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Best Money Market Accounts in Alabama of February 2023

Mary Gilman

If you are looking to increase your savings, a money market account can be a great place to start. They often offer a higher interest rate than what you would find with a traditional savings account.

There are over 5 million residents in Alabama, with dozens of banks catering to their financial needs. These banks offer a wide range of both online and in-person banking services money market accounts for you to choose from.

When deciding on a money market account, select one that is best suited to your financial needs. Getting a high-interest rate is the main focal point, but it is not the only factor to consider. The minimum deposit and balance requirement, fees, and other account features matter too. Shop around and compare the available options. You might just land on a great deal.

WalletBrain recognizes that finding a money market account that is best suited for you can be quite challenging. To make the process easier for you, we reviewed the interest rates and other features of some of the best money market accounts in Alabama. Use our comprehensive review to find the best match for you today. 

Access to a debit card

0.25%

Est. APY

$0

Min. To Earn APY

Overview

Axos offers no monthly fees and no minimum balance requirement but requires $1,000 to open the account which you can take out after opening.

What we like

  • No monthly fees
  • Access to debit card
  • Access to check writing

What we don't

  • No physical branch
  • $1,000 to open account

Schedule payments with Bill Pay

1.55%

Est. APY

$0

Min. To Earn APY

Overview

Build your savings with an above-average APY.

What we like

  • No monthly fees
  • FDIC Insured
  • Bill Pay feature

What we don't

  • Online banking only
  • Excess transaction fees
  • Overdraft fee

Interest compounded daily

3.00%

Est. APY

$0

Min. To Earn APY

Overview

Quontic provides a money market account that offers a competitive interest rate, which accrues daily. Also, customers can receive a debit card for the account.  

What we like

  • Competitive interest rate
  • Interest compounded daily
  • Debit card available

What we don't

  • Transfer and withdrawal limits

Fee-free access to ATMs

3.83%

Est. APY

$0

Min. To Earn APY

Overview

UFB Money Market Account comes with a debit card (you must request it) and allows fee-free access to any ATM within the US. 

What we like

  • Access to ATMs
  • High APY
  • No minimum balance requirements
  • Compliementary debit card

What we don't

  • $5,000 minimum to avoid monthly fees
  • No physical branches