What is the minimum balance for a money market account?

Money market account minimums range from $0 (Ally, Sallie Mae, CIT Bank) to $100,000+ (big bank premium tiers). Most online banks require $0-$2,500. Traditional banks often require $2,500-$25,000 to earn the best rates or avoid fees.

Are money market accounts worth it?

Money market accounts are worth it if you want savings-level returns (4-5% APY) with check-writing and ATM access. They're ideal for emergency funds or large cash holdings that need quick access. However, if you don't need check-writing, a high-yield savings account offers similar rates with simpler terms.

What is the difference between a money market account and a savings account?

Money market accounts offer check-writing and sometimes ATM/debit card access, while savings accounts typically don't. Money market accounts often have higher minimum requirements. However, interest rates are usually similar. Both are FDIC insured.

Do money market account minimums affect my interest rate?

At many banks, yes. Money market accounts commonly use tiered rates — paying higher APYs on larger balances. A $10,000 balance might earn 3.50% while a $100,000+ balance earns 4.50%. Online banks are more likely to offer flat rates on all balances.

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

Money market accounts combine savings account yields with checking account flexibility — but they often come with higher minimums than either. Here’s every major bank’s money market minimum and how to find the best one for your balance.

Money Market Minimums: Complete Comparison

No-Minimum Money Market Accounts ($0)

Bank	APY	Min. to Open	Min. Balance	Monthly Fee	Check Writing
Ally Bank	4.00-4.20%	$0	$0	$0	Yes
Sallie Mae	4.10-4.40%	$0	$0	$0	No
Discover	3.75-4.25%	$0 (tiered)	$0	$0	Yes
Capital One (360 Performance Savings*)	4.00-4.25%	$0	$0	$0	No
EverBank	4.50-4.75%	$0	$0	$0	Yes

*Capital One doesn’t offer a labeled money market — its 360 Performance Savings serves the same role.

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

Bank	APY	Min. to Open	Min. for Top Rate	Monthly Fee	Fee Waiver
CIT Bank	4.25-4.70%	$100	$5,000	$0	N/A
Quontic	4.50-5.00%	$100	$0 (flat rate)	$0	N/A
First Internet Bank	4.00-4.50%	$100	$0 (flat rate)	$0	N/A
UFB Direct	4.01-5.06%	$0	Tiered	$0	N/A
Vio Bank	4.50-5.01%	$100	$0 (flat rate)	$0	N/A
TIAA Bank	4.00-4.50%	$500	$0 (flat rate)	$0	N/A

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

Bank	Account	Min. to Open	Min. for Best Rate	Monthly Fee	Fee Waiver
Chase	No standalone MMA	—	—	—	Use Premier Savings
Bank of America	Platinum Honors MMA	$100,000	$100,000+	$0 (with Preferred Rewards)	Preferred Rewards
Wells Fargo	Platinum Savings	$25	$25,000+	$12	$3,500 min. daily
Citibank	Savings Plus	$0	$200,000+ for top tier	$30	$30,000 combined
US Bank	Platinum MMA	$0	$25,000+	$10	$10,000 balance
PNC	Money Market	$0	Varies	$7	$2,000 average
Truist	Money Market	$0	$50,000+	$12	$2,500 min. daily
TD Bank	Money Market	$0	$250,000+	$12	$2,500 min. daily
Regions	Money Market	$0	$10,000+	$12	$2,500 average

How Money Market Tiers Work

Most money market accounts use tiered interest rates. Here’s a typical structure:

Tiered Rate Example

Balance Tier	APY	Annual Interest (at tier max)
$0-$9,999	0.50%	$50
$10,000-$24,999	2.00%	$500
$25,000-$49,999	3.50%	$1,750
$50,000-$99,999	4.00%	$4,000
$100,000-$249,999	4.50%	$11,250
$250,000+	4.75%	$11,875+

Flat Rate Example (No Tiers)

Balance	APY	Annual Interest
$1,000	4.20%	$42
$10,000	4.20%	$420
$25,000	4.20%	$1,050
$100,000	4.20%	$4,200

Flat-rate money market accounts (Ally, Quontic, Vio) are better for balances under $50,000. Tiered accounts only become competitive when you reach the higher balance tiers.

Money Market vs. High-Yield Savings: Minimums Compared

Feature	Money Market (Typical)	High-Yield Savings (Typical)
Min. to open	$0-$2,500	$0-$100
Min. for best rate	$25,000-$100,000 (tiered banks)	$0 (flat-rate banks)
Monthly fee	$0-$30	$0
Check writing	Yes	No
ATM/debit access	Yes (often)	No (usually)
APY range	3.50-5.00%	4.00-5.10%
FDIC insured	Yes	Yes

When money market beats savings:

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 savings beats 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 possible

Money Market Fees: What to Watch For

Monthly Maintenance Fees

Category	Typical Fee	How to Avoid
Online banks	$0	No fees to avoid
Big banks	$7-$30/month	Maintain $2,500-$30,000 minimum balance
Credit unions	$0-$5/month	Varies by CU

Other Potential Fees

Fee	Big Banks	Online Banks
Below minimum balance	$7-$30/month	$0
Excess transactions	$0-$10 per transaction over 6/month	$0 (most have removed)
Wire transfers	$25-$45 outgoing	$0-$25
Check orders	$15-$30	$0-$15
Account closing (within 90-180 days)	$0-$25	$0

Best Money Market Accounts by Balance

Balance Under $5,000

Best Choice	Why
Ally Money Market	$0 minimum, 4.20% flat rate, check writing included
Or just use an HYSA	Simpler product, same/better rate, no check-writing overhead

Balance $5,000-$25,000

Best Choice	Why
Ally or Sallie Mae	Flat-rate 4%+ on full balance
Quontic or Vio	Higher APY (4.50-5.00%), $100 minimum

Balance $25,000-$100,000

Best Choice	Why
CIT Bank or EverBank	Higher rates at this tier
Discover	Tiered rates kick in at higher balances
Consider splitting: $25K HYSA + $25K money market	Diversification + FDIC coverage planning

Balance $100,000+

Best Choice	Why
Split across 2+ institutions	Stay within $250K FDIC limits per bank
Mix of HYSA + money market + T-bills	Different tax treatment and liquidity profiles
Brokered products through Fidelity/Schwab	Wide selection of money market options in one account

Money Market Accounts at Credit Unions

Credit Union	APY	Minimum	Monthly Fee	Who Can Join
Alliant	3.00-3.50%	$0	$0	Anyone ($5 savings deposit)
Navy Federal	0.50-3.00%	$0	$0	Military/DoD
PenFed	1.00-2.50%	$0	$0	Anyone
Lake Michigan CU	3.00-4.00%	$0	$0	Anyone ($5 membership)
Consumers CU	Up to 5.00%	$0	$0	Anyone (with requirements for top rate)

Credit union money market rates are generally lower than online banks but come with the benefit of loan rate discounts and community banking.

Money Market Funds vs. Money Market Accounts

These are completely different products despite the similar name:

Feature	Money Market Account	Money Market Fund
What it is	Bank deposit account	Mutual fund
FDIC insured	Yes, up to $250K	No
Where to open	Banks and credit unions	Brokerages (Fidelity, Schwab, Vanguard)
Yield	3.50-5.00%	4.50-5.25%
Check writing	Yes	Yes (at some brokerages)
Risk	None (insured)	Extremely low but not zero
Tax treatment	Federal + state income tax	Federal income tax; some are state-tax-exempt
Minimum	$0-$100,000	$0-$3,000 (varies by fund)
Best for	Insured savings with check access	Higher yield, tax-exempt options

Government money market funds (like Fidelity Government Money Market at 4.95% or Vanguard Federal Money Market at 5.00%) are often state-tax-free because they hold Treasury securities, making them attractive for high-tax-state residents.

The Bottom Line

Balance Level	Best Money Market	APY	Minimum
Under $5,000	Ally (or skip MMA and use HYSA)	4.20%	$0
$5K-$25K	Quontic or Vio Bank	4.50-5.01%	$100
$25K-$100K	CIT Bank or EverBank	4.25-4.75%	$100
$100K+	Split + money market funds	4.50-5.25%	Varies

Money market accounts make the most sense when you need check-writing access to savings or 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.