Best Savings Accounts & MMA with Top APY (2018.10 Update)


Emergency fund is a good thing for everybody, and we should put them in a high yield Savings Account or MMA (Money Market Account). Here’s a ranking of Savings Accounts & MMA with top APY (Annual Percentage Yield):

BankAPYHard Inquiry?RangeType
EBSB Direct2.50%?$5,000 - $1,000,000Savings
Memory Bank2.25%No$1+MMA
Northfield Bank2.25%Yes$1 - $100,000Savings
Utah First CU2.25%?$50+Savings
Community Wide2.25%?$500+Savings
Customers Bank2.25%No$25,000+Savings
Bank Purely2.25%No$25,000+MMA
CIT Bank Savings2.15%No$100/monthSavings
Citizens Access2.12%?$5,000+Savings
Vio Bank2.11%No$100+Savings
Investors Bank2.10%No$1 - $2,000,000MMA
Salem Five Direct2.05%Yes$1 - $1,000,000Savings
Bank5 Connect2.05%Yes$100+Savings
Bank72.05%?$100 - $1,000,000Savings
Incredible Bank2.02%Yes$25,000+Savings
HSBC Direct2.01%No$1+Savings
Sallie Mae2.00%No$1+MMA
Redneck Bank2.00%No$1 - $50,000MMA
All America Bank2.00%No$1 - $50,000MMA
Popular Direct2.00%No$5,000+Savings
Radius Bank1.96%Yes$25,000+Savings
Northpointe Bank1.95%No$25,000+Savings
SFGI Direct1.91%Yes$1+Savings
Ally Bank1.90%No$1+Savings
Marcus by Goldman Sachs1.90%No$1+Savings
American Express1.90%No$1+Savings
Synchrony Bank1.90%No$1+Savings
Colorado Federal1.90%?$50,000+Savings
Sallie Mae1.85%No$1+Savings
FNBO Direct 1.85%?$1+Savings
CIT Bank MMA1.85%No$100+MMA
Capital One 3601.85%No$10,000+MMA
Dollar Savings Direct1.80%?$1+Savings
Live Oak Bank1.80%?$1+Savings

Note: only the accounts with $0 monthly fee, available online, and FDIC insured (up to $250,000 per person) are included.

These days the interest rates are changed frequently, so the ranking will also fluctuate a lot. In my own opinion, the difference of the interest rates of the top banks are just zero point something percent, so it’s not necessary to choose a small bank just for a higher rate (some small banks even do a hard pull). In general, I recommend the following banks with a large amount of assets and good service:

Note that you can only withdraw money 6 times for free per billing cycle from a savings account or MMA. This is required by law.

Acknowledgment: DoctorofCredit, HustlerMoneyBlog.

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