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It's been a long time since you could earn as much with a money market account as you could with the nation's best high-yield savings account.
Today, however, the demise of the last-standing 5% high-yield savings account, and Brilliant Bank's 4.85% rate on its Surge Money Market account, is the new leader. With the leading savings account rate in the country down to 4.75%, most savers can now earn more with Brilliant Bank.
Brilliant Bank is an online division of Equity Bank, which has been an FDIC member since 1985 and has 70 branches across Arkansas, Kansas, Missouri, and Oklahoma. Its Surge Money Market account is an online-only offer, though, which you can open from anywhere except those four states.
A minimum balance of $1,000 is required to open the account and to earn the 4.85% APY, but you'll want to keep at least $2,000 in the account to avoid a monthly fee. In addition to paper checks, you can also receive a debit card for the account.
The top money market rate briefly held the lead in May and June 2023, but by the end of that month, the leading savings account rate had shot up, eclipsing the best money market rate for most of the next 18 months. In fact, you could earn as much as 5.50% to 5.55% APY with the best high-yield savings account for a large chunk of 2024. But the most you could earn with a money market account was 5.35%.
Note that money market accounts are bank accounts, not to be confused with money market funds held at a brokerage. Money market bank accounts behave just like a savings account—giving you unfettered access to your cash—but add the feature of check-writing.
So, what exactly can you net in interest with this 4.85% money market account? See our charts below for the monthly or yearly earnings on $2,000, $5,000, or a variety of balances up to $50,000.
One downside of savings and money market accounts is that their rates are variable, meaning there is no way to know what your account will pay in the future. In contrast, a certificate of deposit (CD) lets you lock in a guaranteed rate for a period of months or years. The shortest durations are usually 3 months, while the longest common CD stretches its rate promise out for 5 years. But you'll want to choose your term carefully to avoid an early withdrawal penalty.
Right now, you can earn top rates in the mid to upper 4% range in every CD term, with one promotional CD offering a standout rate of 5.50% for 8 months.
We update these rankings every business day to give you the best deposit rates available:
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Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering each account type, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer savings, money market, and CD accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
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