Savings Rates

The Simple Dollar has worked with a number of providers to collect savings account rates for your convenience. The above tool will help you find top rates in your area. As with all such services, however, I strongly encourage you to research the individual banks before committing to an account. Do your own homework and you’ll always win.

Methodology

SimpleScore

The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

For every review, our editorial team:

  • Identifies five measurable aspects to compare across each brand
  • Determines the rating criteria for each aspect score
  • Averages the five aspect scores to produce a single SimpleScore

Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best money market accounts of 2020.

Why do some brands have different SimpleScores on different pages?

To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For example, if we look at CD products for Ally, it scores a 4.6 out of 5 for our CD SimpleScore metrics. However, when we apply the metrics we measure for money market account SimpleScores, Ally scores a 4.4 out of 5. These two different financial products have two separate SimpleScore metric ratings to account for differences between them. We adjust our ratings based on industry standards for each category.

Have questions about our methodology?

Email Hayley Armstrong at hayley@thesimpledollar.com.

Minimum deposit

We compared the required minimum deposit to open a money market account. The lower the minimum deposit, the higher the score.

APY

MMA holders want great returns on their investments. That’s why we awarded brands with higher APYs.

Customer satisfaction

We leveraged J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study and 2020 U.S. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. The higher the satisfaction score, the higher the SimpleScore.

Perks

Customers should be able to leverage their accounts, which is why we awarded brands that offer perks like ATM withdrawals, check-writing abilities, mobile check deposit and waived monthly fees.

Monthly fee

It’s annoying to pay to use your account. That’s why we awarded brands that have low or no monthly fees.

Trent Hamm

Founder & Columnist

Trent Hamm founded The Simple Dollar in 2006 and still writes a daily column on personal finance. He’s the author of three books published by Simon & Schuster and Financial Times Press, has contributed to Business Insider, US News & World Report, Yahoo Finance, and Lifehacker, and his financial advice has been featured in The New York Times, TIME, Forbes, The Guardian, and elsewhere.