Best Money Market Accounts in Louisiana of May 2021

Mary Gilman

If you are looking for a secure way to invest your savings and earn a high-interest, a money market account can be a great option. Louisiana offers a wide variety of online and traditional banking services with competitive rates and features.

When choosing a money market account, consider the annual percentage yield (APY). While some banks will offer a flat rate for all balances, others have tiered rates. Tiered rates give you a higher return as your balance increases.

Also, look out for account minimum requirements. Most banks that offer a high APY will also have a high initial minimum deposit and require you to maintain a minimum balance. Such an account may not be ideal for someone who is just beginning their savings journey; you might be better off with an account with no minimum balance required to open.

Accounts that have no monthly service fees or offer to waive account fees, by meeting certain requirements, will help keep your account operating costs down.

Consider the ease of access; look for accounts with a debit card, check-writing capabilities, online or mobile access. To ensure the safety of your money, on the rare occasion that your bank goes under, consider an FDIC insured account.

We reviewed the available options and compiled a list of Louisiana’s best money market accounts. Use our top picks to compare the options and find the most suitable match 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