Best Money Market Accounts in Indiana of May 2021

Mary Gilman

Choosing the top money market account in Indiana can be challenging as many banks offer a wide range of options. 

Money market accounts allow you to earn dividends and high-interest rates on your money. They don’t lock you into a fixed rate or commit you to a specific term either. A money market account will enable you to remain liquid so you can reinvest or move your funds at your discretion.

When deciding on an account, consider the annual percentage yield (APY). Keep an eye out for an APY that is close to the current market rate. But, don’t focus on choosing the highest rate because banks’ rates change, and the best options can shift over time. 

Apart from the interest rate, other factors to consider include ease of access, account fees, minimum requirements, and FDIC insurance. For example, if you’d like to withdraw your funds directly or use the fund for other expenses, consider getting an account with ATM, online, and mobile access.

We compared some of the available options in terms of their rates and features. Use our top picks for the top money market accounts in Indiana. Compare and decide on an account most suitable for your financial needs 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