Compare Money Market Accounts

A money market account is a type of savings account that usually comes with certain checking-account features, like a debit card and checks, while often providing higher interest rates than many standard savings accounts. In exchange for these features, the number of transactions you can make per month will be limited. The minimum balance required to avoid a monthly fee will often be higher than with other bank accounts, too.

Like savings and checking accounts, money market accounts are FDIC insured, meaning the value of your investment is protected up to $250,000 even if your bank goes out of business. Check out the table below to learn how money market accounts compare to other products such as checking accounts, savings accounts, and certificates of deposit (CDs).

Money Market Accounts vs. Checking, Savings & CDs

Note: Interest rate and insurance information in the table above is based on data from the Federal Deposit Insurance Corporation. Fee information is from WalletHub's 2022 Banking Landscape Report.

If you're interested in getting a money market account (MMA), WalletHub's money market account comparison tool can help you find the best option.

The minimum balance requirement for a money market account could be less than $1,000 or up to $25,000+, depending on the financial institution. Generally, money market accounts tend to have higher minimum balance requirements than regular savings accounts.

Examples of Minimum Balance Requirements for Money Market Accounts

You can get 5% interest on your money from high-yield savings accounts, certificates of deposit (CDs), and money market accounts, and you could get a 5% return from equity investments. These options have varying risk levels, so assessing your tolerance before making any investment decisions is important.

Below, you'll find examples of financial products across asset classes that all yield over 5%.

Examples of Where to Get 5% Interest on Your Money

Money market accounts are safe because they're almost always insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) up to $250,000. So, even if the bank or credit union fails, your money is not lost.

Although money market accounts do not yield as much as some other investments, they also do not carry the same inherent risks. With a money market account, your principal always remains intact, which...

Yes, a money market account is a type of savings account. Money market accounts tend to have higher minimum balance requirements than traditional savings accounts, but money market accounts offer higher interest rates and usually allow you to pay your bills, use a debit card and write checks.

You can compare the best money market accounts and the best traditional savings accounts here at WalletHub. You can also learn more below.

Types of Savings Accounts

• Traditional savings account
• ...