Compare Top Savings and Money Market Rates
Your savings will grow faster with a higher interest rate. Use the table below to see which banks are offering the highest interest savings or money market accounts.
Savings rates may vary by bank and account type. Whether in a savings account or money market account, deposits that earn a higher savings rate will grow at a faster pace. Account holders are subject to a six-withdrawal limit per month and deposits are covered under FDIC insurance up to $250,000 per depositor, per insured bank, for each ownership class.
Frequently Asked Questions
Why do savings rates vary so much?
The type of bank, type of interest-bearing account and deposit balance can play a role in savings rates.
Online savings accounts and money market accounts usually offer higher savings rates because online banks have lower expenses than those that need to maintain brick-and-mortar locations.
Savings rates can also differ by account balance -- larger balances may qualify for a higher savings rate.
What is the difference between a savings account and a money market account?
Like a savings account, a money market account holds deposits that earn interest. However, money market accounts usually require higher balances to avoid monthly fees, if any. Because of these deposit requirements, money market accounts tend to carry higher savings rates compared to savings accounts.
Some money market accounts also offer more ways to access deposits by issuing paper checks and debit cards, which are not available with savings accounts.
What does annual percentage yield (APY) mean?
Savings rates are displayed in terms of APY to indicate the effective annual-interest return when taking the effect of compounding interest into account (assuming that the deposit balance does not change.)
However, fees may lower the effective savings rate in savings accounts and money market accounts.