Lauren Smith, WalletHub Staff Writer
@laurenellesmith
You can open a money market account by visiting a bank or credit union in person or online, submitting an application with your personal information, ID and proof of address, then making your initial deposit. Depending on the bank, you can make your initial deposit with cash, an electronic transfer, or a check. Opening a money market account is very similar to opening a traditional savings or checking account.
To find the best money market account, consider the minimum required deposit, the annual percentage yield (APY), the withdrawal options, and account fees.
How to Open a Money Market Account
-
Research the available options
Compare each account's interest rate, the minimum balance required to open the account, the average monthly balance requirement, and any additional benefits like cash bonuses, low fees, or discounts for other financial products. You should cast a wide net, but check with the companies you already bank with, too. There may be promotions or special offers for existing customers.
-
Gather the necessary documents
Make sure you have a valid ID and proof of your address, such as a utility bill or credit card statement. You will also have to provide your Social Security number or Individual Taxpayer Identification Number. Check with the financial institution for any additional requirements.
-
Visit the financial institution online or in person
Access the company's website or visit a local branch to open your new account.
-
Submit your application
Submit a complete application with your personal information and the required documents, which will include a valid ID and proof of your address. Additionally, review and confirm the account’s terms and conditions.
-
Fund your account
Verify the minimum initial deposit requirement specified by the financial institution. Then fund your money market account using cash, an electronic transfer, or a check.
-
Keep enough money in your account
Regularly monitor your account balance and make any adjustments necessary to ensure it meets or exceeds the required average specified by the financial institution. Note, some money market accounts don’t have any minimum balance requirements.
You can compare the best money market accounts here at WalletHub.
People also ask
Can I open my own money market account?
Yes, you can absolutely open your own money market account. A money market account (MMA) is a type of savings account offered by banks and credit unions that typically pays higher interest rates than a regular savings account, while still keeping your money relatively accessible. To open one, here’s what you’ll generally need to do:
- Choose a money market account: Look at banks, credit unions, or online financial institutions. Compare interest rates, fees, minimum balance...
Did we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.