Greatest Banks for Cash Market Accounts in 2025

*Charges and APYs are topic to vary. All info supplied right here is correct as of April 30, 2025.

To your day-to-day spending, you usually desire a checking account. And to retailer money for the long run, you often desire a financial savings account, ideally one the place you earn curiosity. However typically you need a bit of each.

Cash market accounts (MMAs) operate as a hybrid between checking and financial savings, combining options of each account sorts. They have a tendency to supply increased rates of interest than conventional financial savings accounts, and lots of supply debit playing cards and checks, supplying you with entry to your cash that’s extra akin to a checking account. Learn on for our listing of the very best cash market account charges available on the market, in addition to a information on how to decide on the very best one for you.

What to learn about cash market account charges

• The rate of interest on cash market accounts will often be offered as an annual share yield (APY). This determine reveals what share of curiosity you’d earn in your cash in a 12 months, whereas an rate of interest reveals the share of curiosity you’d earn within the account with out compounding.
• As is the case with high-yield financial savings accounts (HYSAs), the APY on cash market accounts are variable.
• When banks and credit score unions see the Federal Reserve improve or lower its benchmark rate of interest, they have an inclination to do the identical to merchandise like cash market accounts.

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How we selected our high picks

Our editors and writers collected the charges on roughly 60 cash market accounts from among the largest and hottest industrial banks, credit score unions and on-line banks. Whereas APY was the primary issue we thought of, we additionally thought of minimal opening necessities, stability tiers and extra. Until in any other case famous, these picks don’t have month-to-month upkeep charges.

Learn the total methodology to be taught extra.

Our high picks for greatest banks for cash market accounts for 2025

The businesses listed under are organized in descending order of APY.

Why we selected this firm: Vio, a division of Oklahoma Metropolis-based MidFirst Financial institution, provides a 4.41% APY — the very best on our listing — on each greenback within the account. There’s a $100 minimal requirement for opening, which is comparatively low, and no month-to-month upkeep charge. As an online-only financial institution, Vio doesn’t have debit playing cards or verify writing capabilities, however there’s customer support seven days every week (7:00 a.m. to 9:00 p.m Central Time Monday by Friday, 8:00 a.m. to six:00 p.m. Saturday and 12:00 p.m. to 4:00 p.m. Sunday.)

Why we selected this firm: ZYNLO’s cash market account is interesting for its 4.40% APY and ease of use. You solely want $10 to open the account, and there’s no minimal stability required to earn the marketed APY. In contrast to some banks, you’re not restricted to a sure variety of withdrawals a month, and there’s no month-to-month upkeep charge. Though ZYNLO is a division of PeoplesBank, in-person customer support isn’t accessible. Customer support is obtainable by telephone 24/7. There are not any overdraft or non-sufficient fund charges, however there are additionally no check-writing capabilities.

Why we selected this firm: First Basis Financial institution provides a horny 4.40% APY, and the account comes with check-writing privileges, a debit card and cellular verify deposit. The excessive $1,000 minimal opening deposit is one downside to this account; one other is a restriction on funding the account with cash from one other current First Basis Checking account. Should you occur to reside in California, Florida, Hawaii, Nevada and Texas, you might be able to discover a bodily department of First Basis Financial institution, however this account is to be opened on-line, and will be performed so from wherever within the U.S.

Why we selected this firm: This account from CFG Group Financial institution made our listing due to its engaging 4.32% APY, nevertheless it solely is smart to open this account if you happen to’re going to maintain no less than $1,000. Not solely is that the required minimal opening deposit, but when your stability drops under that quantity, you gained’t earn the APY and you’ll face a $10 month-to-month charge. It’s additionally necessary to notice that your funds gained’t be accessible for withdrawal for the primary 30 days after you open the account. There are not any check-writing privileges with this account. CFG does have brick-and-mortar branches, however solely in Maryland.

Why we selected this firm: Quontic Financial institution’s cash market account has an APY of 4.25% with no minimal stability requirement and no month-to-month upkeep charges. It additionally has an affordable minimal opening deposit of $100. You get checking-writing privileges and might request a free debit card after having the account open for 30 days. Nonetheless, there’s a restrict of six withdrawals per assertion cycle. It’s additionally necessary to notice that the every day and month-to-month exterior switch limits at Quontic vary from $2,000 every day to $10,000 month-to-month, and also you’ll must create an account and login to see what these are.

Why we selected this firm: UFB Direct, an Axos Financial institution model, has a horny 4.01% APY and check-writing privileges. Though there’s technically no minimal quantity to open the account and earn curiosity, you’ll must pay a $10 month-to-month upkeep charge until you preserve a stability of no less than $5,000 — which is on the excessive facet. You may as well increase your APY 0.05% by opening a checking account and establishing direct deposit that totals $5,000. You’ll be able to earn a further 0.10% if you happen to preserve a stability of $10,000 within the MMA, and one other 0.05% if you happen to make 10 debit card transactions per cycle.

Why we selected this firm: EverBank’s cash market account has a aggressive 4.00% APY, however a really excessive $10,000 minimal stability requirement to earn that charge. Balances under that quantity simply earn 2.02%, which isn’t a aggressive charge in immediately’s market. There are not any charges for ATM use, overdrafts or debit card alternative. The financial institution can even reimburse you for charges paid at different ATMs as much as $15 monthly.

Why we selected this firm: Sallie Mae’s cash market deposit account comes with a aggressive 3.90% APY on all balances with no minimal opening requirement. You’ll be able to deposit checks through cellular, however there are charges for different providers, together with $5 for verify orders (although the primary order is free if you happen to place it if you open the account).

Why we selected this firm: Western State Financial institution could also be primarily based in North Dakota, however you possibly can open a cash market on-line that gives a aggressive 3.75% APY on all balances. Whereas the shortage of a minimal stability requirement is a plus, this account additionally has a number of drawbacks. Its $5,000 opening requirement is excessive and entry to the account is proscribed, since there is no such thing as a verify writing or debit playing cards. The primary 10 withdrawals are free; many MMAs restrict that to 6.

Why we selected this firm: Ally could also be common for its HYSA, however its cash market account can be value contemplating, due to its 3.60% APY and lack of a minimal opening requirement, stability necessities and month-to-month upkeep charge. This account has a debit card and check-writing privileges. Ally is without doubt one of the best-known on-line banks and that’s partly to its big selection digital choices, together with 24/7 customer support through telephone, chat and e-mail. Nonetheless, a few of its checking and financial savings account options — together with financial savings buckets and roundups on purchases that robotically transferred to your account — aren’t accessible with the cash market account.

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Different cash market accounts we thought of

We assessed many HYSA accounts that finally didn’t make our listing. Under are a number of corporations that weren’t named on our listing however have engaging APYs and could also be a match relying in your wants.

Uncover Cash Market Account

Uncover’s cash market account provides entry to ATMs, debit and checks and has only a few charges. It’s a stable possibility for savers, nevertheless it didn’t make our listing as a result of its APYs of three.50% for balances underneath $100,000 and three.55% for balances over $100,000 is decrease than the others on our listing.

Bank5Connect Join Cash Market Account

Bank5Connect’s cash market account has a $100 minimal opening requirement and a $100 stability requirement to earn the marketed rate of interest, and it comes with a checking-writing capabilities and a debit card. Nonetheless, the three.03% APY is decrease than what different high-yielding cash market accounts supply.

What it’s good to learn about cash market accounts

Cash market accounts (MMAs) are a kind of financial savings account that even have checking-like capabilities. They typically supply increased rates of interest than conventional financial savings accounts, in addition to simpler entry to your cash.

How does a cash market account work?

MMAs work equally to different varieties of interest-bearing deposit accounts. Curiosity is often compounded every day and delivered month-to-month. Many MMAs even have some checking account-like options like check-writing privileges and debit playing cards chances are you’ll discover useful if you’d like extra entry to your cash than financial savings accounts present.

Whereas many financial savings accounts, particularly from on-line banks, haven’t any minimal opening necessities, these necessities are extra widespread with MMAs. Since they will differ broadly, from $50 to $2,500 or extra, you need to store round if you happen to plan to start out with a small stability. There may be a separate minimal stability to earn the marketed APY.

MMAs could restrict the variety of transactions you may make through debit playing cards, checks or transfers. The Federal Reserve used to require banks to restrict withdrawals to 6 transactions monthly.Though it did away with that requirement in 2020, some banks nonetheless implement that restrict.

The right way to open a cash market account

Opening a cash market account at a financial institution or credit score union is pretty easy, and might typically be performed on-line. Right here’s a step-by-step information:

1. Select the proper account: You’ll wish to contemplate components akin to transaction limits and charges. Extra on the best way to make this choice will be discovered under.
2. Present your private info: Like if you open different varieties of financial savings and checking accounts, you’ll want to offer your Social Safety quantity, contact info and proof of identification to open an account.
3. Deposit your cash: With MMAs, you’ll typically have to make a minimal deposit to get began. Be certain to additionally deposit the minimal stability required to get the marketed APY.

How to decide on a cash market account

There are a number of components you’ll wish to contemplate when selecting an MMA, together with:

• Charges: Charges can eat away on the curiosity you’re incomes in your money. Search for an account with out month-to-month upkeep charges and with low charges on different providers chances are you’ll require.
• Minimal opening requirement: It will differ broadly by account. Should you’re planning to deposit $2,000 into your MMA immediately, a $1,000 opening requirement gained’t be an issue. However if you happen to’re beginning out with a $100 deposit, you need an account that can enable you to take action.
• Minimal stability requirement: Some MMAs will promote an APY that’s solely accessible if you happen to preserve a sure minimal stability.
• Stability tiers: MMAs additionally typically supply increased APYs for increased balances. Search for one that gives the very best APYs on the sum of money you intend to maintain within the account to get probably the most bang on your buck.
• Withdrawal restrictions: Some MMAs restrict the variety of withdrawals or transactions you may make in a month. Be certain these limits gained’t get in the way in which of your banking wants.
• Options: MMAs will be extra handy than financial savings accounts due to their checking-like options. Search for debit card entry and check-writing if you happen to plan to make use of your MMA like a checking account.
• Comfort: In case you are somebody who likes to talk to a financial institution teller in individual, select a brick-and-mortar monetary establishment. Should you desire to handle your account on-line, discover a financial institution or credit score union with sturdy digital capabilities and a cellular app.

Alternate options to cash market accounts

Relying in your wants, a unique kind of financial savings or investing account could make extra sense. Listed below are some options to an MMA:

• HYSA: A high-yield financial savings account is usually a good strategy to earn curiosity in your emergency fund or short-term financial savings. However they don’t have the checking-like options of cash market accounts.
• Certificates of deposit (CD): Certificates of deposit have a tendency to supply increased rates of interest than MMAs or HYSAs, making them extra interesting to some folks. However in addition they require you to lock up your funds for a sure period of time — usually three months to 5 years — or must pay an early withdrawal penalty.
• Investing account: MMAs is usually a good strategy to preserve your cash simply accessible, and deposits are protected as much as regulatory limits. However if you’d like doubtlessly increased yields and have a time horizon of a number of years or extra earlier than you anticipate to want the funds within the account, you would possibly wish to put it in a taxable brokerage, particular person retirement account (IRA) or one other kind of investing account as a substitute.

How we selected the very best banks for cash market accounts

To search out the very best cash market accounts, we collected APYs from round 60 of the biggest and hottest banks, credit score unions and on-line banks. We assessed what the APY was for every stability tier, and decided whether or not the marketed APYs have been introductory promotions.

Whereas APYs have been our foremost focus, we additionally collected info on the accounts’ minimal opening deposits and charges.

Newest cash market charges information

Banks and credit score unions have been slicing their rates of interest on financial savings accounts akin to cash market accounts over the past 12 months, following the Federal Reserve’s cuts to its benchmark federal funds charge. Whereas the Fed held charges regular at its final assembly, it additionally indicated that it anticipated to chop charges two instances this 12 months, which signifies that the rates of interest on cash market accounts are prone to fall, as properly.

Abstract of our high picks for greatest banks for cash market accounts