Best Money Market Account Rates on Raisin in {currentMonth} 2024

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Best Money Market Account Rates on Raisin in {currentMonth} 2024

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Benefits of a Money Market Account

Flat lay with a calculator, a pen, and cash

A money market account (MMA), also known as a money market deposit account (MMDA), is a type of interest-earning savings account offered by some banks and credit unions. Money market accounts provide many of the conveniences of a typical savings account but with a major added benefit — they often offer higher rates than traditional savings or checking accounts. Some financial institutions set limits on how frequently you can withdraw funds from their money market accounts or high minimum deposit requirements. However, competitive money market accounts opened through Raisin do not currently have any such withdrawal limits and only a $1 minimum deposit . So, a money market account allows you to earn more interest on your savings while still having easy access to your funds when needed.

Tips for Using Money Market Accounts

A women in yellow sweater typing on a laptop

Why settle for average rates when it comes to your savings? A traditional savings account may offer more interest than, say, a checking account. But savers can do much better at extracting value from their cash reserves by opting for a higher-yielding savings product like a money market account.

What can you do with a money market account? Consider money market accounts for holding your emergency fund, savings for a major expense like college tuition, or extra cash you don't need access to on a daily basis. Holding those reserves in a money market account lets you put them to work. Click the button below to read more about how you can use a money market account to up your savings game.

Money Market Accounts vs. Traditional Savings Accounts

Money Market Accounts
Highly competitive interest rate, typically well above national average for traditional savings accounts

VS

Traditional Savings Accounts
Interest rate typically above that of a checking account, but well below that of a money market account
Money Market Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minimum (Raisin does not)

VS

Traditional Savings Accounts
Minimum deposit is typically low
Money Market Accounts
Some banks may place limits on frequency of withdrawals from money market accounts (Raisin does not)

VS

Traditional Savings Accounts
Some banks may place limits on frequency of withdrawals from traditional savings accounts

How to Open a Money Market Account

  1. Shop around

    Shop around for competitive money market accounts from different banks and credit unions. Choose one that works best for your needs. Consider accessibility, money market account rates, minimum balance conditions, maintenance fees and other charges, and withdrawal limits, if any.

  2. Get your documents in order

    Banks and credit unions will require basic information about you to confirm your identity and eligibility. Accounts opened through Raisin are through an entirely online process that verifies your identity digitally.

  3. Make an opening deposit

    This is your first step toward earning interest. Rules are different with each institution. Some banks require a deposit to open an MMA, while others let you open the account first and fund it later. With Raisin, all accounts have just a $1 minimum deposit to open. Just remember, the higher your deposit, the higher your earning potential.

More About Money Market Accounts

What Is a Money Market Account?

A money market account (MMA) is a type of high-interest-earning savings account offered by some banks, credit unions, and online financial institutions. MMAs provide many of the conveniences of a typical savings account but with a major added benefit — they often offer higher rates than traditional savings accounts or even high-yield savings accounts (HYSAs).

A money market account is often also called a money market deposit account (MMDA). The money market deposit accounts offered on Raisin are equivalent to money market accounts. 

What is the Interest Rate on a Money Market Account

On average, money market account rates are considerably higher than regular savings account interest rates. Money market account interest rates can be similar to or just slightly less than those offered through certificates of deposit (CDs). 

CDs, though, require you to keep a set amount of savings untouched in an account to obtain their higher rates. MMAs, on the other hand, are much more liquid. With MMAs, you can generally withdraw and deposit money at any time without penalty or fees.

How Does a Money Market Account Work?

When choosing an account to park your hard-earned money, it often comes down to a decision between having greater accessibility or earning a higher interest rate. A money market account can strikes the right balance between both benefits. Once you’ve opened an MMA, you can continue to deposit money into and withdraw money from it. That’s unlike how a certificate of deposit works, for instance. 

Can I Withdraw Money from a Money Market Account?

Withdrawals from money market accounts had been limited to six per month, but in April 2020, the Federal Reserve Board announced a new regulation allowing financial institutions to lift the cap on withdrawals on all savings accounts. The goal of this measure was to make it easier for customers to access their savings at a time of financial need due to the Covid-19 pandemic.. A few months after the initial announcement, the Fed updated its Frequently Asked Questions on savings deposits to indicate that the Board does not have plans to re-impose transfer limits.

While banks and credit unions are not obliged to enforce these changes, money market accounts opened through Raisin do not have any withdrawal limits.

Find and Open Online Money Market Accounts, All Through the Convenience of Raisin

Raisin’s unique online marketplace lets you compare and access an exclusive selection of federally-insured money market accounts with competitive interest rates and flexible features. All this with a single, one-time registration and an all-in-one portfolio. 

Money market accounts offered through Raisin can be a great alternative to the standard savings account options you get through a local brick-and-mortar bank. In addition to offering less competitive money market account rates, such banks may also put limits on the frequency of withdrawals. Raisin selects exclusive higher-earning savings accounts from its network of partner banks and offers them with no limits on withdrawals. 

What Can a Money Market Account Be Used For?

A money market account lets you earn more interest on your savings while still having easy access to your funds when needed. These features make MMAs a great option for the following savings goals:

  • An emergency fund for unexpected costs such as medical bills or car repairs

  • Major expenses like a down payment for a new home or college tuition

  • Short-term wants and needs like an upcoming vacation or new car purchase

  • Extra funds that you don’t need access to on a daily basis

How to Choose a Money Market Account

Interest rate

APY.

Annual percentage yield (APY) is one of the most important figures associated with a savings account because it dictates how much you’ll earn in interest on your money. The higher the rate, the more you’ll make over time. Unlike a CD, an MMA’s interest rate is variable: It may fluctuate based on overall market conditions or in response to Federal Reserve benchmarks. If the Federal Reserve raises interest rates, then the rates banks offer on MMAs may increase as well. And vice versa.

Security

Security.

MMAs are a type of deposit account, which means they are eligible for FDIC or NCUA insurance through financial institutions. FDIC insurance (covering banks) and NCUA insurance (covering credit unions) offer government-backed protection on your money up to standard limits— typically $250,000 per depositor, per insured institution. Make sure your hard-earned money is covered by only choosing a federally-insured account.

Piggy bank

Minimum deposit.

Different MMAs have different rules for the minimum amount required to open an account. That amount can vary from $1 to several thousand dollars. Money market deposit accounts available on Raisin can be opened with as little as $1. 

requirement

Minimum balance.

If an MMA requires you to maintain a minimum balance — say, $1,000 — you may incur a fee if your account dips below that threshold. Without compromising on accessibility, make sure to look for an account that requires a low or no minimum balance. Raisin does not set a minimum balance for leading money market accounts accessible on its platform.

Fees

Fees (or lack thereof).

Some financial institutions charge monthly maintenance fees that can quickly eat into your savings. Make sure you thoroughly understand what fees, if any, are associated with an account, although it’s much better to choose one that doesn’t charge any. There are no fees levied to open or maintain a money market deposit account on Raisin.

Limit

Withdrawal limits.

MMAs are considered liquid, which means you can withdraw or transfer funds whenever needed without penalty. Just keep in mind that some financial institutions may restrict your withdrawals to the six-per-month limit despite recent changes in Fed rules. You get no such restrictions with a money market deposit account on Raisin.

What Is Raisin?

Family spending time out door

Raisin brings together high-yielding savings products offered by a network of U.S. financial institutions. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions and manage them all from one account.

Safety

Safety

Funds deposited into any of the savings products available through Raisin are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How Raisin Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at Raisin

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include multi-factor authentication, encryption, and web application firewall advanced internet protection technologies. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

Open an Account in 3-5 Minutes

Select a product

Select

the right product for your savings goals.

Register for a Raisin account

Register

with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new Raisin account.

How Raisin Compares

With Raisin
One secure account guards your personal data and safely allows you to tap into yields from multiple savings products

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With Raisin
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With Raisin
Only one account is required. You manage all your chosen savings products through the Raisin platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

FAQs

Secure Messaging Center

Email: support.us@raisin.com

Call: 844-994-EARN (3276) (Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)

The Raisin name and logo are trademarks of Raisin GmbH. All other trademarks, logos, marks, and brand names are the property of their respective owners — used with permission.

© 2024 Raisin GmbH. All rights reserved.

*APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00. Rate multiplier sources: fdic.gov/resources/bankers/national-rates/; https://www.ncua.gov/analysis/cuso-economic-data/credit-union-bank-rates

Raisin is not an FDIC-insured bank or an NCUA-insured credit union, and does not hold any customer funds. Funds deposited through Raisin are exclusively held at federally insured financial institutions. FDIC or NCUA deposit insurance coverage covers the failure of partner banks and credit unions on the Raisin platform.

Raisin is not an FDIC-insured bank or an NCUA-insured credit union, and does not hold any customer funds. Funds deposited through Raisin are exclusively held at federally insured financial institutions. FDIC or NCUA deposit insurance coverage covers the failure of partner banks and credit unions on the Raisin platform.

Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through Raisin.com. Central Bank of Kansas City (CBKC), Member FDIC, d.b.a. Central Payments is the Service Bank. CBKC, Lewis & Clark Bank and Starion Bank, each Member FDIC, are the Custodial Banks.