The post Best Money Market Accounts for 2019 appeared first on Club Thrifty.
Would you like to earn more money from your bank accounts this year? If so, think about adding a money market account to your portfolio. Money market accounts typically earn a higher rate than traditional savings accounts, and they offer capabilities similar to a checking account which make them even more attractive.
If you look at most traditional savings accounts, you’ll see rates that almost aren’t worth it:
- U.S. Bank – 0.05% APY
- Bank of America – 0.03% APY
- Chase – 0.01% APY
- Wells Fargo – 0.01% APY
- SunTrust – 0.01% APY
Traditional accounts aren’t exactly making anyone rich. But rates at money market accounts are often over 1.50% APY, and many earn 2.00% APY or more. Just think how much interest you could earn by keeping your emergency fund in a money market account instead of a traditional bank account.
Your money is safe in a money market account, too. Like savings accounts, they are FDIC-insured, which means up to $250,000 of your money is insured by the U.S. government.
What are Money Market Accounts?
You’re probably more familiar with traditional savings and checking accounts, right? Well, money market accounts are essentially a hybrid of both.
A money market account is like a savings account that earns a high interest rate. However, it also comes with a debit card and check-writing capabilities.
Money market accounts often require a higher minimum balance or opening deposit, which could be a pitfall to those just beginning to save. However, some of them require just $100 to get started.
There are several great money market accounts available. To help you choose, we’ve created a list of the top ones to share with you along with their best features.
Best Money Market Accounts for 2019
CIT Bank Money Market
CIT Bank (FDIC #58978) provides some of the best online banking solutions you’ll find within the US. Their money market account is no exception. It offers a hefty 1.85% APY and only requires a $100 minimum opening deposit, which is outstanding.
Despite being an online bank, funds are super easy to access 24/7. This money market account also carries no monthly fees. With the CIT Bank mobile app, customers can easily deposit checks remotely and make transfers. They are even launching bill pay features soon.
Try out their savings account calculator to see estimated totals of how much you’ll earn with their money market account. Opening an account with CIT Bank could be the decision that jump-starts your savings. Check out our complete CIT Bank review to learn more, or open your account using the link below!
BBVA Money Market Account
You’ll build your savings quickly with a money market account from BBVA (FDIC# 19048).
That’s because you can earn a whopping 1.90% APY when you open a new account with a balance of at least $10,000.
BBVA charges a $15 monthly service charge. This is waived if you:
- Maintain a minimum daily collected balance of $10,000 or more every month
- Set up an automatic recurring transfer of $25 from a BBVA checking account to your money market account
Customers can access their money anytime through BBVA’s mobile banking app. For extra protection, customers can link a BBVA checking account and receive overdraft protection.
TIAA Yield Pledge Money Market Account
The TIAA (FDIC #34775) Yield Pledge Money Market account offers high rates backed by their Yield Pledge promise. They promise that the yield on their money market account will be in the top 5% of competitive accounts.
This online money market account offers mobile check deposits and zero hidden fees. It’s also IRA eligible. TIAA’s money market account requires a minimum opening deposit of just $500, which makes it an ideal high interest account for beginning savers.
State Farm Bank Money Market Savings Account
State Farm (FDIC #34617) offers more than just insurance. Their money market account is one of the best on the market. It comes with a complimentary ATM card and checks. State Farm also gives customers up to a 100% rebate for ATM fees.
State Farm’s money market account earns a high rate and only requires an initial deposit of $1,000. It also offers a higher Relationship APY if you bank with them as a checking account customer. To earn the Relationship APY, customers must keep a daily balance of at least $2,500 or make at least 10 withdrawals per statement.
Discover Money Market Account
Discover (#5649) proves its more than just a credit card lender with its money market account. There are no fees and users have access to 60,000+ ATMs nationwide.
Discover has two rate levels for money market accounts: one for balances under $100,000 and a slightly higher rate for balances over $100,000.
Customers can get help 24/7 through Discover’s mobile app. The app allows mobile check deposit. The account comes with a debit card, which you can freeze and replace for free if you lose your card. The account also offers online bill pay.
FNBO Direct Money Market Account
Another great choice for a money market account comes from First National Bank of Omaha (FDIC# 5452). You can transfer funds, withdraw money, and write checks up to 6 times per month. They offer free checks, too. There’s a $1,000 minimum deposit but no minimum daily balance or monthly fee. This is another ideal account for those looking to start saving.
With FNBO, rates depend on whether you have other FNBO accounts linked to your money market account or not. It may be worth opening a savings or checking account if there’s a considerable jump in the rate you’ll receive.
BMO Harris Platinum Money Market Account
BMO Harris (FDIC #16571) has one of the most competitive money market account offerings out there. Their Platinum account earns a high rate and has no monthly maintenance fees. It requires a $5,000 minimum deposit to open.
BMO Harris doesn’t require that you maintain a minimum balance, although a zero balance will result in the account being closed. You can open an account online or at one of the 500+ branches around the U.S.
Investors eAccess Money Market Account
Investors Bank (FDIC #28892) is behind the Investors eAccess money market account. They have over 90 years of experience in the banking field. You can open an account for $0 and earn interest on funds up to $2,000,000.
The eAccess money market account has no monthly fees to worry about. But if you’re looking for an account that comes with a debit card and check-writing capabilities, this isn’t the account for you. They aren’t available. Access to the account is all online or through their mobile app. You can also link up to 5 external bank accounts.
Sallie Mae Money Market Account
Sallie Mae (FDIC #58177) is known widely for student loans. However, they have a very competitive money market account you may like. It comes with a high rate and has no monthly maintenance fees and no minimum balance to keep. Even better – there is no minimum deposit to open the account.
Sallie Mae’s money market account offers easy account management online with free transfers. Your account comes with check writing capabilities, but no debit card. While this account doesn’t offer the perks of some others, the zero opening deposit and minimum balance are attractive to those just starting on their savings journey.
Money Market Account vs High-Yield Savings Account
When it comes to your savings, which is better: a money market account or a high-yield savings account? Money market accounts usually offer a higher interest rate than traditional savings accounts. But both money market and high-yield savings accounts can earn high rates. Why choose one over the other?
It comes down to a matter of preference and needs. Do you want easy access to your funds at any time? If so, a money market account may make more sense. Money market accounts often come with a debit card and checks that can make it easier to get to your money on the go. Keep in mind like high-yield savings accounts, you are limited by federal rules to 6 transactions per month (excluding ATM and in-person withdrawals). Some banks charge a fee for going over your limit or will even close your account.
Both types of accounts are geared toward people wanting to save money without touching it too much. Money market accounts often require a higher minimum balance or opening deposit, so if you aren’t planning on a large deposit, a high-yield savings account could be better for you.
In the end, the differences between money market accounts and high-yield savings accounts often have to do with what your bank offers. For the best value, look for a bank that has an app you can use to transfer funds, incentives for saving, and a wide variety of accounts to meet your financial needs. 
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