Money Market Account Calculator

Read more about Best Money Market Rates
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

How much interest will your money market account earn? Use this free calculator to see how your money will grow over time.

Money Market Calculator

Money market accounts often earn higher interest than traditional savings accounts, making them a strong contender for smart savers.

Use this calculator to see the difference for yourself. Try changing your deposit amount and deposit frequency if you want to save faster. You'd be surprised how small changes can have a big effect.

Ready to Supercharge Your Savings?

Gain both high returns and convenience with our list of top money market accounts. Enjoy easy access to your funds without sacrificing profitability:

Best Money Market Rates for July 2024:

Potential Earnings: Money Market Account vs. Traditional Savings after 1 Year

If you save...Money Market Earnings
(5% APY)
Traditional Savings Earnings
(0.05% APY)

Are money market accounts at a credit union safe?
Yes. As long as the credit union is insured by NCUA (National Credit Union Administration), your deposits are insured up to $250,000. The NCUA is a federal agency that protects your funds if the credit union fails.

Learn more about the advantages of money market accounts and how they might just be the upgrade your savings need.

What is a Money Market Account?

A money market account (MMA) is a type of bank account that lets you deposit and withdraw money. These accounts are similar to savings accounts, but money market accounts usually offer higher interest rates.[1]

MMAs often come with extra features, like check-writing or a debit card. This lets you access your money more easily.

Some banks require a bigger balance or minimum deposit for money market accounts. This depends on the bank. As always, it pays off to shop around before you open an account.

Be sure your money market account is with a bank or credit union that's insured by the FDIC or NCUA. Even if the bank closes down for good, your money will be safe up to $250,000.

Money Market Account vs. Savings Account

Money Market AccountSavings Account
Used ForSaving money with easy access to fundsSaving money for emergencies and goals
Monthly FeesVaries by bankVaries by bank
Minimum BalanceMay require higher balanceVaries by bank
Restrictions6 withdrawals per month6 withdrawals per month
InterestMay offer higher interestVaries by bank
Check WritingSometimesNo
Bill paySometimesNo
ATM/Debit CardSometimesNot usually
FDIC InsuredYesYes

Our in-depth comparison of savings accounts vs money market accounts provides a more detailed break-down.

Who Should Use a Money Market Account?

If you're looking to open a savings or checking account, be sure to consider money market accounts too. MMAs are a great alternative if you're looking for:

  • Higher interest rates than a savings or checking accounts
  • Easier access to your money than a savings account
  • Check writing or a debit card
  • Up to 6 withdrawals per month
  • Safe place to keep your money

A money market account is a good place to stash an emergency fund or save for short-term goals. It's a good alternative to certificates of deposits (CDs) that won't lock up your money for a long period of time.

Compound interest savings calculator - Still unsure if MMAs are a better pick than savings accounts? Utilize our compound savings calculator to see how your money can grow in a savings account.

How to Choose a Money Market Account?

Many banks offer a money market account. Here's what you should look for in a good MMA before you sign up.

Minimum Balance Requirements
Each bank has a different minimum deposit to open the account. Some banks have a minimum balance required to waive monthly fees. Get to know all these requirements so you don't get hit with unexpected fees.

Ways to Withdraw Money
Your money should be easily accessible when you need it. Many banks offer ATM access, checks, a debit card, or online transactions.

Keep in mind that MMAs have a limit of 6 withdrawals per month. If you need to make more transactions, a checking account might be a better choice.

Effective April 24, 2020, the Federal Reserve Board removed the six-per-month limit on transfers or withdrawals from the "savings deposit" definition in Regulation D. Banks and credit unions are not required to make changes, they may continue to restrict withdrawals.[2]

Interest Rate
A higher interest rate is a big draw of a money market account. The rate will vary a bit from bank to bank, so take a look at a few different options before you commit to one.

Customer Service
Figure out how easy it will be to contact customer service in case you need support. Online banks won't have a physical location you can go to. But many will offer support by phone or on their website or app.

FDIC or NCUA Insurance
Always choose a bank or credit union that's backed by the FDIC or NCUA. These organizations ensure that your deposits are covered up to $250,000.[3]

Bottom Line

A money market account is a great product to safely grow your money. It offers many of the benefits of a savings account with the bonus of more ways to access your money.

With a higher interest rate than a regular savings account, your money can grow faster over time.

As always, make sure to read the fine print and requirements before you open an account. Money market accounts have withdrawal limits, so you can't use it like a checking account. But they can be a great alternative to savings accounts and CDs.


  1. ^ FDIC. National Rates and Rate Caps as of April 18, 2022, Retrieved 4/25/2022
  2. ^ Federal Reserve Board. "announces interim final rule to delete the six-per-month limit", Retrieved 4/25/2022
  3. ^ Consumer Financial Protection Bureau. Is a money market account insured?, Retrieved 4/25/2022

Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Must-ReadA visitor from Colorado read Savings Calculator
Must-ReadA visitor from Louisiana read Money Market vs Savings
Must-ReadA visitor from Indiana read How Much Should I Save?
Expert InsightsA visitor from California read Best Money Market Rates
FeaturedA visitor from Nebraska read Best High Yield Checking Accounts

Subscribe to CreditDonkey: Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime

Best Money Market Rates

April 11, 2019 - Reviews
Good money market accounts offer high interest rates with more flexibility. Here are the safest money market accounts to earn the most interest.
Save money and build wealth. Sign up to get our FREE email newsletter.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.