With the highest interest rate around on modest balances, no monthly fees or minimums, and even free checks, Patelco Credit Union is our winner for the best all-around money market account.
Pros
- Nation-leading interest rate on balances below $25,000
- No monthly maintenance fees
- No minimum opening or ongoing balance
- Free checks always
- An ATM card and Zelle capability
Cons
- Less competitive rate once balance reaches $25,000
- Withdrawals limited to six per month
- Check writing limited to three checks per month
- No debit card
- Credit union membership required (but it’s free)
You may never have heard of Patelco Credit Union, but this California credit union founded in 1936 is open to U.S. adults anywhere in the country, with an exceptionally easy and cost-free membership process.
A great reason to join is that Patelco’s money market account pays the highest interest rate you can currently find among nationally available money markets, while offering most or all of the features you’ll need and charging no monthly fees.
The interest on Patelco’s Money Market account is a declining rate, meaning you earn the best rate on low balances, and lower rates at each higher balance tier.
Specifically, on your first $2,000, you’ll earn an eye-popping 2% APY. Then on the next $3,000, you’ll earn 1%, which still far exceeds the rate paid by our other contenders. The resulting blended APY for a $5,000 balance is a very attractive 1.40%.
