In today’s financial landscape, money market accounts offer an attractive blend of high yields and liquidity. Let’s explore the top 5 money market accounts as of December 2024, examining their rates, features, and potential drawbacks.
TotalBank Online Money Market: Leading with High Yields
TotalBank’s online money market account currently offers an impressive 4.86% APY.
Pros:
- Highest APY among competitors at 4.86%
- No monthly service fee
- FDIC insured
Cons:
- High minimum opening deposit requirement ($25,000)
- Limited to six withdrawals per month
- No mention of check-writing or debit card access
Vio Bank Cornerstone Money Market Savings Account: Low Entry, High Returns
Vio Bank’s Cornerstone Money Market Savings Account offers a competitive 4.77% APY.
Pros:
- High interest rate of 4.77% APY
- Low minimum opening deposit of $100
- No monthly fee with online statements
Cons:
- $5 monthly fee for paper statements
- No physical branch locations
- No checks or debit card provided
Brilliant Bank Surge Money Market Account: Balancing Yield and Features
Brilliant Bank’s Surge Money Market Account provides a solid 4.85% APY.
Pros:
- Competitive 4.85% APY
- No monthly fees with a $2,000 minimum balance
- Monthly interest crediting
Cons:
- $2,000 minimum balance to avoid fees
- Potential transaction limits
- Limited information on additional features
Quontic Money Market Account: Accessible High-Yield Option
Quontic Bank’s Money Market Account offers a 4.75% APY with no minimum balance requirement.
Pros:
- Strong 4.75% APY
- No minimum balance requirement
- No monthly fees
Cons:
- Potential transaction limitations
- No physical branches
- Limited information on check-writing or debit card access
Northern Bank Direct Money Market Account: High Yield with Added Conveniences
Northern Bank Direct’s Money Market Account also offers a 4.75% APY on balances up to $250,000.
Pros:
- High 4.75% APY on balances up to $250,000
- No monthly service fee
- Offers paper checks and ATM card
Cons:
- $5,000 minimum opening deposit
- $2 out-of-network ATM fee
- Interest compounds monthly, not daily
When selecting a money market account, consider your financial goals and preferences. While high yields are attractive, factors such as minimum balance requirements, transaction limits, and account features should also play a role in your decision. Remember that rates are subject to change, so verify the most current information before opening an account.