Money Market Account Interest Rates Today, October 18, 2024 (Up to 5.05% APY Yield)

Between March 2022 and July 2023, the Federal Reserve raised its key interest rate eleven times. As a result, money market account (MMA) interest rates rose sharply.

However, the Fed cut the key interest rate by 50 basis points in September. As a result, deposit rates – including money market account rates – have begun to decline. It’s more important than ever to compare MMA rates and make sure you’re earning as much as possible with your credit.

Although interest rates on money market accounts are high by historical standards, the national average interest rate for MMAs is just 0.64%, according to the FDIC. The good news: Top high-yield money market accounts offer an APR of over 5% – more than seven times the national average.

That’s why it’s important to do your research before opening a money market account. Interest rates vary widely, but there are several banks (particularly ) and credit unions with extremely competitive offers.

Here’s a look at some of the top MMA fares currently available:

Check out our picks for the 10 best money market accounts available today>>

Additionally, see the table below for some of the best interest rates on savings and money market accounts currently available from our verified partners.

Online banks operate exclusively via the Internet. This significantly reduces their overhead costs, allowing them to pass these savings on to customers in the form of high deposit interest rates and low fees. If you’re looking for the best money market account rates, you’ve come to the right place.

However, online banks aren’t the only place you can find savings accounts with interest rates ranging from 4% to 5% APR. are nonprofit financial cooperatives known for offering competitive rates and lower fees. Many credit unions have specific requirements that must be met in order to become a member, although there are some that allow almost anyone to become a member.

Read more:

Money market accounts can be a good option for short-term savings goals, such as building an emergency fund or setting aside money for upcoming expenses. They generally offer higher interest rates than regular savings accounts and allow easier access to your money compared to other options like certificates of deposit (CDs).

Money market accounts are also considered low-risk and are insured by the FDIC up to the standard value of $250,000 per depositor per institution. This makes them safer than , which may be subject to market risk.

However, keep in mind that many money market accounts require a minimum balance to open the account and earn the highest advertised interest rate. If you can’t maintain this balance, you may incur fees or miss out on the best rates.

And while you can generally access your money when you need it, MMAs may limit the number of transactions you can make each month. If you need to access your money frequently, this could be a consideration.

Read more:

When a money market account makes sense:

• You want to earn more interest than a regular savings account without locking your money away in a CD.

• You can maintain the minimum balance to avoid fees.

• You want to keep funds easily accessible for emergencies or short-term expenses.