A money market account enables you to earn a high annual percentage yield (APY) and enjoy other benefits. Here are 5 best money market accounts recommended for you.
BMO Harris Bank ( 0.95% APY)
The BMO Harris Bank offers high earning potential, and it requires no monthly maintenance fees. There is also no minimum balance requirement. With this account, you can get an ATM card and order checks. However, you will need $5,000 to open the account as an initial deposit. If you close the account within the first 90 days, you will be additionally charged $50.
Sallie Mae Money Market Account ( 0.90% APY)
Sallie Mae is probably most famous for its student loans, yet it also offers attractive money market accounts. This account provides you with check-writing privileges, and it requires no minimum balance and monthly maintenance fee. No money is needed to open the account. Besides, you can have easy access to your money through electronic transfers. However, the account will be closed if you fail to fund the account within 40 days.
CIT Bank ( 0.85% APY)
CIT Bank offers money market accounts with high APY and low minimum deposit ($100). No monthly maintenance fee is charged. Besides, it offers almost every type of bank account. However, the transactions are limited to 6 transfers or withdrawals for each statement period. If the transaction is over the limit, there will be a $10 charge for each overdraft. Also, no debit cards or check-writing privileges are available.
First Internet Bank of Indiana (0.81% APY)
You will need $100 to open this account, which is much lower than many banks. The account provides a debit card and income wire transfers. Deposits are not limited, and the account can give you up to $10 each month for ATM surcharge rebates. The disadvantage is that there is a $5 monthly maintenance fee. You may avoid it by keeping a balance of at least $4,000.
TIAA Bank (0.75% APY)
TIAA Bank requires no monthly fees for maintaining the account. With its mobile app, you can also enjoy mobile banking and online services. In addition, the money market accounts from TIAA Bank are IRA eligible. However, TIAA Bank offers a fixed APY rate only for the first year, and it is eligible only for the balance up to $250,000. After the first year, the accounts will have tiered rates based on account balances.