Best Money Market Accounts in South Dakota of May 2021

Mary Gilman

Banks in South Dakota offer a wide range of both online and traditional brick-and-mortar money market accounts. These accounts allow you to earn high interest on your savings and also offer other features, which may appeal to you, such as easy access to your funds.

It can be quite challenging to find an account best suited for you with such a wide selection. Understanding your own needs can help you narrow down your search. For example, online accounts are known to offer a high-interest rate compared to traditional banking services. This is primarily because online banks have no overheads that come from operating physical branches. So, if you want to maximize the return on every dollar saved, an online account may be a better choice.

Another factor to consider is the ease of access. If you are saving for an emergency fund, an account with unlimited withdrawals plus ATM, online, or mobile access would be ideal. Also consider the account fees, FDIC insurance, and minimum requirements. Shop around and compare the different options to find the best combination of features that would work in your favour.

Use our comprehensive review of some of the top money market accounts in South Dakota to make an informed choice 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