Best Money Market Accounts in Tennessee of August 2021

Mary Gilman

Whether you are just starting your savings journey or have funds you would like to invest, a money market account offers you a great option to keep your money.

Tennessee has both online and traditional brick-and-mortar banks offering money market accounts to its residents. The main differentiators for these accounts are the interest rate and the combination of the features. The goal is to find an account that is best suited for your needs.

Look out for options with a high APY and low fees. Account fees such as monthly service charges or transactional charges can reduce the overall return value. Consider accounts with no monthly payments or those that waive the fee if you meet certain requirements.

Also, look out for accounts with low minimum requirements. For example, some accounts may require no initial minimum deposit, while others may require $25,000 or more as the initial minimum deposit. 

Other factors to consider are the flexibility and convenience of depositing and withdrawing funds from the account in terms of ATM, online, or mobile access. The safety of your money also matters so remember to take FDIC insurance into consideration.

To make the process easier for you, we reviewed some of Tennessee’s best money market accounts. Compare our top picks to find a match for your financial needs 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