Best Money Market Accounts in Rhode Island of May 2021

Mary Gilman

Rhode Island has dozens of banks offering a wide range of money market accounts with competitive rates and features. 

A money market account can give your savings a boost with a competitive interest rate. A good account will help you build your savings while providing access to your money whenever you need it. For example, if you are saving for an emergency fund, a high interest-rate will grow your savings faster. Other features such as ATM, mobile, and online access will ease access.

When deciding on a money market account best suited for your needs, consider the annual percentage yield (APY). Other features to consider are ease of access, account fees, minimum requirements, and FDIC insurance. The goal is to find the best combination of high APY, low fees, and requirements.

Choosing an account from such a wide selection can be quite challenging. WalletBrain has made the process easier by doing the groundwork for you.

We reviewed some of the available options and provided our top picks for the best money market accounts in Rhode Island. Use our comprehensive review to find a 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