bank rates

Highest Money Market Rates for April 2018

Money Market AccountsThis month the best money market account rate you can find this month comes from Virtual Bank, which is paying 1.77% APY.

Indeed, that’s slightly better than you could have earned last month, when CIT Bank was in the lead paying 1.75% APY.

And it’s certainly better than you would have earned last year.

For most of 2017, the best money market account rates came from a pair of affiliated banks from Oklahoma — All America Bank and Redneck Bank. While both are now paying 1.75% APY, last year’s rate from the two banks was around a quarter of a percentage point lower.

Though rates on money market accounts are on the rise, they still aren’t where we’d like them to settle.

But it’s nice to see some higher returns for savers on the horizon.

16 Banks Paying 1.35% APY or Better

The main difference between the banks at the top are their requirements.

Virtual Bank asks for a minimum deposit of $100, same as CIT Bank. All American Bank and Redneck Bank ask for a minimum of just $50.

Keep in mind that banks can change money market rates whenever they like, and that includes lowering the payout, unless your return has been explicitly guaranteed for a certain period of time.

You can see how these rates stack up to the best money market and savings account rates offered by scores of banks in our database. In addition, this list of the best money market account rates is updated monthly, so check back often.

Money Market Leaders for March 2018

Bank APY Min Deposit Min Balance for APY
Virtual Bank 1.77% $100 $0.01
CIT Bank 1.75% $100 $100
All America Bank 1.75%** $50 None
Redneck Bank 1.75%** $50 None
ableBanking Direct 1.70% $250 None
iGObanking 1.70% $25,000 $25,000
UFB Direct 1.60% $5,000 None
EBSBDirect 1.57% $25,000 None
Sallie Mae 1.55% None None
Northern Bank Direct 1.51% $25 None
Northpointe Bank 1.50% $25,000 None
My e-BAnC 1.50% $5,000 $5,000
Capital One 360 1.50% None $10,000
EverBank 1.50% $5,000 None
Dime Community Bank 1.35% $1,000 None
My Banking Direct 1.50% $2,500 $25,000

** All America and Redneck banks limit their rate of 1.75% APY to the first $50,000. Balances greater than that earn 0.50% APY.

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