The Federal Reserve cut its target rate three times in 2024. So deposit rates—including money market account (MMA) rates—have started to fall. It's more important than ever to compare MMA rates and make sure you're getting as much as possible on your balance.
The national average money market account rate is 0.66%, according to the FDIC.
However, some of the best accounts currently offer more than 5% APY. Since these rates won't be around much longer, consider opening a money market account now to take advantage of today's high rates.
Here's a look at some of the best MMA rates available today:
See our picks for the 10 best money market accounts available today >>
In addition, the table below contains some of the best savings account and money market rates available today from our trusted partners.
The amount of interest you can earn from a money market account depends on the annual percentage rate (APY). This is a measure of your total earnings after a year taking into account the base interest rate and how often interest compounds (money market account interest usually accrues daily).
Say you put $1,000 in an MMA at an average interest rate of 0.66% with daily compounding. At the end of a year, your balance would grow to $1,006.62 – your initial deposit of $1,000, plus just $6.62 in interest.
Now, let's say you choose a high-yield money market account that offers 5% APY instead. In this case, your balance would grow to $1,051.27 over the same period, which includes $51.27 in interest.
The more you deposit in a money market account, the more you earn. If we took the same example of a money market account at 5% APY, but deposited $10,000, your total balance after one year would be $10,512.67, which means you would earn $512.67 in interest. in