Best Money Market Accounts in Minnesota of August 2021

Mary Gilman

Whether you are just starting your savings journey or have a pre-existing savings fund, a money market account can be a great place to keep your money.

Banks in Minnesota offer a wide range of money market accounts with competitive rates and features. The challenge is to find the right account for you. Depending on your needs, narrow down your search to what works in your favor. If flexibility in depositing and withdrawing funds is important, look out for accounts that offer ATM, mobile or online access. If growing your savings faster is key, keep an eye out for an account with a high percentage yield (APY).

Other factors to consider are the account fees and minimum requirements. Most banks that offer a high APY might also have increased charges and requirements. This may include high monthly service charges and transactional fees. Or a high minimum initial deposit and minimum balance requirements. Compare and find the most fitting combination of rates, minimum requirements, and features.

WalletBrain reviewed some of the available options based on their rates and other features. Use our recommendations to find the best money market accounts in Minnesota and discover 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