Are you interested in opening a money market account? This type of account is a type of deposit account offered primarily by credit unions and banks of all sizes. It pays interest on deposits and can be used for long-term or short-term savings. Some withdrawals may be allowed with some restrictions. Some common uses for creating an MMA account include emergency savings, money to put away that will eventually be used as a down payment on a car or house, and money that could be invested in stocks and other types of investments at some point. Just consider putting money in a bank that has the best money market returns.
The difference between MMA and CDs is that CDs generally pay higher rates, but they are time deposits and that can lead to a penalty if you withdraw funds before the end of the agreed date.
Best money market returns by bank
If you choose an online bank or financial institution, you may be able to get a higher return.
Here are some of the best money market returns offered by online banks right now:
UFB
With a Premium Money Market account with UFB, earn up to 2.00% APY on balances of $25,000 or more. There are no monthly maintenance fees when the minimum average daily balance is $5,000. For smaller funds of $9,999 or less, you still get a decent APY of 0.50%.
Marcus of Goldman Sachs
This is one of the best returns because its 1.90% APY is almost constant and hardly fluctuates. It is an FDIC-backed bank and has no minimum deposit requirements or maintenance fees to worry about.
ally bank
This is an internet-only bank that is growing in popularity. If your daily balance is $5,000 or less, you’ll still get a pretty decent APY on the money market account of 0.90%. The more money you have in the account, the higher the APY.
C.I.T. Bank
CIT Bank not only offers some of the best returns (currently at 1.85%) but is also among the best banks and has excellent customer service. Earn up to 20 times the national average, get 24/7 security, and have quick and easy access to your funds with this FDIC-insured bank.
All these banks are good. However, if one deserves the #1 spot for best money market returns and customer service, it’s CIT Bank.