Discover the Best Money Market Interest Rates for July 2024!
Are you looking to make your money work harder for you? In June 2024, the search for the best money market interest rates is on. And we’ve done the legwork to bring you the top contenders.
Whether you’re saving for a rainy day, planning a big purchase, or simply want to grow your wealth steadily, finding the right money market account can make a significant difference. Let’s dive into the current offerings that could boost your financial goals.
Best Money Market Interest Rates – July 2024
What is a Money Market Account?
Firstly, let’s clarify what a money market account is. It’s a type of savings account that typically offers higher interest rates than traditional savings accounts. Money Market accounts often require a higher minimum balance.
Also, another factor to consider is that the best money market interest rates in the industry are sometimes offered by smaller banks or even regional banks.
Best Money Market Interest Rates
How to Choose the Right Money Market Account
When selecting a money market account, consider these key factors:
- Interest Rates: Look for the highest APY (Annual Percentage Yield) while considering minimum balance requirements.
- Fees: Check for monthly maintenance fees and how to waive them (usually by maintaining a minimum balance).
- Accessibility: Determine how easily you can access your funds — online, ATM, or in-person.
- Additional Features: Some money market accounts offer perks like check-writing abilities or tiered interest rates based on your balance.
Best Money Market Interest Rates for July 2024
Here are the best money market interest rates offered in July 2024.
Vio Bank 5.30%
$100 minimum $0 mo. fee
ufb Direct 5.25%
$5000 minimum to avoid $10 mo. Fee
CFG Community Bank 5.25%
$1000 minimum
Quontic Bank 5.00%
$100 minimum
Zynlo Bank 5.00%
$10 minimum
Sallie Mae Bank 4.65%
No minimum
Ever Bank 4.30%
No minimum
Ally Bank 4.20%
No minimum
