Best Money Market Accounts in Florida of May 2021

Mary Gilman

Florida is home to over 21 million people and has hundreds of banks offering financial services to the residents. These banks also offer money market accounts with competitive rates and features.

Finding a money market account best suited for your financial needs can be challenging. To help you narrow down the options, start by considering an annual percentage yield (APY). The higher the APY, the higher the earnings from your savings. Many online banks offer a more competitive rate in comparison to traditional banks because online banks have lesser overheads as they don’t operate physical branches. So if your goal is to increase your savings, consider an online account.

Other factors to consider are the account fees, and ease of access. Some money market accounts may offer you ATM, online, and/or mobile access. Some may provide you with check-writing capabilities, while others may limit the number of withdrawals you can make within a specific period. Choose an account that offers features that are a match for your individual needs and preferences.

WalletBrain reviewed some of the best money market accounts in Florida. Compare our top picks to find an account that is suitable for you 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