Best Money Market Accounts in Mississippi of May 2021

Mary Gilman

A money market account can be great for earning a high-interest rate or annual percentage yield (APY) on the money you save. Mississippi has dozens of banks offering both online and traditional money market accounts for its residents to choose from. The main challenge is to choose an account that is right for you.

If you are looking for an account to maximize the rate of return from every dollar saved, consider an account with a high APY. Online banks often offer a more competitive yield because they have fewer overheads than brick-and-mortar banks.

Choosing an FDIC-insured money market account is a great way to protect your money. On the off chance that your bank goes under, you won’t lose your deposit. Make sure you are always within the FDIC’s limits and follow the guidelines.

Other factors to consider are the account fees and minimum requirements. Look for an account that offers a high APY with low fees and minimum requirements. If you are just starting to build your savings, consider accounts with little to none initial minimum deposit requirements.

Flexibility in depositing and withdrawing funds is also an important consideration. Most money market accounts offer debit/ATM cards, check-writing capabilities, online or mobile access. Choose an account with a combination of features that will help you reach your goals faster.

Compare our top picks of some of the best money market accounts in Mississippi to find your match 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