Best Money Market Accounts in Michigan of August 2021

Mary Gilman

When you want to save for a big goal and capitalize on rising interest rates, consider a money market account. 

Michigan has dozens of online and traditional banks offering financial services to its residents. If you are searching for a money market account in Michigan, there is a wide range of options available. 

These money market accounts are not the same; they offer different combinations of rates and features to attract customers. When searching for an account, aim to find one best suited to meet your needs. For example, the higher the interest rate or annual percentage yield (APY), the faster your funds will grow over time. If earning the best rate possible is the main goal, keep an eye out for accounts offering a high APY.

Ease in depositing and withdrawing funds is another factor to consider when deciding on an account. For example, having a debit or ATM card, online and mobile access, and check-writing capabilities can make an unexpected expense effortless and less stressful to complete.

Shop around and compare the available options based on rates, account fees, minimum requirements, ease of access, and other features.

Wallet Brain has done the homework for you. Use our comprehensive review of some of the top money market accounts in Michigan to find the best 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