Interest rates are fluctuating, and many Buckeye savers wonder where their money will be safe but still grow. A money market account (MMA) combines quick access with a slightly higher savings account yield. It’s a good option if you want liquidity without sacrificing growth.
Before looking at the best institutions to open an account, it’s crucial to understand how MMAs work and what key features you should look for.
What You Should Know About MMAs
A money market account or money market deposit account is a hybrid of a savings and checking account at a bank or credit union. According to the Consumer Financial Protection Bureau (CFPB), MMAs typically pay higher rates than conventional savings accounts but require greater minimum balances. They may limit the monthly transactions made by check, debit card or electronic transfer.
The Federal Deposit Insurance Corp. (FDIC) reports that the national average rate for money market deposit accounts was about 0.59% APY as of June 2025, when averaged between $10,000 and $100,000 accounts.
When evaluating an MMA, keep a few key features in mind.
- Minimum balance: An MMA often requires a higher starting balance than a traditional savings or checking account.
- Interest rate type: Since interest rates are variable, they can rise and fall with the economy.
- Access and flexibility: Check whether the account allows you to write checks, how many and if there are transaction limits. Some banks offer a debit/ATM card.
- Insurance coverage: Banks insure their MMAs with FDIC insurance of up to $250,000 per depositor, while credit unions are covered by NCUA insurance.
- Purpose: MMAs are more suitable for intermediate-term savings, like an emergency or vacation fund, than daily spending.
Understanding these features will help you determine the best place to open a money market in Ohio.
Methodology
A few criteria were considered to determine which places offer the best options for Ohioans wanting to open a money market account.
| Published information on rates, minimum deposit and fees | Federal insurance for deposits |
| Local branches | Customer service |
| Excellent reviews | Online service |
Each bank or credit union was first reviewed to ensure availability in Ohio. The establishment got a point if it met the minimum standards for each item and received another if it had positive reviews on third-party websites. The result is a solid list of options anyone in the state can consider for their MMA needs.
Where Can I Open a Money Market Account in Ohio?
Here is a list of the best places based on scoring and ranking the options. Remember that terms and details may vary as policies change, so you should always verify directly with the bank to gather specific rates, terms and conditions.
1. First Commonwealth Bank (FCB)
First Commonwealth Bank traces its origins to the 1930s and has been through several mergers. Users mention its community presence as an Ohio-friendly bank.
First Commonwealth currently pays a promotional rate of 4% APY as of November 2025 on its money market accounts in central Ohio if opened with $25,000 of new money. Funds must not have been on deposit with the bank within the past 30 days. The rate applies for three months from the account opening date, after which standard rates apply. Accounts are FDIC-insured.
2. Huntington Bank
Huntington Bank is a long-established regional bank in Ohio with a large branch and digital banking presence throughout the state.
The “Relationship Money Market Account” has a $25,000 minimum to avoid a monthly maintenance fee and to earn competitive interest rates. Interest rates are variable and are higher if the customer has an eligible checking account. It is FDIC-insured.
Overall, Huntington is a great option if you meet the requirements, though reviews indicate the standard rate may be low without those relationship conditions.
3. 7 17 Credit Union
Founded in 1957 as a credit union for hourly workers at Packard Electric, 7 17 Credit Union also serves members in Trumbull, Mahoning, Columbiana, Portage and Summit counties and central Stark County, Ohio.
The Relationship Money Market Account gives tiered APYs to members who maintain active accounts.
- $10,000 to $49,999.99: 3.25% APY
- $50,000 to $99,999.99: 3.50% APY
- $100,000 to $199,999.99: 3.75% APY
- $200,000+: 4% APY
The Relationship MMA account earns APY only on balances of $10,000 or more. It is NCUA insured. Customer reviews are mixed, with some citing excellent customer service and others saying it is lacking.
4. Peoples Bank
Peoples Bank, founded in 1902, is one of Ohio’s largest regional banks, with 1,477 employees and 135 branches as of June 2025. The bank’s website describes its “Freedom Money Market” account as, “A high-yield savings account with online banking access, large check writing and ATM access.” No APY information or minimum balance requirements are provided on the website, but potential customers are advised to call the bank for current rates.
The account is FDIC-insured. Peoples Bank’s product is generally seen as strong regionally, but public reviews of customer service differ.
Questions to Ask Before Opening an Account
Conduct research before opening an account to ensure you make the most return on your savings possible. Some questions you should ask include the current APY, how frequently the interest rate changes, how interest is calculated and compounded, and if there are rate tiers based on balance. Daily compounding will earn the most interest monthly.
Make sure you understand the minimum deposit and whether it must be a new investment or if you can move a savings account to a money market. Fees for using checks and ATM withdrawals can add up, so understand what they are and how to avoid them. The best bank for you is one you can use without much trouble, like one with mobile and online access.
Making a Smart Move for Your Money
The ideal money market account in Ohio should find the right balance between safety, liquidity and better returns in the long run. Money market accounts should provide depositors with FDIC or NCUA insurance while offering competitive rates and terms. You should thoroughly shop around before you open an account and only choose one that meets your needs. Taking the time to learn the rules at each institution you are considering now will pay off as your savings grow.