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Best Money Market Accounts in Massachusetts of February 2023

Mary Gilman

If you want to save towards a specific purpose, such as a down payment on a house or an emergency fund, a money market account can be a great option.

Banks in Massachusetts offer a wide range of both online and traditional money market accounts. With such a wide range, finding the right account for you can be challenging. The main differentiator for these accounts is the interest rate and annual percentage yield (APY). The higher the APY, the faster you will be able to increase your savings.

Depending on your financial needs, aim to find a money market account that is best suited for you. For example, if the safety of your funds is a personal preference, narrow down your search to accounts insured by the FDIC. On the rare occasion that your bank crashes, the FDIC will ensure that you won’t lose your money.

Other factors to consider are the account fees, minimum requirements, and ease of access. Shop around and keep an eye out for accounts with minimal monthly services fees or those with an option to waive the fee. If you meet certain requirements, such as maintaining a minimum daily balance or a minimum account balance, the waiving may be in effect.

We reviewed some of Massachusetts’ best money market accounts based on their rates, fees, minimum requirements, and other features. Use our top picks to compare the accounts and find the most suitable match for you today.

Access to a debit card

0.25%

Est. APY

$0

Min. To Earn APY

Overview

Axos offers no monthly fees and no minimum balance requirement but requires $1,000 to open the account which you can take out after opening.

What we like

  • No monthly fees
  • Access to debit card
  • Access to check writing

What we don't

  • No physical branch
  • $1,000 to open account

Schedule payments with Bill Pay

1.55%

Est. APY

$0

Min. To Earn APY

Overview

Build your savings with an above-average APY.

What we like

  • No monthly fees
  • FDIC Insured
  • Bill Pay feature

What we don't

  • Online banking only
  • Excess transaction fees
  • Overdraft fee

Interest compounded daily

3.00%

Est. APY

$0

Min. To Earn APY

Overview

Quontic provides a money market account that offers a competitive interest rate, which accrues daily. Also, customers can receive a debit card for the account.  

What we like

  • Competitive interest rate
  • Interest compounded daily
  • Debit card available

What we don't

  • Transfer and withdrawal limits

Fee-free access to ATMs

3.83%

Est. APY

$0

Min. To Earn APY

Overview

UFB Money Market Account comes with a debit card (you must request it) and allows fee-free access to any ATM within the US. 

What we like

  • Access to ATMs
  • High APY
  • No minimum balance requirements
  • Compliementary debit card

What we don't

  • $5,000 minimum to avoid monthly fees
  • No physical branches