Best Money Market Accounts in New Mexico of October 2021

Mary Gilman

Whether you are saving for those inevitable rainy days or saving to reach your financial goals, a money market account is a great option. The high-interest rate offered on a money market account will help you to increase your funds faster.

Residents of New Mexico have a wide range of money market account options available to them. When choosing an account, look out for a high-interest annual percentage yield (APY). Some banks offer interest rates that are tiered based on the account balance, while others may pay a flat rate.

Apart from the APY, look out for accounts with little to zero maintenance fees. Some banks charge high monthly fees regardless of your account balance, while others waive the fees if you meet certain requirements. Shop around and compare the fees of the different options before making a decision.

Other factors to look out for include low minimum requirements and flexibility in depositing and withdrawing funds. Most banks offer check-writing privileges, unlimited ATM withdrawals, online, and mobile access.

We reviewed some of the best money market accounts in New Mexico. Compare our top picks to find the most suitable 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