Money Market Account Minimums by Bank: What You Need to Open (2026)

Money market account minimums range from $0 at online banks like Ally and Quontic to $100,000+ for premium tiers at large traditional banks — and the monthly fees for falling below those minimums can run $7–$30/month. As of September 2026, the best money market accounts at online banks offer $0 minimums, no monthly fees, and APYs of roughly 3.25–3.90% with check-writing access. Traditional bank money market accounts only make sense if you have $25,000+ and need the relationship banking features of a branch network. Rates change frequently — confirm current APYs before opening. For the full APY comparison, see best money market accounts and best high-yield savings accounts.

Money Market Minimums: Complete Comparison

No-Minimum Money Market Accounts ($0 to Open)

These accounts require no minimum to open and charge no monthly fee regardless of balance. They’re the right default for most savers who want check-writing access without locking up capital to avoid fees.

Capital One doesn’t offer a labeled money market account — its 360 Performance Savings serves the same role. Note: Discover Bank’s money market and other deposit products are no longer available to new customers — Discover merged into Capital One in May 2025. For a detailed look at Ally’s full account offering, see the Ally Bank review. For Capital One’s full product line, see the Capital One 360 review.

Low-Minimum Money Market Accounts ($100–$2,500)

Note: as of September 2026, CIT Bank’s money market account (~1.55% APY) trails its own Platinum Savings account (3.75%, promo up to ~4.10%) significantly — savers wanting a CIT account with check-writing should compare carefully, since the money market rate is no longer competitive with the rest of this table. See CIT Bank review for details, and best online banks for broader comparisons.

Big Bank Money Market Accounts ($2,500+)

Big bank money market accounts have extremely low rates at typical balance levels compared to online banks. For most savers with $5,000–$100,000, an online bank pays several times more interest than these accounts. The only reason to use a big bank money market is if you need branch access and already maintain large combined balances that qualify for fee waivers. Confirm current tier thresholds and rates directly with each bank, since these details change over time. For a full breakdown of what big banks charge, see bank fees comparison.

How Money Market Tiers Work

Most money market accounts at traditional banks use tiered interest rates that reward higher balances with higher APYs. Online banks are more likely to offer flat rates on every dollar.

Tiered Rate Example (Traditional Bank)

The following is an illustrative example of how tiered pricing works, not a specific bank’s actual current rates:

Flat Rate Example (Online Bank — No Tiers)

Flat-rate money market accounts are often better for balances under $50,000 than tiered big-bank accounts, since the flat rate applies to the whole balance rather than just the top tier. Tiered accounts only become competitive when you reach the higher balance tiers, and even then the online flat-rate alternatives often remain superior. See money market rates for the current rate landscape.

Money Market vs. High-Yield Savings: Minimums Compared

The decision between a money market account and a high-yield savings account comes down to whether you need check-writing access and how much your balance is. See money market vs savings for a deeper comparison.

When a money market beats a savings account:

• You need check-writing access to your savings
• You want ATM access without a linked checking account
• You have $50,000+ and the tiered rate exceeds flat-rate HYSA rates

When a savings account beats a money market:

• You have under $25,000 (flat-rate HYSA is simpler and often higher APY)
• You don’t need check-writing
• You want the simplest account with zero minimums

For those who qualify for no-fee, no-minimum accounts across the board, see no-fee, no-minimum banks. For a side-by-side rate view, see HYSA vs CD vs money market. And for the full high-yield savings picture, see high-yield savings minimums.

Money Market Fees: What to Watch For

Monthly Maintenance Fees

Other Potential Fees

The monthly maintenance fee is the most important fee to watch at traditional banks — Citibank’s $30/month fee equals $360/year if you don’t maintain the $30,000 combined balance. That’s $360 in fees before earning a single dollar of interest. Online banks have eliminated this fee entirely. For strategies to eliminate bank fees at any institution, see how to avoid bank fees.

Best Money Market Accounts by Balance

Balance Under $5,000

Balance $5,000–$25,000

Balance $25,000–$100,000

Balance $100,000+

At $100,000+, FDIC coverage planning becomes essential — see best checking accounts for institutions with joint account structures that can double FDIC protection. The full guide to savings strategies is at savings guide.

Money Market Accounts at Credit Unions

Credit union money market rates are generally lower than online banks but come with community banking benefits and often lower loan rates for members.

Credit union money market rates vary significantly and change often, and some top rates are contingent on meeting checking account usage requirements — verify the current terms directly with each credit union before opening. For most members, the rate advantage of leading online banks is comparable to or better than most credit unions for pure money market products, though credit unions can offer other member benefits like lower loan rates.

Money Market Funds vs. Money Market Accounts

These are completely different products despite similar names. The key difference is FDIC insurance and where you open the account.

Government money market funds hold US Treasury securities and are often state-tax-exempt. For a resident of a high-tax state like California or New York, state-tax-exempt yield can be worth a meaningfully higher effective after-tax return compared to a taxable bank money market account. Confirm the current 7-day yield directly with the fund provider (Fidelity, Schwab, Vanguard, etc.) before comparing, since these yields move with short-term interest rates and are not the same figure as the fund’s stated expense ratio.

The Bottom Line

Rates confirmed September 2026 and change frequently — verify directly with each bank. See best money market accounts for the current leaderboard and methodology.

Money market accounts make the most sense when you need check-writing access to savings or you maintain $25,000+ and can take advantage of tiered rates. For most people with under $25,000, a flat-rate high-yield savings account is simpler, pays equally well, and has no minimums to worry about. See minimum balance requirements by bank for how money market minimums compare to checking and savings account thresholds, and best savings accounts for the full savings landscape.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.