13 Best Money Market Accounts For Short-Term Savings Goals

Are you looking for a safe and reliable way to save your money for short-term goals? Money market accounts might be just what you need. These accounts offer higher interest rates than traditional savings accounts, while still providing easy access to your funds. In this article, we will be discussing the 13 best money market accounts for short-term savings goals, so you can choose the one that best fits your needs. Let’s dive in!

13 Best Money Market Accounts for Short-Term Savings Goals

Money market accounts are an excellent option for those who want to save money for their short-term goals without risking their money but still earning a higher interest rate than traditional savings accounts. In this article, we will explore the 13 best money market accounts for short-term savings goals.

1. Ally Bank Money Market Account

Why We Like It: The Ally Bank Money Market Account offers a high APY and has no monthly maintenance fees. It also provides access to over 43,000 fee-free ATMs.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and no maintenance fees should consider Ally Bank Money Market Account.

Features:

• 0.50% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Access to a large ATM network

Cons:

• No physical branches
• No sign-up bonus
• No check-writing capabilities

2. Sallie Mae Money Market Account

Why We Like It: The Sallie Mae Money Market Account offers a high APY and no monthly maintenance fees. It also provides mobile check deposit and a debit card.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and the ability to make purchases with a debit card should consider the Sallie Mae Money Market Account.

Features:

• 0.50% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile check deposit

Cons:

• No physical branches
• No sign-up bonus
• Limit of 6 transactions per statement cycle

3. Capital One 360 Money Market Account

Why We Like It: The Capital One 360 Money Market Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app for easy access to your account.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and the ability to manage their account from their phone should consider the Capital One 360 Money Market Account.

Features:

• 0.50% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• No sign-up bonus
• No check-writing capabilities

4. Discover Money Market Account

Why We Like It: The Discover Money Market Account offers a high APY and has no monthly maintenance fees. It also provides a debit card and check-writing capabilities.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and the ability to make purchases and write checks should consider the Discover Money Market Account.

Features:

• 0.45% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Debit card and check-writing capabilities

Cons:

• No physical branches
• No sign-up bonus
• Limit of 6 transactions per statement cycle

5. Marcus by Goldman Sachs High-Yield Savings Account

Why We Like It: The Marcus by Goldman Sachs High-Yield Savings Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the Marcus by Goldman Sachs High-Yield Savings Account.

Features:

• 0.50% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $500 for sign-up bonus

6. CIT Bank Money Market Account

Why We Like It: The CIT Bank Money Market Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a sign-up bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the CIT Bank Money Market Account.

Features:

• 0.45% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $100 for sign-up bonus

7. BBVA Money Market Account

Why We Like It: The BBVA Money Market Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and check-writing capabilities.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and the ability to write checks should consider the BBVA Money Market Account.

Features:

• 0.05% to 0.20% APY, depending on balance
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY for balances over $10,000
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• Low APY for balances under $10,000
• No sign-up bonus
• Limit of 6 transactions per statement cycle

8. TIAA Bank Yield Pledge Money Market Account

Why We Like It: The TIAA Bank Yield Pledge Money Market Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the TIAA Bank Yield Pledge Money Market Account.

Features:

• 0.45% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $500 for sign-up bonus

9. FNBO Direct Online Savings Account

Why We Like It: The FNBO Direct Online Savings Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a sign-up bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the FNBO Direct Online Savings Account.

Features:

• 0.50% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $1,000 for sign-up bonus

10. Barclays Online Savings Account

Why We Like It: The Barclays Online Savings Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the Barclays Online Savings Account.

Features:

• 0.40% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $5,000 for sign-up bonus

11. American Express Personal Savings Account

Why We Like It: The American Express Personal Savings Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the American Express Personal Savings Account.

Features:

• 0.50% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $1,000 for sign-up bonus

12. PNC Bank Standard Savings Account

Why We Like It: The PNC Bank Standard Savings Account offers a competitive APY and has no monthly maintenance fees. It also provides a mobile app and physical branches for in-person banking.

Who Should Get It: Anyone who wants a competitive APY and the option for in-person banking should consider the PNC Bank Standard Savings Account.

Features:

• 0.01% to 0.25% APY, depending on balance
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• Physical branches for in-person banking
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• Low APY for balances under $5,000
• No sign-up bonus
• Limit of 6 transactions per statement cycle

13. UFB Direct High Yield Savings Account

Why We Like It: The UFB Direct High Yield Savings Account offers a high APY and has no monthly maintenance fees. It also provides a mobile app and a bonus for new customers.

Who Should Get It: Anyone who wants a high yield on their savings account, easy access to their funds, and a sign-up bonus should consider the UFB Direct High Yield Savings Account.

Features:

• 0.40% APY
• No monthly maintenance fees
• No minimum balance requirement

Pros:

• High APY
• No monthly maintenance fees
• Mobile app for easy account management

Cons:

• No physical branches
• Limit of 6 transactions per statement cycle
• Minimum deposit of $10,000 for sign-up bonus

Frequently Asked Questions

Here are some common questions about the 13 best money market accounts for short-term savings goals.

What is a money market account?

A money market account is a type of savings account offered by banks and credit unions. It typically offers higher interest rates than a traditional savings account, but with some restrictions. For example, there may be a minimum balance requirement or a limit on the number of withdrawals you can make each month. Money market accounts are a good option for short-term savings goals, such as an emergency fund or a down payment on a house.

When you deposit money into a money market account, the bank or credit union uses the funds to invest in short-term, low-risk securities, such as government bonds and certificates of deposit. The interest earned on these investments is passed on to you as the account holder in the form of dividends or interest payments.

What are the benefits of a money market account?

The main benefits of a money market account are higher interest rates and FDIC insurance. Money market accounts typically offer higher interest rates than traditional savings accounts, which can help your money grow faster. Additionally, money market accounts are FDIC-insured up to $250,000 per depositor per institution, which means your money is protected in case the bank or credit union fails.

Another benefit of a money market account is that it is a low-risk investment. Unlike stocks or mutual funds, money market accounts are not subject to market fluctuations, which means your money is not at risk of losing value. This makes money market accounts a good option for short-term savings goals where you need to preserve your capital.

How do I choose the best money market account?

When choosing a money market account, you should consider several factors, including interest rates, fees, minimum balance requirements, and FDIC insurance. Look for an account with a competitive interest rate that is higher than the national average. Keep in mind that some money market accounts have tiered interest rates, where the rate increases as your balance grows.

You should also be aware of any fees associated with the account, such as monthly maintenance fees or fees for exceeding the monthly withdrawal limit. Finally, make sure the account is FDIC-insured for up to $250,000 per depositor per institution to ensure your money is protected.

Can I access my money market account anytime?

Yes, you can access your money market account anytime, but there may be some restrictions on how many withdrawals you can make each month. Federal regulations limit the number of withdrawals or transfers from a money market account to six per month, including electronic transfers, checks, and withdrawals made in person or by phone. If you exceed this limit, you may be charged a fee or your account may be converted to a checking account.

Keep in mind that some banks or credit unions may have their own withdrawal limits or policies, so be sure to read the account terms and conditions carefully before opening an account.

Are money market accounts better than CDs?

Money market accounts and certificates of deposit (CDs) are both savings products offered by banks and credit unions, but they have some key differences. Money market accounts typically offer higher interest rates than CDs, but with more flexibility. With a money market account, you can make withdrawals or deposits at any time, subject to certain restrictions. CDs, on the other hand, offer a fixed interest rate for a set period of time, ranging from a few months to several years.

CDs may be a better option if you have a specific savings goal and do not need access to the money for a set period of time. Money market accounts are a better option if you need more flexibility and want to be able to access your money if needed.

With so many options available in the market, choosing the best money market account for your short-term savings goals can be overwhelming. However, by considering factors such as interest rates, fees, and minimum balance requirements, you can narrow down your choices and select the account that suits your needs best.

It’s essential to remember that money market accounts are not one size fits all, and what works for one person may not work for another. Take the time to research and compare different options to find the one that aligns with your financial goals.

Ultimately, investing your money in a money market account can provide a safe and flexible way to grow your savings. By selecting one of the 13 best money market accounts discussed in this article, you can feel confident knowing that your money is working for you and helping you reach your short-term financial goals.