Best money market accounts with no minimum balance

Money market accounts (MMAs) are a type of deposit account that often comes with more flexibility, such as the ability to write checks while still earning a solid annual percentage yield (APY). However, often MMAs require a higher minimum balance than savings accounts. But if you’re looking for the perks of a money market account without that increased balance, here are some options with no minimum balance.

• Vio Bank: 4.46% APY; $100 minimum deposit to open
• Quontic Bank: 4.75% APY; $100 minimum deposit to open
• EverBank: 4.00%* APY; $0 minimum deposit to open
• Ally Bank: 3.80% APY; $0 minimum deposit to open
• Sallie Mae Bank: 4.00% APY; $0 minimum deposit to open

Note: Annual percentage yields (APYs) shown are as of January 23, 2025. Bankrate’s editorial team updates this information regularly. APYs may have changed since they were last updated and may vary by region for some products.

A closer look at the top money market accounts with no minimum balance

Vio Bank

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• Overview:

  APY: 4.46%; $100 minimum deposit to open

  Vio Bank, established in 2018, is the national online division of MidFirst Bank. Like most online-only banks, Vio is light on fees, forgoing monthly fees and offers a competitive rate on its money market account.

• What we like:

  • Interest is compounded daily
  • FDIC insured up to $250,000
  • You can set up automatic transfers to help grow your savings
  • Mobile banking allows you to check transactions and transfer funds between linked accounts

• What to watch for:

  • There’s a $5 monthly fee for paper statements
  • No debit card or check-writing capabilities

Quontic Bank

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• Overview:

  APY: 4.75%; $100 minimum deposit to open

  Quontic Bank began as a community bank in New York City in 2009 and today operates as a full-service digital-only bank offering an array of banking products across all 50 states. The bank’s money market account comes with a debit card and check-writing privileges.

• What we like:

  • No monthly fees or overdraft fees
  • Interest is compounded daily and credited to your account monthly
  • Access to more than 90,000 surcharge-free ATMs

• What to watch for:

  • There are fees for some services, such as outgoing wire transfers, paper statements and a dormant account fee

EverBank

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• Overview:

  APY: 4.00%; $0 minimum deposit to open

  Jacksonville-based EverBank was formed as a new entity when private investors purchased TIAA Bank. Its Performance Money Market account is ideal for big savers, earning 4.00% APY on accounts holding $10,000 or more, without any opening deposit requirements. Unlike many of the other online-only options on this list, EverBank offers several brick-and-mortar locations in Florida and two in California in addition to its app and online banking services.

• What we like:

  • Access to both checks and a debit card
  • ATM fee reimbursements up to $15 per month for accounts with an average daily balance under $5,000 and unlimited reimbursements for accounts above that amount
  • No fees for replacement debit cards, official checks or non-sufficient funds fees

• What to watch for:

  • The minimum average daily balance to earn the top rate is $10,000, accounts under that earn 2.02% APY
  • Other banks offer higher rates on balances under $10,000

Ally Bank

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• Overview:

  APY: 3.80%; $0 minimum deposit to open

  Ally Bank is a full-service digital bank that’s known for being light on fees. Neither its savings account or money market account carry monthly fees or minimum deposit requirements or monthly maintenance fees. If you’re looking to do all of your banking in one place, Ally can be an appealing option.

• What we like:

  • There’s no minimum deposit requirement or minimum balance requirement to earn interest
  • Interest is compounded daily
  • Account includes a debit card and checks
  • Unlimited ATM withdrawals at AllPoint and MoneyPass machines, up to $10 per statement cycle reimbursement for out-of-network ATM withdrawals

• What to watch for:

  • Transactions that aren’t ATM withdrawals are limited to 10 per statement cycle
  • There is a fee for outgoing domestic wires

Sallie Mae Bank

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• Overview:

  APY: 4.00%; $0 minimum deposit to open

  Sallie Mae may be most associated with private student loans, but there are deposit accounts available here. Sallie Mae offers a money market account, certificates of deposit (CDs) and a high-yield savings account.

• What we like:

  • Interest is compounded daily and credited monthly
  • Account comes with check-writing capabilities and checks are free at account opening
  • No monthly maintenance fees

• What to watch for:

  • Customer service hours are limited to Monday-Friday 9 am to 6 pm ET
  • No ATM or debit card with this account

Note: APYs and account details are accurate as of January 23, 2025 and can change and vary by location.

Money market account FAQs

• How does a money market account work?

  A money market account is a bank account that you can deposit money into. You can also withdraw money from this account, though the number of withdrawals during a monthly statement cycle may be limited. Unlike most savings accounts, money market accounts may have check-writing privileges and/or a debit or ATM card as another method to pay people, businesses or other entities through your money market account.

• What is the minimum balance for a money market account?

  Some money market accounts might have higher minimum balance requirements than savings accounts. But banks like Ally Bank or Sallie Mae Bank don’t charge minimum balance requirements or monthly service fees on their money market accounts.

Research methodology

Bankrate’s editorial team regularly updates rates on this page about every two weeks. We mainly look for the highest APYs and break ties using the minimum balance to open a money market account. Bankrate’s editorial team has reviewed nearly all of the banks and credit unions that they track. These institutions were selected because they offer competitive APYs, are larger (based on the amount of deposits or assets), frequently appear in internet searches or other possible factors. These banks and credit unions typically offer accounts that are available nationwide. All of these banks are insured by the Federal Deposit Insurance Corp. (FDIC) and all of the credit unions are National Credit Union Administration (NCUA) credit unions, insured by the National Credit Union Share Insurance Fund (NCUSIF).

Bankrate’s experience on financial advice and reporting

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Banks we monitor

These financial institutions are featured in our high yield savings account rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, BrioDirect, Bread Financial (formerly Comenity Direct), Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, HSBC, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LendingClub Bank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.