The top 10 money market accounts for December 2022


Interest rates have been rising throughout 2022, and that’s not great news if you want to borrow money. But for those who are keeping cash in the bank, the rate hikes have been a positive development, allowing your savings to grow much faster.

Money market accounts are a great way to take advantage of the rising rate environment, with some accounts offering annual percentage yields (APY) as high as 3.52%.  

The Fortune RecommendsTM editorial team reviewed more than 40 money market accounts and came up with a list of our top 10 picks. To develop our ranking we considered such factors as APY, minimum required deposit, access to funds, maintenance fees, and customer service options.

The top 10 money market accounts 

Here is our list of the best money market accounts according to Fortune Recommends editors. Note: Minimum deposit requirements, APYs, and other numbers in our list are up to date as of Nov. 16, 2022 and are subject to change.

1. Vio Bank: For savers who want a high APY and entirely online account maintenance

Key numbers 
APY: 3.52%
Minimum opening deposit: $100
Maintenance fees: $0 

Why we picked it: Vio Bank is an entirely online bank and is part of MidFirst Bank, which is the largest privately held bank in the United States. It offers CDs, money market accounts, and savings accounts. In addition to having one of the highest APY rates on our list, this money market account can be opened and maintained entirely online—so customers don’t need to visit a bank location. It also allows six free withdrawals per month. Another benefit is the lack of monthly maintenance fees. And all deposits are insured by the FDIC up to $250,000. Vio’s customer service representatives are available via phone from 7:00 a.m. through 9:00 p.m. Central time Monday through Friday; 8:00 a.m. until 6:00 p.m. CST on Saturday; and 12 p.m. until 4 p.m. CST on Sunday. Representatives can also be reached via chat on the bank’s website.

2. First Foundation Bank: For savers who are focused on high earnings

Key numbers 
APY: 3.6%
Minimum opening deposit: $1,000
Maintenance fees: $0 

Why we picked it: First Foundation is an FDIC-insured bank that was founded in 2007. Its headquarters are in California, but the bank serves customers nationwide through its online offerings. First Foundation features both an online money market account and money market accounts that can be opened in its brick-and-mortar locations throughout California, Hawaii, Nevada, Texas, and Florida. For opening a money market account online, there’s no monthly service fee. However, the minimum balance to establish an account is a steep $1,000. Those who meet that minimum will get a generous 3.6% APY, which is among the best on the market.

Customer service representatives are available via phone and email. General questions can be answered 24 hours a day, seven days a week via the bank’s automated phone line, while representatives can be reached Monday through Thursday 5:00 a.m. until 8:00 p.m. PST and from 5 a.m. until 6 p.m. PST on Friday. On Saturday, representatives are available from 6 a.m. until 2:30 p.m. PST.

3. Ally Bank: For beginning savers who want a competitive APY and no minimum balance requirements 

Key numbers 
APY: 2.75%
Minimum opening deposit: $0
Maintenance fees: $0

Why we picked it: Another entirely online financial institution, Ally Bank is based in Utah and was established in 2009. Its money market account features a high 2.75% APY on all balance tiers, making it a great choice for those just getting started in their saving efforts. You’ll also have plenty of access to money market funds when banking with Ally—customers are permitted to make unlimited ATM withdrawals via a network of more than 43,000 ATMs across the country. And if you can’t find an in-network ATM, the bank reimburses up to $10 per billing cycle for fees charged by other banks. Ally money market accounts also allow for mobile check deposits from your phone.

The bank offers customer service 24 hours a day, seven days a week via phone, chat, and email.

4. Prime Alliance Bank: For savers who want to make unlimited deposits 

Key numbers 
APY: 3.25%
Minimum opening deposit: $0
Maintenance fees:  $0

Why we picked it: Located in Utah, Prime Alliance was founded in 2004 to serve individual customers and businesses. There are many benefits to the Prime Alliance money market account, including no monthly maintenance fees and no minimum balance requirements. In addition, the account allows customers to deposit checks using its mobile app. Account holders can make unlimited deposits with the Prime Alliance money market, though they are limited to just six withdrawals or transfers each month. 

Customer service includes the ability to communicate with representatives via email, phone, and secure messages through the bank’s website. While the bank’s hours are Monday through Friday 8:30 a.m. until 5:00 p.m. MT, there’s also an after-hours customer service number.

5. Sallie Mae Bank: For savers who want to write checks from money market funds

Key numbers 
APY: 3.2%
Minimum opening deposit: $0
Maintenance fees: $0

Why we picked it: In addition to its notably high APY of 3.2%—one of the higher rates on our list—the Sallie Mae money market account allows account holders to write checks from the account and does not charge any maintenance fees. You’ll also be able to manage the account online and make free transfers. Sallie Mae was founded in 1972 and it’s headquarters are located in Delaware. Its focus is helping customers save for educational expenses and it offers a variety of products focused on that goal including student loans. Though the bank also offers a variety of other products including credit cards and savings accounts.

Customer service representatives can be reached via phone or chat. Chat hours are 8 a.m. until 8 p.m. EST, while phone service hours are 9 a.m. until 6 p.m. EST.

6. Redneck Bank: For savers who want a highly competitive APY and have at least $500 to open an account

Key numbers 
APY: 3.05%
Minimum opening deposit: $500
Maintenance fees: $0

Why we picked it: Redneck Bank is the internet division of All America Bank, which was founded in 1969 in Oklahoma. Redneck Bank is entirely online; there are no brick-and-mortar locations. Though Redneck Bank’s money market account requires at least $500 to open, its other features may make it worth the tradeoff. The bank’s money market offers a high 3.05% APY, which is among the top on our list. In addition, you won’t pay any maintenance fees. Some of the other notable benefits with the Redneck money market include a free Visa debit card with the account, online banking access, and six free debits per month. However, there’s a $5 fee for excess debits beyond the six allowed, which may be an issue for some.

Redneck customer service can be reached Monday through Friday via phone between 8 a.m. and 5 p.m. CST.

7. Quontic Bank: For savers who prefer fully mobile and online banking

Key numbers 
APY: 2.5%
Minimum opening deposit: $100
Maintenance fees: $0

Why we picked it: Quontic is a digital bank that began as a community bank based in New York City more than 10 years ago. The 2.5% APY on its money market account is one of the reasons it made our top 10 list. The bank also allows customers to open an account with just $100, which can be a benefit for those just starting their savings efforts. Quontic’s well-developed online and mobile offerings are also an important feature—customers can make remote check deposits, pay bills, and transfer funds all from a phone or computer. On the downside, you will be limited to just six transfers and withdrawals per billing cycle with this account, which can be challenging.

Quontic customer service representatives can be reached via phone Monday through Friday from 9 a.m. until 6 p.m. EST. Customers can also email the bank for support.

8. Synchrony Bank: For those who like to access funds from multiple platforms

Key numbers 
APY: 2%
Minimum opening deposit: $0
Maintenance fees:  $0

Why we picked it: An FDIC-insured bank, Synchrony operates entirely online. At 2%, Synchrony’s APY falls on the lower end of the spectrum on our list, but the bank’s money market accounts offer a number of other valuable features. You’ll have plenty of access to funds with Synchrony, which allows for writing checks, and withdrawing money online or via phone, as well as ATM. You can also manage your funds around the clock using the Synchrony mobile app.

Customer service representatives can be reached via chat and phone. Automated service is available via phone 24 hours a day, seven days a week. Representatives are available Monday through Friday from 8 a.m. until 10 p.m. EST and from 8 a.m. until 5 p.m. EST on Saturday and Sunday.

9. First Internet Bank: For savers who like to maintain a significant monthly balance 

Key numbers 
APY: 2.78%
Minimum opening deposit:
Maintenance fees: $5

Why we picked it: First Internet Bank was established in 1999 and operates entirely online, though its headquarters are located in Indiana. First Internet’s money market account offers a competitive 2.78% APY, putting it among the most generous on our list. And you can open a money market account with just $100. However, in order to avoid the monthly maintenance fee you will need to maintain an average daily balance of $4,000, which may not be ideal for all consumers.

Customer service representatives can be reached via email, chat, or phone. The bank’s representativevs can be reached via phone Monday through Friday from 7 a.m. until 9 p.m. EST and on Saturday between 9 a.m. and 3 p.m. EST.

10. Discover Bank: For savers who like to pay bills from a money market account

Key numbers 
APY: 2.9%
Minimum opening deposit: $2,500 
Maintenance fees: $0

Why we picked it: Discover’s money market account comes with a steep upfront deposit requirement of $2,500. For those who meet that threshold, however, the bank pays among the top APYs on our list of 2.9%. Additional benefits with a Discover account include no maintenance fees and the ability to access your cash using checks, debit card, online access, or ATMs. Discover money market accounts also allow users to arrange for bill pay from these accounts. Another benefit: You can set up automatic transfers from your money market account to a checking or savings account.
Discover offers customer service via phone 24 hours a day, seven days a week, every day of the year.

What is a money market account?

A money market account is something of a combination between a checking account and a savings account. These accounts typically offer much higher APYs than checking accounts, but in many cases include some of the same features including check writing, debit card access, and the ability to make withdrawals and deposits via ATM. However, unlike checking accounts, there may be a limit on the number of withdrawals that can be made from your money market account each month, and not all money market accounts come with a debit card. It’s also not unusual for money market accounts to require a steep opening balance in order to secure the most competitive interest rates. Still, these accounts can be a great way to grow money for your financial goals.

When considering a money market account, it’s important to shop around and do your research as the interest, benefits and features vary widely. You’ll want to find the right combination between APY to grow your deposits and access to your funds, as well as customer service and lack of fees.

Our methodology 

The Fortune RecommendsTM team has analyzed more than 45 banks and credit unions across the U.S. to compare and find its top picks available to you. All banks that made the cut are available no matter where you live in the U.S., making them more readily accessible to our readers. 

Here are the key elements we ranked each bank by:

  • APY (50%): APY is the interest you earn on the balance you carry in your account; the higher the APY, the higher it likely will be on our list.
  • Minimum deposit amount (20%): This is the minimum dollar amount the financial institution will require you to keep in your account to earn its APY. Banks that required little or no minimum required deposit scored higher on our list.
  • Maintenance fees (15%): Some banks charge fees to keep the account open, which can be anywhere from $0 to $20 a month.
  • Access to funds (10%): Banks offer various ways to withdraw funds from your account (e.g., checks and debit cards). Financial institutions offering more ways to access funds scored higher on our list.
  • Customer service (5%): Being able to reach your bank in multiple ways (e.g., email, phone, chat support) is very important. We ranked places that offered more options higher than those that offered fewer options.

The rates and fees structure of these accounts are not guaranteed forever and are subject to fluctuation. All the accounts on this list are NCUA- and FDIC-insured.


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