Discover how much you can potentially earn with the current money market account rates. The Federal Reserve has implemented three cuts to its target rate in 2024 and recently reduced rates again for the first time in 2025. As a result, deposit rates, including those for money market accounts (MMAs), are beginning to decrease. This makes it crucial to compare MMA rates closely to maximize your earnings.
The current national average for money market accounts is recorded at 0.59%, according to the FDIC’s data.
However, several top accounts are now providing rates starting at 4% APY or higher. Given that these advantageous rates may not last long, it might be wise to consider opening a money market account now to benefit from the current high yields.
Here’s a summary of some of the leading MMA rates accessible today:
Moreover, the table below highlights some of the best savings and money market account rates from our trusted partners.
The interest you can earn from a money market account is influenced by the annual percentage rate (APY). This figure reflects your total earnings over one year, considering the initial interest rate and the frequency of compounding (typically, money market accounts compound interest daily).
For instance, if you deposit $1,000 in an MMA at the average interest rate of 0.59% with daily compounding, by the end of one year, your account balance would reach $1,005.92, which includes your original deposit plus $5.92 in interest accrued.
Now, if you opt for a high-yield money market account with a 4% APY, your balance after one year would total $1,040.81, which comprises $40.81 in interest earnings.
The greater your deposit into a money market account, the more significant your earnings potential. For example, with the same 4% APY on a $10,000 deposit, your balance after one year would be $10,408.08, resulting in $408.08 in earned interest.
