Compare best MMA accounts with highest yielding rate from top online U.S. banks and brokerage firms.

Money market account rates are at all time low right now. So more then ever, it's important to get the best rates possible to keep up with raising inflation. Not surprisingly, the highest rates are to be found in online money market accounts. The main reason for this is that online accounts do everything over the internet and it eliminates the costs of maintaining branches.

We rated the best highest paying money market accounts on overall customer value from the largest U.S. investment firms and online banks in 2018.


CIT Bank Savings Account

CIT Money Market Account

  • 1.55% APY
  • Earn over 25X the National Savings Average
  • $100 minimum opening deposit
  • No fees to open or maintain
  • Daily compounding interest
  • 24/7 secure online banking
  • FDIC insured


BBVA Compass ClearChoice Money Market Account

BBVA Money Market Account

  • Less than $10,000 - 0.05% APY
  • $4,999,999.99 - 1.00% APY
  • $5,000,000+ - 0.25%
  • Available for Alabama, Arizona, California, Colorado, Florida, New Mexico, Texas.
  • Minimum opening deposit: $25
  • Earn tiered interest rates to grow your money faster
  • Monthly Service Charge: $15. No Service Charge when the minimum daily collected balance of the quarter is $10,000 or more. No Service Charge if you have an automatic, recurring monthly transfer of $25 or more from a BBVA Compass checking account to your BBVA Compass ClearChoice Money Market account in effect at the time the service charge would be assessed

 


A money market account (or MMA) is a special type of bank savings account offered by banks, investment companies and credit unions. The difference is that MMA usually have higher APY, have higher minimum balance requirements, and only allow three to six withdrawals per month. Another difference is that, similar to a checking account, many money market accounts will let you write up to three checks each month.


 

With interest rates near an all-time low, many Americans have given up on earning extra money at the bank. They willing deposit their hard-earned cash in accounts that offer next to nothing in annual percentage yield (APR). One of the world's largest corporations, Bank of America (BofA) pays a paltry 0.01% on its regular savings account — which comes out to one penny of interest for every hundred dollars in savings.


Is There a Better Option to Bank Of America Money Market?

Unbeknownst to many of its 20-plus million customers, BofA offers money market accounts that let customers earn up to ten times the interest rate of their standard savings accounts. There are no hidden fees, strings, or gimmicks. With a minimum $25 deposit, customers can open a money market account and start earning extra interest in no time. Why doesn't everyone do it, then?

By federal law, money market and savings account holders are limited to just 6 withdrawals per month. As result, those who use debit cards or frequently write checks from their accounts would be ineligible for this option. Compared to savings accounts, money market accounts tend to charge higher monthly maintenance fees, since the account takes more time and effort to manage. At Bank of America, that monthly maintenance fee is 12 dollars, compared to 5 dollars for a regular savings account.

 

Bank Of America Money Market Account: Which is right for you?

As a general rule, regular savings accounts are fine for folks who are just starting out. By avoiding the higher maintenance fees associated with money market accounts, they can actually save money with a standard savings account. But when a customer accumulates more than a few thousand dollars, it often behooves him to switch to a money market account. At Bank of America, the extra $7 a month for maintenance fees can be offset with higher interest rates. In fact, the entire $12 fee is waived when customers maintain a $2,500 minimum daily balance during each statement cycle.


Bank Of America Money Market Account Rates

The 0.1 percent annual interest rate BofA offers for its top money market account is contingent on many factors, the most important of with is the daily balance. According to bankofamerica.com, customers who maintain a balance of under 20,000 dollars will receive the minimum 0.02% APR on their money market account. Those that have a balance of between $20,000 and $249,000 will receive a slightly higher 0.03 percent on their savings. At the top level of the standard account, members who maintain a balance of $250,000 or more will earn 0.04% APR.

 

Bank Of America Money Market Account: Platinum Privileges

Bank of America offers a special service program that rewards valued clients with extra attention and added benefits. Among the many perks of the Platinum Privileges® program are higher rates on money market savings accounts. Customers automatically qualify for this program if they maintain a $50,000 average monthly balance on combined banking and investment accounts with Bank of America and/or with Merrill Edge. However, they must request enrollment in any new or existing money market account to receive the higher APR they already qualify for. With that said, there is no way to determine what their APR will actually be, since it is determined on a case-by-case basis. It could be anywhere from 0.03 to 0.1 percent.

It is important to note that when customers lose their Platinum Privileges, often because their average monthly balance falls below the $50,000 minimum, their Platinum Money Market Savings account will automatically convert to a standard money market account with lower interest rates and potentially higher fees.


Bank Of America Money Market Account: Competitors

Bank of America has some of the strictest rules in the industry for its money market accounts. Not only are high balances required to receive competitive interest rates, these rates will also be rescinded if the customer's account falls short of the average monthly minimum. Monthly maintenance fees may also come into play if balances dip below certain levels. These facts make the company's standard money market account unpalatable, perhaps even unworkable for the average customer.

By comparison, there are plenty of banks that offer no monthly fees, no minimum balances, and higher APRs. Many of these financial institutions such as Discover Bank offer money market accounts primarily, even exclusively to online customers. That fact may make them less appealing to clients who value individual attention.

 

Bank Of America Money Market Account Review Summary

Superior service and added benefits make Bank of America's Platinum Money Market Savings account an attractive option for customers with deep pockets. Those who needn't worry about maintaining minimum monthly balances can take full advantage of the many perquisites BofA offers its top clients. Those who do not have bursting bankbooks, on the other hand, should consider a less restrictive program that can help them earn extra interest without all the rules.


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