Best Money Market Accounts in New York of August 2021

Mary Gilman

New York is integral to the world of finance. It has hundreds of banks offering both online and traditional financial services to its residents. If you are searching for a money market account in New York, there is a wide range of options available.

A money market account offers a great way to increase your savings, as many offer high-interest rates. It is a low-risk investment perfect for building an emergency fund. It is also ideal for keeping any extra cash that you have on hand while earning consistent returns.

When choosing a money market account for your needs, it is important to compare the available options to get the best combination. Apart from the high-interest rate or annual percentage yield (APY), confirm whether the account has ease of access in the form of ATM, online, and mobile access. Also consider the number of transactions each month, the account fees, minimum requirements, and FDIC insurance.

WalletBrain compared some of the available options to identify the best money market accounts in New York. The features considered include the current APY, minimum deposit and balance requirements, fees, and other features. Use our top picks to compare and find the most suitable match for your financial needs.

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