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The best money market accounts offer higher APYs than most savings accounts, plus the ability to write checks or access money with a debit card. The Navy Federal Money Market Savings Account, however, doesn't fit this criteria. True, you can write checks from your account, but your savings rate will be significantly lower than other top-tier accounts. Read on to learn the pros and cons of the Navy Federal Money Market Savings Account in our detailed review.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
No monthly fees: Unlike some banks, you don't have to pay monthly service fees to maintain this account, nor do you have to meet certain criteria, like a minimum balance, to waive the fee. This account is always free.
ATM access: You can withdraw and deposit cash at over 30,000 fee-free ATMs. Plus, you can also access over 1.7 million out-of-network ATMs for a $1 service fee.
No minimum deposit requirements: Some money market accounts require large minimum deposits to get started. But not this one. You can open an account with $0, though to take advantage of the account's stated APY (albeit at the lowest tier), you'll need at least $2,500 with the standard account, while the Jumbo account starts earning at its lowest tier with your first dollar deposited.
Low APY: This account does not have a competitive APY. No matter which tier you fall into, your savings will earn interest at a slower pace than the best ongoing rates. If your goal is to earn interest on your savings, you're better off looking at other money markets or high-yield savings accounts.
High balance required to earn the best APY: Not only does this account have a low APY, but you need at least $1 million to snag it. Note: If you want to earn the highest APY that comes with depositing $1 million or more, you'll need to open a Jumbo Money Market Savings Account. Navy Federal will not let you convert a regular Money Market Savings Account into a Jumbo Account.
Need to join the credit union for eligibility: To join, you need to be an active-duty or former military member, a Department of Defense worker, or an immediate family member of one or the other. While it's typical for a credit union to require membership before opening accounts, it's certainly something to keep in mind.
Navy Federal Credit Union has over 350 branches in 30 states, plus overseas branches in 9 countries, giving you both in-person and online access to your money.
You can deposit money into your Navy Federal Money Market Savings Account in the following ways:
Unlike other banks and credit unions we've reviewed, Navy Federal Credit Union has no cap on how many withdrawals you can make per month. With that in mind, here's how you can withdraw funds from your account:
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
You can find Navy Federal Credit Union in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington.
Yes, as long as you live in the same household, roommates can join with your access number.
It could be a great fit if you value customer service and want a bank that feels like family. It offers many fee-free accounts, including savings and checking, plus a full suite of rewards credit cards. That said, if your goal is to earn more interest, you might be better served by another bank or credit union.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.