Money Market Account
A hybrid deposit account combining savings-account interest rates with limited check-writing and debit-card access. Rates often tier by balance, rewarding larger deposits.
Rate Summary — as of
Typical APY range
4.20–5.00%
Typical minimum balance
$2,500
What Is a Money Market Account?
A hybrid deposit account combining savings-account interest rates with limited check-writing and debit-card access. Rates often tier by balance, rewarding larger deposits.
Key Features
- Check-writing access
- Debit card at many banks
- Tiered interest (higher balance → higher rate)
- FDIC insured up to $250,000
What to Watch Out For
- High minimum balance requirements ($2,500–$25,000 is common)
- Monthly fees if balance drops below tier
- Rate tiers may not be advertised prominently
Who This Product Fits
Emergency Fund Builder
Accumulating 3–6 months of expenses in an accessible, liquid account. Prioritises FDIC safety, no withdrawal limits, and zero monthly fees.
Small Business Owner
Managing operating cash and reserves in a business entity. Needs ACH capability, FDIC coverage on business accounts, and low fees.
High-Net-Worth Depositor
Managing cash positions exceeding $250,000. Requires strategies for FDIC coverage beyond the single-institution limit: CD ladders across banks, CDARS networks, and brokered CDs.
Compare by Bank Type
The same MMA product type varies significantly by institution. Select a bank category to see how rates, fees, and features differ:
Big-Four Banks
Chase, Bank of America, Wells Fargo, and Citibank. Unmatched branch network; rates typically 0.01–1.…
Regional Banks
Mid-size institutions (Regions, Huntington, Fifth Third, KeyBank). Often competitive CDs; savings ra…
Online-Only Banks
Ally, Marcus, Discover Bank, American Express Bank. Consistently lead rate tables by 1–3 percentage …
Credit Unions
Member-owned cooperatives insured by NCUA. Share rates often match or beat online banks; membership …
Fintech Neobanks
SoFi, Wealthfront Cash, Betterment Cash Reserve. Pass-through deposit models; rates competitive but …
Brokerage Banks
Fidelity, Charles Schwab, Vanguard banking arms. Sweep rates are often low on default; money market …
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