Best Money Market Accounts in Hawaii of July 2021

Mary Gilman

There are dozens of banks in Hawaii offering a wide range of money market accounts. These accounts can be a smart choice if you want to build your savings and maintain easy access when you need it.

When choosing a money market account, consider the rate of return. The higher the rate, the higher you are earning per dollar saved. Apart from the interest rate, also consider the minimum requirements. For example, most accounts with a higher interest rate come with high minimum opening deposits with a limited number of withdrawals within a specific period.

Some accounts may require you to write drafts to access funds or have other restrictions regarding ease of access. If you are saving towards an emergency fund, you may require unlimited access to the funds if an unexpected expense occurs. We suggest you find an account that offers ATM, online, or mobile access.

Shop around, compare the interest rates, account fees, minimum requirements, ease of access, and whether it’s FDIC-insured. The best accounts offer a combination of these features.

We reviewed some of the top money market accounts in Hawaii. Use our picks to compare and find the most suitable match 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