The Federal Fund broke its target rate three times in 2024. So deposit rates – including Money Market Account Rates (MMA) – have begun to decrease. It is more important than ever comparing MMA rates and making sure you earn as much as possible on your balance.
The National Average Money Market Account Rate Standing at 0.64%, according to the FDIC.
However, some of the best accounts currently offer rates of 4% APY and up. As these rates may not be approximately longer, consider opening a cash market account now to take advantage of today's high rates.
Today, the best money market account rate is offered by Totalbank. Account holders can earn 4.47% APY with a minimum opening deposit of $ 25,000.
Here's a look at some of the best MMA rates available today:
See our spikes for the best 10 money market accounts available today >>
In addition, the table below includes some of the best savings and money account rates available today from our checked partners.
The size of interest you can earn from a cash market account depends on the annual percentage rate (Apy). This is a measure of your total earnings after a year when considering the basic interest rate and how often interest is composing (money market count interest typically combines daily).
Say you put $ 1,000 in MMA at the average interest rate of 0.64% with a daily compound. At the end of a year, your balance would grow to $ 1,006.42 – your initial $ 1,000 deposit, plus only $ 6.42 in interest.
Now, let's say you're choosing a high -product money market account that offers 4% app instead. In this case, your balance would grow to $ 1,040.81 over the same period, which includes $ 40.81 in interest.
The more you deposit it in a cash market account, the more you stand to earn. If we took the same example of a cash market account on 4% APY, but deposit $ 10,000, your total balance after a year would be $ 10,408.08, which means you would earn $ 408.08 in interest.