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Best Money Market Accounts in Tennessee of February 2023

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.

Access to a debit card

0.25%

Est. APY

$0

Min. To Earn APY

Overview

Axos offers no monthly fees and no minimum balance requirement but requires $1,000 to open the account which you can take out after opening.

What we like

  • No monthly fees
  • Access to debit card
  • Access to check writing

What we don't

  • No physical branch
  • $1,000 to open account

Schedule payments with Bill Pay

1.55%

Est. APY

$0

Min. To Earn APY

Overview

Build your savings with an above-average APY.

What we like

  • No monthly fees
  • FDIC Insured
  • Bill Pay feature

What we don't

  • Online banking only
  • Excess transaction fees
  • Overdraft fee

Interest compounded daily

3.00%

Est. APY

$0

Min. To Earn APY

Overview

Quontic provides a money market account that offers a competitive interest rate, which accrues daily. Also, customers can receive a debit card for the account.  

What we like

  • Competitive interest rate
  • Interest compounded daily
  • Debit card available

What we don't

  • Transfer and withdrawal limits

Fee-free access to ATMs

3.83%

Est. APY

$0

Min. To Earn APY

Overview

UFB Money Market Account comes with a debit card (you must request it) and allows fee-free access to any ATM within the US. 

What we like

  • Access to ATMs
  • High APY
  • No minimum balance requirements
  • Compliementary debit card

What we don't

  • $5,000 minimum to avoid monthly fees
  • No physical branches