Best Money Market Accounts in Arizona of July 2021

Mary Gilman

One way to get more out of your money is to invest it in a money market account.  It maximizes the returns you get from every dollar invested. Whether you are saving towards a college fund, putting a down payment on a house, or building an emergency fund, a money market account will help you reach your goals much faster.

Arizona has hundreds of banks offering a wide range of money market accounts. How do you find the best choice for you? The most obvious choice would be an account with a high annual percentage yield (APY).  But, before you decide on an account solely based on the APY, ask yourself these questions. What are their charges? What is the minimum balance you need to maintain? How easy is it to access your funds when you need them? 

It will make little sense to select an account with limited access if you are building an emergency fund. The goal of an emergency fund is to have funds to cater for an unexpected expense. Ease of access is important, and it would make more sense to go for an account that offers a debit card and unlimited withdrawals. Shop around and compare the available choices to find the best match for your financial needs.

We reviewed some of the top money market accounts in Arizona. We compared their rates and features. Use our top picks to make the decision that suits you best.

Axos Bank High Yield Money Market Account

axos bank logo

$0

Monthly Fee

$1000

Min. To Open

0.60%

Est. APY

Overview

This is a great money market account which acts like a checking account in some aspects.

It comes with a debit card and check writing privileges but be careful not to go over the monthly limit of 6 transactions. Per transaction above the limit will be expensive, around $10 per transaction.

What we like

  • Reimburses domestic ATM fees twice a month
  • Interest compounded daily
  • Debit card and check writing allowed

What we don't

  • No physical branch
  • $1,000 to open account
  • 6 Monthly Transaction Limit

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$1000
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingAllowed
  • Debit Card UseAllowed

CIT Bank Money Market Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.50%

Est. APY

Overview

This money market account comes with a low intial deposit of $100 to open the account and comes with no monthly fees. Interest is compounded daily and paid monthly.

You'll earn the current APY rate regardless the amount you deposit in the account - there is no tiered system.

What we like

  • No monthly fees
  • $100 to open
  • Zelle & Paypal available

What we don't

  • No check writing
  • No physical branch locations
  • No tier for higher APY

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingN/A
  • Debit Card UseAllowed