America’s Best Money Market Accounts

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NEW YORK (RateWatch) – Bank customers looking for a deposit account have four basic options: a savings account, a checking account, a certificate of deposit or a money market account.

It’s no secret that none of these accounts have offered particularly strong interest rates as of late. According to data from RateWatch, the average interest rate on a standard savings account in the U.S. is currently 0.173%. A 12-month CD offers a higher interest rate in exchange for the reduced liquidity, but not by much: CDs currently average a 0.509% return, down 9 basis points from last week.

Nestled between the two loan products are money market accounts, which have the liquidity and security of a savings account but are linked to a brokerage account to provide better returns. Alas, their prevailing interest rates aren’t exactly blowing anyone away – the average rate is a paltry 0.240%, which last year led MainStreet to declare that you were better off going with a short-term CD.

Still, some people are too concerned with liquidity to tie up their money in a CD for even a few months. For them, there’s good news: Much like CDs and savings accounts, there are still a select few money market accounts that offer a healthy return.

We combed through RateWatch data to find the top money market rates out there, and while some require a very high minimum deposit, the opportunity for security, liquidity and a decent return will make them an attractive option for some savers. Here are the top 10:

Bank: Family Financial Credit Union (Mich.)
Rate: 2.21% APY
Minimum Deposit: $25,000

Bank: Heartland Community Bank (Ariz.)
Rate: 2.02% APY
Minimum Deposit: $250,000

Bank: Fort Dodge Family Credit Union (Iowa)
Rate: 2.02% APY
Minimum Deposit: $10,000


Bank: Beverly Bank & Trust Company (Ill.)
Rate: 2% APY
Minimum Deposit: $20,000
Note: This is a promotional APY only; after three months, it reverts to the bank’s standard money market rate (currently .18% for an account between $25,000 and $50,000). 

Bank: Bank of Commerce (Okla.)
Rate: 2% APY
Minimum Deposit: $200,000

Bank: Avenue Bank (Tenn.)
Rate: 2% APY
Minimum Deposit: $25,000
Note: This is a promotional APY only; on June 30 it reverts to the bank’s standard money market rate (currently .149% for an account between $25,000 and $50,000).

Bank: Texana Bank (Texas)
Rate: 2% APY
Minimum Deposit: $250,000

Bank: Family Financial Credit Union (Mich.)
Rate: 1.87% APY
Minimum Deposit: $10,000

Bank: Bank of Terrell (Ga.)
Rate: 1.82% APY
Minimum Deposit: $50,000

Bank: CGR Credit Union (Ga.)
Rate: 1.8% APY
Minimum Deposit: $100,000

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