Who has the best money market rate right now?
Our top picks for best money market account rates are Vio Bank (5.30%), Quontic Bank (5.00%) and EverBank (3.75%), but you can get rates as high as 5.40% from Sovereign Bank. All our top picks are free of monthly fees.
- Brilliant Bank – 5.35% APY.
- MYSB Direct – 5.25% APY.
- Republic Bank of Chicago – 5.21% APY.
- UFB Direct – 5.15% APY.
- Merchants Bank of Indiana – 5.00% APY.
- Quontic Bank – 5.00% APY.
- Northern Bank Direct – 4.95% APY.
- All America Bank – 4.75% APY.
| Bank | APY | Min. deposit to open |
|---|---|---|
| TAB Bank | 5.02% | $0 |
| Upgrade | 5.02% (on balances of $1,000 or more) | $0 |
| CIT Bank | 5.00% (on balances of $5,000 or more) | $100 |
| DollarSavingsDirect | 5.00% | $0 |
As of September 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions offer high-interest checking accounts: Landmark Credit Union Premium Checking with a 7.50% APY and OnPath Credit Union High Yield Checking with a 7.00% APY.
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| Prosper Savings Ltd | 6 Month Fixed Term Deposit (Provided by GB Bank) | 5.23% |
| Raisin UK | 6 Month Fixed Term Deposit (Provided by GB Bank) | 5.03% |
| Flagstone Sponsored | 3 Month Fixed Term (provided by Mizrahi-Tefahot Bank) * | 5.12% |
| This listing is sponsored by Flagstone | ||
Rate information:
If your daily balance is less than $10,000.00, the interest rate paid on your entire account balance will be 0.7971 % with an annual percentage yield of 0.80% .
| Institution | APY* | Great for: |
|---|---|---|
| Redneck Bank | 4.75% | Savers who have at least $500 on hand |
| Vio Bank | 5.3% | Savers who don't want to worry about minimums to earn interest |
| Ally Bank | 4.2% | Savers who want 24/7 customer service access |
| UFB Direct | 5.15% | Savers who can maintain a $5,000 balance |
You can earn a 7% interest rate on your money in a few different ways. It's possible to earn that much interest by investing, but there are no guarantees. Finding a high-yield savings account, CD or money market account that offers a 7% interest rate can be a more secure way of earning that rate.
For higher returns, an attractive investment for ÂŁ10,000 could be shares or equity funds (which are made up of shares). You could invest in a tracker fund that mimics the performance of stocks listed on the FTSE 100, which is a low-cost way of investing in shares. Remember shares are higher risk than bonds.
Where can I get 7% on a CD?
The hunt for CDs offering 7% APY
Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY.
You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.
How much a $10,000 deposit in a money market account will earn annually depends on the annual percentage yield (APY) offered by your financial institution. If you deposit $10,000 into a money market account with a 5.00% APY, you will earn $513 in interest by the end of the year, assuming daily compounding.
- UFB Portfolio Savings. Up to 5.15% APY. ...
- Bask Interest Savings Account. 5.10% APY. ...
- Quontic Bank High Yield Savings. 4.50% APY. ...
- LendingClub LevelUp Savings Account. ...
- Laurel Road High Yield Savings® ...
- Varo Savings Account. ...
- TAB Bank High Yield Savings. ...
- EverBank Performanceâ„ Savings.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts. CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Put it in a bank account - If you think you'll be spending money, then you could just keep it in your regular bank account. Invest it - By investing your money you could allow it to potentially grow. Most investments, such as shares and funds, offer potential returns on your money over a longer term.
A 7% interest savings account is hard to come by. The only institution we found offering such a high rate is Landmark Credit Union.
The 4.25% annual percentage yield (APY) offered with Capital One's 360 Performance Savings account is competitive with those offered by several other major banks and is well above the national average of 0.50%. The account also has no maintenance fees and no minimum opening deposit or balance requirements.
| Return Type | 1 Yr | 3 Yrs |
|---|---|---|
| FUND Fidelity® Money Market Fund | 5.18% | 3.25% |
| PRIMARY BENCHMARK FTSE 3-Mo Treasury Bill Close | 5.65% | 3.49% |
| MORNINGSTAR CATEGORY AVERAGE Prime Money Market Close | 5.14% | 3.17% |
If you're saving for a medium- or long-term goal, want to earn a fixed interest rate and want the assurance that your money is safe, a CD can be a good investment. If you need access to your money, a money market account would be more fitting as it offers greater liquidity.
What is better than a money market account?
Certificates of deposit (CDs)
CD terms can range from a few months to five years. If you withdraw the money before the CD matures, expect to pay a penalty. Depending on the size of the CD, you can earn a higher APY than you would with a savings account or money market account.
Indirectly losing money, however, is a downside of money market accounts. Indirect loss can occur if the interest rates tied to the account fall, thus diminishing the initial return value of your account.
| Account Name | APY (Annual Percentage Yield) Accurate as of 9/11/2024 |
|---|---|
| BrioDirect High-Yield Savings Account | 5.30% |
| Bread Savings High-Yield Savings Account | 5.15% |
| UFB Portfolio Savings | 5.15% |
| SoFi Checking and Savings (Member FDIC) | up to 4.50% |
- Invest in the Private Credit Market. Looking for superior returns? ...
- Gold IRAs. Over the last 20 years, gold has returned 9.6% per year. ...
- Paying Down High-Interest Loans. ...
- Stock Market Investing via Index Funds. ...
- Stock Picking. ...
- Junk Bonds. ...
- Buy an Existing Business. ...
- Peer-to-Peer Lending.
- Nationwide currently offers the top regular saver paying 8% interest – and an extra £200 to switch. ...
- First Direct's regular saver pays slightly less, but you may end up earning more. ...
- Saffron Building Society and Coventry Building Society also offer regular savers.
