Best Money Market Accounts for Beginners- Earn more than 5% Annually

Beginners beware! Now you can put your savings to use and earn big. Money market accounts resemble regular savings accounts. For beginners, the Savings bank A/C seems the safest option. But they also invest in high-yielding and often in CDs directly.

However, money market accounts leverage benefits in the same way as checking accounts for new users. Most people are eligible to invest in MMAs, including newbies. So, we will sort out the best money market accounts and help you earn more than 5% of your annual APY.

These accounts offer more. The two outstanding benefits are check writing and debit/ATM card use. Besides, FDIC’s security is a bonus.

Why will you choose Money Market Accounts?

Even the Best Money Market Accounts might not offer some benefits, but you’ll get them from HY or Savings Bank accounts. Henceforth, let’s make a comparison- Money market account vs savings account vs. high-yielding accounts:

APY Rates:

Most customers consider this to be the yardstick for comparing money market accounts. But there are chances that money market accounts may not offer top APY rates:

Fees Charged:

Some savings accounts charge lower fees than many money market accounts. Here’s a graph for better understanding:

Key Takeaways

Often, high-yielding accounts charge less than the Best money market accounts. Meanwhile, they may also offer higher return rates than MMAs. In fact, some savings accounts also provide 0 MAB facility.

Now, readers will ask- why will I opt for the Best money market accounts? That’s easy. Most of them offer debit cards and check facilities. You won’t feel the urge to withdraw when you earn a negligible interest.

However, the best Money market account rates are as high as 4% to 5%. That means you can earn $400 to $500 if you invest $10,000.

I hope nobody would like to keep the money stagnant. But you need debit cards and/or checks for the same.

Rates offered by the best money market accounts

Selection of the Best money market accounts depends on multiple criteria. But at the end of the day, you will ask what rate you will get. Hence, there is a list of the best Money Market Accounts as per rates offered:

But the APY rates are not everything. A lot depends on the account handling privileges that the bank offers. So, we will discuss other prospects, too.

Best Money Market Accounts

Below is a list of the Best money market accounts, considering all prospects that matter to customers. The rates remain the top priority. At the same time, we believe in facts like minimum investment, withdrawal modes, and other options.

Quontic Bank

Leading financial experts say this bank offers the most balanced money market account. So, Quontic Bank tops our chart as well.

• Best rate offered: 5.00%
• Withdrawals: Allowed
• Modes: Debit ✔ ATM ✘

There are a thousand and one other reasons why you will choose Quontic’s MMAs over others. Firstly, the minimum deposit value is only $100. I know others may offer 0 minimum deposit. But they might not provide a stable 5.00% APY either.

Moreover, there are no minimum ongoing balance requirements. But you can’t have $0 in your account. There’s even more. There are no monthly operating or service charges.

There’s a high chance of earning money with Quontic Bank. Respecting the same, the bank offers 6 withdrawals for free every month. Post 6 transactions, you have to pay $10 each time. Lastly, Quontic Bank offers a checking accounts facility.

So, it’s easy to make planned investments and planned withdrawals with them.

Discover Bank

High Money market account interest rates are what you get here. In addition, you get the confidence of a trusted banking partner like Discover.

• Best Rate Offered: 5.20%
• Withdrawals: Allowed
• Modes: Debit ✘ ATM ✔

Discover has hordes of other money market account benefits that nobody else offers. Firstly, there are no monthly maintenance fees. Secondly, there are 60000 ATMs at your disposal. Thirdly, you can use standard checks to withdraw your interests, too.

If your balance drops below the minimum benchmark, Discover does not penalize you immediately. There is no bar on the number of withdrawals either. A bank with such benefits is worth faring at the top of the chart.

Northern Direct Bank

The return rates may be higher. However, the minimum investments for this bank are also low. However, you may like to choose the bank for some of its additional benefits.

• Best Rate Offered: 4.85%
• Withdrawals: Allowed
• Modes: Debit ✘ ATM ✔

There’s a massive disadvantage of Northern Direct Bank. You need a minimum opening deposit of $5000 to use this service. So, why is ND Bank’s money market account one of the best money market accounts?

Well, there are many other benefits. Besides, you can always earn higher returns when you pay more. There is no need to maintain any minimum ongoing balance despite the minimum investment being $5000. Besides, you can make unlimited ATM withdrawals with the card.

You can also access Northern Bank’s service online. Henceforth, people can now avail themselves of their services from anywhere.

Brilliant Bank

The Brilliant Bank offers all these and other offers. Foremostly, they charge only $1000, the minimum account opening deposit.

• Best Rate Offered: 4.85%
• Withdrawals: Allowed
• Modes: Debit ✘ ATM ✔

The offers with this card are almost similar. However, the card does not have any restrictions. There is an ATM withdrawal facility with an unlimited number of withdrawals for every month. However, I feel that the most significant advantage of Brilliant Bank is the availability of checking accounts.

The brilliant is a component of the Equity Bank. The bank is FDIC-approved and has over 60 branches. Meanwhile, other private lenders are gradually matching up such offers.

Harborstone Credit Union Money Market Account

Credit unions can also be counted in the best money market accounts list. And Harborstone has the best offers among all credit unions.

• Best Rate Offered: 4.55%
• Withdrawals: Allowed
• Modes: Debit ✘ ATM ✔

Many money market accounts offer prime benefits like 5.00% APY. However, Harborstone provides a $1 minimum account opening deposit. Yes! You heard that right.

You can now open a Harborstone account for just $1. What could be better than that? Moreover, you have 24/7 access to your funds. You can also withdraw your funds at any time of the day.

The process is online. You don’t need access to debit or ATM facilities to access and withdraw your money.

Hanover Bank

Hanover is one of the banks that offer unique benefits matching the benchmarks of the best money market accounts. Let’s explore their leading offers:

• Best Rate Offered: 5.05%
• Withdrawals: Allowed
• Modes: Debit ✔ ATM ✔

However, we should also thank Hanover Bank for offering a $1 minimum investment benefit. Meanwhile, whatever you invest at Hanover Bank is secured by the Federal Deposit Insurance. What else sets them apart is their exceptional customer service.

Hanover’s customer service is available 24×7. They also offer online access to funds and all other digital benefits.

Sallie Mae

It is the last credit union in our list of the best money market accounts. Now, Salli does not have the best APY rates on offer. But there are other benefits you can’t ignore.

• Best Rate Offered: 4.20%
• Withdrawals: Allowed
• Modes: Debit ✔ ATM ✔

Don’t be deceived when you see a lower APY. Remember, Salli Mae offers a flat 4.2% on all amounts. Meanwhile, there are two other benefits to consider. Firstly, there is no minimum balance liability. Secondly, there is no minimum deposit value as well.

Choose the Best

To choose the best money market accounts, you must closely consider some factors I discussed. Some accounts with over 5% APY require monthly fees of $10. But why would you pay more when better offers are left to explore?

Most importantly, choosing the money market accounts based only on rates may be dicey. They keep changing over time. So, choose a decent rate and look at the other factors that matter.

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