Looking for the best money market rates and online savings accounts?
In case you're wondering, the only difference between the two is the name.
To see today's highest rates, visit the daily updated money market comparison chart.
Or, read on for our top picks.
1. If you need the ability to access the the money in your money market account frequently, Ally Bank provides a debit/check card with their money market account which allows unlimited purchase transactions without fee or penalty.
Checkout our review of Ally Bank's Money Market Account with Check Card Convenience.
2. Simple math shows that getting cash back on a purchase earns you instant interest. If you get 5% cash back on a $200 purchase, you instantly earn 5% interest that you don't have to report as interest income compare that to waiting an entire year to earn of 1.40% (taxable) on $200 in a money market account. The best of both worlds is to get a lot of cash back with Upromise® and then transfer it to a Sallie Mae Savings account and earn 1.40% on your savings and your cashback.
Read our review of Sallie Mae Savings and Upromise Cash Back Rewards.
3. Money market alternative: if you're simply not impressed by any of the money market returns you're finding, consider a high yielding certificate of deposit that has a low withdrawal penalty and will let you take out your money anytime you need it.
Learn more about maximizing CD returns here (opens in a new tab/window).