The quest for the most lucrative savings and money market account rates has led us to an undeniable conclusion: online banks are currently outshining their brick-and-mortar counterparts.
In this comprehensive guide, we’ve meticulously scoured the offerings from credit unions, local and national traditional banks, and, most importantly, online banks to present you with the crème de la crème of interest rates.
With lower overhead costs, online banks are in a prime position to offer more attractive rates, making them a go-to option for savvy savers looking to maximize their earnings without stepping out of their homes.
GET STARTED WITH THESE OFFERS
If you just want to get straight to the best offers, start with these. Read further if you want even more choices!
Differences Between Savings And Money Market Accounts
First things first, let’s go over what a Money Market account is (MMA for short). Most people have a pretty good idea of what a traditional Savings Account is.
The two are VERY similar, and most banks will offer both types of accounts. The table below will summarize the key similarities and differences.
| Similarities | Differences |
| Both are simple and straightforward to open. | Money Market accounts typically have more Checking-like features, such as electronic funds transfers, checks, debit cards and ATM withdrawals. |
| Both will be insured (Member FDIC), keeping your deposits safe. | Savings accounts generally only allow access to funds via electronic funds transfers, telephone withdrawals, or in-person withdrawals at a branch. |
| Both accounts will be limited on certain types of withdrawals per billing cycle (6 is the limit for these certain types by law). | Money Market accounts often require higher minimum balances to earn the rate. |
Aside from the interest rates, the other main deciding factor will be how you’ll need access to your funds (you’ll have more options with Money Market Accounts). A lot of people consider MMAs more a hybrid Checking/Savings account, with its limited Checking capabilities. Keep in mind, many banks limit you on the amount of check writing per month. Both a Savings and Money Market account are limited by the Federal Reserve on the total number of transactions a month.
Most consumers will choose a Money Market account for the flexibility of an emergency fund, and a Savings account for longer-term earnings. If all you’re looking for is an account to hold your savings and earn interest, simply choose the account with the best rates (assuming you can meet any minimum balance requirement).
READ MORE: TAKE A LOOK AT THE BEST BANK OFFERS HERE FOR BONUS CASH
Where To Get The Best Online Savings Interest Rates?
We’ve searched through all the best rates from credit unions, local/national traditional banks, and online banks. Credit unions and traditional banks operate via brick-and-mortar locations and accumulate more overhead costs. They simply can not compete with the rates provided by online banks.
Online banking is trending up and more consumers are taking advantage of the benefits. Most people just haven’t learned about the higher rates, or are just more comfortable with big local banks. In terms of deposit security concerns, remember that your deposits are insured (Member FDIC) from all the banks listed on this page.
Most of these online banks have been around for years or decades, and many are actually just the online division of a bigger, established banking group. Once you start looking at the rates provided by internet-only banks, you’ll find they’re better with all accounts – Checking, CDs, IRAs, etc.
READ MORE: TAKE A LOOK AT THE BEST CD PROMOTIONS HERE
BEST ONLINE SAVINGS AND MONEY MARKET OFFERS
Below are the best savings and money market account offers currently available. We list the accounts with the best rates and the best features.
They are all available online, nationwide.
Axos One: High-Interest Savings and Checking Bundle Without the Hassle
Explore how Axos One’s bundled savings and checking accounts simplify banking, offering high APYs without the hassle of hidden fees! Earn up to 4.86%. Introduction: The Power of Bundled Banking Managing finances can sometimes feel like a full-time job. From… GET OFFER
Live Oak Bank Promotion: Earn a $300 Personal Savings Account Bonus (Nationwide) – Ends 3/31/25
Live Oak Bank is offering a limited-time promotion where you can earn a $300 bonus by opening a Personal Savings account and maintaining a $20,000 balance over 60 days. With attractive terms and a straightforward process, this promotion is an… GET OFFER
CIT Bank Platinum Savings Earns 4.30% APY (Nationwide)
The CIT Bank Platinum Savings account is a very competitive online savings account option for those with balances of $5,000 or more. See the current rate details below. Update 2/5/2025: The APY decreased slightly to 4.30% APY. Update 12/19/2024: The… GET OFFER
Live Oak Bank Personal & Business Savings Accounts Earn Cash & 3.60% – 4.20% APY (Nationwide)
Live Oak Bank is offering competitive rates on their savings accounts for consumers and businesses. See the current rates below. Live Oak Bank is an online bank serving small businesses and individuals nationwide. They offer FDIC-insured high-yield savings and CDs… GET OFFER
Valley Direct By Valley Bank High Yield Savings Account Earns 3.75% APY (Nationwide)
Get a great rate for the Valley Direct By Valley Bank High Yield Savings Account. Update 1/28/25: Their rate remains competitive at 3.75%. Update 1/3/2025: The rate decreased to 3.75%, see details below. Update 11/15/2024: The rate is now 4.80%… GET OFFER
Baselane Review & Bonus Offer: $150 Sign Up & 3.35% APY On Banking Balances
Have you ever wondered if managing your rental properties and finances could be less of a headache? The search for a comprehensive solution that simplifies the life of a landlord might just be over. Baselane, with its innovative approach to… GET OFFER
Raisin Savings Network Promotion: Access to Multiple High Yield Savings Products, $100 Sign Up Bonus and Up To $2,000 Referrals
Are you on a quest to find the best home for your savings, where they can grow securely and efficiently? Look no further than the Raisin Savings Network, a revolutionary platform that's changing the way savvy savers manage their funds.… GET OFFER
Barclays Tiered Savings Account: Get Your $200 Bonus Offer! Ends 3/8/25
Are you looking to make your savings work harder for you? Discover how you can earn a $200 bonus by signing up for a new Barclays Tiered Savings Account! This guide will walk you through the ins and outs of… GET OFFER
Rising Bank High-Yield Savings Account Review: Earn 4.40% APY
Discover why Rising Bank's High-Yield Savings Account is an excellent option for those looking to grow their savings with a competitive interest rate and flexible access to their funds. When it comes to building a financial cushion, choosing the right… GET OFFER
Quontic Bank High Yield Savings Account Earns 3.85% APY (Nationwide)
Get a great rate for the Quontic Bank High Yield Savings Account. Quontic bank is a digital bank and is often ranked in the top 10 in this space. Details below. Compare their rates with the nation's best Savings rates… GET OFFER
CIT Bank Savings Connect Earns 4.00% APY (Available Nationwide)
The CIT Bank Savings Connect account is a very competitive online savings account option. See the current rate details below. CIT Bank is a popular option for online banking, especially if you're seeking interest-bearing online checking and savings accounts. Not… GET OFFER
UFB Portfolio Savings & UFB Portfolio Money Market Accounts Earn Up To 4.01% APY
Earn up to 4.01% APY with UFB Portfolio Savings and UFB Portfolio Money Market accounts. Enjoy competitive rates, no maintenance fees, and seamless online banking. Quick Takeaways: UFB Direct offers up to 4.01% APY on both Portfolio Savings and Portfolio… GET OFFER
Empower Free Personal Dashboard & Up To 4.00% APY Cash Account
Anyone can take advantage of Empower's robust financial tools (including retirement planning) and interest-earning Cash account, but you'll need at least $100,000 in assets to access the company's personalized Wealth Management service. Update 11/27/2024: The rate is now 4.00% APY,… GET OFFER
Quontic Bank Money Market Account 4.75% APY Offer [Nationwide]
Are you tired of earning next to nothing in interest on your savings account? Quontic Bank is here to change that with their Money Market Account. With this account, you can rest easy knowing your money is growing at a… GET OFFER
Capital One 360 Performance Savings: 3.80% APY Rate [Nationwide]
Capital One 360 Performance Savings is a very competitive online savings account option. See the current rate details below. Update 1/3/2025: The rate has decreased slightly. You can find much higher rates with the savings accounts listed here. Update 12/3/2024:… GET OFFER
Axos Bank High Yield Savings Review: A Competitive Option for Growing Your Savings
Looking for a high-yield savings account that offers solid returns with no fees? In this Axos Bank High Yield Savings review, we’ll dive into the features, rates, and benefits to help you determine if it’s the right fit for your… GET OFFER
Discover Bank Money Market Account Earns up to 3.65% APY (Nationwide)
Discover offers a popular money market account option that's available online and earns a competitive rate. Get the details below. Update 1/3/2025: The rates have changed. See below. Update 9/25/2024: The rates are now up to 3.95%. Update 1/19/2024: Rates… GET OFFER
AmEx High Yield Savings Bonus: 3.80% Annual Percentage Yield (APY) – As Of 12/17/24 (Nationwide)
The American Express® High Yield Savings Account, Member FDIC, account offers a 3.80% Annual Percentage Yield (APY) rate - as of 12/17/24. Discover the AmEx High Yield Savings Bonus available nationwide today. The information related to American Express Savings has been collected by Moneysmylife… GET OFFER
Earn Up To 4.00% APY Citizens Access’ Best Online CD Rate, 3.70% APY Savings (Nationwide)
Citizens Access is the online division of Citizens Bank, offering great Savings and CD rates that surpass traditional banking institutions. Operating online, accounts are available to everyone nationwide. Update 12/29/24: The rates have change. See the new rates below. Update… GET OFFER
Capital One 360 Performance Savings: Earn Up To $1,500 Bonus With Promo Code BONUS1500 [Nationwide]
Capital One 360 Performance Savings is offering up to $1,500 cash bonus for opening a new account with a $20,000 or more deposit of new funds. They also offer a very competitive APY. See details below. Update 12/3/24: The offer… GET OFFER
Great Lakes Credit Union Money Market Deposit Account Promotion: 2.00% APY
Boost your savings with Great Lakes Credit Union’s Money Market Deposit Account, offering 2.00% APY. Part of Raisin Savings Network. Key Takeaways: 2.00% APY, 3.2x higher than the national average No fees and a $1 minimum to open Federally insured… GET OFFER
Hanover Bank High-Yield Money Market Account: Earn 4.40% APY With Raisin Platform
Explore Hanover Bank’s Money Market Deposit Account with a 4.40% APY, FDIC insurance, and no fees. Save securely with just $1 minimum deposit. Key Takeaways Money Market Deposit Account with 4.40% APY, 6.9x higher than the national average. FDIC insured,… GET OFFER
Betterment Cash Reserve Account Earns 4.25% APY
Betterment’s Cash Reserve is a high-yield cash account. See the rate details below. Update 11/23/24: Rate have changed to 4.25% APY. CIT Bank also offers a strong APY on its CIT Platinum Savings account. Update 9/11/2024: Rate is now 5.00%… GET OFFER
Northern Bank Direct Money Market Account Earns 4.75% APY (Nationwide)
Northern Bank Direct offers some of the best Money Market and CD rates available online, nationwide. Update 11/23/24: Rate is now 4.75%. You might also want to consider this one from CIT Bank. Update 9/25/2024: Rate decreased slightly to 4.85%.… GET OFFER
Harborstone Credit Union High-Yield Money Market Account: Save With Raisin Network Savings
Discover Harborstone Credit Union’s Money Market Deposit Account with a 4.30% APY, no fees, and NCUA insurance. Start saving with just $1. Key Takeaways Money Market Deposit Account with 4.30% APY, many times higher than the national average. Federally insured… GET OFFER
mph.bank Money Market Deposit Account Promotion: Earn 4.36% APY
Discover the mph.bank Money Market Deposit Account offering an impressive 4.36% APY, significantly higher than the national average. Start saving with just $1 and enjoy no fees and 24/7 online access. Key Takeaways High-Yield APY: 4.36%, which is 7.0x the… GET OFFER
Ally Bank Money Market Account Earns 3.85% APY (Nationwide)
Ally Bank is another great online-only bank, and offers nationwide online Checking, Savings, Money Market, CD and IRA accounts that earn market leading rates. Update 11/23/24: their rate decreased slightly to 3.75%. Consider this one from Quontic, which currently offers a higher… GET OFFER
Mission Valley Bank High-Yield Savings Account: Impressive 4.38% APY
Experience the benefits of Mission Valley Bank's High-Yield Savings Account offering 4.38% APY. FDIC insured, no fees, and only a $1 minimum deposit required. Key Takeaways: High-Yield Savings Account: Earn a remarkable 4.38% APY, which is 7.6 times higher than… GET OFFER
Grand Bank Money Market Deposit Account: Earn 4.31% APY with Personalized Service
Discover Grand Bank’s Money Market Deposit Account offering 4.31% APY, FDIC insurance, and no fees. Start saving with just $1 and enjoy 24/7 online access. Update 11/23/24: Their rate changed slightly. Update 11/9/24: The offer changed, see the new rate… GET OFFER
RBMAX High-Yield Savings Account: Earn 3.90% APY
Unlock the potential of your savings with RBMAX’s High-Yield Savings Account offering 3.90% APY. FDIC insured, no fees, and only a $1 minimum deposit required. Update 11/9/24: The rate changed slightly, see rates below. Key Takeaways: High-Yield Savings Account with… GET OFFER
Paprika Capital Bank High-Yield Savings Account: Save With Raisin
Discover Paprika Capital Bank’s High-Yield Savings Account with a 4.36% APY, FDIC insurance, and no fees. Part of Raisin Savings Network. Make your banking experience flavorful and rewarding. Update 11/9/2024: Rates changed. Please see new rate below. Key Takeaways High-Yield… GET OFFER
Customers Bank High Yield Savings Account: Earn 4.16% APY, Higher Than National Average
Grow your savings with Customers Bank's high-yield savings account. Part of Raisin Savings Network. FDIC insured, no fees, and over $22 billion in assets. Key Highlights: Top APY: 4.16% high-yield savings account, 10.6x higher than the national average. FDIC Insured:… GET OFFER
American First Credit Union Money Market Deposit Account: Secure Your Savings with 4.45% APY
Explore American First Credit Union’s Money Market Deposit Account offering 4.45% APY, NCUA insurance, and no fees. Start saving with just $1 and enjoy 24/7 online access. Update 11/9/24: Rates changed. See below. Key Takeaways: Money Market Deposit Account with… GET OFFER
CloudBank 24/7 High-Yield Savings: Earn 4.57% APY
Discover CloudBank 24/7’s High-Yield Savings Account offering 4.57% APY, FDIC insurance, and no fees. Enjoy 24/7 online access to your funds with just $1 minimum deposit. Key Takeaways High-Yield Savings Account with a highly competitive APY, higher than the national… GET OFFER
Sallie Mae Bank Online Money Market Earns 4.20% APY (Nationwide)
Read about Sallie Mae banking promotions and offers for their money market account here. Update 10/16/2024: Rate has decreased slightly to 4.20%. CIT Bank also offers a strong APY on its CIT Platinum Savings account. Update 9/11/2024: Rate is slightly… GET OFFER
First Mid Bank & Trust High-Yield Savings Account: 3.30% APY
Grow your savings with First Mid Bank & Trust’s high-yield savings account. FDIC insured, no fees, and over 150 years of trusted service. Key Highlights: High-Yield Savings Account: Enjoy competitive returns with a high-yield savings account. FDIC Insured: Your deposits… GET OFFER
GreenState Credit Union High-Yield Savings Account: Earn 3.90% APY
Maximize your savings with GreenState Credit Union's high-yield savings account. Part of Raisin Savings Network. Federally insured by NCUA, no fees, 24/7 access. Key Takeaways: Top APY: 3.90% high-yield savings account, 22.6x higher than the national average. NCUA Insured: Your… GET OFFER
Nelnet Bank High-Yield Savings Account: Earn 4.71% APY Via Raisin
Explore Nelnet Bank’s High-Yield Savings Account offering 4.71% APY, FDIC insurance, and no fees. Start saving with just $1 and support education-focused initiatives. Key Takeaways High-Yield Savings Account with 4.71% APY, 11.6x higher than the national average. FDIC insured, no… GET OFFER
Vio Bank Money Market Account Earns 5.20% APY (Nationwide)
Vio Bank is the new online banking division of MidFirst Bank, which is one of the five largest privately owned financial institutions in the United States. Update 9/25/2024: Their APY rate decreased slightly to 5.20%. This is a strong rate.… GET OFFER
First Internet Bank Money Market Account Earns 3.77% APY or 4.95% APY (Nationwide)
First Internet Bank is an online-only bank available to everyone nationwide. I'll review some background information, and keep this page updated on new promotions and bonuses. Update 4/26/2024: Rate now 3.77% & 4.95%, a slight increase from before. Update 1/19/2024:… GET OFFER
Marcus By Goldman Sachs Online Savings Earns 4.25% APY (Available Nationwide)
See updated Marcus by Goldman Sachs promotions and bonuses here. Offers are available online, nationwide. Update 9/25/2024: The rate decreased to 4.25%. You might also want to consider this savings account from American Express. Update 8/20/2024: The rate is now… GET OFFER
Redneck Bank Mega Money Market Account Earns 4.40% APY (Nationwide)
Redneck Bank is the online banking division of All America Bank, which was established in 1969 as The First Mustang State Bank. This online bank only offers a few deposit account options, but rates are fairly competitive and available online… GET OFFER
KeyBank Bonus: Key Select Money Market Savings® Earn An Impressive Bonus Interest Rate For 6 Months
Key Takeaways Attractive Bonus Rate: Earn 4.50% bonus interest (2.90% blended APY*) for the first 6 months. Open your new account here. Minimum Deposit: Open with just $5,000. Waive Monthly Fees: Maintain a $25,000 balance or have a KeyBank relationship checking account.… GET OFFER
Continental Bank High-Yield Savings Account Promotion: 4.41% APY
Unlock exceptional savings with Continental Bank’s High-Yield Savings Account, offering an impressive 4.41% APY. Part of Raisin Savings Network. Key Takeaways: 4.41% APY, 9.8x higher than the national average No fees and FDIC insured Flexibility to withdraw or add funds… GET OFFER
Greenwood Credit Union High-Yield Savings: 5.27% APY Via Raisin
Discover Greenwood Credit Union’s High-Yield Savings Account with a 5.27% APY, NCUA insurance, and no fees. Strengthen your savings and support local businesses. Key Takeaways High-Yield Savings Account with 5.27% APY, 25.1x higher than the national average. Federally insured by… GET OFFER
NexBank Savings Account: 5.26% APY High-Yield Savings with Raisin
Discover NexBank's High-Yield Savings Account offering 5.26% APY, 11.7x higher than the national average, with no fees and FDIC insurance. Save with confidence through Raisin. Key Takeaways: High-Yield Savings Account with 5.26% APY. FDIC insured, no fees, and a $1… GET OFFER
PayPal Savings Account Earns 4.30% APY (Just Need A PayPal Balance Account)
We all hustle in our daily lives, and who doesn’t love the idea of our hard-earned cash working a little overtime? PayPal Savings is here to give your savings account that boost it needs. Update 1/19/24: The offer is still… GET OFFER
Apple Card Linked High Yield Savings Account: Earns 4.15% APY Rate
Apple has launched a new high-yield savings account in partnership with Goldman Sachs, exclusively available for Apple Card users. Update 1/19/2024: The offer is still active. Also, consider this savings account from American Express for a competitive rate. The savings… GET OFFER
Heritage Bank NA High Yield Personal Checking & Savings Accounts Earn Up To 3.02% APY (Nationwide)
Heritage Bank NA, Member FDIC, is offering competitive rates on their personal checking and savings accounts. See the current rates below. Heritage Bank is focused on helping people succeed financially. Their mission is to see every customer as an individual… GET OFFER
Wealthfront Cash Account 5.00% APY (5.50% APY With Referral)
Wealthfront Cash Account is a high-yield hybrid account that combines the features of both checking and savings accounts with no fees or strings attached. See the rate details below. Update 12/13/2023: APY rate increased to 5.00%. You can get 5.50%… GET OFFER
Final Thoughts
In the current era of high interest rates, Savings and Money Market accounts have certainly become more attractive options.
Here’s a quick recap and some key tips to keep in mind when choosing between Savings Accounts and Money Market Accounts and finding the best interest rates:
- Savings Accounts and Money Market Accounts have similarities but differ in access and features.
- Consider your access needs and how you plan to use the account.
- Money Market Accounts offer more features like checks and ATM withdrawals.
- Savings Accounts generally have limited access to funds.
- Higher minimum balances may be required for Money Market Accounts.
- Online banks typically offer better interest rates than traditional banks.
- Check the FDIC insurance for deposit security.
- Explore rates provided by internet-only banks for better returns.
- Choose the account that best aligns with your needs and offers competitive rates.
Understanding the differences between account types and exploring online banking options can help you make an informed decision and maximize your savings.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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