Contents
- 1 **FEATURED SAVINGS OFFER**
- 2 **THE BEST SAVINGS ACCOUNTS**
- 2.1 Axos Bank High Yield Savings: Up To 0.61% APY (Nationwide)
- 2.2 Quontic Bank High Yield Savings: 0.55% APY (Nationwide)
- 2.3 CIT Bank Savings Connect & eChecking: Up To 0.50% APY (Nationwide)
- 2.4 American Express® High Yield Savings Account, Member FDIC: 0.40% APY (Annual Percentage Yield) – as of 3/11/2021
- 2.5 Marcus By Goldman Sachs Savings Offer: 0.50% APY (Nationwide)
- 2.6 CIT Bank Savings Builder Offer: 0.40% APY (Nationwide)
- 2.7 Capital One 360 Performance Savings Offer: 0.40% APY (Nationwide)
- 2.8 Nationwide By Axos Bank My Savings: 0.20%, 0.30%* APY (Nationwide)
- 2.9 SmartyPig Savings Account: 0.70% APY* (Nationwide)
- 2.10 Vio Bank High Yield Online Savings: 0.57% APY (Nationwide)
- 3 **THE BEST MONEY MARKET ACCOUNTS**
- 3.1 CIT Bank Money Market Rate Offer: 0.45% APY (Nationwide)
- 3.2 Quontic Bank Money Market Account: Up To 0.30% APY (Nationwide)
- 3.3 Axos Bank High Yield Money Market: 0.25% APY (Nationwide)
- 3.4 Nationwide By Axos Bank Money Market Plus: 0.25% APY (Nationwide)
- 3.5 BankDirect Money Market Plus Account: 0.50% APY (Nationwide)
- 3.6 Northern Bank Direct Money Market: 0.50% APY (Nationwide)
- 3.7 Ally Bank Money Market Account: 0.50% APY (Nationwide)
- 3.8 First Internet Bank Money Market Savings: 0.50% APY (Nationwide)
- 3.9 BankPurely PurelyMoneyMarket : 0.50% APY (Nationwide)
- 3.10 iGObanking iGOmoneymarket Rate Offer: 0.50% 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**
[Expired] Axos High Yield Savings + Essential Checking $100 Bonus (Nationwide)
- What you’ll get: $100 bonus
- Where it’s available: Nationwide
- How to earn it:
- Use promo code GET100 on your application
- The application must be submitted before 11:59pm PST on 05/31/2021 to qualify.
- You must open your new Essential Checking account at the same time as your High Yield Savings account and have a Direct Deposit totaling at least $1,000 from a third party within the first 60 days of account opening to your Essential Checking account to qualify for this bonus.
- Bonus will be deposited into your new checking account within 5 business days of your third statement cycle date.
- Accounts must remain open for 180 days or an early closure fee of $50 may apply.
- When it expires: 5/31/2021
**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: Up To 0.61% APY (Nationwide)
- Rate Tiers:
- <$25K – 0.61%
- $25K-$100K – 0.25%
- >$100K – 0.15%
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Axos Bank.
Quontic Bank High Yield Savings: 0.55% APY (Nationwide)
- Availability: Online, nationwide
- Minimum opening deposit: $100
- Monthly fee: $0
Read our review on this and other offers from Quontic Bank.
CIT Bank Savings Connect & eChecking: Up To 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $200 monthly deposit into eChecking
- Monthly fee: $0
Read our review on this and other offers from CIT Bank.
American Express® High Yield Savings Account, Member FDIC: 0.40% APY (Annual Percentage Yield) – as of 3/11/2021
- 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: 0.50% 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: 0.40% 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: 0.40% 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: 0.20%, 0.30%* APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
*To qualify for the 0.30% 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 0.20% APY with My Savings account by itself.
Read our review on this and other offers from Nationwide By Axos Bank.
SmartyPig Savings Account: 0.70% APY* (Nationwide)
- *Rate Tiers:
- Up to $10k: 0.70% APY
- $10k-$250k: 0.45% APY
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from SmartyPig.
Vio Bank High Yield Online Savings: 0.57% APY (Nationwide)
- Available online, nationwide
- Interest is compounded daily, growing your money fast
- Only $100 minimum to open
- 6 free withdrawals per monthly statement cycle
- No monthly fee
Read our review on this and other offers from Vio 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.
CIT Bank Money Market Rate Offer: 0.45% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $100
- Monthly fee: $0
Read our review on this and other offers from CIT Bank.
Quontic Bank Money Market Account: Up To 0.30% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Quontic Bank.
Axos Bank High Yield Money Market: 0.25% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Axos Bank.
Nationwide By Axos Bank Money Market Plus: 0.25% 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 Plus Account: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $10,000
- Monthly fee: $0
Read our review on this and other offers from BankDirect
Northern Bank Direct Money Market: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Northern Bank Direct.
Ally Bank Money Market Account: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $0
Read our review on this and other offers from Ally Bank.
First Internet Bank Money Market Savings: 0.50% APY (Nationwide)
- Availability: Online, nationwide
- Minimum to earn APY: $1
- Monthly fee: $5; waive with $4,000 minimum balance
Read our review on this and other offers from First Internet Bank.
BankPurely PurelyMoneyMarket : 0.50% APY (Nationwide)
- Available nationwide
- Minimum to open: $25,000
- Minimum for APY: $25,000
- Maximum for APY: $500,000
Read our review on this and other offers from BankPurely
iGObanking iGOmoneymarket Rate Offer: 0.50% APY (Nationwide)
- Available nationwide
- Minimum to open: $25,000
- Minimum for APY: $25,000
- Maximum for APY: $500,000
Read our review on this and other offers from iGObanking
| OFFER LINK | OFFER | OUR REVIEW |
| Bank of America Checking | $100 Offer | Review |
| Chase Business Complete Banking℠ | $300 Cash | 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 |
| Axos Business Checking | $100 Cash | Review |
| Aspiration Checking | $100 Cash | Review |
| Ally Invest | Up To $3,000 | Review |
| Betterment | Up To 1 Year Free | Review |
| Voyager (code BH5F1A) | $25 In BTC | Review |
| Coinbase | $10 In BTC | Review |
| BlockFi | Up To $250 BTC | Review |
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.