Promotions, Banking

See updated Marcus by Goldman Sachs promotions and bonuses here. Offers are available online, nationwide. Update 8/10/2023: Rate has increased to 4.30% APY Update 5/8/2023: The APY rate increased from 3.90% to 4.15%. Update 4/17/2023: The APY rate increased from… GET OFFER

First Internet Bank Money Market Account Earns 3.76% APY or 5.46% APY (Nationwide)

1 month ago | Categorized as: Bank Promotions, Banking

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 8/10/2023: Rate have increased to 3.75%/5.46% APY. Update 5/22/2023: The APY for daily… GET OFFER

Vio Bank Money Market Account Earns 5.15% APY (Nationwide)

1 month ago | Categorized as: Bank Promotions, Banking

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 8/10/2023: APY rate increased to 5.15% APY Update 6/25/2023: The APY rate increased… GET OFFER

Sallie Mae Bank Online Money Market Earns 4.75% APY (Nationwide)

1 month ago | Categorized as: Bank Promotions, Banking

Read about Sallie Mae banking promotions and offers for their money market account here. Update 8/10/2023: Rate increased to 4.75% APY. Update 7/27/2023: Rate increased to 4.50% APY. Update 6/25/2023: APY rate increased to 4.25% APY. Update 4/24/2023: Their APY… GET OFFER

Ally Bank Money Market Account Earns 4.40% APY (Nationwide)

1 month ago | Categorized as: Bank Promotions, Banking

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 8/10/2023; Rate has increased to 4.40% APY. Update 7/27/2023: Rate has increased to 4.30% APY. Update 5/23/2023:… GET OFFER

Live Oak Bank Personal & Business Savings Accounts Earn 4.00% – 4.15% APY (Nationwide)

2 months ago | Categorized as: Bank Promotions, Banking

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

Discover Bank Money Market Account Earns up to 4.25% APY (Nationwide)

2 months ago | Categorized as: Bank Promotions, Banking

Discover offers a popular money market account option that's available online and earns a competitive rate. Get the details below. Update 7/27/2023: Rates are now up to 4.25% APY. Update 6/25/2023: Rates are now up to 4.10% APY. Update 6/11/2023:… GET OFFER

Northern Bank Direct Money Market Account Earns 4.95% APY (Nationwide)

2 months ago | Categorized as: Bank Promotions, Banking

Northern Bank Direct offers some of the best Money Market and CD rates available online, nationwide. Update 7/13/2023: Rate increased from 4.75% to 4.95% APY on balances up to $250,000. Update 3/29/2023: Their APY increased from 4.25% to 4.75% on… GET OFFER

PayPal Savings Account Earns 4.30% APY (Just Need A PayPal Balance Account)

3 months ago | Categorized as: Bank Promotions, Banking, Deals

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. Instead of letting your money sit… GET OFFER

Redneck Bank Mega Money Market Account Earns 5.05% APY (Nationwide)

4 months ago | Categorized as: Bank Promotions

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

Earn Up To 5.00% APY Citizens Access’ Best Online CD Rate, 4.50% APY Savings (Nationwide)

5 months ago | Categorized as: Bank Promotions, Banking

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 5/3/2023: The APY rate on their savings account increased from 4.25%… GET OFFER

Apple Card Linked High Yield Savings Account: Earns 4.15% APY Rate

5 months ago | Categorized as: Bank Promotions, Banking

Apple has launched a new high-yield savings account in partnership with Goldman Sachs, exclusively available for Apple Card users. The savings account offers a competitive APY rate of 4.15% on deposits up to $250,000, and allows users to easily deposit… GET OFFER

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

7 months ago | Categorized as: Bank Promotions, Banking

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

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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Tony Jay

Tony Jay

Hey there! I'm Tony, a personal finance enthusiast.

If you're looking to maximize your savings, I've got you covered. From exclusive banking promotions and investing bonuses, to exciting credit card offers, I'll keep you in the loop on the hottest deals in town.

Join me here at MoneysMyLife and let's embark on this adventure together. Contact me here.

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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.

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