Best Money Market Accounts in California of May 2021

Mary Gilman

With hundreds of banks offering online and in-person financial services in California, finding a money market account best suited for your needs can be challenging. Whether you are looking for an account for short-term or long-term savings, there is an account for you.

The goal is to find a money market account that meets your individual preferences. For example, to quickly increase your savings, consider an account with a high annual percentage yield (APY). The higher the APY, the higher your returns. But keep in mind the account fees. A high APY and high service fees cancel each other out or may reduce the value of your earning.

The ease of access, especially if you are saving towards an emergency fund, may be an important factor to consider. Other features to also keep in mind include the minimum requirements and FDIC insurance. Shop around and compare the available options before making a decision.

We compared some of the best money market accounts in California to compile a list of our top picks. We assessed them based on the interest rate, minimum requirements, and account fees. Use our comprehensive review to find your match today.

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