9 Best Money Market Account Rates Of September 2024 - Up to 5.30% | Bankrate (2024)

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Updated Sept. 9, 2024

Best money market accounts and rates for September 2024

Note: Annual percentage yields (APYs) shown were updated between Sept. 4 and Sept. 10. All other information is current as of Sept. 9. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

The top yield on money market accounts hasn’t changed so far in 2024. However, be prepared to expect this top yield to decrease either before or after Sept. 18, when the Fed is expected to lower interest rates. Those looking to lock in a yield on a savings account, should consider a certificate of deposit (CD), provided you won’t need that money during the CD’s term. Generally, money market accounts have variable APYs, so a CD is the most viable way to earn a fixed return on your money.

Even though Bankrate’s national average for savings accounts is higher than the average money market account, generally top yielding savings accounts and money market accounts have similar yields.

The Federal Reserve held rates steady at its last meeting on July 31. Even without a 12th rate increase in the current cycle, money market account rates are already at their highest levels in more than a decade. The money market account national average APY is at 0.44 percent as of Sep. 11 according to Bankrate’s most recent survey of banks. Top money market account yields – generally at FDIC-insured online banks – are more than 11 times the national average.

Money market account yields aren’t moving higher but they will remain at very attractive levels, even as we see some pullback due to changing Fed policy. — GREG McBRIDE, CFA, BANKRATE CHIEF FINANCIAL ANALYST

How to choose a money market account

Money market accounts are a good option for achieving your savings goals, especially if you choose. Choosing the right money market account that helps should help you earn a competitive annual percentage yield (APY). Some of the best money market accounts allow savers to earn a high yield as well as have check-writing privileges.

Here are the three most important things to consider when choosing a money market account:

Check-writing privileges

A money market account may allow you to write checks against the account. This is one of the main differences between money market accounts and savings accounts. Savings accounts don’t usually offer this.

Interest

Money that you earn for having your funds deposited with a bank.

Compound interest

Earning interest on the previous interest you’ve earned.

Interest rate

The percentage of your balance that is paid to you over the course of one year for having your funds on deposit. This number doesn't take into account the effects of compounding.

Annual percentage yield (APY)

This takes into account the effects of compounding during the year. The best way to compare yields is to use this number, rather than comparing interest rates. The higher the APY, the more interest you’ll earn on your cash.

Minimum balance requirement

The amount you have to keep in a savings account in order to avoid a monthly maintenance fee.

Learn more:How does a money market account work?

Who should get a money market account?

A money market account could be an ideal option if you’re someone who’s looking for an account to boost your savings or looking for more flexibility to withdraw your savings without incurring penalties. Some of the popular reasons savers open a money market account include:

• Having a savings account that earns a high, competitive yield above a traditional savings account, especially from a major financial institution whose account yields a paltry annual percentage yield (APY) of less than 1 percent.
• Easier access to your savings without incurring a penalty as you would when withdrawing money from a timed savings account such as a CD. A money market account is a better place than a CD for your emergency fund, so you can access your money whenever you need it.
• Utilizing a savings account that gives you check-writing privileges and the ability to withdraw your savings with an ATM card. More withdrawal options could help you when you need to access your money market account balance.
• Having the freedom to deposit and withdraw cash from your savings whenever you want, although there are many accounts that continue to impose limitations on withdrawals every month.

Here are three instances when opening a money market account is advantageous to your personal finances:

• Yields on MMAs are high and you want your money to outpace inflation.
• You’re building your emergency fund.
• You want a flexible savings account that’s federally insured in case of a bank failure.

Still, money market accounts make particularly good sense in such situations as:

Pros and cons of money market accounts

Some money market accounts have certain features that you won’t find in a savings account. Here’s a look at some of thekey advantages and disadvantagesof money market accounts.

Money market account FAQs

Research methodology

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields (APYs), low minimum balances, banks that have highly-rated apps and banks that are popular and broadly available. We also include some of the largest banks, to help readers compare those to online-only banks.