Best money market accounts of February 2026

You’ve probably heard that cash is king. We propose a different twist on that saying—an interest-bearing account where you can easily access your money and avoid early withdrawal penalties is king. If you agree, consider getting a money market account, which can be thought of as a unique combination of a checking and savings account. Currently, some of the best money market accounts offer annual percentage yields (APYs) as high as 3.75%.

And luckily, it’s pretty easy to find these top-paying accounts. We’ve rounded up our favorites so you can find the best account for your unique needs.

Our top picks for the best money market accounts of February 2026

Bank	Max APY	Minimum opening deposit	See details
First Foundation Bank	3.75%	$1,000	View offer at MoneyLion
Quontic Bank	4.00%	$100	View offer at Quontic
All America Bank	3.85%	$500	View offer at MoneyLion
Sallie Mae Bank	3.65%	$0	View offer at Bankrate
Ally Bank	3.30%	$0	View offer at MoneyLion

First Foundation Bank	View offer at MoneyLion
Max APY	3.75%
Minimum opening deposit	$1,000
Quontic Bank	View offer at Quontic
Max APY	4.00%
Minimum opening deposit	$100
All America Bank	View offer at MoneyLion
Max APY	3.85%
Minimum opening deposit	$500
Sallie Mae Bank	View offer at Bankrate
Max APY	3.65%
Minimum opening deposit	$0
Ally Bank	View offer at MoneyLion
Max APY	3.30%
Minimum opening deposit	$0

Bank details reviewed on Feb. 9, 2026.

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Find the best money market account for you

First Foundation Bank

Why we like this MMA

When you opt for an online MMA with First Foundation, you can earn an APY of 3.75%. And whenever you’re ready to access the money in your account, you can do so with a debit card, available by request, or checks.

What you should know

To open an account, you’ll need to have a nest egg already built up: the minimum opening deposit is $1,000 . If you’re well established in your financial journey that may not be an obstacle. But, for new savers, other accounts on this list with no minimum deposit or with a low deposit in the vicinity of $100 may be a better option.

Also, know that in general, withdrawals are capped at six per month.

First Foundation Bank MMA details reviewed on Feb. 9, 2026.

Quontic Bank

Why we like this MMA

Quontic’s money market account offers a stellar 4.00% APY, very low opening minimum deposit, and no maintenance fees. Plus, you get check-writing abilities and a debit card, so you can access your cash easily. If you ever need to contact customer service, you can reach out via phone call, audio chat on your computer, or text chat. 

What you should know

There is a minimum opening deposit for this account, but it’s comparatively affordable: just $100 . Also, customers are limited to six transfers from the account per statement cycle. 

Quontic Bank MMA details reviewed on Feb. 9, 2026.

All America Bank

Why we like this MMA

All America Bank’s Mega Money Market checking offers a generous 3.85% APY with no minimums or monthly fees. For easy access to your funds, you’ll receive a debit card.

What you should know

The account allows for six fee-free withdrawals or transfers per billing cycle. Debits beyond that number will incur a fee of $5 each.

Also, if you’re looking for a place to store a six-figure amount of cash, know that the 3.85% APY is only on balances up to $100,000 . 

Finally, at $500 , the minimum opening deposit for this account is not the largest among accounts featured here, but it’s also not the most affordable.

All America Bank MMA details reviewed on Feb. 9, 2026.

Sallie Mae Bank

Why we like this MMA

One of the top features with this account is that there are no limits on withdrawals from your MMA, meaning it’s an excellent choice for consumers who need flexibility and access to their money. Sallie Mae Bank used to cap withdrawals at five, but did away with that restriction during the coronavirus pandemic. 

Plus, the Sallie Mae MMA earns a competitive APY of 3.65%. There’s no minimum balance, the account charges no monthly fees, and you can write checks from it. 

What you should know

Note that if your MMA is dormant with a balance of $100 or less and no activity over the past 12 months, Sallie Mae Bank may close the account.

Sallie Mae Bank MMA details reviewed on Feb. 9, 2026.

Learn more: Read our roundup of Sallie Mae’s CD rates.

Ally Bank

Why we like this MMA

Ally Bank’s money market account has a 3.30% APY and no minimum opening deposit or monthly fees. These features make this money market account a great option for those starting to build their savings. You’ll also have plenty of access to your funds when banking with Ally—you’ll get checks and a debit card with your account. 

What you should know

For certain types of withdrawals—which include online and mobile banking transfers, telephone transfers, overdraft transfer service, checks and point-of-sale transactions—customers are limited to 10 withdrawals per month. While Ally won’t charge you a fee for going over that number, if it happens more than on rare occasions, the bank will close your account.

Still, many MMAs cap withdrawals at six per statement period, so a cap of 10 may actually be a feature for customers who need more frequent access to their money. 

Ally Bank MMA details reviewed on Feb. 9, 2026.

What you should know about money market accounts

A money market account is like a combination between a checking account and a savings account. These accounts typically offer higher APYs than checking accounts and, in many cases, identical features such as check-writing abilities, debit card access, and the ability to make withdrawals and deposits via ATM. 

But unlike checking accounts, there may be a limit on the number of withdrawals—oftentimes set at six—made from your money market account each month. And not all money market accounts provide all the features mentioned above.

It’s also not unusual for money market accounts to be tiered, offering higher APYs on higher balances. There may also be a minimum opening deposit or a balance you must maintain to avoid paying maintenance fees. That is to say, certain money market accounts may only be worth it to you if you have the funds on hand to keep a substantial balance in there.

Pros and cons of money market accounts

Money market accounts are useful financial tools, offering higher APYs than traditional checking or savings accounts. But it’s important to understand some of the pros and cons before opening one.  

How to choose the best money market account for you

When deciding between money market accounts, important features to consider include:

• Interest rate: A higher APY means your account will earn more interest annually. 
• Account minimums: Many financial institutions require a minimum deposit or balance to open an account and earn a certain APY. While some institutions offer accounts with no minimum opening deposit amount or minimums as low as $10, others impose larger sums to get started. You may face fees and penalties if your balance falls below the required minimum balance.
• Fees: Fees can eat into your balance, whether big or small. Before opening an account, read the fine print to determine if your account charges any monthly maintenance, withdrawal, or low-balance fees. You’ll also want to look for balance thresholds that might get these fees waived.
• Withdrawal rules: If you expect to make frequent withdrawals from your MMA, you’ll want to know if there’s a monthly cap. You’ll also want to know your options for accessing your funds, like whether you get a debit card or check-writing privileges.

Alternatives to money market accounts

Think of a money market as a hybrid between a savings account and a checking account: You can earn a solid interest rate on your savings and have flexible access to your cash when needed. When deciding what type of deposit account is best for you—a savings account, CD, or checking account—you should consider your financial goals, how much liquidity you need, and whether you want a fixed or variable interest rate.

MMAs vs. savings accounts

There are many similarities between money market accounts and savings accounts: Both offer higher APYs than checking accounts, are covered FDIC or NCUA insurance, and typically have monthly withdrawal limits

However, there are some differences between the two accounts. With a money market account, customers typically have easy access to cash via ATM, debit card, or checks. Yet with a savings account, customers are typically limited to accessing their cash via electronic transfer.   

MMAs vs. CDs

While money market accounts offer variable APYs, CDs provide a fixed interest rate when you lock up your money for a set amount of time, usually a few months or years. CDs, unlike money market accounts, offer no liquidity—if you need to access your cash before the CD’s term is up, you’ll have to pay an early withdrawal penalty which is worth a few months of interest.

Since CDs require you to tie your money up for a fixed period, these deposit accounts are best for a financial goal in the future such as saving up for a housing down payment. On the other hand, money market accounts can be a good place to store cash you need immediately like for an emergency fund.

MMAs vs. checking accounts

Checking accounts are typically used for everyday expenses like your credit card bill or rent payments. These accounts offer low variable interest rates as they’re not meant for long-term saving. You may be able to access your cash with an ATM or debit card, checks, and electronic transfer.

If you’re seeking a higher APY, a money market account offers higher interest rates than checking accounts. Customers, however, may be limited in the number of withdrawals they can make from their money market account.

Are money market accounts safe? 

Your money is safe in a money market account if your bank or credit union is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), respectively. These organizations insure your deposits of up to $250,000 per depositor, per account, per ownership category in the unlikely event of bank failure. You can check if your bank or credit union is covered by FDIC or NCUA insurance through their websites.

Methodology 

The Fortune team analyzed more than 40 banks and credit unions across the country. All banks that made the cut are available no matter where you live in the U.S. Here are the key elements we considered:

• APY: APY is the interest you earn on the balance you carry in your account; the higher the APY, the higher it likely will be on our list.
• Minimum opening or required deposit: This is the minimum dollar amount you’ll need to invest to open an account. Banks that required little or no minimum deposit scored higher on our list.
• Minimum balance to receive the APY: This is the minimum dollar amount you’ll need to keep in your account to earn its APY. Banks that required little or no minimum balance scored higher on our list.
• Maintenance fees: Some banks charge fees to keep the account open, ranging from $0 to $20 monthly. These fees may be waived if customers maintain a certain minimum balance.
• Access to funds: Banks will offer various ways to withdraw funds from your account (e.g., checks, debit cards, and ATM cards). We looked at whether banks offered debit cards and check writing privileges, with those offering both or one option higher than those with fewer options. 
• Customer service: Being able to reach your bank in multiple ways (e.g., email, phone, chat support) is critical. We ranked places with more options higher than those with fewer options, with the most weight toward being able to reach the bank by phone.

Rates and fees are subject to change. All the accounts on this list are NCUA- or FDIC-insured.

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Frequently asked questions (FAQs)

What determines the APY on the money market account?

Your individual bank or credit union determines money market account APYs and may fluctuate in response to macroeconomic changes, changes to the federal funds rate, and more.

Are money market accounts taxed?

Any interest earned on your money market account balance is considered taxable income and is reported to the IRS on Form 1099-INT.

Are money market accounts and money market funds the same?

No. Money market accounts are deposit accounts offered by your bank or credit union that are liquid and federally insured. Money market funds are a type of mutual fund that invests in debt securities and may pay a small amount of interest on a monthly basis. These funds are not federally insured.

Do money market accounts come with debit cards?

Many money market accounts offer debit cards, but not all do. Check with your financial institution to confirm that your MMA has a debit card.

Can you write checks from money market accounts?

Many money market accounts offer check-writing privileges, although some financial institutions may charge an additional fee for ordering checks.

Can you lose the money you invest in a money market account?

Money market accounts are considered deposit accounts, so they’re generally thought of as pretty riskless as long as your bank or credit union has FDIC or NCUA insurance—which provides up to $250,000 of coverage.

Do money market accounts have a fixed interest rate?

Money market accounts offer variable interest rates tied to the federal funds rate, or the interest rate set by the Federal Reserve. This means that the APY you receive on your account varies based on Fed policy.