TotalBank Money Market Account 2024 Review
TotalBank's online money market deposit account features a competitive rate with no monthly maintenance fees. You'll need to meet a higher minimum deposit requirement to open the account but you get the convenience of online and mobile banking.
The TotalBank Online Money Market account offers an exceptional APY compared to other money market savings options. There is, however, one catch. You'll need at least $25,000 to open the account.
You might consider saving with TotalBank if you:
- Can meet the minimum deposit requirement
- Want to get an outstanding rate on money market savings
- Are comfortable with an online banking option
- Don't plan to make more than six withdrawals from your account per month
TotalBank also offers high-yield CDs if you're looking for other ways to save. Rates are competitive but again, you'll need at least $25,000 to open an account and earn the advertised APY. That could make it harder to build a CD ladder if you have limited funds to save.
TotalBank Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Ally Bank Money Market Account
The Ally Bank Money Market account earns a slightly lower APY but it makes up for that with some amazing perks. You can manage your money online or withdraw cash fee-free at more than 75,000 Allpoint and MoneyPass ATMs using your debit card. You can also get paper checks for easy access to funds.
Read our full editorial review of the Ally Bank Money Market account
Quontic Bank Money Market Account
Quontic Bank's money market account earns a rate that's on par with the best money market options and you only need $100 to get started. This account includes a debit card and if you need to withdraw cash, you can use over 90,000 surcharge-free ATMs nationwide. You can also write paper checks to pay bills or cover expenses.
Read our full editorial review of the Quontic Bank Money Market account
Vio Bank Cornerstone Money Market Account
The Vio Bank Cornerstone Money Market account is another high-yield savings option with a low opening deposit requirement of $100. This account doesn't offer a debit card or paper checks like other money markets, but there are no monthly maintenance fees to worry about. You can always access funds through online and mobile banking.
Read our full editorial review of the Vio Bank Cornerstone Money Market account
NBKC High-Yield Money Market Account
NBKC Bank's high-yield money market account offers a rate that's less than what some competitors pay but it's still worth a look if you want a convenient way to save. You can withdraw cash fee-free at 37,000 MoneyPass ATMs and NBKC reimburses you up to $12 per month for out-of-net-work ATM fees. There's no monthly maintenance fee either.
Read our full editorial review of the nbkc High-Yield Money Market account
Interest Rates
Money market accounts can offer rates that parallel what you'll get with the best high-yield savings accounts.
As far as the competition goes, TotalBank pays one of the highest rates around. But again, there's the high opening deposit requirement to consider.
You'll need to deposit at least $25,000 to open this account. And beyond that, you'll need to meet a $2,500 minimum balance requirement to earn the advertised rate.
That could be a roadblock if you're just getting started with saving. Other money market accounts can pay comparable rates without requiring you to have thousands of dollars on deposit.
As you compare money market accounts, it's important to look at the rates. But it's also important to consider how much you'll need to deposit to earn interest.
Fees
Banking fees can detract from your interest earnings. Online banks often charge fewer fees than traditional banks, which can save you money.
Here's how TotalBank's fees compare.
Other Service Fees - TotalBank Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Excess transaction fee | $10.00 |
| Redeposit item fee | $10.00 |
| Stop payment | $30.00 |
| Returned mail fee | $20.00 |
| Nonsufficient funds fee | $0.00 |
| Overdraft fee | $0.00 |
| Legal order processing fee | $125.00 |
| Account research fee | $30/hour |
The main fee to know is the excess transaction fee. This fee applies if you make more than six withdrawal transactions per month. The $10 fee applies to each withdrawal over six, so if you're pulling money from your account regularly it could quickly add up.
ATM Access
Some banks offer a debit card or ATM card with money market accounts. That's a plus if you want to be able to withdraw cash or make purchases from your account.
The TotalBank Money Market account doesn't include a debit card or ATM card. There are no paper checks either.
If you need to deposit or withdraw funds, you're limited to ACH transfers.
Account Management
TotalBank offers mobile and online banking to help you keep tabs on your money market savings.
You can add money to your account by connecting an external bank account. ACH deposits or withdrawals are fee-free. You could also mail a paper check ACH transfers are faster.
The maximum deposit limit is $1 million. If you're able to keep that much in your account you could earn a decent amount of interest on savings.
TotalBank isn't listed as a Zelle partner but you can still use Zelle to send and receive funds. You'll need to download the Zelle app, create an account and link your TotalBank account. Standard Zelle transfer limits apply.
FDIC Insurance
FDIC insurance protects you if your bank fails. If you have accounts at an insured bank and it goes under, the FDIC makes sure that you get your money back.
TotalBank is FDIC-insured so your money is safe. But there's one potential wrinkle.
The standard coverage limit is $250,000. If you're planning to keep more than that with TotalBank (up to the $1 million deposit limit) you'll be leaving some of your money unprotected.
What to Look for in a Savings Account
Money market accounts can be a great alternative to savings accounts if you want more flexibility in how you access funds. But they aren't all the same and some banks offer better features and benefits than others.
Here are some things to weigh as you consider money market savings account options.
- Do you want an online savings account or an account from a traditional bank?
- Are there any advantages to opening a money market account with a credit union?
- What kind of minimum deposit requirement are you comfortable with?
- Do you want a money market account that offers paper checks or a debit card?
- How large is the bank's ATM network?
- Does the bank refund foreign ATM fees and if so, how much?
- What's the APY and interest rate?
- Does the same APY across all balances?
- Is there a minimum balance requirement to earn interest or a cap on the amount of interest you can earn?
- What are the deposit and withdrawal limits?
- Is there a way to deposit cash?
- Does the bank charge a monthly maintenance fee or excess withdrawal fee?
- What other fees will you pay?
- How can you get in touch with customer support?
- What's the bank's reputation like?
Comparing money market accounts online is a good way to see what's out there. It's also helpful to read money market account reviews to get the highlights of what's good or bad about a particular account.
Frequently Asked Questions
Are money market accounts good?
Money market accounts can be a good savings option if you want to earn competitive rates. Online money market accounts typically pay the best rates and charge the fewest fees. They can also offer convenient features, like a debit card, ATM card or paper checks.
Is a money market account a savings account?
A money market account combines the features of a savings account and a checking account. For example, you might be able to write checks from your money market account but be limited to a certain number of checks per month. And you get the benefit of earning interest on your money.
Are a money market account and a money market fund the same thing?
Money market accounts and money market funds are two different things. A money market account is a low-risk deposit account offered by banks and credit unions that earns interest. A money market fund is an investment product. When you put money into a money market fund, you're putting it into the market and potentially exposing it to risk.
