Best Money Market Rates for November 2019

Compare the best money market accounts

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Money market accounts are a type of savings account that offer some features of checking accounts and some features of investment accounts. Because of how they work, money market rates tend to be higher than average savings account rates but still come with FDIC insurance, so you know your account is safe.

Money market accounts invest your funds like a mutual fund, but deposits can only to go into very low-risk investments like government bonds. Money market accounts allow check writing, but like a savings account, there is a limit of six withdrawals per month.

A combination of interest rates and account features make money market accounts attractive in some circumstances. Like a traditional savings account, money market accounts are great for emergency funds, down payment savings and other savings goals where you don’t want to risk your principal but want to get better interest than a checking account.

If you think a money market account sounds like the right fit for you, here’s a look at the best money market interest rates as of this writing. We also evaluated the best places to open an account and took into consideration minimum account balances, fees, and more.

The 8 Best Money Market Rates for November 2019

  • VirtualBank eMoney Market: Best Guaranteed Rate for One Year - 2.15% APY
  • EBSBDirect: Best Money Market for $10,000+ Balances - 1.80% APY
  • CIT Bank Money Market: Best No Minimum Balance to Avoid Fees - 1.85% APY
  • BankPurely: Best Money Market Account for $25,000+ Balances - 1.90% APY
  • Sallie Mae Money Market Account: Best to Save for College - 1.85% APY
  • Premier Members Credit Union: Best for Small Balances - up to 4.00% APY
  • Customers Bank Ascent Money Market Savings: Best for High Balances - 2.25% APY
  • GoBanking Money Market Savings: Runner-Up, Best for High Balances - 1.90% APY

Best Guaranteed Rate for One Year: VirtualBank eMoney Market - 2.15% APY

At the top of the money market rate listing is VirtualBank. The VirtualBank eMoney Market account offers an introductory rate 2.15% APY guaranteed for one year to new account holders. The account has low minimums to open and avoid fees and a top interest rate in the industry.

The account requires a $100 minimum opening balance and a $100 minimum daily balance to avoid a $5 monthly service fee. But outside of that, it is a simple and easy account to maintain. And, because of the high APY, you’ll want to pack it with as many dollars as possible to maximize your return.

Like most money market accounts, it comes with access to online and mobile banking. VirtualBank is a division of IBERIABANK located in Louisiana.

Best Money Market for $10,000+ Balances: EBSBDirect - 1.80% APY

The Money Market Special 3 account from EBSBDirect offers an impressive 1.80% APY on balances from $10,000 to $2 million. Below $10,000, you earn just 0.50% APY and below $10 you don’t earn any interest.

This account requires $2,500 to open, but you’ll probably only want to open this account if you have $10,000+ to deposit. The account requires a $2,500 minimum balance to avoid an $8 monthly maintenance fee. EBSBDirect is the online banking arm of East Boston Savings Banks.

Best No Minimum Balance to Avoid Fees: CIT Bank Money Market - 1.85% APY

CIT Bank is not new to top bank and rate lists, and its current 1.85% APY money market offer puts it high on the charts. The CIT money market requires a $100 minimum opening deposit to open, and there is no minimum balance to avoid a monthly fee.

This account offers many of the benefits of a checking account at CIT Bank, including bill pay and People Pay. If you make more than the six allowed withdrawals in a statement period, CIT charges a $10 excessive withdrawal fee.

While the rate isn’t quite the best on the list, the lack of a $2,500 minimum to avoid a $15 monthly fee makes this account attractive to anyone with less than $2,500 to save in a money market account.

Want to learn more? Read through our full review of CIT Bank.

Best Money Market Account for $25,000+ Balances: BankPurely - 1.90% APY

Most of us don’t have $1,000 in savings according to a recent GoBankingRates survey, let alone $25,000. But if you do have $25,000 to save and want to earn competitive, market leading rates in a money market account, you should consider BankPurely’s PurelyMoneyMarket account.

This account offers online and mobile banking, top interest rates, and free withdrawals at 55,000 ATMs in the Allpoint network. And like all accounts on this list, it is FDIC insured up to $250,000 per depositor (that is up to $500,000 on a joint account).

One fun and standout feature here is the green and philanthropic initiatives of BankPurely. For each new PurelyMoneyMarket account opened, they will plant a tree! With this account not only are you saving your money, you are doing a little bit to save the planet.

Best to Save for College: Sallie Mae Money Market Account - 1.85% APY

Sallie Mae is best known for its student loan business, but Sallie Mae offers a range of savings accounts in addition to student loans. The money market account offers a respectable 1.85% APY.

Sallie Mae often gets a bad rap due to its student loan practices, but its money market account leaves little to complain about. There are some fees for the uncommon activity of an overdraft or stopped payment, but you won’t get hit with any inactivity or low balance fees.

Because Sallie Mae is so tightly connected to higher education, it offers some resources that make saving for college easier and less ambiguous. If you want to save for college in a low-risk account, consider the money market account at Sallie Mae.

Best for Small Balances: Premier Members Credit Union - up to 4.00% APY

Premier Members Credit Union currently offers up to 4.00% APY in its money market account. But unlike some accounts on this list that pay more for higher balances, Premier Members Credit Union pays higher interest rates on lower balances.

Earn 4.00% on the first $2,000 deposited, 1.50% on the next $3,000, 0.75% on the next $5,000, 0.50% on the next $40,000 and 0.40% on the next $50,000. Interest rates go down as you add more to your account.

This means your rate varies based on your deposit size. A $5,000 balance yields a blended 2.50% APY. But at $10,000, your blended APY is just 1.63%.

Best for High Balances: Customers Bank Ascent Money Market Savings - 2.25% APY

Another account for those with $25,000+ balances, Customers Bank currently guarantees a rate of 2.25% APY on its Ascent Money Market Savings account through June 30, 2020. As a savings account, you get up to six withdrawals per month and the account is FDIC insured.

Customers Bank is based in Wyomissing, Pennsylvania and has a history of serving individuals and small- to medium-sized businesses primarily on the East Coast and in Illinois. You won’t get checks or an ATM card for this account (which requires a minimum $25,000 to earn any interest), however, you can deposit or withdraw easily with electronic funds transfers through online banking. 

Runner-Up, Best for High Balances: iGoBanking Money Market Savings - 1.90% APY

Rounding out the $25,000+ club, our runner-up for high balances is iGoBanking’s Money Market Savings Account with a competitive 1.90% APY for balances $25,000 and greater. This promotional rate is available for new accounts and new deposits to iGoBanking only. Sorry to existing customers, you may not qualify for this great rate.

This FDIC-insured account comes with online banking, a debit Mastercard, and an option to set up recurring transfers. For example, if you want to add $500 per month from your checking automatically, you can do it with iGoBanking and add to your balance earning a competitive interest rate.​