To create this list, Forbes Advisor analyzed 59 money market accounts at 44 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 14 data points within the categories of APY, minimum requirements, customer experience, digital experience, fees and accessibility of funds. All of the accounts on our list are online-based accounts.
Here’s the weighting assigned to each category:
• APY: 45%
• Minimums: 15%
• Customer experience: 10%
• Digital experience: 10%
• Fees: 10%
• Accessibility of funds: 10%
Banks and credit unions offering the highest APYs rose to the top of this list, as did those with low fees and easy-to-meet minimum deposit and balance requirements. Accounts with high customer experience ratings and highly rated online and mobile banking tools were also ranked higher. And we prioritized money market accounts offering check-writing and debit card privileges.
We also considered whether there were complex tier structures or requirements to earn the APY or other stipulations to earn the APY. High minimum deposit and balance requirements affected scores negatively. The money market account must be nationally available to appear on this list.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Banks We Monitor
Our research is sourced from the following financial institutions: ableBanking, Ally Bank, Axos Bank, BankDirect, BankPurely, BankUnitedDirect, Bethpage Federal Credit Union, BMO Harris, BrioDirect Banking, CFG Community Bank, CIT Bank, Connexus Credit Union, Discover, First Internet Bank, iGoBanking, Investors eAccess, Keybank, Memory Bank, My eBanc, NASA Federal Credit Union, Nationwide Bank, NBKC Bank, Northern Bank Direct, Northpointe Bank, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Presidential Bank FSB, Quontic, Redneck Bank, Regions Bank, SalemFiveDirect, Sallie Mae Bank, Synchrony Bank, TAB Bank, EverBank, TotalDirect Bank, U.S. Bank, UFB Direct, Virtual Bank, Vio Bank, Zions Bank and Zynlo Bank.
