The Best Money Market Rates in the USA

Money market accounts are saving accounts that allow you to write some checks.business charts with us money image by Andrew Brown from Fotolia.com

A money market account is a high interest savings account which invests deposits in government and corporate securities in order to return a profit for the investor. Money markets vary by interest rate, rules of deposit and annual percentage yield, so investors should research banks carefully to determine which financial institution will best generate a return on funds deposited.

Sallie Mae

The student loan juggernaut actually wades into the world of money market accounts with a highly competitive interest rate. According to the Money Rates website, as of June 2010 Sallie Mae has the best interest rate for a money market account at 1.39 percent with an annual percentage yield of 1.40 percent for accounts ranging from $10,000-$24,999. No minimum is established for initial deposits with Sallie Mae though all funds are FDIC ensured up to the federally capped amount of $250,000.

According to Bankaholic's website, as of June 2010 Capital One Direct Banking has a money market interest rate of 1.34 percent with an annual percentage yield of 1.35 percent for accounts ranging from $10,000-$24,999. A minimum deposit of $2,500 is required to open a money market account with Capital One though the bank does not charge a monthly service fee to maintain it. Money market accounts of $15,000 or more will earn a 10 percent quarterly bonus on interest accumulated.

According to Bankaholic's website, as of June 2010 Discover Bank's money market account has an interest rate of 1.34 percent with an annual percentage yield of 1.35 percent. This account only requires an initial deposit of $500 and has no monthly fees associated with maintaining it. Discover Bank offers free online money transfers between accounts and features 24/7 live customer service.