Best Money Market Accounts in Vermont of May 2021

Mary Gilman

If you are looking for a place to keep your money while earning interest, a money market account can be a great option.

Vermont has dozens of online and traditional brick-and-mortar banks offering a wide variety of money market accounts to its residents. Choosing an account can be a fairly challenging and time-consuming task, given there is such a wide selection to narrow down to your specific needs.

When deciding on an account, look out for a high annual percentage yield (APY). The higher the APY, the better the monetary results. Also, be aware of account fees and minimums. Some money market accounts require a minimum initial deposit to open an account. There may also be a minimum balance you need to maintain to avoid monthly account charges. Seek an account with a high APY and low minimum requirements.

Other factors to consider are ease of access, FDIC insurance, and transaction limits. Some money market accounts are subject to restrictions on the number of withdrawals within a given period. Make sure you are aware of such restrictions before deciding on an account.

WalletBrain reviewed some of Vermont’s best money market accounts based on their rates, fees, account minimums, and other features. Compare our top recommendations to find the most suitable 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