Money Market Account Rates: Get the Most from Your Savings

The Federal Reserve's recent rate cuts have sparked a decline in deposit rates, including money market account (MMA) rates. This makes comparing MMA rates essential to maximizing your earnings.

Overview of Money Market Account Rates

The national average MMA rate is 0.64%, a significant increase from the 0.07% rate observed three years ago. However, some high-yield MMAs offer rates exceeding 4% APY.

Top Money Market Account Rates

[Insert table featuring top MMA rates from verified partners]

Earning Potential for $10,000

Your interest earnings depend on the APY. With a 0.64% APY, $10,000 deposited in an MMA would grow to $10,064.20 after a year. A high-yield MMA with 4% APY would result in a balance of $10,408.08, earning $408.08 in interest.

Considerations

Money market accounts may have certain restrictions, such as minimum balance requirements or withdrawal limits.

Finding High Yields

While banks typically do not offer 7% interest rates on MMA, local banks and credit unions may offer limited-time promotional rates with higher yields.

Understanding APY

APY represents your total annual interest earnings, considering the base rate and compounding frequency.

Additional Resources

* [10 Best High-Yield Money Market Accounts](/money-market-accounts/10-best-high-yield-money-market-accounts)
* [Money Market Account vs. CD: Which Is Best for Savings?](/money-market-accounts/money-market-account-vs-cd-savings)
* [Are Money Market Accounts FDIC-Insured?](/money-market-accounts/are-money-market-accounts-fdic-insured)