# The Best Money Market Accounts of 2024
If you’re looking to get a better interest rate on your savings, you need to consider opening a **money market account**. Money market accounts operate extremely similar to savings accounts, and they are available at most banks. However, you’re typically going to find the best money market accounts at online banks.
A money market account can be a great place to park your savings, your emergency fund, your down payment for your house, or any other large sum of cash. We break down our favorite money market accounts, as well as provide a list of the best money market accounts everyday in our table that updates daily. Given that interest rates change daily, make sure you check the table to get the best rates.
## Our Top 10 Money Market Account Picks
We evaluate money market accounts (MMA) based on their annual percentage rate (the interest you receive), the minimum balance requirements, and the terms and conditions of having the account. Based on that, here are our recommendations of the best money market accounts.
1. **Brio Direct – 5.15% APY**
– Brio Direct has been a popular online bank for years, offering great high-yield savings accounts with competitive rates. Currently, you can earn 5.15% APY on your deposits with a $5,000 minimum deposit to open.
2. **Vio Bank – 5.05% APY**
– Vio Bank offers a Cornerstone Money Market Account with a fantastic interest rate of 5.05% APY and just a $100 minimum opening deposit. There are no monthly fees or other minimum balance requirements.
3. **Quontic Bank – 5.00% APY**
– Quontic Bank provides a money market account with a 5.00% APY and a $100 minimum opening deposit. Your money is FDIC insured since it is a traditional bank.
4. **Brilliant Bank – 4.85% APY**
– Brilliant Bank, a division of Equity Bank, offers a top money market account with a 4.85% APY on a $1,000 minimum balance to open.
5. **American First Credit Union – 4.65% APY**
– The American First CU Money Market Account provides a 4.65% APY with just a $1 minimum opening deposit.
6. **Harborstone Credit Union – 4.55% APY**
– Harborstone CU Money Market Account offers a 4.55% APY with a $1 minimum opening deposit, available to depositors nationwide.
7. **Blue Federal Credit Union – 4.50% APY**
– Blue Federal Credit Union, primarily serving those in the Air Force, presents a 4.50% APY with just a $1 minimum opening deposit.
8. **RBMAX by Republic Bank – 4.15% APY**
– RBMAX by Republic Bank offers a 4.15% APY with a $1 minimum opening deposit in partnership with Raisin.
9. **UNCLE Credit Union – 3.99% APY**
– UNCLE Credit Union provides a great money market account with a 3.99% APY and just a $1 minimum opening deposit.
10. **Discover Bank – 3.95% APY**
– Discover Bank offers a money market account with a 3.95% APY for balances over $100,000 and a 3.90% APY for balances under $100,000, with no minimum deposit requirements.
## FAQ
### What’s the difference between a money market and savings account?
There is very little difference between a savings account and a money market account. Both are FDIC insured, but money market accounts typically pay slightly higher interest rates and require a higher minimum balance.
### Can you lose your money in a money market account?
No, you cannot lose money in a money market account as long as you’re under the FDIC insurance deposit limits.
### Are money market accounts offered only at banks?
Money market accounts are offered at banks, credit unions, and some brokerage firms.
### Do money market accounts charge fees?
Some money market accounts may charge monthly maintenance fees if you don’t maintain the minimum balance required.
### Are money market accounts FDIC insured?
Yes, money market accounts are FDIC insured.
## Final Thoughts
A money market account can be a great way to save your money and earn higher interest rates while maintaining liquidity. Make sure to choose the best money market account that suits your needs to maximize your savings. Remember to always shop around for the best rates and consider factors like minimum balance requirements and fees.
## Methodology
The College Investor provides unbiased reviews of the top banks and money market accounts to help readers make informed decisions. The list of the best money market accounts is based on factors such as ease of use, costs and fees, interest rates, and bonuses. The list aims to accurately reflect the best money market accounts in the marketplace for consumers.