If you're looking to get a better interest rate on your savings, you need to consider opening a money market account. Money market accounts operate extremely similar to savings accounts, and they are available at most banks. However, you're typically going to find the best money market accounts at online banks.

A money market account can be a great place to park your savings, your emergency fund, your downpayment for your house, or any other large sum of cash.

We break down our favorite money market accounts, as well as provide a list of the best money market accounts everyday in our table that updates daily. Given that interest rates change daily, make sure you check the table to get the best rates.

If you just want our pick for the best money market account, we recommend CIT Bank. They currently offer one of the best interest rates available in a money market account. Check out CIT Bank here.

Our Top Money Market Account Picks

We evaluate money market accounts based on their annual percentage rate (the interest you receive), the minimum balance requirements, and the terms and conditions of having the account. Based on that, here are our recommendations of the best money market accounts.

1. CIT Bank

The CIT Bank Money Market Account is one of our top money market picks because they consistently have one of the highest interest rates offered to consumers. Also, their platform in incredibly easy to use, with the ability to sign up and get started in minutes.

There are no gimmicks with CIT Bank - you earn interest on your entire balance, and you have a low minimum to get started. Read our full CIT Bank review here.

The BBVA Compass Bank Money Market Account is another of our favorites because they also consistently have a top rate, low minimum to get started, and a great mobile banking platform. BBVA also allows you to earn the full annual percentage rate (APY) on your entire balance, no matter how much is in your account. 

Right now, they are offering a flat APY structure, but sometimes they do offer a tiered structure that rewards higher account balances.

UFB Direct is a relative unknown on this list, but they offer a great money market account. This account is a very traditional money market - it has a higher minimum balance requirement, and monthly fees if that minimum balance isn't met.

However, it does typically pay a great APY, and you earn the APY on the entire account balance. UFP Direct also gives a Visa debit card with your account, although you are limited to just 6 transactions per month.

Ally Bank is a well known online bank that is known for great customer service and easy access (even though it's online). Their money market account doesn't offer the highest yields, but if you want to keep all your banking under one roof, it can be a great alternative to a regular savings account. 

Ally also doesn't nickel and dime it's customers - there are no minimum deposit requirements and no monthly fees associated with the account.

Synchrony is one of the most advertised banks online, but one of the most unknown in general. Formerly GE Capital, Synchrony is the world leader in private label credit cards (think Walmart, etc.). Synchrony Bank offers a money market account that's highly competitive. 

It doesn't typically have the highest interest rates, but it does have a $0 minimum account, which can be great for low balances. 

Barclays Bank has a fairly standard online savings account that's highly comparable to other money market accounts on this list. 

Unlike others on this list, there is no minimum balance required to open an account with Barclays. They are about as traditional a bank as you get. Plus, they also don't charge any monthly fees as well.

Best Money Market Accounts Daily Updated List

The Difference Between A Savings Account And A Money Market Account

It's important to note that there is very little difference between a savings account and a money market account. Both accounts are FDIC insured, both have limits on how many checks and transfers you can do, and both are offered by banks, credit unions, and investment firms.

The big difference is that a money market account typically pays a little bit higher interest, but it also typically requires a slightly higher minimum balance. That's not always the case, thought.

For example, our favorite pick of CIT Bank does only have a $100 minimum, which isn't much.

A Money Market Account vs. A CD

Money markets also have the advantage over certificates of deposit because they are liquid - you can get a higher interest rate on your money but you don't have to worry about tying your money up for a long period of time.

While there are some CDs that earn higher rates than you'll find in a money market account, those CDs typically have 5-10 year time frames. And if you sell before your expiration date, you typically face large penalties. 

You can get a glimpse of the best CD rates here, but if you need liquid savings, you're better off going with a savings account or money market account.

Final Thoughts

A money market account can be a great way to save your money. You typically earn higher interest rates, but there are some restrictions above and beyond what you usually find for savings accounts. 

Just like any account, make sure you're opening the best money market account for your needs so you can reap the rewards.